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During A Massive Crash Like This, Nobody Is Able To Cover For Anyone Else – They Are All Cash Strapped

A report from the Oklahoman. “The number of sellers putting homes on the market was greater than the increase in buyers, and April ended with an inventory of 3,342 homes listed for sale with Realtors, nearly 50% more than a year ago. Josh Gonzalez had invested in houses to renovate and sell quickly for a profit before, with business partners, but the house on Lakeaire Drive, in a neighborhood tucked near the southwest shore of Lake Hefner, was the first time for him and his wife to go it by themselves. They figured on a fast flip. They also figured to sell it for $400,000. But it sat. And sat. And sat. For six months. Until May, when the average time a house stayed on the market until it sold was about 40 days. After three months, they lowered their asking price to $385,000. That got some attention, ‘lots of shoppers, but no offers,’ Josh Gonzalez said. So then they knocked it down to $380,000, then $375,000, then to $360,000.”

“Then, finally, after going back and forth with a would-be buyer, he became an actual buyer, for $360,000, with the sellers paying $10,000 toward closing costs. The flip didn’t flop, but it fetched a price that was a far cry from what they were hoping — a reminder, Josh said, that life isn’t ‘all sunshine and rainbows.'”

Treasure Coast Palm in Florida. “At 6:30 a.m., Mary Dotsey starts work prepping and serving lunch to Sebastian Middle School students. At 1:30 p.m., she heads home to get ready for her next job, 30 minutes away in Vero Beach. At 4 p.m., she starts waiting tables at Ocean Grill three nights a week. She finally gets back home about 10 or later. Now the 58-year-old Vero Lakes Estates resident said she’s considering a third job driving for Uber or Lyft on her only two weeknights off. ‘I’m tired,’ she said countless times. ‘I’m just buried. I make money, but I’m doggie-paddling. Groceries, homeowners insurance and car insurance is just so out of control. A litany of unexpected expenses included a new used car, a home equity loan to replace her failed septic system, and financial assistance for her two daughters. ‘It doesn’t end,’ Dotsey said. ‘I literally just can’t even take a few days off.'”

“For Dotsey, a personal life of traveling, going to the beach, getting her nails done and buying steaks for dinner are distant memories. For now, she’ll be working the summer school lunch shift and living on cereal, chicken, Ramen noodles and a pizza special of two slices for $10. ‘I don’t even get a drink anymore,’ she said.”

From Newsweek. “A six-bedroom, eight-bathroom property near former President Donald Trump’s Mar-a-Lago Club has slashed its listed price by nearly $3 million to $12.96 million. In March, the house, at 129 Woodbridge Road in Palm Beach, Florida, is 200 feet from Mar-a-Lago and was listed for sale at $15.76 million, a whopping 608 percent higher than when it was sold in 2013, according to Zillow. The market in Palm Beach is experiencing some flux. In the first quarter, the average price for single-family homes fell 25 percent to $15.6 million compared to the same time last year, according to real estate firm Corcoran. But the market has seen homes average above $11 million for the third year in a row. Part of the reason prices dropped was fewer high-end deals in the area compared to last year.”

“‘Palm Beach’s real estate market showcased its resilience and diversity in the First Quarter 2024. Despite a decline in the average price of single-family homes compared to the previous year,’ Pamela Liebman, Corcoran’s CEO, said recently.”

From NBC DFW. “This week, Fort Worth city council members considered an informal report on squatting laws in Texas. A city spokesperson said it came, in part, after concerns from neighbors. State Senator Paul Bettencourt, who held last month’s squatting hearing, said one of the most horrific cases he’s heard of is that of a Mesquite woman, Terri Boyette. Boyette said she had hired a handyman for repairs on the home but told him she’d be helping her mom in Florida for two weeks and would come back after. She said instead, he broke into her home and wouldn’t leave. Boyette said police told her it was a civil matter and to start formal eviction proceedings. ‘He used that time to sell my appliances, furniture, large items. Left the water running when he ripped out the fridge, washer, and dryer, so I have water and mold damage in my house now,’ Boyer said of her squatter.”

“She said she also found needles throughout the house when she was finally able to get in again nearly a year later. ‘He allowed other people to come into the house and use it as a drug den,’ she said to senators. Boyette said she’s out $150,000 and many sentimental items, like her grandmother’s wedding ring. ‘I’m doing my part; I’m working, I’m buying a house. I’m trying to live the American dream, and somebody can walk in and destroy everything I have,” she said.”

The Ventura County Star. “The company that was supposed to turn a motel in Thousand Oaks into 77 apartments for homeless people was in bankruptcy for five weeks, until Wednesday when a federal judge threw out the case for what she called ‘an unfair manipulation of the bankruptcy code.’ Shangri-La Industries, a Los Angeles-based real estate company, obtained $26.7 million in state funds in 2022 to buy and renovate the former Quality Inn & Suites at 12 Conejo Blvd. It was one of seven grants totaling $117 million the company received under California’s Project Homekey, a program that has awarded more than $3.5 billion since 2021 to local governments, nonprofits and private companies to develop housing and services for formerly homeless people.”

“Five of Shangri-La’s seven projects were never completed, including the one in Thousand Oaks. The company and the real estate partnerships it formed to buy and renovate the hotels are now deeply in debt and have been sued by numerous lenders and contractors over unpaid bills. The real estate company has filed a lawsuit of its own against its former chief financial officer, blaming him for the company’s financial troubles and accusing him of using state grants and company funds to furnish an extravagant lifestyle in Beverly Hills. U.S. Bankruptcy Judge M. Elaine Hammond issued rulings dismissing the Salinas and Redlands bankruptcies last month. On Wednesday, she followed up by dismissing the Thousand Oaks and San Diego bankruptcies.”

“Morgan Delijani, the chief compliance officer for F. Roberts Construction, said she was glad to see the bankruptcy dismissed but isn’t optimistic about her company’s chances of getting paid. ‘It’s heartwarming to see the bankruptcy judge is catching up to these bad-faith filings, but at the same time I think the bigger question is, why is the state sitting back and letting other people pay the price for their mistakes?’ Delijani said.”

The Globe and Mail in Canada. “Foreclosures continue to emerge in an interest rate environment that is too challenging for companies that are inexperienced or unfamiliar with Vancouver’s typically lengthy development process. It’s brought to light the many players in the market who are eager to make an easy profit but weren’t prepared for the down cycles of the market. Some are more interested in properties as investments rather than land to build on, so they merely become holding properties. The increase in interest rate hit small investors hard.”

“Colliers’ vice-president Buck Hart and senior associate Jennifer Darling have been dealing with a lot of foreclosure sales in recent months. They have three foreclosure listings in Richmond, B.C., ‘ready to go,’ and two of them are properties that had started construction. ‘In ‘93, ‘97, 2008 and 2018, they were the peaks of the cycles, and following each one of those, there was a downturn, as there is now,’ says Mr. Hart. ‘And there are more foreclosures in the market now than there have been following any one of those peaks.'”

“Jacky Chan is a Vancouver developer and marketer who just returned from Asia, where he met with large developers, fund managers and government, to help bring money for rental housing into Canada, where the demand for rental is stronger than other countries. Mr. Chan says his company’s lawyer is dealing with 10 foreclosures right now and that’s not even her specialty. He cites the ‘double whammy’ of the higher interest rate combined with China’s foundering housing market as having a direct impact on Vancouver. ‘During a massive crash like this, nobody is able to cover for anyone else – they are all cash strapped. It’s a domino effect,’ he says of the Chinese housing market.”

City News in Canada. “Small Ownership Landlords of Ontario (SOLO) held a rally outside Queen’s Park on Saturday, calling on the province to provide better ways to protect small ownership landlords from tenants who refuse to pay. ‘My tenant stopped paying rent to the tune of $26,000, and then he eventually burned my house down,’ said Kevin Costain, SOLO board member. ‘What we call professional tenants, those folks really exploit the system, and they can really do it well.'”

The Negotiator. “‘Having spoken to a senior Labour figure, my sense is they don’t want to scare wealthy individuals away from the UK,’ said James Quarmby, a partner in the private wealth team at law firm Stephenson Harwood. Until there is more clarity, demand remains relatively subdued in London’s prime postcodes. ‘Property is coming to the market as sellers realise that prices won’t rally any time soon and rates aren’t going to come down quickly,’ said Stuart Bailey, head of super prime London sales at Knight Frank.”

Radio New Zealand. “Building cost inflation has slowed to its lowest level in more than four years due to some cheaper material costs, reduced disruptions and a slowing construction sector. Price growth was slowing for a range of economic and industry reasons, QV CostBuilder spokesperson and quantity surveyor Martin Bisset said. ‘Significant economic headwinds continue to blow, which has drastically reduced activity across the wider construction sector.’ Bisset said the drop in the amount of work available meant builders were having to ‘put their best price forward’ to get work.”

7 News in Australia. “An outbreak of new homes riddled with defects has emerged across Western Sydney and whistleblowers say the problem is far bigger than first feared. Residents have been silenced as their homes slowly sink and crack. Homes on a whole block at Glenmore Park were bulldozed because the ground is giving way. House after house, peppered with faults and flaws, is being bought back by developers. ‘New houses are not meant to have slabs that are cracking and walls that are cracking because the land underneath is not appropriate to build on,’ homeowner Mark Stevenson said.”

“Geotechnical engineers say many suburbs are now affected, but three that 7NEWS spoke to are scared to go public, fearing a backlash. ‘There shouldn’t be anything hidden here. Everything should be up front,’ one engineer said. ‘It’s broader than simply Jordan Springs. It’s a practice.’ Residents say developers are overfilling land quickly so it can be levelled for sale. It is stable at first and passes checks, but then it settles over time and serious problems emerge. ‘Mum and dad might purchase a property without any knowledge that there was a 10-metre deep dam there previously,’ one engineer said.”

From CBS News. “American CEOs used to swoon over China. Its vast pool of consumers has been a magnetic draw for decades. But doing business there has become so fraught and risky – with intellectual property theft and an expanded espionage law used to intimidate the business community – that U.S. companies have pressed the pause button. Lesley Stahl: Has anybody counted up the number of empty units, I mean, across the whole country? Joerg Wuttke, –who’s lived here for 30 years: Well, the whole of Germany, we have 82 million people, could move in here right away, 80– 80 to 90 million apartments are empty. Lesley Stahl: 80 to 90 million apartments– Joerg Wuttke: Yes, at least. Lesley Stahl: –are empty? Joerg Wuttke: Right, unfinished.”

“In 2020 the government, under President Xi, clamped down on the rampant borrowing, causing the major developers to default on their loans and run out of money. Lesley Stahl: Look at that. The facade isn’t even finished – Joerg Wuttke: Yeah, yeah. He says they couldn’t even afford to take down the cranes. In January, Evergrande, once China’s largest developer, was ordered to liquidate its remaining assets.”

“Left in the lurch are millions of Chinese citizens who bought these apartments before they were built. Joerg Wuttke: The developers owe their customers that paid up to the magnitude of $1 trillion. Lesley Stahl: So, if I did a down payment on one of these apartments, will I ever see that money? Joerg Wuttke: No, you will not see the money. Lesley Stahl: It’s gone? It’s vanished– Joerg Wuttke: It’s gone, it’s finished. So, I mean, it’s— it’s really dramatic.”

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This Post Has 69 Comments

  1. ‘Lesley Stahl: Look at that. The facade isn’t even finished – Joerg Wuttke: Yeah, yeah. He says they couldn’t even afford to take down the cranes’

    China is a broke a$$ loser Joerg.

    1. **”So, if I did a down payment on one of these apartments, will I ever see that money? Joerg Wuttke: No, you will not see the money. Lesley Stahl: It’s gone? It’s vanished– Joerg Wuttke: It’s gone, it’s finished. So, I mean, it’s— it’s really dramatic.”

      “Refund? REFUND !??! ARE YOU CRAZY !? . . . REFUND !?? “

  2. ‘For Dotsey, a personal life of traveling, going to the beach, getting her nails done and buying steaks for dinner are distant memories. For now, she’ll be working the summer school lunch shift and living on cereal, chicken, Ramen noodles and a pizza special of two slices for $10. ‘I don’t even get a drink anymore’

    Jeebus Mary, it sounds like you are stuffing expensive food in yer pie hole pretty much every day!

  3. “For Dotsey, a personal life of traveling, going to the beach, getting her nails done and buying steaks for dinner are distant memories. For now, she’ll be working the summer school lunch shift and living on cereal, chicken, Ramen noodles and a pizza special of two slices for $10. ‘I don’t even get a drink anymore,’ she said.”
    Drinking is overrated. Florida is finished

  4. ‘Morgan Delijani, the chief compliance officer for F. Roberts Construction, said she was glad to see the bankruptcy dismissed but isn’t optimistic about her company’s chances of getting paid. ‘It’s heartwarming to see the bankruptcy judge is catching up to these bad-faith filings, but at the same time I think the bigger question is, why is the state sitting back and letting other people pay the price for their mistakes?’

    California is a broke a$$ loser Morgan.

  5. Monday morning, cattle tax slaves.

    Get out there and generate some federal income taxes for an unelected, illegitimate, occupation government that wants to destroy you.

  7. “Foreclosures continue to emerge in an interest rate environment that is too challenging for companies that are inexperienced or unfamiliar with Vancouver’s typically lengthy development process. It’s brought to light the many players in the market who are eager to make an easy profit but weren’t prepared for the down cycles of the market. Some are more interested in properties as investments rather than land to build on, so they merely become holding properties. The increase in interest rate hit small investors hard.”

    Nothing, and I mean absolutely nothing, could do more to restore affordability to the housing market, than a washout of the small time investors who bought multiple houses for speculative reasons, not because they needed multiple places to live in.

    Bring it.

  8. Did somebody say federal income taxes?

    “Congressman Thomas Massie reveals to Tucker Carlson that his Republican colleagues have an “AIPAC babysitter” to ensure they vote in the interests of Israel at all times.

    “It’s the only country that does this,” Massie adds. (3m48s):

    https://x.com/afpost/status/1799160371615506812

    Imagine if there were 100+ more like him in Congress?

    We don’t need any more Lindsay Grahams, who is America Last and serves not his constituents, but services Netanyahu, on his knees and drooling.

    1. Every AIPAC member is an unregistered foreign agent for the state of Israel. If our Congress Critters whored themselves out to any other country, this would be illegal.

    2. “Congressman Thomas Massie reveals to Tucker Carlson that his Republican colleagues have an “AIPAC babysitter” to ensure they vote in the interests of Israel at all times.

      “It’s the only country that does this,” Massie adds.

      Heaven forbid! There are lobbyists right there in River City!
      Who wudda thunkit?

    3. Sorry, Lindsey Graham will win again, and again,In SC ,because he’s a good man, 60% of the voters love him ,because he’s a fine Christian Man. Only all the grantseekers ,dislike him , because he shuts off their free Govt cash……..

  9. How is the rental squeeze partnership between Blackstone and the State of California working out?

    It seems like not a week passes when I don’t talk with someone who is either planning to move out of California or thinking about moving. I don’t know how you maintain high rents when higher income families are fleeing in droves.

  10. Federal income taxes, did you say?

    Antiwar — State Department-Linked Group Smears Antiwar.com In ‘Anti-Ukrainian’ List (6/9/2024):

    “A State Department-linked Ukrainian NGO published a study on June 6 that listed hundreds of individuals and organizations that oppose aid to Ukraine in an effort to smear them as spreading “Russian propaganda.”

    The NGO Texty.org.ua listed Antiwar.com and several of its staff members, including Eric Garris, Scott Horton, Kyle Anzalone, and many Antiwar.com contributors. Organizations that Antiwar.com works closely with were also named, including the Libertarian Institute and the Ron Paul Institute.

    The American Conservative, which was also included in the list, reported that Texty.org.ua was co-founded by Anatoly Bondarenko. Bondarenko has worked as an instructor for a State Department program known as TechCamp, which provides training for foreign journalists and activists.

    The study acknowledges that most of the people listed “do not have direct, proven ties to the Russian government or propagandists.” But it claims that “the arguments they use to urge authorities to distance themselves from Ukraine echo key messages of Russian propaganda aimed at depriving Ukrainians of the ability to defend themselves with Western weapons and funds.”

    https://news.antiwar.com/2024/06/09/state-department-linked-group-smears-antiwar-com-in-anti-ukrainian-list/

    Russia is fighting for Christianity and European civilization.

    Ukraine is fighting for state enforced homosexuality. Ukraine wants to kidnap your children and infect them with monkeypox, because that’s how these globalists roll.

    1. kidnap your children and infect them with monkeypox

      That’s not all they want to do with them.

    2. Those roof trusses were likely assembled in a facility with a jig, so it’s incredible that they passed QAQC.

  14. Death toll now raised to 274 killed to rescue 4 hostages.

    The hostage is you, the United States taxpayer.

  16. A reader sent these in:

    🚨Loan for Bloomberg HQ in NYC transferred to special servicer.

    The loan was sent to the special servicer despite Bloomberg recently signing a 11-year renewal.

    https://x.com/aryal1994/status/1799436206729527360

    Another month, another record number of gov’t jobs, now over 23.3 million for the first time ever:

    https://x.com/RealEJAntoni/status/1799099302066934163

    Gov’t was the 2nd largest source of job growth over the last year, behind only healthcare, which is a gov’t-dominated sector where many of the jobs are funded by taxpayer dollars – this direct and indirect gov’t hiring accounts for about 60% of all job growth over the last year:

    https://x.com/RealEJAntoni/status/1799098611478974825

    Since pre-Covid, native born workers have actually LOST 2M jobs. All of the net job gains are immigrants. Let that sink in.

    https://x.com/jonnajarian/status/1799090026334081070

    🍎🆓San Francisco Opens First Taxpayer-Funded ‘Free’ Food Market

    https://x.com/dailyjobcuts/status/1799627305146548422

    A record $9.3 TRILLION US Federal debt will mature and must be refinanced at much higher rates over the next 12 months.

    https://x.com/WinfieldSmart/status/1799496212246098021

    Seeing a sh$t ton of failed flips in Phoenix

    Imagine stroking that mtg for months only to make MAYBE $20k “profit”

    https://x.com/GRomePow/status/1799831679756022054

    🚨Insured mortgage lending in Canada

    Somebody do a health check on the CMHC

    They rely on insured mortgage premiums to survive.

    https://x.com/Tablesalt13/status/1799795288174940269

    6.4% of home sellers cut their asking price over the last 4 weeks, the most in 18 months and 2nd highest since 2021.

    Only October and November 2022 saw a larger percentage of price reductions.

    By comparison in June 2023 and 2022, price reductions were only 4.4% and 3.9%, respectively.

    As a result, the median asking price declined ~$3,000 to $416,623 in the last week, first drop in 6 months according to Redfin.

    Meanwhile, pending US Home Sales dropped to their lowest level since 2020.

    Is the US housing market starting to crack?

    https://x.com/KobeissiLetter/status/1799566214806872461

    Bidenomics is collapsing under the surface of official data.

    https://x.com/AlessioUrban/status/1799831218764320979

    Every time I think to myself “ok maybe policy makers will be responsible” I listen to Lael Brainard

    And I am reminded that nothing matters except ripping the deficit & asset prices as hard as possible … even if it crushes the low income people they claim to advocate for

    https://x.com/rev_cap/status/1799790850215760295

    Not that Trump would do anything different

    He just would tell you that was his goal

    Also I think much lower probability the Fed would go along with it if Trump were the president. The Fed is ignoring inflation bc they have a shared world view with the democrats

    https://x.com/rev_cap/status/1799791464240894065

    500 applications before a hire. Some good takeaways.

    https://x.com/GayBearRes/status/1799796338726707370

    Landlord special 🤣

    https://x.com/ClownWorld_/status/1799265322454892740

    slowly then suddenly

    https://x.com/INArteCarloDoss/status/1799904646405791865

    The US Treasury yield curve has been inverted for 702 days, the longest streak in bond market history.

    The difference between 10-year and 2-year Treasuries has turned negative on July 6, 2022, 22 months ago.

    The previous record was made in the late 1970s and lasted for 624 days starting in August 1978.

    In the past, each time when the yield curve inverted and then un-inverted a recession followed.

    Meanwhile, the Fed started slowing its balance sheet shrinking (QT) from $95 billion to $60 billion a month at the beginning of June.

    Bond markets continue to make history.

    https://x.com/KobeissiLetter/status/1799842883484188838

  17. Why are we allowing another government agency to just slaughter/kill the food supply of poultry, cows, eggs ,milk , cheese, etc based on the bogus PCR testing ?
    And since they are already producing and stockpiling Mrna human bird flu vaccines, it looks like they are preparing for a Bird Flu human outbreak or Panademic.
    Do you think killing these animals that supply so much of food supply is warranted?
    Would you take a human mNRA bird flu vaccine?
    With such a massive potential wipe out of a big food supply, and using the PCR bogus test, this should be investigated before these Fraudsters proceed with this extreme killing of food supply.
    And one can’t help but think that with a extreme wipe out of a mainstay food supply, they than will peddle bugs and fake engineered food.
    They are already reducing crops by 30% World wide, so is this suppose to be some kind of joke that this wouldn’t cause famine in many places.
    Just saying at this point this screwing with the food supply, under the Climate Change counter measures, and the fake panademic counter measures, has become a warfare attack on humanity.
    These counter measures to their fraudulent narratives at this point have to be haulted and stopped before these Fraudsters create epic damage and death world wide.

  18. Wealth
    Real Estate
    Homeownership Costs in the US Jumped 26% Since Pandemic Began
    Bills for taxes, insurance, energy and maintenance soared
    Typical buyers spending $1,510 a month more than in March 2020
    Single family homes in a residential neighborhood in San Marcos, Texas.
    Photographer: Jordan Vonderhaar/Bloomberg
    By Jennifer Epstein
    June 9, 2024 at 9:01 PM PDT
    …
    https://www.bloomberg.com/news/articles/2024-06-10/homeownership-costs-in-the-us-jumped-26-since-pandemic-began

  21. Russia was definitely watching the results of the EU election.

    French President Emmanuel Macron’s shock decision to call a parliamentary election following his party’s crushing defeat in the EU polls, as well as the success of the far right in countries across the Continent, made headline news.

    With Macron recently spearheading an initiative to deploy Western forces to Ukraine, it is perhaps unsurprising that the tone was gleeful.

    “Despite the fact that, so far, pro-European parties retain their leading position, with time right-wing parties will be snapping at their heels,” Kremlin spokesman Dmitry Peskov said of the EU vote.

    The head of Russia’s State Duma Vyacheslav Volodin wrote on Telegram that “Macron and Scholz are clinging on to power with their last remaining strength,” using the opportunity to also take a stab at German Chancellor Olaf Scholz, whose Socialists came in third behind the far-right Alternative for Germany (AfD).

    “The right thing for them to do would be to resign and stop making a mockery of their citizens,” said Volodin, who has chaired Russia’s lower house of parliament since 2016 and been an unfailing cheerleader for Russia’s President Vladimir Putin.

    According to Volodin, the election results in both France and Germany were not surprising, given that “the economy is stagnating, there is a migration crisis and the countries are embroiled in a war in Ukraine against their own national interests.”

    Pro-Kremlin analyst Sergei Markov similarly tied the French result to Russia’s full-scale invasion of Ukraine, which Moscow blames on the West.

    “I hope Macron understands that the French are rejecting him for fanning the war against Russia in Ukraine,” Markov, a former Kremlin adviser, quipped. “But maybe he will, instead, choose escalation and launch a NATO war with Russia.”

    https://www.politico.eu/article/russia-mocks-emmanuel-macron-following-eu-election-defeat-call-parliamentary-election-france/

  22. Just in from Crain’s New York:

    Times Square office building sells at 67% discount in short sale

    321 W. 44th St., Times Square

    A Times Square office building owned by a Related Cos. affiliate is set to be sold at a steep discount.

  23. ‘they knocked it down to $380,000, then $375,000, then to $360,000…Then, finally, after going back and forth with a would-be buyer, he became an actual buyer, for $360,000, with the sellers paying $10,000 toward closing costs’

    That’s the spirit buyer, chisel em for that last ten grand when they just want it to be over!

    1. $360K for a shack in Oklahoma? It wasn’t that long ago those would sell in the low 100’s

  24. ‘The market in Palm Beach is experiencing some flux. In the first quarter, the average price for single-family homes fell 25 percent to $15.6 million compared to the same time last year…Part of the reason prices dropped was fewer high-end deals in the area compared to last year’

    ‘Palm Beach’s real estate market showcased its resilience and diversity in the First Quarter 2024. Despite a decline in the average price of single-family homes compared to the previous year’

    Yer right Pam, it’s the mix!

  25. ”Boyette said police told her it was a civil matter and to start formal eviction proceedings. ‘He used that time to sell my appliances, furniture, large items. Left the water running when he ripped out the fridge, washer, and dryer, so I have water and mold damage in my house now,’ Boyer said of her squatter…She said she also found needles throughout the house when she was finally able to get in again nearly a year later. ‘He allowed other people to come into the house and use it as a drug den,’ she said to senators. Boyette said she’s out $150,000 and many sentimental items, like her grandmother’s wedding ring. ‘I’m doing my part; I’m working, I’m buying a house. I’m trying to live the American dream, and somebody can walk in and destroy everything I have’

    It’s still way cheaper than renting Terri.

      1. “Boyette said she had hired a handyman for repairs on the home but told him she’d be helping her mom in Florida for two weeks and would come back after. She said instead, he broke into her home and wouldn’t leave.”

        Looks like it was her primary residence.

  26. ‘The company that was supposed to turn a motel in Thousand Oaks into 77 apartments for homeless people was in bankruptcy for five weeks, until Wednesday when a federal judge threw out the case for what she called ‘an unfair manipulation of the bankruptcy code.’ Shangri-La Industries, a Los Angeles-based real estate company, obtained $26.7 million in state funds in 2022 to buy and renovate the former Quality Inn & Suites at 12 Conejo Blvd. It was one of seven grants totaling $117 million the company received under California’s Project Homekey, a program that has awarded more than $3.5 billion since 2021 to local governments, nonprofits and private companies to develop housing and services for formerly homeless people’

    ‘Five of Shangri-La’s seven projects were never completed, including the one in Thousand Oaks. The company and the real estate partnerships it formed to buy and renovate the hotels are now deeply in debt and have been sued by numerous lenders and contractors over unpaid bills. The real estate company has filed a lawsuit of its own against its former chief financial officer, blaming him for the company’s financial troubles and accusing him of using state grants and company funds to furnish an extravagant lifestyle in Beverly Hills’

    These clowns never delivered one motel room. It’s one of the most bizarre and spectacular face plants in RE history. And there’s other bum industrial complex foreclosures and scandals out there. These are big numbers to flame out so fast. Everything guberment comes up with turns to sh$t.

    1. “…accusing him of using state grants and company funds to furnish an extravagant lifestyle in Beverly Hills.”

      It’s good to be the king!

  27. ‘They have three foreclosure listings in Richmond, B.C., ‘ready to go,’ and two of them are properties that had started construction’

    That’s some sound lending right there Buck.

    ‘In ‘93, ‘97, 2008 and 2018, they were the peaks of the cycles, and following each one of those, there was a downturn, as there is now,’ says Mr. Hart. ‘And there are more foreclosures in the market now than there have been following any one of those peaks’

    It is different this time.

  28. ‘Mr. Chan says his company’s lawyer is dealing with 10 foreclosures right now and that’s not even her specialty. He cites the ‘double whammy’ of the higher interest rate combined with China’s foundering housing market as having a direct impact on Vancouver. ‘During a massive crash like this, nobody is able to cover for anyone else – they are all cash strapped. It’s a domino effect,’ he says of the Chinese housing market’

    I love a good cash strapped domino effect Jacky, thanks!

  29. ‘My tenant stopped paying rent to the tune of $26,000, and then he eventually burned my house down’

    How do those 5% cap rates look now Kevin?

  30. ‘Property is coming to the market as sellers realise that prices won’t rally any time soon and rates aren’t going to come down quickly’

    So they are bringing it to market when it’s a bad market Jim. Interesting.

  31. ‘Price growth was slowing for a range of economic and industry reasons, QV CostBuilder spokesperson and quantity surveyor Martin Bisset said. ‘Significant economic headwinds continue to blow, which has drastically reduced activity across the wider construction sector.’ Bisset said the drop in the amount of work available meant builders were having to ‘put their best price forward’ to get work’

    And just yesterday we read that builders were selling at a lose in yer sh$thole Martin. That’s the crazy thing about shack shortages, we can build more of the dang things!

  32. ‘Geotechnical engineers say many suburbs are now affected, but three that 7NEWS spoke to are scared to go public, fearing a backlash. ‘There shouldn’t be anything hidden here. Everything should be up front,’ one engineer said. ‘It’s broader than simply Jordan Springs. It’s a practice’

    We know engineer, we laughed our way though multiple FB tears with yer evacuated towers and crumbling walls! Nothings been done, typical of Australia.

  33. Ok, in Sept of 2021, The CDC changed the definition of a vaccine.
    Prior to the change the definition was,
    ” a product that stimulate a person’s immune system to produce immunity to a specific disease”

    Its was changed to,
    “A preparation that is used to stimulate the body’s immune response against disease.”

    As you. will compare the difference the old definition states “immunity” to a specific disease

    And the new definition is a preparation that is used to stimulate the body’s immune response against
    disease.”
    So all medications and even vitamin A is a preparation that is used to stimulate immune response against disease.

    So we lost immunity and stopping transmission in the.new.defination.

    So, the 9th district Court ruled the Covid 19 was not a vaccine.
    And can a health Agency like the CDC just change a long term definition of a vaccine from “immunity “to ,
    “prevent severe disease, need for hospitalization, and death.”
    Well the 9th Court ruled that the Covid vaccines fell under medication , rather than the “immunity” prior definition we are all familiar with and thought a vaccine was, and vaccines has been marketed as forever.
    One has to ask should Pharmacy Companies get immunity to liability on their vaccine, when they no longer are defined as products that produce immunity against a specific disease , but rather they are preparations that stimulate immune response?

  34. And, who gave the CDC the authority to change the definition of a vaccine, when it was a special category of liability immunity that was bestowed by the Federal Government, under the old definition of a vaccine.
    And this expansion to gene therapy being a vaccine, especially when it was expiermental , is a total fraud to the public.
    I would suspect that the government contracted for a safe and effective vaccine, but got something that was warp speed bogus.

  35. Anna Netrebko & Elīna Garanča – Offenbach: Les Contes d’Hoffmann: Barcarolle
    Deutsche Grammophon – DG

    14 years ago

    from Offenbach’s “Les Contes d’Hoffmann”, which is part of the her album “Souvenirs”.

    Jaques Offenbach (composer)
    Emmanuel Villaume (conductor)
    Barcarolle
    Anna Netrebko
    Elina Garanca
    Orchestra Prague Philharmonia
    Rudolfinum, Dvorák Hall, Prague, Czech Republic

    https://www.youtube.com/watch?v=0u0M4CMq7uI

    3:37.

  36. Gavin Newsom’s America

    Video: Flash Mob Loots AutoZone

    Infowars.com
    June 10th 2024, 5:42 pm

    An unruly mob ravaged an Autozone store in Los Angeles early Monday, with footage showing the large group prying open security gates before pilfering auto parts.

    Video shot by one of the looters showed the moments the group comprised of about 100 people made their way past smashed windows into the business, before ransacking the store’s merchandise.

    One of the looters reportedly led police on a chase, after which they were able to recover $11,000 worth of merchandise and take one suspect into custody.

    “I saw somebody with rotors, brakes, gaskets, jump-starts, anything with value. Tool kits, power tools, everything,” one witness told NBC Los Angeles.

    The estimated value of the stolen merchandise is unknown.

    Neighbors reported a street takeover in the area just moments before the smash and grab.

    Investigators are also determining whether break-ins at two other nearby businesses, a Chinese restaurant and a small market, are connected.

    The incident underscores the rampant lawlessness unfolding in Democrat-run Los Angeles, where lax shoplifting penalties have emboldened criminals to run amok.

    Breaking911
    @Breaking911

    WATCH: Mob loots AutoZone store overnight in Los Angeles

    https://x.com/Breaking911/status/1800218820017340917

    Truthseeker
    @Xx17965797N

    Autozone early on Monday morning in LA.

    https://x.com/Xx17965797N/status/1800237636382048464

    Looters ransack Autozone store in South LA

    12 hours ago

    https://youtu.be/-WoNQMUyyg0?si=y3ntoFOVgQma-SKq

    1. Opinion – Markets
      Opinion: The elements for a big stock market drop are aligning. Here’s why investors shouldn’t panic
      Published Mon, Jun 10 2024 12:44 PM EDT
      Updated Mon, Jun 10 2024 3:25 PM EDT
      Scott Nations
      Traders work on the floor at the New York Stock Exchange.
      Brendan McDermid | Reuters

      When is the next stock market crash taking place?

      It’s a question I get asked often since I wrote “A History of the United States in Five Crashes — Stock Market Meldowns That Defined a Nation.” Until now, I’ve always been able to counsel that stock market crashes are comfortingly rare events that occur only when elements align, and that a crash is unlikely in the near future. Is this still the case?
      …
      https://www.cnbc.com/amp/2024/06/10/the-elements-for-a-big-stock-market-drop-are-aligning-heres-why-investors-shouldnt-panic.html

    2. A recession indicator with a perfect record has been flashing red for 20 months. It may not be wrong yet.
      Theron Mohamed
      Jun 10, 2024, 8:25 AM ET
      Stock market crash recession graph
      Yuichiro Chino/Getty Images

      – A recession indicator with a flawless record has been flashing red for 20 months.

      – The economist behind the inverted yield curve says it’s too soon to declare it’s wrong this time.

      – Campbell Harvey, a Duke finance professor, pointed to signs of a cooling job market to back his concerns.
      …
      https://www.businessinsider.com/recession-indicator-economy-inverted-yield-curve-campbell-harvey-fed-unemployment-2024-6

    3. Bill Gross prefers European bonds over Treasurys and says U.S. stock market is valued at historically high levels
      Published: June 11, 2024 at 5:30 a.m. ET
      By Jamie Chisholm
      comments
      Bill Gross, co-founder of Pimco

      Bill Gross said he would not be comfortable taking a broad position in U.S. stocks, and preferred European government bonds over Treasurys, which could be significantly impacted by the U.S. election.

      Speaking to Bloomberg Television in an interview broadcast on Monday, the billionaire co-founder of Pimco, once dubbed the Bond King, listed the stocks he liked, his concerns about equity market overvaluation, and why he’s selling his $20 million stamp collection.
      …
      https://www.marketwatch.com/story/bill-gross-prefers-european-bonds-over-treasurys-and-says-u-s-stock-market-is-valued-at-historically-high-levels-d0e5b43e

      1. “…the billionaire co-founder of Pimco…”

        He’s 80-yrs old and still greedier than ever!

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