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Even Though I Say I Don’t Want To Lose Money, I Still Worry Sometimes That The Price Could Go Even Lower

A report from Deseret News. “According to Realtor.com’s monthly housing market trends report, the number of homes actively for sale grew in May for the seventh month in a row, growing by 35.2% since this time last year. The metro areas that had the most inventory growth over the past year were Tampa, Florida, with an 87.4% increase; Phoenix, Arizona, 80.3%; and Orlando, Florida, 78.0%. This trend in inventory growth can be seen in Utah’s housing market as well. In April, the number of homes for sale in the state was up 12.4% year-over-year, according to Redfin data. Condo/co-ops saw the biggest year-over-year average increase in availability in Utah with a 32.5% jump since April of last year. In April of this year, there were 1,504 condo/co-ops for sale in Utah.”

KOAA in Colorado. “After two years of dwindling single-family housing permit numbers, home construction is on the rise again in the Pikes Peak Region. The number of single-family home permits pulled from Jan. to May this year (1,463 permits) is 32% higher than the same time last year. ‘That means a lot more homes are going to be coming available probably later on this year, if not early next year,’ said Greg Dingrando, a spokesperson for PPRBD.”

From Fox 13. “The Seattle real estate market is experiencing a seasonal surge, with significant increases in home sales and median prices, according to the Northwest Multiple Listing Service (NWMLS). Twelve counties experienced an uptick in the number of homes sold, while 13 saw a decrease, and Cowlitz County’s sales remained stable. This increased activity is partly attributed to the dramatic 41% year-over-year rise in for-sale inventory across the region. Condominium sales in May also reflected positive trends, with a 70% increase in the number of units for sale compared to May 2023. ‘With the 30-year fixed mortgage rate currently at 7.03% as of late May 2024, the purchasing power of prospective buyers remains constrained relative to a few years ago,’ said Steven Bourassa, director for Washington Center for Real Estate Research. ‘Year-over-year inventory levels have improved dramatically relative to May 2023, increasing by 41%.'”

The Key Biscayne Independent. “South Florida’s housing market bucked the national trend in April, new data reveals – but in Key Biscayne, condos appear to be cooling off just a bit. ‘I think that the takeaway from this is that condos probably do need to be careful because we’re building a lot of condos. Like the total sales of condos on the Key were down 21%,’ said real estate expert Ron Shuffield, president and CEO of Berkshire Hathaway HomeServices EWM Realty. He added that, ‘Condos, especially, we’re starting to see things cooling off is… It’s certainly not crashing.'”

“Condo owners in parts of California are slashing asking prices by as much as 40 percent for their properties listed for sale on Zillow. As of Wednesday morning, there were a total of 8,476 condos listed for sale on Zillow across all of California. Of these, 1,973 have had their initial asking price reduced by sellers. A majority of these price reductions on condos were focused around San Francisco, San Jose and Los Angeles. Vacation rental investor Rohin Dhar routinely posts on social media about the most dramatic price drops in the market. A listing shared by Dhar on X shows a condo for sale in San Francisco’s Russian Hill neighborhood which was originally purchased for $3.2 million in 2016 and sold again on June 3 for $2.25 million—$950,000 less—at least a 29 percent drop from what it fetched eight years ago.”

Willamette Week in Oregon. “You may not believe it when you look at your rent bill, but the Portland apartment market is in the dumps, at least for developers. Lots of new buildings went up just as migration to Stumptown went down. Total occupancy in Portland-area multifamily buildings fell for a seventh consecutive quarter in the first three months of this year, as new supply outstripped demand, according to Colliers. The slump appears to have come at a bad time for VWR Development, the company that controls this week’s vacant property in Sellwood through a limited liability company. VWR also developed Sandy 51, a 91-unit apartment building on Northeast Sandy Boulevard at 51st Avenue (hence the name).”

“City records show that Sandy 51 sold last month for $14.4 million to an entity called StandishII House LLC, which, in turn, is controlled by Thuja Apartments LLC in Seattle. Thuja appears to have gotten a deal. Dividing the price by the number of units shows that Thuja paid just under $160,000 per unit. By comparison, the Beverly, an apartment building just down Sandy, sold earlier this year for $300,000 per unit, according to Colliers. And erecting the building today would cost about $350,000 per unit, according to Colliers analyst Jamison Shields, or around $32 million. Adam Smith, senior broker at HFO, says he knows of half a dozen apartment buildings that are on the market and could be purchased at around $125,000 per unit. ‘I can show you how to house 1,000 people very quickly,’ Smith says.”

Bisnow New York. “LuxUrban Hotels is in hot water again as New York City hotel landlords chase it down for millions of dollars in unpaid rent and try to kick the publicly traded hotel operator out of their properties. The Miami-based firm operates budget hotels via master leases with landlords — a model that has been compared to WeWork — and has recently seen its share price nose-dive into penny stock territory in the wake of a short seller report, self-inflicted wounds and leadership shake-ups. In the last three months, three property owners who lease their buildings to LuxUrban have filed suit, claiming the company has failed to pay rent and should be evicted from the hotels. A fourth landlord is facing foreclosure at a Midtown LuxUrban property after missing debt payments.”

“Now, the hotel company could look to sell or liquidate following the creation of a special committee of its board tasked with exploring strategic financing initiatives, it announced Monday. Richard Born’s BD Hotels, which leases the 117-room The Blakely hotel at 136 W. 55th St., sued LuxUrban May 10 in New York Supreme Court, claiming it has failed to pay more than $550K in rent and fees and ignored a notice that its lease had been terminated. ‘In two words- THEY SUCK,’ Born told Bisnow in a text message Wednesday, declining to comment further.”

From Bloomberg. “The private equity industry must face up to the reality of lower valuations, according to Apollo Global Management Inc.’s Scott Kleinman. ‘I’m here to tell you everything is not going to be ok,’ the Apollo co-president said in a session at conference in Berlin on Wednesday. ‘The types of PE returns it enjoyed for many years, you know, up to 2022, you’re not going to see that until the pig moves through the python. And that is just the reality of where we are.’ Private equity firms didn’t take significant markdowns during the recent period of rapid rate hikes which means that ‘investors of all sorts are going to have swallow the lump moving through the system,’ he said, referring to assets that private equity firms bought up until 2022. Funds are now holding on to these companies and will eventually have to refinance at higher rates. That means ‘fewer realizations and lower returns’ are on the horizon for much of the industry, said Kleinman, whose firm is known for its value-orientated strategy.”

CTV News in Canada. “Jamie Goren expects when he renews his mortgage in November he might be paying more than ever before. He moved into his Dollard-des-Ormeaux home in 2002 with a rate of 4.35 per cent. For the last four years, it’s been 1.69 per cent. ‘I would give my left arm to get 1.69 per cent again,’ he said in an interview with CTV News. ‘I’d even be thrilled to get double 1.69 per cent, but I don’t even see that happening.’ He recently received a letter from Scotiabank saying it is offering 5.09 per cent. Goren expects that could cost his thousands more every year.”

“Monthly mortgage payments in Montreal are now more than $1,500. Broker Brad Weigensberg says he’s seeing more cases of people struggling to keep up with payments. ‘A lot of what we’re seeing now is people that are trying to buy homes, especially young people, working two or three jobs,’ he said. ‘Homes here in Quebec under $450,000 are still going to increase because the demand is there. We’re having a lot of immigration come in and people need homes. The upper echelon homes have stalled, the values have stalled,’ he said.”

Global News in Canada. “Local Realtors blame slow condo sales for a sluggish month of real estate sales in Waterloo Region in May. A total of 742 homes changed hands last month, which is 8.2 per cent below what was a slow May in 2023, according to the Waterloo Region Association of Realtors. The number of sales in May 2024 represents a 20 per cent dip over the previous 10 Mays. ‘May saw a dip in the number of sales across all categories, with condo apartments experiencing the largest drop,’ WRAR president Christal Moura stated. ‘The Condo market also had the greatest supply level, posing a challenge for sellers, especially for units with one or fewer bedrooms, where the current inventory level exceeds buyer demand.'”

“‘This spring, we are witnessing a significant increase in the availability of apartment-style condos, with a record high number of units on the market,’ Moura said. ‘At the same time, we are observing a shift in demand away from smaller-sized condo units, potentially influenced by the higher interest rates impacting investor market activity for this property type.'”

Go Banking Rates. “Global housing prices are finally dropping. According to the Bank for International Settlements (BIS), ‘In the fourth quarter of 2023, global house prices deflated by consumer prices declined by 1.2% year-over-year, compared with 2.0% in the third quarter.’ The German real estate market has experienced a recent record drop (the most significant drop in 60 years) due to high financing costs — and waning political support — that’s deterred homebuyers, according to Bloomberg. The outlet reported, ‘Multi-family buildings led the downturn with a 20% drop, while apartments fell 9% and single-family homes declined 11%.'”

“Hong Kong was one of the most expensive places in the world to own a home, but the wild days of its housing market might be over. Prices have decreased 10%, per BIS. ‘Various environmental factors, such as the 2019 protests against the National Security Law and the aftermath of the COVID-19 pandemic, have contributed to this shift,’ according to Global Research and Consulting Group Insights. Located in northwestern Europe, Luxembourg is bordered by Belgium, France and Germany — and is one of the world’s smallest countries. Property prices have significantly dropped, falling to their lowest point since the end of 2020, according to the Luxembourg Times. ‘The price of housing continued its downward trend for the fifth consecutive quarter, with the average price for a house or a flat contracting by 14.4% in the last quarter of 2023 year-on-year,’ the outlet indicated.”

The Globe and Mail. “As late as last year, well into a real estate crisis that began in 2021 with the collapse of property developer Evergrande, Beijing-based realtor Zhang Yuan was closing at least one deal a month. So far this year, however, he has sold just two properties – and the second sale almost slipped through his fingers. ‘The real estate market is obviously cooling down,’ Mr. Zhang, 23, told The Globe and Mail. ‘The contrast with last year is huge.’ According to official data, China has some 390 million square metres of completed and unsold homes, equivalent to 6.6 Manhattans. One survey of 14 cities found the number of properties listed for sale was 20 times higher than the number of transactions that month.”

“‘We see more homes being listed, but the number of actual buyers is far less,’ said Mr. Zhang, the Beijing realtor. ‘The biggest concern for buyers is that the market is not stable, as house prices keep fluctuating. What should they do if the house they buy continues to depreciate? Nobody wants to see such a loss.’ Meanwhile, he added, many owners fear that ‘if they don’t sell their houses now, they will miss the last chance and won’t be able to sell at all.'”

“Ryan Liu knows this feeling well. In October, the 52-year-old listed an apartment he owns in Beijing for 4.2 million yuan ($792,000). Other homes in the area had sold for similar prices, records showed, and a few years ago the apartment would likely have been snapped up in no time, despite being in a relatively old building far from the city centre. By April, however, a disgusted Mr. Liu took down the listing after receiving just two offers, both of which came in at a million yuan below the asking price. ‘There have been too many housing policies introduced this year. The market is cost-effective for buyers, but for sellers it is too unfavourable,’ he said. ‘I think that if I accept this crazy devaluation, I would definitely regret it in a few years.'”

“Still, he said he couldn’t help feeling some of the anxiety that is driving other sellers to take huge haircuts. ‘Even though I say I don’t want to lose money, and I won’t settle for losing one million yuan, I still worry sometimes that the price could go even lower.'”

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This Post Has 95 Comments

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

      1. On 3 June, 2024, Steve P. said: “The woke crowd has no clue how to make money. Sorry, but we don’t all support open borders, Hamas, DEI, CRT, inflation, men in women’s locker rooms, bathrooms and sports. We don’t all adhere to the progressive movement, and some of us just want real news by real journalists, not activists.”

        Well said.

  2. ‘a condo for sale in San Francisco’s Russian Hill neighborhood which was originally purchased for $3.2 million in 2016 and sold again on June 3 for $2.25 million—$950,000 less—at least a 29 percent drop from what it fetched eight years ago’

    That may be but shacks and airboxes in this big sh$thole are at all time highs. Everybody says so, sellers have boatloads of equity!

  3. ‘The metro areas that had the most inventory growth over the past year were Tampa, Florida, with an 87.4% increase; Phoenix, Arizona, 80.3%; and Orlando, Florida, 78.0%. This trend in inventory growth can be seen in Utah’s housing market as well’

    Harry Potter is at it again, flying around on his broom, pointing his magic wand; more shacks there, and there!

  4. ‘Richard Born’s BD Hotels, which leases the 117-room The Blakely hotel at 136 W. 55th St., sued LuxUrban May 10 in New York Supreme Court, claiming it has failed to pay more than $550K in rent and fees and ignored a notice that its lease had been terminated. ‘In two words- THEY SUCK’

    You’ve been disrupted Dick.

  6. France’s increasingly hardline rhetoric about the war in Ukraine prompted a backlash from Italian Deputy Prime Minister and leader of the right-wing Lega party, Matteo Salvini, on Monday when the Italian told the French president to personally take up arms and head to the Ukrainian front.

    The on-stage remarks were made by Salvini speaking at a campaign rally in the southern Italian city of Bari. The Lega leader said Macron should “put on a helmet, put on the vest, and go to Ukraine” and for Paris to not ‘piss off the Italians’ referring to Italy’s less confrontational approach to the Russian invasion.

    “The choice for Lega is a choice for peace. I don’t want the sons of Bari, the sons of Italy, to be sent to die and fight in Ukraine, and I don’t want Italian weapons to go bombing and killing in Russia. Italy is not at war with anyone,” Salvini added.

    https://europeanconservative.com/articles/news/put-your-helmet-on-and-go-to-ukraine-salvini-scoffs-at-macrons-hawkishness/

    1. So at least 2 years for MSM to acknowledge what we already knew. It was this information that finally convinced my father and step-mother to forgo boosters as my step-mother was and remains in remission from breast cancer.

      1. I have in laws who still run out to get the latest booster. What is funny is that they keep coming down with Covid.

  8. a letter from Scotiabank saying it is offering 5.09 per cent. Goren expects that could cost his thousands more every year.”
    Canadians used to own, and probably still do, a lot of real estate in S FL. I keep expecting to see articles about how the Canadians are selling their FL properties so they can pay for their primary properties, but not seeing it yet. I was also told Yuma AZ had a lot of Canadians owning property there, so I might expect to read about an exodus there as well.

    2. climate change addendum

      Lately I’ve been watching prehistoric YouTube, including videos about how Stone Age cultures migrated to adapt to changes in climate, especially during the Ice Age.

      The bots at YouTube slapped a Climate Change addendum on some of the videos. Too many mammoth farts, I guess.

  12. Do you worry that high debt levels could keep US interest rates higher-for-longer?

    1. Yahoo
      Bloomberg
      Rising US Debt Load Poses a Growing Risk for Treasury Market
      Michael Mackenzie and Liz Capo McCormick
      Wed, Jun 5, 2024, 2:13 PM PDT
      2 min read

      (Bloomberg) — Bond industry leaders see a bleak US fiscal outlook that will keep debt growing and sustain elevated long-dated Treasury yields.

      Speaking during a panel discussion at the ISDA/Sifma Treasury forum in New York Wednesday, market participants said spending cuts and tax increases that would address concerns of growing Treasury debt supply remain unlikely — regardless of who wins November’s presidential election. The most worrying scenario, they said, is a clean sweep by one party taking control of the White House and both chambers of Congress.

      “No matter what the election result is, when you fast forward five to 10 years, the fiscal direction is not comfortable,” said Jason Granet, chief Investment Officer at BNY Mellon.

      The amount of US Treasuries outstanding has grown to $27 trillion, up from about $12 trillion a decade ago. Last month, the Treasury left its quarterly issuance of longer-term debt unchanged, after boosting them the three previous quarters in moves that brought some auction sizes to record levels. While the Treasury said it sees no more increases for a least a few quarters, the nonpartisan Congressional Budget Office projects that chronic US deficits will lift the US debt to about $48 trillion by the end of 2034.

      “You have two candidates that have different spending priorities, but their overall fiscal stance is not all that different,” said Alex Schiller, head of cross-asset strategies at Bridgewater Associates. “What makes a difference is whether they have Congress with them.”

      “Debt and deficits are front and center for investors,” said Subadra Rajappa, head of US rates strategy at Societe Generale. “A GOP sweep means less willingness to address debt and deficits.” But overall, “there is very little willingness at both parties to address spending. “

      The panelists, which also included Agha Mirza, managing director and global head of rates and OTC products at CME Group Inc. and Thomas Pluta, president at Tradeweb Markets, said the 10-year Treasury yield in twelve months time likely would be hovering near current levels or up to as high as 5.25%.
      …
      https://finance.yahoo.com/news/rising-us-debt-load-poses-211357707.html

  13. @BlueSkye,

    Was that statue of HRC in the woods near Lucifer Falls by any chance?

      1. The north end, on the Seneca River. I take that route to sail from Seneca Lake to Lake Ontario.

  15. After abruptly closing down 93 of its approximately 700 locations and filing for Chapter 11 bankruptcy in May, the seafood chain is “at risk of closing” 135 locations due to expensive leases,

    The owners of 5 Times Square, where Red Lobster has been a fixture for 22 years, are asking for an annual rent of $2.2 million for the three-level, 16,482 square-foot space, as The Post previously reported.

    Currently, Red Lobster is likely paying just under $1 million a year for the corner space at West 41st St. and Broadway, a real estate broker who did not want to be identified told The Post.

    https://nypost.com/2024/05/31/business/red-lobster-scrambling-to-keep-times-square-location-open-sources/

    1. I can’t believe they’re still in business. I haven’t been in 30 years and I don’t know anyone that’s been there in years. I read a wall street J. artical on them….they really made some stupid business decisions.

      1. They expect people to believe it was all due to “All you can eat shrimp”.

        That poor decision cost them $11M. Not nearly enough to cause their issues.

        1. It was much more than that….typical Private equity behavior. They sold a lot of real estate in order to rent it back. I’ve had several dealings with private equity and I know how they work.

  16. A small Denver business is shutting down after a second case of arson in six months.

    ReFillanthropy opened on East Bayaud Avenue last year, but on Tuesday morning, the front half of the shop was set on fire.

    The Denver Fire Department said the fire started around 4:45 a.m. Denver police arrested Andrew Harris, who was allegedly captured on camera setting fire to the building’s front door. Harris was previously arrested for another arson case in 2021 and pleaded guilty in 2023.

    “I don’t think we will come back as any sort of retail front in the future,” said Vesper Holly Muck, co-owner of ReFillanthropy.

    Muck and her business partner, William Mathewson, said the area is a hotbed for crime, drug use and homelessness. The business owners were the victims of arson back in February, where a man set fire to their front door and then went to the Ross-Broadway Library next door.

    “The library has been kind of a magnet for people who are struggling with mental health issues and with drug abuse issues,” said Muck.

    Mathewson and Muck aren’t alone in placing the blame on the library. The owner of Coco Coquette, located next to ReFillanthropy, also voiced concerns.

    “I constantly get tagged with graffiti,” said Heather Farris, owner of Coco Coquette. “I constantly have to clean up drug paraphernalia out from my doorways.”

    Farris cited constant drug use and homeless encampments near the library as the reason for closing down her shop. She started Coco Coquette in 2019, and although she still has several months left on her lease, she said enough is enough.

    “I would rather pay rent on an empty space than have to deal with the stress that comes with physically being here,” said Farris.

    https://www.denver7.com/news/front-range/denver/denver-business-owners-close-shop-due-to-arson-drug-use-near-library-on-bayaud-avenue

    1. I’ve posted articles about that specific library branch and related problems in that neighborhood before.

      Proximity to Broadway and the 0 bus line bring in the problems. The Baker neighborhood is one big virtue signal. People wearing masks while walking on the sidewalk alone. Unnaturally colored hair, bad tattoos, and every virtue signal yard sign you can imagine.

    2. From the Denver 7 article:
      ———-
      Denver Public Library spokesperson Erika Martinez argued that the library isn’t to blame for vandalism. “It’s not our issue,” said Martinez. “This is not a Denver Public Library issue. This is a societal issue.” … The Ross-Broadway branch has a community resource team, peer navigators and social workers who help individuals with everything from food to housing, to navigating job resources.
      ———-

      That’s pretty rich. If you offer services to homeless people, don’t act all shocked when the homeless people camp out next to your services.

      On another note, the Denver 7 news article shows the ReFillology storefront. Here is the Googlemaps streetview of the same storefront, taken in September 2019, presumably before Refillology moved in. Ironically, there’s a homeless person sleeping in the doorway:

      https://www.google.com/maps/@39.7147965,-104.9870899,3a,75y,17.99h,80.24t/data=!3m7!1e1!3m5!1sqBX_fEu_MU-W76PY-wXvrQ!2e0!6shttps:%2F%2Fstreetviewpixels-pa.googleapis.com%2Fv1%2Fthumbnail%3Fpanoid%3DqBX_fEu_MU-W76PY-wXvrQ%26cb_client%3Dmaps_sv.share%26w%3D900%26h%3D600%26yaw%3D17.989523695927417%26pitch%3D9.762530168453466%26thumbfov%3D90!7i16384!8i8192?coh=205410&entry=ttu

      1. hat’s pretty rich. If you offer services to homeless people, don’t act all shocked when the homeless people camp out next to your services.

        To be fair, the library’s hands are somewhat legally tied. They can’t legally kick the homeless out, and the library is attractive to them because it’s a good place to hang out: comfy couches, A/C on hot days. heat on cold days, computers to surf the web to watch pron, which the library can’t legally stop, etc. In other words, the creature comforts intended for normal people also attract the homeless. Anywho, many municipalities are beginning to reevaluate if it’s still worth having public libraries.

        1. Anywho, many municipalities are beginning to reevaluate if it’s still worth having public libraries.

          When I was in high school, the nearby public library often had homeless people use the bathrooms. The difference between then and now, however, is they weren’t scary. They were homeless, and clearly mentally unfit, but they weren’t drug addicts openly doing drugs.

          Fast forward, the downtown Salt Lake City Library is a great place to buy and use hard drugs.

          It’s crazy to watch compassion turn into idiocracy.

          1. It’s crazy to watch compassion turn into idiocracy.
            Very well said. As we all know:
            The road to hell is paved with good intentions.

    3. Farris cited constant drug use and homeless encampments near the library as the reason for closing down her shop.

      A small sample of what a doom loop looks like. None of the mayor’s proposed fixes to revitalize downtown will work, as none of them address the problem.

  18. What I find missing in most analysis of Covid 19, or the pending Bird Flu threat is that the PCR testing is the basis of testing.
    In spite of that testing having high false positive rates , its still the test of choice.
    So, as long as Science holds this PCR test as a conclusive test on evidence of a specific pathogen, than Science is fake. Its the elephant in the room as far as I’m concerned.
    Also, the other elephant in the room, is that they are transferring the so called MNRA gene therapy fake vaccine failed technology into numerous products, like cancer vaccines, Bird flu vaccines, and RSV vaccines for the over 60 were just approved by the FDA.
    So, in spite of the mainstream news saying that the Covid vaccines might of caused some excess death, that needs to be investigated, the basic EUA technology is being employed in numerous products to unleashed on Public.
    In a sane world , if you had evidence that a technology could be causing excess death and injury , you would suspend that technology until you could prove that it wasn’t causing death and other adverse reactions. Instead, they are putting such technology in numerous products.
    And when the MSM claims that Covid vaccines could be linked to excess deaths, and it should be investigated, who do they expect to investigate it.
    Will Big Pharmacy investigate it, will the government investigate it, will the bought off science world investigate it, will the press investigate it, will CDC, NIH, FDA, Military, Congress or Senate, just who is going to investigate it.
    And how long would that investigation take, when time is of the essence in removing a toxic lethal and injurious product from the market?
    I have been observing for decades now, the statement that this, that, or the other thing deserves to be studied, yet it never is, or it already was studies way back in the 50’s, 60’s, and 70s, 90’s, etc.
    You have observed bad drugs put on the market, and it takes years to be taken off market, after Big Pharmacy enjoys net giant profit margins that exceed fines or pay outs from law suites.
    The public has been harmed by Big Pharmacy having immunity on vaccines, as well as about 70 mandated children vaccines if you attend schools.
    You have found out that they consider it sanity to create gain of function bio weapon viruses, so they can come up with a vaccine to cure it.
    I hate to tell you but the evidence is already in that the Covid Panademic was a fraud, the fake vaccines caused millions of deaths and injuries , and time is of the essence to stop this genocidal gene therapy technology they want to put in numerous products.
    Time is of essence to stop the fake positive PCR testing that is now being used to slaughter the bird and cattle food supply, as well as manufacture the next Panademic they plan.
    Also, I believe at most they will take the Covid Vaccines remaining off the market because their compliance on boosters is under 4%anyway. Its time to move on to other products and new scary Panademics, same lethal gene therapy technology.
    I have said it for a long time now that they want the
    failed lethal MNRA technology and they will do any slight of hand to keep this not fit for human or animals consumption on market.

    1. The FDA approved an mRNA vaccine for RSV on May 31, but I didn’t find anything for flu or cancer vaccines yet. Do you have any links?

      1. I recall reading some time ago about work being done on an mRNA flu jab. From what I recall it much less effective than the old school vaccines. Perhaps the project got canned.

        2. How could it possibly be less effective than the completely ineffective regular flu vaccine? Even the government numbers (which are lies) are under 30% helped. (meaning it’s much more dangerous than helpful)

          1. “How could it possibly be less effective than the completely ineffective regular flu vaccine?”

            The last flu vaccine that I received knocked me down for several days with sore aching muscles, and I’m in pretty good shape, no chronic issues or prescription medications. I’m going to think long and hard about getting another one next fall.

          2. I’m going to think long and hard about getting another one next fall.

            I no longer trust what is in the vials.

    2. I do hope everyone has read the excellent book by RFK Jr on Fauci. In it you learn that HIV was the first scam they pulled with the bogus PCR test. AIDS is actually is drug/lifestyle wasting disease and HIV is actually fake.

      Also look up Karry Mullins videos. He invented the PCR test and stated quite plainly that it should never be used as a diagnosis tool, hated Fauci was a passion, was super cool and conveniently passed away right before the scamdemic started.

  19. A reader sent these in:

    🏠💸Americans with adjustable mortgages could soon see their payments skyrocket

    https://x.com/dailyjobcuts/status/1798354088771657760

    Porsche Taycan’s Values Plunge; Mercedes, Stellantis Pause EV Battery Factory On Sliding Demand. Porsche Taycan values in the first quarter sank 33% compared to the same period one year ago

    https://x.com/dailyjobcuts/status/1798327260241699239

    Germany total unemployed persons nearing the COVID-highs even with weak demographics, ECB is talking cuts for reasons that are not hidden…

    https://x.com/DonMiami3/status/1798346308350333210

    Let me bust this nonsense once and for all. There is a myth out there that weak data will lead to rate cuts which will lead to a melt-up in equities. That’s not only moronic but also proved to be wrong in every cutting cycle since the 70s. While it’s in character for the market to rise in the months following a hiking pause, it ended on average 23% lower over the 200 days following the first cut.

    https://x.com/INArteCarloDoss/status/1798356333810311654

    First rate cut 1/03/01:
    $SPX -39% next 18 months

    First rate cut 9/18/07:
    $SPX -54% next 18 months

    First rate cut 7/31/19:
    $SPX -26% next 8 months

    https://x.com/Geiger_Capital/status/1798362125951439349

    Is the Bank of Canada’s decision to cut rates surprising?

    No, if anything it’s surprising they let unemployment rise this much already, but pressure on the Canadian peso can be seen today.

    As @UrbanKaoboy
    sometime last year – will any CB ‘out hawk’ the Fed? Unlikely.

    https://x.com/DonMiami3/status/1798376629166809573

    Cleveland FED CPI nowcast came out with their june number 0.11 cpi and 0.11 pce. Perhaps we see a negative print in June when all is factored in. The Atlanta FED GDP now is dropping hard

    https://x.com/Seniorstrategen/status/1797949558145876388
    Over the past 32 trading days, NVDA has gained more than $1 trillion in market cap. To put that into some sort of perspective, the 6-week gain is greater than the total market cap of BRKA, which Warren Buffett has spent 6 decades in building.

    https://x.com/jessefelder/status/1798415445999173809

    Deutsche Bank takes a shocking $350M loss on a Manhattan office building
    DB paid $500M for the tower at 222 Broadway in 2014
    They just sold the building to a TPG JV for $150M

    https://x.com/TripleNetInvest/status/1798338596686156243

    The US Economy Now Has:

    1. 63 banks on the brink of default according to the FDIC

    2. Over $500 BILLION of paper losses held by banks

    3. Declining GDP growth with rising inflation

    4. Over 50% of Americans believe we are in a recession

    5. Lowest mortgage demand in over 30 years

    6. A record $17.7 trillion in total household debt

    How is this a “soft landing?”

    https://x.com/KobeissiLetter/status/1797975642883215513

    Oil prices crash nearly 10% in 5 days over fears around weakening global demand.

    Even as OPEC just extended oil production cuts of 2 million barrels per day, oil prices are nearing their 2024 lows.

    Recent data suggests that US economic activity in manufacturing and construction is slowing, a recessionary sign.

    As a result, oil prices are down 16% from their April peak and up just 3% year-to-date

    Markets are not buying the “soft landing” narrative.

    https://x.com/KobeissiLetter/status/1797993451818238416

    3 stocks now worth more than $3 trillion each.
    5 stocks accounting for $13.2 trillion in combined market cap.

    Time to stop the tightening cycle, cut rates and begin the new easing cycle.

    https://x.com/NorthmanTrader/status/1798433255156261085

    Had buyers offer $900k on a $1.1M listing a few weeks ago. Listing agent admitted it was overpriced but didn’t make a counter. House needed some updating.

    Buyers bought a nicer house last week for $850k. Newer and nothing to do but move in.

    $1.1M home still sitting

    https://x.com/JonFlynnREstats/status/1797811064492708153

    Supply Myth – It’s zoning’s fault.

    790,000 is a lot of housing supply that’s now gone, converted to lodging supply.

    https://x.com/JohnWake/status/1798398374422757844

    Unrealized losses on banks’ balance sheets are getting worse, and we’re three months closer to when all of their emergency loans come due, and the consumer is in worse shape, and credit demand is falling, and loan nonperformance is up, and…

    https://x.com/RealEJAntoni/status/1798445362627383717

    1. “housing supply that’s now gone, converted to lodging supply.”

      What does this mean? Housing converted to hotel/AirBnB?

      1. yes, if you click on the link it shows an infographic that says that’s the number of airbnb hosts (who a good number of own more than one house, so that’s a bare minimum number).

      2. Yes, the image says “790,000 The number of U.S. Airbnb hosts, according to data company AirDNA. That’s an eightfold increase since 2014 and up 35% since the start of the pandemic.

    2. “Over the past 32 trading days, NVDA has gained more than $1 trillion in market cap”

      And trees grow into the sky.

      Staying all CASH until this AI bubble collapses.

      1. Was reading that Adobe is using AI to spy on its customers. If you PhotoShop an image, Adobe’s AIs will look at what you did and maybe flag it, with the possibility of shutting down your copy of PhotoShop. It is my understanding that there isn’t a suitable open source alternative to PhotoShop.

        1. What I’m getting at is that the real purpose for AI isn’t for helping us do our jobs. Its purpose is to create a surveillance state that watches our every move and action.

          1. that sounds like a conspiracy theory, that’s crazy talk.

            big brother loves us and wants us to be happy.

          2. “…. AI isn’t for helping us do our jobs….”

            On the assumption that you still have a job, [at least in its current form]

          3. shutting down your copy of PhotoShop

            The subscription model for software, where you rent it instead of buy it, plays right into the hands of these AI bots. If you jaywalk, we’ll shut off your Adobe Acrobat. If you don’t like CBDC, we’ll shut off your Microsoft office — what didn’t you read the fine print? And I bet they change the terms of service every month that you renew your software lease.

        3. “It is my understanding that there isn’t a suitable open source alternative to PhotoShop.”

          Ummm….not even close.

          gimp.org

  20. Why banks are bracing for a mortgage renewal cliff | About That
    CBC News

    2 hours ago

    Canada’s Big Six banks are adding billions of dollars to their emergency funds as mortgage renewals approach for more than three quarters of homeowners. Andrew Chang explains why the banks are preparing for more delinquencies, and who’s most at risk.

    https://www.youtube.com/watch?v=42dIpVTzV04

    13 minutes. Sound lending!

    1. Gets even worse with all the new condos. New Condos in big cities like Toronto and Montreal have their equivalent of the HOA subsidized by the builder – i.e. less than the true cost. That generally ends 3 years after the 1st move-ins. The condo owners will then get the HOA true’d up to the real price (in addition to the inflation on the services)

      So when these guys renew – and the building move-in are at 3yrs the Condo Association need to increase the maintenance fee. Look out

      1. oofta. and i’m sure being that the developer is running the HOA they aren’t putting a dime into reserves for things that are far away (roof, windows, parking lot, etc)

  21. I am confused by the above Seattle Real Estate article. Even with Amazon and Microsoft money, how did the median prices rise 7% with the new interest rates. Is the skew of prices to the higher end just continuing ….

    In May 2024, the median price of homes sold in the Washington counties covered by NWMLS rose by 7% compared to May 2023. Of the 26 counties analyzed, 17 saw an increase in median sale prices, eight saw decreases, and one county, Grant, remained unchanged. The highest median sale prices were reported in King County ($890,000), Snohomish County ($785,000) and San Juan County ($744,500).

  22. can confirm things are getting bad lately: I’ve had a home improvement solicitor ring my doorbell every day this week.
    just sat back down after an attempted hard-sell on roof repair.

    Now, I’m usually polite in refusal but had to almost go full “Willy Wonka” on his reluctance to leave;

    ” . . you get NOTHING. YOU LOSE. GOOD DAY SIR !! “

    2. “…solicitor ring my doorbell…”

      Last week I saw a young guy pulling a kid’s red wagon carrying a lawn mower and string trimmer. He was canvassing the neighborhood.

      2. In my neck of the woods those guys still have pickups and charge $50 to mow the front and back yards.

        1. In my teens, I rode my bike around and would do any kind of work for $2/hr. They needed to have their own mower.

  23. Black Pepper recall, under the name Baraka in 7 ounce plastic containers.
    In my whole life I have never seen ground black pepper recalled .Weird.

  26. The Most Delusional Paul Krugman Headline in the History of Delusional Paul Krugman Headlines (6/4/2024):

    “Longtime readers of mine are familiar with my overwhelming disdain for Paul Krugman, the Opinion section ultra-hack at The New York Times. I’ve lost count of how many columns I’ve written about this partisan lapdog.

    For most of the past two years, I’ve been writing about Krugman’s stream of finger-wagging articles telling the American public that they aren’t really suffering under Bidenomics. He’ll bombard readers with metrics that Ted and Susan in flyover country don’t give one whit about and insist that the they — along with all of the rest of the rubes in the hinterlands — just don’t know how good they’ve got it.

    I will concede that Krugman knows economics better than I do. His political hot takes leave a lot to be desired though. He’s an insulated, leftwing propaganda pimp who is so far removed from the experiences of everyday Americans that he may as well be writing from Pluto.

    In all the years that I’ve been reading and mocking Krugman, I’ve never seen anything as Coastal Media Bubble™ fantastical as this headline of his that I stumbled upon Tuesday afternoon: “Should Biden Downplay His Own Success?”

    https://pjmedia.com/stephen-kruiser/2024/06/04/the-most-delusional-paul-krugman-headline-in-the-history-of-delusional-paul-krugman-headlines-n4929619

  27. Ok, so Forbes and other outlets are reporting first death by a never seen in humans strain of bird flu. Strain is different than strain they claim is ravaging US chickens and cows.
    The man that died in Mexico was 59 years old, and had ” multiple
    underlying medical conditions.”
    They claim it’s a laboratory confirmed case of human H5 infection. THEY claim they confirmed the bird flu varient after his death.
    The man doesn’t seem to be tied to being in contact with the poultry and livestock outbreaks.

    2. in contact with the poultry

      Mosquitos can bridge that gap.

      Mexico? I wonder what it costs to run an actual DNA scan much less find a little itty bitty virus floating around in a specimen from an unremarkable peasant.

      1. I wonder what it costs to run an actual DNA scan much less find a little itty bitty virus floating around in a specimen from an unremarkable peasant.
        Good point. Does kind bring up the question of why they spent the money on him. Did they “pre-shoot him up” and then test and say, oh my God look what we found?

  28. ‘I think that the takeaway from this is that condos probably do need to be careful because we’re building a lot of condos. Like the total sales of condos on the Key were down 21%,’ said real estate expert Ron Shuffield, president and CEO of Berkshire Hathaway HomeServices EWM Realty. He added that, ‘Condos, especially, we’re starting to see things cooling off is… It’s certainly not crashing’

    Trading Places: Real Estate Instead of Dot-Coms

    By Motoko Rich and David Leonhardt

    March 25, 2005

    Real estate-crazed Americans have started behaving in ways that eerily recall the stock market obsession of the late 1990’s.

    In Naples, Fla., some houses have been bought twice in a single day, an early-21st-century version of day trading. Buying stocks on margin has morphed into buying homes with no money down. The over-the-top parties of Internet start-ups have been replaced by flashy gatherings where developers pitch condos to eager buyers.

    Five years ago, the cable channel CNBC sometimes seemed like a backdrop to daily American life. Its cheery analysis of the stock market played in offices, in barbershops, even in some bars. Today, “Dude Room,” “Toolbelt Diva” and other home-improvement shows are the addictive fare that CNBC’s exuberant stock shows once were.

    “It just seems like everyone is doing it,” Laurie Romano, a 26-year-old self-described real estate investor, said with a giggle as she explained why she was attending an open house this month for the Nexus, a 56-unit building going up in Brooklyn’s chic Dumbo neighborhood. She and her fiancé, a dentist, had already put down a deposit on a Manhattan condo earlier in the week and had come to look at another at the Nexus.

    Premonitions of a bubble on the verge of popping do not ruffle those who are bullish on real estate. In Miami, Ron Shuffield, president of Esslinger-Wooten-Maxwell Realtors, predicted that a limited supply of land coupled with demand from baby boomers and foreigners would prolong the boom indefinitely.

    “South Florida,” he said, “is working off of a totally new economic model than any of us have ever experienced in the past.”

    As high as they might seem now on the coasts, home prices nationally have not quite doubled over the last decade; during the 1990’s, the Standard & Poor’s 500-stock index more than quadrupled.

    “I just don’t think we have what it takes to prick the bubble,” said Diane C. Swonk, chief economist at Mesirow Financial in Chicago, who was an optimist during the 90’s. “I don’t think prices are going to fall, and I don’t think they’re even going to be flat.”

    And many former stock market enthusiasts are now turning to housing. Douglas Paul, a 46-year-old former analyst, left AT&T in 2002 to buy and sell stocks on his own. But he soon decided that real estate could be another way to make quick profits. Mr. Paul owns two condominium units around Fort Lauderdale and one in Miami Beach, all bought during the last year, in addition to the one where he lives. He plans to sell one of the Fort Lauderdale condos in June for what he believes will be double his investment.

    “It really is a very hot real estate market, and I don’t know how long it’s going to continue,” he said. “But in the short term, why not profit from it?”

    Mr. Paul’s path is an increasingly common one. The National Association of Realtors estimates that nearly one-quarter of home purchases last year were made by people who thought of the house as an investment rather than a place to live. Seminars promising to teach amateurs the tricks of real estate speculation have proliferated.

    Even at Harvard Business School, where students have traditionally gravitated to careers in investment banking and corporate marketing, real estate is suddenly hot. About 25 graduates have taken real estate jobs in each of the last two years, up from only six in 2001.

    It is not quite the gold rush of 2000, when about 200 Harvard M.B.A. graduates flocked to technology companies. But even if they are not working in real estate, some of those graduates are now investing in it.

    Andrew Farquharson, a member of the class of 1999, said he recently teamed up with a high school friend to buy a home in the Central Valley of California “out of pure speculation.” He knows of other classmates who have made similar investments.

    “I look at this as a short-term investment,” said Mr. Farquharson, 36, who works for a venture capital firm, “and plan to unload it as soon as things look dangerous.”

    In addition to the flood of investors, the parallels between real estate and stocks extend into mainstream culture.

    Real estate bulletin boards and blogs like Curbed.com and Real Estate Pimp have taken the place of financial chat rooms like Tokyo Joe’s. ABC has a breakout hit in “Extreme Makeover: Home Edition,” and Home and Garden Television, a once-obscure cable channel, now draws an average of 827,000 viewers in prime time.

    The seemingly inevitable how-to guide inspired by Donald Trump — “Trump Strategies for Real Estate” (John Wiley & Sons) by George Ross, one of Mr. Trump’s assistants on his hit show “The Apprentice” — is a strong seller, already hitting No. 177 on Amazon.com’s list in March, less than a month after its release.

    At the Nexus party in Brooklyn, Steve Nguyen, Ms. Romano’s fiancé, said he was heeding Mr. Trump’s advice. “He says buy, buy, buy,” Dr. Nguyen said.

    The same message is being trumpeted by David A. Lereah, chief economist of the Realtors association, who argues in his new book, “Are You Missing the Real Estate Boom?” (Currency), that real estate investors will “experience substantial and satisfying wealth gains” into the next decade.

    https://www.nytimes.com/2005/03/25/business/trading-places-real-estate-instead-of-dotcoms.html

  29. ‘Thuja paid just under $160,000 per unit. By comparison, the Beverly, an apartment building just down Sandy, sold earlier this year for $300,000 per unit’

    How do those 5% cap rates look now?

  30. ‘The types of PE returns it enjoyed for many years, you know, up to 2022, you’re not going to see that until the pig moves through the python. And that is just the reality of where we are.’ Private equity firms didn’t take significant markdowns during the recent period of rapid rate hikes which means that ‘investors of all sorts are going to have swallow the lump moving through the system,’ he said, referring to assets that private equity firms bought up until 2022. Funds are now holding on to these companies and will eventually have to refinance at higher rates. That means ‘fewer realizations and lower returns’

    Jerry broke it off in yer a$$ Scott. Good luck with that pig.

  31. ‘he’s seeing more cases of people struggling to keep up with payments. ‘A lot of what we’re seeing now is people that are trying to buy homes, especially young people, working two or three jobs’

    That’s some sound lending right there Brad.

  32. ‘The Condo market also had the greatest supply level, posing a challenge for sellers, especially for units with one or fewer bedrooms, where the current inventory level exceeds buyer demand…This spring, we are witnessing a significant increase in the availability of apartment-style condos, with a record high number of units on the market…At the same time, we are observing a shift in demand away from smaller-sized condo units, potentially influenced by the higher interest rates impacting investor market activity for this property type’

    Every time I watch this movie it cracks me up Christal. K-dn speculators buy off plan prison style airboxes cuz they are cheap, can’t be lived in long term, expecting to taste that sweeeet equity before the dam thing even exists.

  33. ‘The real estate market is obviously cooling down…The contrast with last year is huge…We see more homes being listed, but the number of actual buyers is far less…The biggest concern for buyers is that the market is not stable, as house prices keep fluctuating. What should they do if the house they buy continues to depreciate? Nobody wants to see such a loss’ …many owners fear that ‘if they don’t sell their houses now, they will miss the last chance and won’t be able to sell at all’

    There was a pretty good HBB title in there somewhere Zhang. But the FB topped it.

    ‘‘I think that if I accept this crazy devaluation, I would definitely regret it in a few years’…Still, he said he couldn’t help feeling some of the anxiety that is driving other sellers to take huge haircuts. ‘Even though I say I don’t want to lose money, and I won’t settle for losing one million yuan, I still worry sometimes that the price could go even lower’

  34. 217,000 people live in Cape Coral Fl and there are currently 7,000 homes for sale? Is that still a shortage?

    1. If my math is correct, that’s about 1 out of every 31 existing homes for sale.

      Sounds like a prelude to a fire sale.

      1. Your math is correct if you assume one person per house. Let’s say that number is 2.5 heads/house. Now that number is one out of every 12.4. That’s not a prelude; that’s a fire sale.

        1. Let’s say that number is 2.5 heads/house.

          Good thought, and probably a more accurate conclusion.

  35. Ok, I just read that since 1997 there has been 135 human deaths from Bird Flu globally. In 27 years there has been 135 human deaths from Bird flu.

    So, this 40% to 50% death rate in humans is based on a total of 135 deaths worldwide for 27 years.
    This was reported by the WHO.

    1. Trending TIckers:
      Nvidia, Lululemon, Fever-Tree and gold
      Yahoo Finance
      Fool.co.uk
      The Hindenburg Omen indicates a stock market crash is coming! Time to sell?
      Stephen Wright
      Thu, 6 June 2024 at 8:06 am GMT-7·3-min read
      In this article:
      Hand flipping wooden cubes for change wording” Panic ” to ” Calm”.
      Image source: Getty Images

      The stock market has been doing well so far in 2024. But according to some investors (loosely defined) there are signs things could be about to change.

      Last week, the Hindenburg Omen appeared/happened/occurred (I’m not quite sure what the correct verb is.) And that’s supposed to be a sign that a downturn is on the way.

      Eh?

      Here’s what the Hindenburg Omen involves:

      – The number of 52-week highs and 52-week lows in the stock market exceeds a given threshold.

      – The number of 52-week highs is equal to or less than twice the number of 52-week lows.

      – The stock market is still in an uptrend based on the 10-week moving average or the 50-day rate of change indicator.

      – The McClellan Oscillator is negative.

      Right. And here’s what it means in ordinary English:

      There’s a big gap between shares that have been doing well and shares that have been doing badly. And while that’s not surprising by itself, the gap is unusually large.

      Investors might expect the gap to close eventually. The question is whether this involves underperforming stocks getting a boost, or the outperformers coming back down to earth.

      With market sentiment turning negative, there’s a greater chance this happens by prices coming down. So some investors are expecting a stock market crash.

      Ok… now what?

      Assuming this thing genuinely happened last week, what should investors do now? One answer is to sell everything, but that’s probably not a great move.
      …
      https://uk.finance.yahoo.com/news/hindenburg-omen-indicates-stock-market-150600119.html

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