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We Just Have A Huge Inventory Right Now, A Lot Of People Are Leaving

It’s Friday desk clearing time for this blogger. “The spring housing market is turning into a bust as new home sales fell 4.7% in April from March’s downwardly revised number, the Census Bureau and Department of Housing and Urban Development said. ‘The new home sales report completes a trifecta of bad news in housing this week,’ said Robert Frick, corporate economist at Navy Federal Credit Union. ‘Building is anemic, existing home sales missed estimates and now new home sales had a big drop and remain tepid overall.'”

“‘Move-up buyers feel stuck because they’re ready for their next house, but it just doesn’t make financial sense to sell with current interest rates so high,’ Sam Brinton, a Redfin real estate agent in Utah, said in a statement. To be sure, not all homeowners are staying put, Brinton said. Despite the high mortgage rates, some sellers are forging ahead because they have no choice, he said. ‘One of my clients is selling because of a family emergency, and another couple is selling because they had a baby and simply don’t have enough room,’ Brinton said. ‘Buyers should take note that many of today’s sellers are motivated. If a home doesn’t have other offers on the table, offer under asking price and/or ask for concessions because many sellers are willing to negotiate.'”

“Another piece of luxury real estate has gotten a drastic price reduction. This one belongs to media billionaire Rupert Murdoch, and it’s a penthouse in the heart of Manhattan that evidently can’t find a buyer. Murdoch has slashed the price some 40%, from $62 million to $38.5 million. , Murdoch will be taking a substantial loss on the property if it sells at its current price. He purchased it in 2014 for $57.9 million, so it’s clear that at $38.5 million, it is priced to sell.”

“Cathy Rojas, a realtor in Vallejo of 20 years, said she expects prices to increase in the housing market when interest rates eventually drop. Rojas also noted there aren’t as many buyers in the current housing market. ‘We just have a huge inventory right now. A lot more than we’ve had in our surrounding areas in the last couple years for sure. Maybe even the last three years,’ she said. ‘There wasn’t a lot of inventory in the beginning of the year, but I feel like as soon as April hit, we started seeing more and more homes. A lot of people are leaving California, which is hard.'”

“Residents in the Irvington Neighborhood in Fremont are growing frustrated over people living in their RVs while parked near their homes. They say their generators are loud and creating health issues. ‘I’m a prisoner in my own home, despite being hardworking tax paying citizens, I pay a great amount of tax, a great amount of parcel tax to live here, how is this even justified?’ Sheila Mani of Fremont said.”

“Policy cancellations and sticker shock. That’s what Hawaii residents are grappling with when it comes to their property insurance. Kaneohe homeowner Carol Fahy is among those impacted. Last month, she got an email from her insurance agent saying her policy wouldn’t be renewed. Fahy was able to get coverage from another carrier, but now pays $500 more per year. It’s not fun when these numbers keep going up,’ she said. Fahy isn’t the only one. Homeowners and agents tell HNN insurance premiums have shot up by as much as tens of thousands of dollars each year for everything from single-family homes to condos. ‘You share a rate with a bunch of people that are bad insureds,’ Lahaina-based independent insurance broker Mahealani Strong said. ‘Because you guys all swim in the same pool, everybody gets the dirty water.'”

“Attorney Roberto Blanch says Dec. 31, 2024 will be ‘a date that lives in infamy.’ It’s one of the key deadlines for condo associations to comply with new condo safety laws that could upend the market for older buildings across Florida. Unit owners and associations at buildings and complexes that can’t be fixed or maintained, and that can’t finance these projects through a loan or line of credit, will be in the most trouble. ‘For many of us, we thought that living in condominiums would be affordable,’ said Rep. Vicki Lopez. Lopez’s district includes Key Biscayne, Coconut Grove, Shenandoah and other parts of Miami-Dade County. ‘I think what we’re coming to determine now is that it may be very unaffordable for many people.'”

“Billionaire Barry Sternlicht is convinced the real estate market will rebound with just a bit more time. Many investors in his $10 billion Starwood Real Estate Income Trust aren’t so sure — and want their money back now. The recent pushback in rate-cut expectations means that investors such as Sternlicht are having to write new chapters to the industry playbook. ‘They were wrong this year about rates coming down,’ said Jeff Langbaum, an analyst at Bloomberg Intelligence. ‘This stretches out their liquidity in hopes that eventually, they’ll be right.’ The pain, meanwhile, continues to ripple out. Investors in top-rated bonds backed by commercial real estate debt are getting hit with losses for the first time since the financial crisis. A Los Angeles landlord sold the city’s third-tallest office tower for 45% less than its price about a decade ago.”

“In the first quarter of this year, there were 2,003 insolvencies (1,599 bankruptcies and 404 proposals) across Canada, which was an increase of 87 per cent over the same quarter last year. It was the highest three months of insolvencies since the beginning of 2008. Steven Graff, a partner at Aird and Berlis who specializes in restructuring, said developers and construction companies are being particularly hit hard now by high interest rates and an inability to refinance their debt. ‘Real estate is the most challenged sector right now,’ he said. Daryl Ching, a Toronto-based chartered financial analyst, has worked with dozens of small business owners over the years. Some of them, unfortunately, fell on hard times and had to close. Mr. Ching said failing small businesses will sometimes try to renegotiate their debt with vendors without going through the formal insolvency process. He said it happened to him once, when a client in dire straits offered to pay only 40 per cent of his bill. ‘What am I going to do? I’ll take it,’ he said. ‘It’s a company closing down. I’m going to take whatever I can get.'”

“While property prices across England rose one per cent in the past year, according to the latest House Price Index from HM Land Registry, London continued to register declining prices. Central London areas with the most expensive properties saw the biggest drops. The City of London saw a 22 per cent drop that knocked £192,553 off average property prices, but the ONS noted that low transaction numbers in the area mean the data is not necessarily reflective of the market. Hammersmith and Fulham saw property prices drop 21 per cent, taking £191,322 off property values to an average price of £720,149. Westminster saw a 20.9 per cent drop that knocked £240,072 off the average value, which now stands at £910,652. Kensington in Chelsea saw a drop of 13.6 per cent, but with an average property price of £1,193,478 it’s still the most expensive place to buy property in the whole country.”

“Higher-for-longer interest rates and affordability pressures are forecast to keep house prices in check over the coming years. BNZ chief economist Mike Jones on Thursday updated his predictions for where house prices would go this year. ‘Last year’s short string of monthly house price gains now look like a false start. And we think current scratchy momentum will stick around for longer amid high mortgage rates, a deteriorating economic and labour market backdrop, and a jump in unsold inventory. The prospect of mortgage rates sticking around higher levels for longer adds to the case for a lower house price track this year at least,’ Jones said.”

“Mortgage rates were part of a wider cashflow crunch, he said. ‘There is pressure on household and individual finances – they have bigger fish to fry rather than participating in the housing market. Making the numbers work at the moment is difficult. Something has to give – we need to see mortgage rates come down before we see the house price cycle turn.'”

“The rental market for luxury properties, particularly Good Class Bungalows (GCBs), slashes monthly rentals in response to a muted premium housing market. EdgeProp Singapore reports that according to Ms Jacqueline Wong, executive director of Hardington Private, a niche consultancy for ultra-high-net-worth individuals and family offices: ‘Some GCBs listed at monthly rents of S$100,000 before have now been marked down to about S$65,000 a month.’ One example is the Nassim Road GCB, formerly leased to Su Baolin, a key figure embroiled in Singapore’s largest money laundering case. Once commanding a staggering S$120,000 monthly, the property’s rent has plummeted to S$60,000.”

“Amidst these developments, PropNex associate group director, Mr Shawn Wong, an exclusive marketing agent for a GCB at 4 Cable Road, notes that ‘owners are more realistic about asking rents today.’ In addition to rental adjustments, broader factors influence the luxury property market. ‘That’s why there is quite a lot of supply,’ said Mr Wong.”

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This Post Has 66 Comments

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

    2. Watching our local ABC affiliate news this morning which had their usual pro Democrat /Biden propaganda comercial inserted from the network. Today had 2 people supposedly interviewed from Trumps Bronx rally yesterday calling him a liar and a worse as opposed to the live interviews I saw yesterday after the event which had a bunch of people saying they, their family members or friends had never voted anything but D and they were all voting for Trump. They have had it with inflation, illegal immigration, rampant crime in their neighborhoods stc.

      Multiple local news stations say the same thing verbatim

      video 1:38 but 0:57 to end is priceless.

      https://youtu.be/ksb3KD6DfSI?si=nPXxV2epWLQIMbYA

  3. ‘They were wrong this year about rates coming down’

    More sad panda rate daters.

  4. “Building is anemic, existing home sales missed estimates and now new home sales had a big drop and remain tepid overall.’”

    What I’m seeing is builders racing to build out, adding to an already bloated inventory. Perfect recipe for price declines.

  5. ‘Buyers should take note that many of today’s sellers are motivated.

    Not nearly as motivated as they’re going to be. Strategic patience will be rewarded, bitter renters and lawn chair sitters. Got popcorn?

  6. “Cathy Rojas, a realtor in Vallejo of 20 years, said she expects prices to increase in the housing market when interest rates eventually drop”

    Cathy should know better having already gone through one cycle in her 20 years. Either she’s got her head up her keister or she’s selling a line of BS. You see a lot of both in the RE industry.

    2. Oh, come on now. Cathy knows zactly what is coming. What would you expect her to say? “Interest rates will barely budge until maybe 2026 while the values of homes continue to decline” Cathy would be out of work if she is not already as of this post.

      I was looking through Colorado Springs realtor and out of 75 pages of homes listed for sale (3100+) I finally got tired after 20 pages of clicking looking for one single pending listing. Several were Contingent which is saying “once I find a sucker to take my POS I’ll catch me a knife.”

  7. He purchased it in 2014 for $57.9 million, so it’s clear that at $38.5 million, it is priced to sell.”

    Few things are as heartwarming as watching globalist scum media moguls reap the consequences of the globalist agendas they’ve been promoting as their termites in the foundation go about their societal destruction.

  8. “Cathy Rojas, a realtor in Vallejo of 20 years, said she expects prices to increase in the housing market when interest rates eventually drop. Rojas also noted there aren’t as many buyers in the current housing market.

    Three things:
    1. Cathy is a realtor
    2. Realtors are liars who work for an industry of dissemblers (NAR)
    3. Any “price increase” in the housing market will be a reflection of the Fed’s debasement of the currency, not any increase in real value. Moreover, tapped out Murican debt donkeys being crushed by inflation far in excess of our Soviet-style official data, compounded by the tax burden of supporting an exploding population of dependency voters, means overpriced shacks will go bid-less. Be afraid, FBs & UHSs. Be very afraid.

  9. ‘Unit owners and associations at buildings and complexes that can’t be fixed or maintained, and that can’t finance these projects through a loan or line of credit, will be in the most trouble. ‘For many of us, we thought that living in condominiums would be affordable,’ said Rep. Vicki Lopez. Lopez’s district includes Key Biscayne, Coconut Grove, Shenandoah and other parts of Miami-Dade County. ‘I think what we’re coming to determine now is that it may be very unaffordable for many people’

    I’ve been saying fer years this airbox living thing is a con Vicki.

    1. IT was always unaffordable. The new law just forces condo boards to not be able to kick the can down the road. This is always what it cost to have one, they just hid it and screwed the guy 20 years down the road.

      1. Given that so many owners can’t afford the assessments, it’s easy to think that many of the smaller, older, used-to-be-affordable condo buildings will just be sold to big developers. Of course the developer will promptly demolish the place and build yet another tall luxury tower to sell to wealthy Chinese or Brazilians or whatever.

    1. New preseason hurricane forecast is highest ever issued. Brace yourself, Florida

      My BS detector went off her. Been hearing this every year for years.
      More global warming scare tactics. They can’t tell the weather next week let alone forecast. If I recall correctly 2003 and 2004 were 2 of the worst years for the number of hurricanes in FL. Not buy the BS and neither should you.

  13. Sound lending.

    CNBC — A 20% down payment is ‘definitely not required’ to buy a house, economist says (5/24/2024):

    “Buyers may try to put more money down to avoid mortgage insurance costs and even lessen monthly payments, but 20% is “definitely not required,” said Danielle Hale, chief economist at Realtor.com.

    The typical down payment for first-time homebuyers was 8% in 2023, compared to 19% for repeat buyers, based on transactions from July 2022 to June 2023, according to a survey from the National Association of Realtors.

    Even at recent elevated levels, the average down payment is still well below 20%, a share that people typically think of as the gold standard when buying a home.

    Rising home prices make that 20% goal especially daunting. But the reality is, you don’t need 20%, experts say.

    “Not only is it possible to buy a home with less than 20% down, but this data show that a majority of buyers are in fact doing so,” Hale said.

    https://www.cnbc.com/2024/05/24/you-dont-need-a-20percent-down-payment-to-buy-a-house-economist-says.html

    Realtors are liars.

    1. Although i could not find it from a quick web search, i think that i saw another article with the exact same talking points from Hale about a month ago.

      Does she just go around and do the same stories with different reporters?

    1. Lenders keep losing money on every loan produced, MBA says

      They are losing money because of the high fixed costs. The fixed cost I always hated was “Corporate Overhead” because we had absolutely no control over it and since Wall Street Values Bank earning higher than they value Mortgage earning (big earning years are refi years and not usually repeatable so Wall street discounts their value) so it always seemed to me we got more than our share, especially after we had big refi years. So yeah, they are probably are losing money. I remember back in the day one of our units priced the loans at variable cost and we ate the fixed costs in that unit. It gets ugly but I haven’t seen any recent mortgage layoffs or closings. Lots a year plus ago but silent recently. (wells layed off a bunch of servicing people but that was because they were consolidating into main hubs not from lack of work for the servicing people s they get busier when DQ and foreclosures rise.)

  17. Overreporting COVID-19 As An Underlying Cause Of Death Inflated Mortality Numbers During Pandemic: Analysis.

    https://www.zerohedge.com/medical/overreporting-covid-19-underlying-cause-death-inflated-mortality-numbers-during-pandemic#google_vignette

    A new analysis suggests COVID-19 was reported more frequently than it should have been as an underlying cause of death, inflating COVID-19 mortality numbers and attributing deaths from other causes to the virus.

    [snip snip snip]

    According to the preprint, data show COVID-19 was systematically overreported as an underlying cause of death during the pandemic by an average of about three times for all ages compared to influenza and pneumonia during the same period—and was highest in those aged 15 to 54. Additionally, only about one-third of influenza and pneumonia-related deaths were reported as underlying causes, whereas almost all COVID-19-related deaths were reported as “deaths from COVID-19.”

    When comparing underlying cause death rates for different age groups for COVID-19 with death rates from influenza and pneumonia, researchers observed that underlying cause COVID-19 death rates were higher than those for influenza and pneumonia in the 15 to 24 and older age groups. After adjusting to obtain the overreporting factor, they found COVID-19 death rates were still higher than they were for influenza and pneumonia for ages 25 to 34 and older and equal for those aged 15 to 24.

    About 30 percent of influenza and pneumonia-related deaths were registered as an underlying cause of death on death certificates, whereas 90 percent of COVID-19 deaths were recorded as the underlying cause of death in 2020 and 2021. In 2022, 76 percent of COVID-19 deaths were registered as the underlying cause.

    “There was a systematic overreporting of deaths from COVID when we analyze versus the flu and pneumonia, as almost all COVID deaths were reported as the underlying cause,” Edward Dowd, founder of Phinance Technologies, told The Epoch Times. “Basically, when one wants to understand the pandemic, only about 30 percent of the reported COVID-19 deaths were ‘from COVID-19’ as the underlying cause,” Mr. Dowd said.

    Each country has its own criteria for determining what constitutes a COVID-19-related death. The United States uses the World Health Organization’s (WHO) classification system to categorize and code mortality data from death certificates.

    The WHO defines the underlying cause of death as “the disease or injury which initiated the chain of events leading directly to death, or the circumstances of the accident or violence which produced the fatal injury.” The underlying cause of death is chosen from the conditions listed by the physician on the death certificate. When the physician records multiple causes or conditions, the underlying cause is determined by the sequence of conditions that led to the death on the certificate, ICD provisions, and selection rules.

    “The WHO methodology for identifying COVID-19-related deaths cast a wide net for potential classification of COVID-19 as either the underlying cause of death or a contributory cause of death, which could lead to over-reporting relative to other diseases. This led to criticisms of suspected over-counting of COVID-19-related deaths during the pandemic. As an example, a CDC mortality report indicated that COVID-19 was the sole cause of only about 5% of listed COVID-19 deaths,” the authors of the analysis wrote.

    Each death certificate contains a single underlying cause of death and up to 20 additional multiple or contributing causes. According to the Centers for Disease Control and Prevention (CDC), properly classifying the death on a death certificate is important for mortality trends that inform public health risks and policy decisions.

    Causes of Overreporting COVID-19 Deaths

    According to the analysis, incentives for recording positive COVID-19 tests may have contributed to an overreporting bias in deaths attributed to COVID-19 compared to other diseases. Since the beginning of the pandemic, COVID-19 deaths have included those who died with COVID-19 and from COVID-19, and more recently, those who died of conditions attributed to long COVID, even if they had not tested positive for the virus in recent months or years.

    The White House acknowledged early on that health officials were taking a very liberal approach to mortality regarding COVID-19.

    “There are other countries that if you had a preexisting condition, and let’s say the virus caused you to go to the ICU and then have a heart or kidney problem, some countries are recording that as a heart issue or a kidney issue and not a COVID-19 death,” former White House coronavirus response coordinator, Dr. Deborah Birx told reporters during an April 2020 press briefing.

    “Right now, we’re still recording it, and the great thing about having forms that come in and a form that has the ability to mark it as ‘COVID-19 infection’ the intent is right now that if someone dies with COVID-19, we are counting that as a COVID-19 death,” Dr. Birx said.

    State health departments use the CDC’s standardized surveillance case definition and uniform criteria to define a disease for public health surveillance. They also report COVID-19 cases through the agency’s National Notifiable Diseases Surveillance System. At the beginning of the pandemic, the CDC’s definition of COVID-19 was “very simplistic,” and health departments recorded anyone with a positive COVID-19 diagnosis at the time of death a COVID-19 death, even if a clear alternative cause of death existed.

    Likewise, medical examiners and coroners follow CDC guidelines when completing death certificates, and the agency’s National Center for Health Statistics provides standardized forms and procedures for certifying deaths, including how to determine underlying causes of death and report related causes.

    CDC guidance states that in cases where a “definite diagnosis of COVID-19 cannot be made, but is suspected or likely,” it is “acceptable” to report COVID-19 on the death certificate as “probable” or “presumed” and certifiers can use their best clinical judgment in determining whether an individual likely had COVID-19. It’s this same discretion that allows long COVID to be counted as a COVID-19 death long after an individual tested positive for infection.

    The CDC broadly defines long COVID as “signs, symptoms, and conditions that continue to develop after acute COVID-19 infection” that can last for “weeks, months, or years.” The term is also used to refer to post-acute sequelae of SARS-CoV-2 infection (PASC), long-haul COVID, and post-acute COVID-19.

    The CDC guidance gives a physician or medical examiner discretion to classify long COVID as a COVID-19 fatality, and the CDC death certificate guidance allows for PASC to be listed as an underlying cause of death, which may affect COVID-19 mortality numbers.

    A December 2022 Vital Statistics Rapid Release Report published by the CDC identified 3,544 deaths in the National Vital Statistics System that mentioned long COVID key terms and were coded as COVID-19

    1. I posted two articles on yesterday’s thread where a murder suicide and a motorcycle accident were classified as CCP Flu deaths.

      Greatest FRAUD of my lifetime.

        2. Just looking at the bodies during a brief Walmart grocery trip I wonder how doctors survive the daily grind.

  18. [IMO the needed incomes listed in this article are way too high.]

    The Income A Family Needs To Live Comfortably In Every US State.

    https://www.zerohedge.com/personal-finance/income-family-needs-live-comfortably-every-us-state

    Families in the top five most expensive U.S. states require an annual income exceeding $270,000 to live comfortably.

    [The article sorta sucks but some of the comments are worth posting.]

    [Here is a personal favorite …]

    My now ex-GF was making $210K annually. She lives in an $850K 6 bedroom house and drives a 2020 Range Rover and has a 2018 Mercedes-Benz. She would DoorDash at least one… sometimes two… sometimes three… meals per day. She couldn’t go one day without shopping for random **** online. She apparently had multiple maxed out credit cards, and I only found out when one of her DoorDash orders got declined due to her credit card being declined and she asked if I could cover an $80 Panera Bread DoorDash lunch she wanted.

    She had apparently lost her fully remote job two months ago and her absolutely fully trainwreck of a financial situation had finally derailed.

    This caused her “extreme depression” and alcoholism to shoot up like a rocket ship. I told her I’d support her if she checked herself into an inpatient rehab immediately. She declined… left my place… and I haven’t heard from her since.

    I believe she would currently be considered as living “uncomfortably” in this survey.

    [Truly, people are stupid.]

    1. Families in the top five most expensive U.S. states require an annual income exceeding $270,000 to live comfortably.

      I guess it depends on how you define “comfortably”. Their definition sounds like you need $200K worth of cars in the garage.

    2. Can someone explain to me what someone that dumb does to bring $210K worth of value to her company (which means it probably costs over $400K to employ her once you factor in health care, unemployment insurance, etc)? Is this just Didn’t Earn It money still sloshing around?

      1. Is this just Didn’t Earn It money still sloshing around?

        There are more sinecure positions than we are aware of.

  19. Russia Today — Secession movement advances in US state (5/23/2024):

    “Residents of Oregon’s Crook County have voted to join in a secessionist movement that would carve off most of the Democrat-controlled state’s territory and make it part of neighboring Idaho.

    Voters approved the ballot measure by a 53.4% majority on Tuesday, following their neighbors in 12 other eastern Oregon counties in seeking to secede from their state. The result isn’t binding, but it marks a declaration of voter sentiment about the so-called Greater Idaho movement.

    The Greater Idaho movement began in 2020, reflecting a growing divide between the largely conservative residents of eastern Oregon and the more populous cities in the western part of the state. As in such states as New York, Illinois and Minnesota, Oregon’s governance is dictated by Democrat-controlled cities that have more votes than sparsely populated regions that favor Republicans.

    Portland, which accounts for about 15% of Oregon’s population, ranks as one of the most far-left cities in the nation and has been a hotbed for anarchist radicalism. The city was gripped by more than 100 straight nights of Black Lives Matter and Antifa riots in 2020 and 2021.”

    https://www.rt.com/news/598147-oregon-county-passes-secession-vote/

    Portland is a failed city.

    1. carve off most of the Democrat-controlled state’s territory and make it part of neighboring Idaho.

      Aren’t these eastern counties Conservative?

      1. Journalists (or their AI algos) like to use awkward adjectives as a way of inserting info without a whole new sentence. Example: “Today Harrison Ford walked the red carpet. The “Star Wars” actor [in case you didn’t know who Harrison Ford was] then went to dinner with Callista…” So for Oregon, the eastern territory isn’t Democratic-controlled; the whole state is Democratic-controlled. I’ve been tripped up by this several times.

        Anyway, if those conservative counties did merge with Idaho (I’m not if it’s Constitutional), it would likely transfer at least one House seat from Oregon to Idaho.

      2. Most of coastal Oregon is very conservative too. I was surprised when we lived there for 5 years recently. A lot of the “coasties” look like hippies, but they’re rabid anti-lib. It’s only the big cities along I-5 that are blue. Outside of that it’s all red for sure.

  20. CNBC — Google criticized as AI Overview makes obvious errors, saying President Obama is Muslim (5/24/2024):

    “It’s been less than two weeks since Google debuted “AI Overviews” in Google Search, and public criticism has mounted after queries have returned nonsensical or inaccurate results within the AI feature — without any way to opt out.

    Google, Microsoft, OpenAI and other companies are at the helm of a generative AI arms race as companies in seemingly every industry race to add AI-powered chatbots and agents to avoid being left behind by competitors. The market is predicted to top $1 trillion in revenue within a decade.

    When asked how many Muslim presidents the U.S. has had, AI Overviews responded, “The United States has had one Muslim president, Barack Hussein Obama.”

    When asked for a “historically accurate depiction of a medieval British king,” the model generated another racially diverse set of images, including one of a woman ruler, screenshots showed. Users reported similar outcomes when they asked for images of the U.S. founding fathers, an 18th-century king of France, a German couple in the 1800s and more.”

    https://www.cnbc.com/2024/05/24/google-criticized-as-ai-overview-makes-errors-like-saying-president-obama-is-muslim.html

    And NVDA is valued at $2.5 trillion?

    Advertising in the United States is anti White. Magical AI is no different, it’s programmed to hate White people.

    1. Advertising in the United States is anti White.

      Someone who has only seen the USA via the lens of American TV ads could not be blamed for thinking 80% of the country is black.

      1. Someone who has only seen the USA via the lens of American TV ads could not be blamed for thinking 80% of the country is black.

        and 50% of the men are gay.

  22. A reader sent these in:

    Oh boy 🤦🏻‍♂️

    UWM will allow first time home buyers buyers earning at or below 80% of an area’s median income to buy a home without any down payment. This will take the form of a second-lien loan of up to $15,000 (down payment assistance) for 3% of the home’s purchase price.

    https://x.com/GayBearRes/status/1793676576372261225

    VA loan “situation” possibly coming to “FHA” as well. Excellent for fintech loan officers…terrible for Ginnie MBS/CMO investors.

    https://x.com/TheBondFreak/status/1793789235842961593

    This is a real photo from an active jobsite/community of a publicly traded Homebuilder. Kitchen cabinet delivery. They were told to figure it out.

    https://x.com/MrAwsumb/status/1793117759897018551

    So it wasn’t really AAA debt?

    https://x.com/RudyHavenstein/status/1793637807359140121

    U.S. housing supply hits highest level since 2021 even as sales dip, per MW.

    https://x.com/unusual_whales/status/1793602022215913720

  24. ‘We Need Trump To Fix This’: New Yorkers Slam Bidenflation, Border Crisis, And Lawfare At Bronx Rally (5/24/2024):

    “Democrats are sending all this money to Ukraine, it’s like they’re washing money. I’m from the hood, I know a lot about certain schemes,” Sean told The Federalist.

    He also blamed white liberals for “trying to tell black people what’s good for them instead of asking. They think we’re little children and that’s how they talk to us.”

    Sincede Savoca is a hairdresser and business owner from Queens, but she says being a business owner doesn’t reap the same benefits it did just four years ago.

    “The business doesn’t make money like it did before because the money is going on payroll taxes, workers comp, everything else,” Savoca told The Federalist. “All I hear from clients is they don’t come in anymore because things are tight — everyone has their challenges, but mainly it’s all about the price of gas, food, and just not making ends meet anymore. I was making ends meet under Trump.”

    Dilhara was born in Switzerland and currently resides in Staten Island, though her parents hail from Sri Lanka.

    “I’m a brown woman but I’m angry about the crisis because when I came to this nation, I invested in school, then I worked my butt off and then I worked my way up. I never took anything. How come all these illegals get tons of money, they get tons of benefits, they get to live in good places, and we didnt get that?”

    “You don’t open the d-mn border for migrants.”

    Danny M., donning a shirt that read “Traitor Joe’s,” lamented how Biden’s policies have made it “harder to survive.”

    “It’s gotten much worse under Biden,” Danny, a New York City resident, said shaking his head. “Every time I go to the grocery store, the bill is insane. My credit card is going up, under Trump we had tax breaks. Biden is making it harder to survive.”

    Steve Merczynski told The Federalist he felt he had “an obligation to be here as a New Yorker.”

    “Trump has done so much for New York City, not just from when he saved the skating rink, but he raised the stature of New York City, he made it respectable from when it was near bankruptcy,” Merczynski said.

    “He is New York. Everyone loved him and and to see him being treated like crap by New York City, it disgusts me.”

    https://thefederalist.com/2024/05/24/we-need-trump-to-fix-this-new-yorkers-slam-bidenflation-border-crisis-and-lawfare-at-bronx-rally/

  25. ‘The new home sales report completes a trifecta of bad news in housing this week…Building is anemic, existing home sales missed estimates and now new home sales had a big drop and remain tepid overall’

    Keep up the good work Bob!

  26. ‘One of my clients is selling because of a family emergency, and another couple is selling because they had a baby and simply don’t have enough room’

    ‘Buyers should take note that many of today’s sellers are motivated. If a home doesn’t have other offers on the table, offer under asking price and/or ask for concessions because many sellers are willing to negotiate’

    That’s the spirit Sam, low-ball em when they’re in a bind! How do yer listing clients like those apples?

  27. ‘We just have a huge inventory right now. A lot more than we’ve had in our surrounding areas in the last couple years for sure. Maybe even the last three years…There wasn’t a lot of inventory in the beginning of the year, but I feel like as soon as April hit, we started seeing more and more homes’

    In a lot of places it looks like April was the big dump Cathy.

  28. ‘I’m a prisoner in my own home, despite being hardworking tax paying citizens, I pay a great amount of tax, a great amount of parcel tax to live here, how is this even justified?’

    You want to criminalize poverty Sheila.

  29. ‘said developers and construction companies are being particularly hit hard now by high interest rates and an inability to refinance their debt. ‘Real estate is the most challenged sector right now’

    And at the same time it’s a red hotcakes sellers market Steve. It is a puzzlement.

    ‘He said it happened to him once, when a client in dire straits offered to pay only 40 per cent of his bill. ‘What am I going to do? I’ll take it,’ he said. ‘It’s a company closing down. I’m going to take whatever I can get’

    You just give it away Daryl, do you have what it takes to be a winnah!?

  30. ‘The City of London saw a 22 per cent drop that knocked £192,553 off average property prices, but the ONS noted that low transaction numbers in the area mean the data is not necessarily reflective of the market. Hammersmith and Fulham saw property prices drop 21 per cent, taking £191,322 off property values to an average price of £720,149′

    Etc. London has been sinking like a turd in a well since 2014. The peak of that sh$tholes’ money laundering bubble.

  31. ‘Last year’s short string of monthly house price gains now look like a false start…The prospect of mortgage rates sticking around higher levels for longer adds to the case for a lower house price track this year at least’

    Well then, it’s a good thing you didn’t advise anyone to date the rate Mike! They would really be hosed now.

    ‘Mortgage rates were part of a wider cashflow crunch…‘There is pressure on household and individual finances – they have bigger fish to fry rather than participating in the housing market. Making the numbers work at the moment is difficult. Something has to give’

    When something has to give it’s usually the prices that do.

  32. New York Gov. Kathy Hochul calls Trump supporters ‘clowns’ in her own ‘basket of deplorables’ moment

    By Brie Stimson, Fox News
    Published May 24, 2024

    “Well, I’ll tell you what won’t make a difference at all, Jake, and that’s for Donald Trump to be a ringleader and invite all his clowns to a place like the Bronx,” Hochul told CNN’s Jake Tapper.

    “Kathy Hochul has once again revealed her true colors, disparaging millions of New Yorkers and demonstrating a shocking level of intolerance and disdain for a significant portion of our state’s population. This follows her appalling recent remarks labeling Catholics as ‘right-wing extremists’ and her suggestion that Black kids have never seen a computer before,” David Laska, director of communications for the New York GOP, told Fox News Digital.

    Two years ago, Hochul also raised the ire of Republicans when she told GOP candidates in the state to “get out of town” and “head to Florida” where they belong.

    “We’re here to say that the era of Trump and Zeldin and Molinaro — just jump on a bus and head down to Florida where you belong. Get out of town,” Hochul said in 2022. “You don’t represent our values.”

    The comments reminded some of former Secretary of State and Democratic presidential candidate Hillary Clinton’s infamous “basket of deplorables” comment from a New York fundraiser in 2016.

    https://nypost.com/2024/05/24/us-news/ny-gov-kathy-hochul-calls-trump-supporters-clowns/

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