Everything I Came In The Game With, I Lost
A report from CBS News. “When Joy Sharp built a new home in the small coastal community of Wilmington, North Carolina, about eight years ago, her homeowners insurance cost was a relatively modest $1,400. That was then. ‘Now I’ve been given renewal rates of $6,000,’ Sharp, 39, herself an insurance agent, told CBS News. ‘So, it’s just every year, it goes up and up and up, and it’s not coming down.’ Sharp recalls being shocked to learn she would have to pay nearly $6,000 under her revised home insurance policy without a commensurate increase in coverage. ‘I kind of thought it was a joke,’ she told CBS News. ‘I kind of thought, OK, where are my discounts? This has got to be like the three-year policy or else this is crazy. The rates went up, but the coverage on my home did not increase very much. I mean, that’s a budget buster that just destroys all the economics.'”
WVUE in Louisiana. “The state’s property insurance crisis threatens the foreclosure of more than 100 New Orleans families living in Habitat for Humanity homes. George Ingmire said no one’s unscathed by the state’s high property insurance rates; some are just hit harder than others. His note has doubled since he moved into his Habitat for Humanity home in 2007, breaking his budget, but he has neighbors struggling more than he is. ‘We’re getting pinched right now,’ George Ingmire said. What happens when there are no more pennies to pinch? ‘This is pretty big of a problem,’ George Ingmire said.”
Business Insider. “In November, the city of Las Vegas issued a $180,000 fine against a homeowner who officials say ran an unauthorized Airbnb near the Las Vegas strip. The homeowner, however, told Business Insider he believes he is the victim of a scam run by the tenant renting his house at the time. In June 2021, Xin Tao purchased a five-bedroom, two-bathroom property in Las Vegas for $378,000. Tao, an engineer who lives in Oregon full-time, told BI he bought the house as an investment property. The tenant vacated the property in September 2023, and a cleaner was sent to the premises to tidy up, Tao said. Stuck to the window was a notice of a $180,000 fine. He added that the current fine would have devastating effects on his family. ‘We have a mortgage and car payments,’ he said. ‘One hundred eighty thousand dollars is definitely something I cannot afford.'”
NBC Chicago in Illinois. “For months, NBC 5 Responds has been digging into an alleged ‘real estate Ponzi scheme’ that has financially devastated dozens of South Side families. In lawsuits, Ramo & Michaele Bey, the owners of iFLIP Chicago, are accused of luring inexperienced investors into predatory loans, resulting in bankruptcies and a slew of foreclosures across communities on Chicago’s South Side. Tiffany Brown, a realtor and trucking business owner, said she was trying to diversify her assets and was looking for guidance. ‘It’s like getting in bed with the devil,’ Brown said. ‘He sold …pipe dreams and now we’re living a nightmare,’ Miranda Booker, an iFLIP investor, single mother and childhood friend of Bey’s said. Booker signed up for a joint venture with iFLIP along with her sister and best friend. ‘Everything I came in the game with, I lost,’ Deshon Carr said.”
From Newsweek. “In May 2024, according to data compiled by ResiClub using the Zillow Home Value Index, home prices in Austin were down 18.7 percent compared to the May 2022 peak. The only other cities that experienced price drops beyond the 10 percent mark from their pandemic peak were New Orleans, Louisiana (-13.7 percent); Lake Charles, Louisiana (-11.7 percent); and Boise, Idaho (-10.4 percent). In recent months, Austin has seen developers abandon several construction projects, as reported by Austin realtor Jeremy Knight in a series of videos on YouTube. In a previous comment to Newsweek, Knight explained that many of these projects started in 2020-2021 as the market was beginning to skyrocket.”
“‘Now add the delays with workforce during the pandemic, the backlog, and developers rushing to buy in Austin, and then a turn in the market of 21 percent peak to trough. The valuations many of these developers put on these projects no longer make sense. Now add the fact that interest rates have doubled and nearly tripled since the projects started. Many of these small developers are facing headwinds,’ he said. In a recent video, Knight said that over 57 percent of the inventory on the market is now vacant.”
The Real Deal. “Developer JNY Investments is hitting the market with another spec mansion, this one in Pacific Palisades with a $34 million list price. The spec home at 538 Chautauqua Boulevard debuts in a buyers’ market. Median sale prices of homes in the Palisades were off 37 percent to $3.3 million in April compared to a year ago, according to Redfin data. Construction was completed earlier this year on the home, which marketing materials describe as designed with ‘California modernism’ in mind. The Palisades listing was anticipated, as JNY Investments President Yaniv Nehemia sharied plans for it with The Real Deal in 2022, saying he aimed to sell it for $35 million.”
“At the time, JNY had just placed on the market a 21,097-square-foot home in Encino’s Royal Oaks neighborhood, which Nehemia dubbed the ‘Bel-Air of the Valley’ in describing it to TRD. The listing price was $25 million for the spec home at 15930 Woodvale Road. The home sold last February for $17.5 million.”
Market Watch. “The Federal Reserve on Wednesday kept interest rates steady at a two-decade high. That wasn’t exactly music to the ears of commercial property owners facing an estimated $2 trillion mortgage bill coming due through the end of 2026, or their lenders. And getting a new loan has become even harder as property prices have tumbled, with office values down 37% and multifamily values now 26% below peak 2022 levels, according to Green Street Advisors. ‘Office buildings are in a free fall,’ said real-estate developer Don Peebles of the Peebles Corp. in a CNBC interview Wednesday. One New York City office property, in Manhattan’s Hell’s Kitchen neighborhood, recently sold at a 67% discount to its previous purchase price, according to Bloomberg News. The deal comes after the sale of a distressed Midtown Manhattan office loan left holders of AAA-rated bonds with a loss for the first time this cycle.”
“Many lenders have been selling top assets to bolster their balance sheets, which have been weighed down by unrealized losses since the Fed began raising rates two years ago. ‘We see more risks of bank failures, and a lot of forced consolidation across banking,’ said Greg Friedman, co-founder of Atlanta-based real-estate investment firm Peachtree Group. ‘I don’t agree with Powell.’ Friedman still sees insolvency risks and more bank consolidation on the horizon. ‘There’s a lot of zombie banks out there,’ he said of stress at regional lenders, adding that his group has already bought about a dozen loans in the past five to six months.”
The Globe and Mail in Canada. “Restraint seems to be the guiding principle of the Toronto-area real estate market in June. ‘The stink bid is back,’ says Andre Kutyan, real estate broker with Harvey Kalles Real Estate, who has received lowball offers on some properties as buyers step tentatively off the sidelines. Mr. Kutyan says the homeowners at 356 Brooke Ave. rejected the lowball offer for the 3,482-square-foot house. He knows the buyers have bid on other properties in the area around Avenue Road and Lawrence Avenue West. ‘They’re going from place to place and making offers – trying to see who is hungry,’ he says. ‘They haven’t bought a house yet. That tells me there is hesitation from the sellers.'”
“Victor Tran, mortgage specialist for rates.ca, cautions that market watchers will be preoccupied with the direction of interest rates for the next couple of years because many people who took on mortgages when rates were at historic lows will be renewing at higher rates this year and into 2025 and 2026. ‘That’s going to be a concern for the next couple of years,’ he says. ‘That will be a huge payment shock for most.'”
Barrie Today in Canada. “South Simcoe police and Ontario’s Office of the Fire Marshal are investigating after two unoccupied Bond Head homes have caught fire for the second time this year. At around 1:45 a.m. on Wednesday, emergency crews were called to the scene of a blaze at the construction site on Rowe Street, located in the west end of Bradford West Gwillimbury. ‘Once on scene, emergency crews discovered two unoccupied homes in a new subdivision were ablaze,’ said Police spokesperson Isabella Soligo. ‘The same two homes were involved in a fire a few months ago. The cause of the fire is under investigation.'”
Radio New Zealand. “More than 8500 first-home buyers who bought their homes during the market peak have properties that are worth less than they paid for them. CoreLogic data shows that 81 percent of homes bought by first-home buyers between October 2021 and March 2022 have dropped in value from the time of purchase. About 18 percent, or 2000 first-home buyers, now have properties that are worth more than 20 percent less than they were bought for, indicating that any equity they had in the deal would probably have been wiped out. Of those that are worth less than they were purchased for, 42 percent are in Auckland, which made up 36 percent of all sales over that period, and 10.8 percent in Wellington. Of those that are still more than 20 percent below their purchase price, two-thirds are in Auckland and 18.8 percent in Wellington.”
“But for some buyers, the value drop could make their mortgages harder to service for longer. Banks usually apply a low-equity fee or margin to borrowing when a borrower has a deposit of less than 20 percent – and also often do not allow them to access cheaper ‘special’ interest rates. When the market was hot, many borrowers took out loans with these margins expecting to be able to have the properties revalued and the margin removed before long. CoreLogic head of research Nick Goodall said: ‘If you were hoping to get rid of that and now you have to pay it longer while you’re paying greater costs on everything else it will continue to sting your income. You could have higher interest rates on top of higher insurance bills and rates, it could get to the point when even though you’re not forced to sell in a mortgagee sale and there’s no change in your circumstances it might get to the point where it’s costing too much.'”
From ABC News. “West Australian Minister for Commerce Sue Ellery has demanded a meeting with the directors of Perth home builder Nicheliving amid concerns about the company’s finances that have left potentially hundreds of customers with incomplete homes. Customer Cindy Richardson told Damian Smith on ABC Radio Perth she first entered a contract with the company to build a home in Tapping in March 2021. ‘I’m a single mum, [on a] single income, and my house is not finished,’ Ms Richardson said. I had a letter from Nicheliving saying to my bank that my house would be finished and I’d be in it this month. And I still don’t even have a roof, so it’s just it’s really frustrating, soul crushing.'”
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‘For months, NBC 5 Responds has been digging into an alleged ‘real estate Ponzi scheme’ that has financially devastated dozens of South Side families’
Lots of tales of woe in this article.
From the articles:
“The business promised a path to financial freedom and a shot at building generational wealth. “Make an investment and leave a legacy for your children and your children’s children,” Michaele Bey said in a 2021 promotional Facebook video.”
There’s that generational wealth again. When I hear generational wealth, I think of a family homestead, a house that grandpa or even great-grandpa bought and paid off, that various family members can now crash in without losing too much money on rent, while they work their way up to their own house.
Or, I think of generational “wealth” in terms of a family bucking the cycle of poverty and getting an education and a good job, and passing those values off on the kids, maybe with some leftover money to help out (not totally pay) for kid’s college on the way to an even better job.
I do *not* think of generational wealth as a quick wad of liquid cash that is just too easy for the kids to spend away to nothing
‘getting a new loan has become even harder as property prices have tumbled, with office values down 37% and multifamily values now 26% below peak 2022 levels, according to Green Street Advisors. ‘Office buildings are in a free fall’
Jerry broke it off in yer a$$ Don.
‘cautions that market watchers will be preoccupied with the direction of interest rates for the next couple of years because many people who took on mortgages when rates were at historic lows will be renewing at higher rates this year and into 2025 and 2026. ‘That’s going to be a concern for the next couple of years,’ he says. ‘That will be a huge payment shock for most’
That’s some sound lending right there Victor.
Stuck to the window was a notice of a $180,000 fine. He added that the current fine would have devastating effects on his family. ‘We have a mortgage and car payments,’ he said. ‘One hundred eighty thousand dollars is definitely something I cannot afford.’”
Die, speculator scum.
He said he didn’t know his tenant was STR the place. lol. Ignorance is not a legal defense.
‘It’s like getting in bed with the devil,’ Brown said. ‘He sold …pipe dreams and now we’re living a nightmare,’ Miranda Booker, an iFLIP investor, single mother and childhood friend of Bey’s said.
If stupid didn’t hurt, fools would never wise up.
Experience keeps a dear school, but fools will learn in no other. — Ben Franklin
You will own nothing.
‘They’re going from place to place and making offers – trying to see who is hungry,’ he says. ‘They haven’t bought a house yet. That tells me there is hesitation from the sellers.’”
Remember, knife-catchers: it’s the 2nd mouse that gets the cheese.
Zimbabwe R Us.
https://marketsanity.com/federal-debt-breaks-34-7-trillion-for-the-first-time-ever-exploding-by-37-billion-yesterday-alone/
I’m not a fan of Habitat for Humanity ,or their selection process……It’s almost always a single mother with a bunch of offspring that is at the front of the line……within weeks of them moving in ,the holes in the walls start showing up
Like the old saying goes “You can put lipstick on a pig ,but it’s still a pig, and will act like one”
Of course they can’t afford the Insurance being jacked up….
I knew an old drywall guy from upstate New York. The company he worked for like most today had a one year guarantee for their workmanship i.e., cracked corner bead, popped nails etc. A woman called him to her house at 11 months with complaints about the condition of her walls. When he toured the house her complaints were the results of her kids kicking 10 – 15 holes in the walls.
I’m not a fan of Habitat for Humanity ,or their selection process…
They help the wrong people.
Nothing should be free. Some of you may not know this, but on a loan application, welfare income is counted the same as earned income from a job. Used to absolutely “pi$$” off the underwriting/operations manager when he spoke about it. But that’s the law. (unless it’s been changed in the last 10 years which I doubt)
they need to teach these people how to act like illegals and get so much stuff for FREEE.
100 New Orleans families living in Habitat for Humanity homes. She said 15 homes in the early stages of foreclosure, close to 180 families are foreclosure eligible., and 50 to 75 households are right behind them, hanging on by a thread.
‘And getting a new loan has become even harder as property prices have tumbled, with office values down 37% and multifamily values now 26% below peak 2022 levels, according to Green Street Advisors. ‘Office buildings are in a free fall,’
Isn’t ‘multifamily’ technically residential real estate? It seems curious why this one corner of the housing market would be down by over 20%, when rents are sky high and single family housing is red hot cakes.
It is not what you expect to find parked outside a boarded-up movie theater.
Hundreds of gleaming new Tesla vehicles — including nearly a dozen Cybertrucks — filling every space.
The North Scottsdale parking lot near Northsight Boulevard and Arriba Drive caught the eye of one user on X, who posted: Just found one of those parking lots full of hundreds of abandoned Teslas in Scottsdale, Arizona! Holy f***, they’re real lmao.”
https://www.msn.com/en-us/money/other/why-hundreds-of-teslas-are-being-stored-outside-a-scottsdale-movie-theater/ar-BB1o7oEj
I finally saw my first one at the local Tesla service center. What was interesting about it is that it was painted and had some business logo on the doors.
According to the article, Teslas are sold online, so there are no traditional car dealership lots. Two Tesla employees said the cars in Scottsdale are being delivered to buyers and were waiting to be picked up.
I’m kinda skeptical. Wouldn’t there be a small building and at least one Tesla employee there to check off that the buyer got the right car? Wouldn’t there be at least a few buyers there during business hours, happily coming to get their cars? Wouldn’t there be some activity as cars are driven off and new ones trucked in? These cars sound abandoned. Maybe the pix were taken on a weekend or when the place was closed?
Storage.
No coincidence how Tesla problems started just after Elon began speaking against the same powers that killed JFK
A recent LebTown article about new ownership at the hotel building that once housed the Treadway Inn, later known as a Days Inn, a Rodeway Inn, and a Hammock Inn, generated social media comments questioning the type of residents staying there in recent years and who might be paying for their stays.
The hotel is now known as the Inn at Lebanon.
One commenter opined that “nobody is going to want to stay there as long as they keep taking payment from the city so that junkies and homeless can spend the night there routinely.”
https://lebtown.com/2024/06/12/the-city-isnt-paying-to-house-junkies-and-homeless-at-former-days-inn/
Struggling to sell your home? I have a mindlessly simple solution: Reduce the price to what the market will bear. You can sell by next week if you price your home for current market conditions.
Americans Are Struggling to Sell Their Homes
Published Jun 13, 2024 at 7:23 AM EDT
Updated Jun 13, 2024 at 7:49 AM EDT
By Giulia Carbonaro
US News Reporter
As mortgage rates hover around the 7 percent mark and home prices remain stubbornly high, Americans are struggling to offload their properties, with more than three in five home listings now considered “stale,” according to a recent Redfin report.
The share of stale inventory—the number of homes sitting on the U.S. market for at least one month—has been increasing year-over-year since March, according to the real estate platform. In May, 61.9 percent of homes on the market had been listed for at least 30 days without going under contract, up from 60 percent in May 2023 and about 50 percent in May 2022.
…
https://www.newsweek.com/americans-struggling-sell-their-homes-1912143
At least they’re giving themselves a fighting chance. On late Monday evening, the leaders of France’s four principal left-wing parties—France Insoumise (“Rebellious France”), the Socialist Party, the Communists, and the Greens—announced the formation of a “new popular front” for the snap parliamentary elections that will be pivotal for the future of the country. Just 24 hours earlier, President Emmanuel Macron dissolved the National Assembly, calling people back to the voting booths on June 30 and July 7 to renew the lower house of France’s legislature and lay the groundwork for a new government.
Even by this president’s standards, dissolution was a brash move—the political equivalent of hurling an elephant into a porcelain shop. Key members of the president’s party, including his prime minister, Gabriel Attal, and the president of the National Assembly, Yaël Braun-Pivet, were blindsided by a decision made within a restricted inner circle. Even Macron’s European partners are said to be up in arms over the French president’s latest gambit, which opens the way for a protracted period of instability—to say nothing of a possible far-right government—in a pillar of the European Union. “Everyone is trying to save their skin,” says outgoing Macronist MP Christopher Weiss of the mood in the party, little under a month before Paris hosts the 2024 Olympics.
In the face of a growing fiasco, Macron and his allies are still trying to project an air of confidence. Yet the president’s long-winded press conference on June 11 sounded less like a self-assured campaign launch than a last-ditch plea for a vacillating centrist offering that many French voters and politicians seem committed to bury. Again peddling the pernicious lie that Mélenchon and France Insoumise are a threat on par with Le Pen, Macron called on Glucksmann supporters or conservatives dismayed by Ciotti to rally to the center. He’s spinning this forced election as a salutary chance for “clarification,” one that throws down the gauntlet for a decisive battle between the “extremes” (always in the plural) and the republican forces (himself). But a critical mass of people just don’t seem to buy it any more.
https://www.msn.com/en-us/news/world/in-france-s-snap-elections-can-a-popular-front-hold-off-the-far-right/ar-BB1o6TDU
It will be glorious when France’s left gets pounded in the upcoming election, just as they did in the EU parliamentary election.
A reader sent these in:
BIDEN (slurring heavily): “If they wanna think to take on government if we get out of line … guess what? They need F-15s! They don’t need a rifle!”
https://x.com/RNCResearch/status/1800601554459807808
🚨Crown Castle cell-tower real-estate investment trust will reduce workforce by 10% or about 470+ Layoffs
https://x.com/dailyjobcuts/status/1800598257598418990
“These Edibles ain’t sh¡t”
20 mins later:
https://x.com/Malcolm_fleX48/status/1800650947921641759
I will note that the average net worth of me, Jeff Bezos, and Bernard Arnault is $138.33 billion, and our median net worth is $205 billion.
https://x.com/RudyHavenstein/status/1800715628585881769
Here are the numbers at this second, so you can compare yourself – thanks to the ridiculous “Bloomberg Billionaires Index.”
https://x.com/RudyHavenstein/status/1800718830920204450
When non-followers somehow stumble into my account
https://x.com/RudyHavenstein/status/1800207148242362638
In all seriousness, $AAPL hasn’t grown its sales or earnings much, if at all, in almost two years.
Yet it added over $1T in market capitalization during that same time.
The greatest innovation to come from the company has been their financial engineering aka share buybacks. 🤷♂️
https://x.com/Mayhem4Markets/status/1800621140777341428
They added a calculator Though lol
https://x.com/great_martis/status/1800661502195863648
I’m old enough to remember when a certain President tweeted exactly the same request it sparked outrage in the central banking community.
https://x.com/biancoresearch/status/1800849844875202684
Largest company in the world rallying over 10% in 2 days on the CFO buying back shares at ATHs. I can’t wait to see how history looks back on this era. $AAPL.
https://x.com/RJRCapital/status/1800910736811819489
Powell Fed policy summary:
2020: Inflation is too low, here’s our plan
2021: Inflation is transitory
2024: Inflation is still too damn high
https://x.com/NorthmanTrader/status/1800955817077682345
Never forget creating inflation was literally their plan. Here’s Powell in 2020:
https://x.com/NorthmanTrader/status/1800956525026172998
POWELL: THERE IS AN ARGUMENT THAT PAYROLLS MAY BE A BIT OVERSTATED
https://x.com/eliant_capital/status/1800964174610301367
Not sure I’ve ever seen the chairman of the Federal Reserve publicly accuse the White House of cooking the books on employment numbers, but here we are.
https://x.com/Snowden/status/1800968703678320885
Ok, this is getting a bit retarded now.
$380B in market cap added in 2 days.
Vertical bust through the upper daily Bollinger band.
https://x.com/NorthmanTrader/status/1800974094760018324
Powell: Our plan is not to wait for things to break.
Said by every Fed Chair who then proceeded to wait for things to break.
https://x.com/NorthmanTrader/status/1800971511832117348
Remember when rate cuts didn’t save the housing market the last time? LOL
https://x.com/GRomePow/status/1800897935724724694
Looks like Biden is force hiring 100s of thousands of government employees into the election to hide a collapse in the economy.
We’ve never seen this level of government hiring
https://x.com/GRomePow/status/1800176919281029404
WHY ON EARTH IS COSTCO NOW TRADING AT OVER 50 TIMES FORWARD EARNINGS ?
https://x.com/gurgavin/status/1800691745413534132
I manage a CRE portfolio for a FO and the amount of fraudsters/grifters I’ve seen since 2016 makes me sick. Tbh their participation in CRE… particularly multifamily… has been harmful to both investors and tenants.
https://x.com/CXCarroll/status/1800960116692242691
Richard Fertig of Stomp Capital, an RE fund, the guy with the lavish lifestyle travelling the globe and launching ‘experiential short-term properties’ all over the country, is bilking investors and setting their money on fire.
Richard spoke at Moses Kagan’s conference and has a large account here on X and other platforms.
My story with Richard’s case starts on the 5th of June, exactly a week ago.
https://x.com/LPWhisperer/status/1800934994069651611
iew on major European economies:
Spain, Italy & Germany head into demographics/pensions & healthcare entitlements crisis
Germany‘s energy suicide & grotesque overregulation accelerate deindustrialization
France with 5%+ fiscal deficit heads into debt crisis
What did I miss?
https://x.com/MichaelAArouet/status/1800919478680875393
California just announced it’s official state coin
https://x.com/GRomePow/status/1800931795556552747
Where in cycle?
https://x.com/DonMiami3/status/1800897951084249354
The premium to own a home, rather than rent one, has hit 52.1%, the highest level in history 🚨
https://x.com/Barchart/status/1800785300865871927
Here’s your “lower inflation” – the monthly mortgage payment on a median price home in May was 119.5% higher than Jan ’21; that’s almost $14,000 per year, for 30 years, for the same house:
https://x.com/RealEJAntoni/status/1800871448590029156
Someone gave them bad advice
https://x.com/prewett/status/1800884911995601140
Hey Zandi, how about f@ck you
https://x.com/GRomePow/status/1800884682202218544
65% of middle class Americans are now struggling financially due to inflation.
40% of ALL Americans are unable to plan beyond their next paycheck, and 46 percent don’t have $500 saved for a rainy day.
https://x.com/GRomePow/status/1800881812748873786
Got a message from a RE agent yesterday on a vacation home we have been eying already dropped price 10 % from og listing. and they gave me a offer that was another 10% lower then the already reduced price. Its getting crazy out there.
https://x.com/cantspellguy/status/1800880615572820447
Uh, guys? The boomers are refusing to lower prices
https://x.com/chiefbuidl/status/1800703759137607936
Homeowners today spend more of their income on housing than renters, per Bloomberg:
https://x.com/unusual_whales/status/1800487391603663348
A Seattle landmark sold for $115M less than what the seller acquired it for just 5 yrs ago
King County is acquiring the Dexter Horton Building in Seattle for $36M
The seller bought it for $151M in 2019
The County Council approved the sale in a 8-1 vote
https://x.com/TripleNetInvest/status/1800701748631515352
The most absurd number in CPI?
According to the US Government, the cost of health insurance has declined 5% over the last 5 years…
https://x.com/charliebilello/status/1801006088881344770
Someone noticed the forecasts make no sense.
https://x.com/NorthmanTrader/status/1800968170699882753
Another flipper gets greedy, fails to read the market, & now chases…
Bought the ’89 mostly original home for $365k in June 23. This flipper/out of area agent tried to resell at $400k w/out updates before partially updating & relisting at $580k. No pool, no gulf access… NGH.
https://x.com/TrishaFLsun/status/1800627666304798819
*POWELL: SEE INCREASING FINANCIAL PRESSURES ON LOW-INCOME PEOPLE
who cares about poor, turn the money printer on
https://x.com/AlessioUrban/status/1800970280124416244
POWELL: “I DONT THINK ANYONE KNOWS WHY PEOPLE AREN’T HAPPY ABOUT THE ECONOMY”
Americans:
https://x.com/Geiger_Capital/status/1800970111656001707
🏙️It could take San Francisco 18 years to recover from flood of empty office space after tenants fled the city, data suggest. 2019 vacancy rate < 10% , today > 30%
https://x.com/dailyjobcuts/status/1801029090046103639
Apple 🍎added 2 trillion in MC on news that it can now move apps, tint apps, view pics in gallery , hide tinder accounts , new calculator (replaced abacus ) and Siri name change to Apple A.I .
I get it now .
Thanks .🍐
Time to fly my drone ….
https://x.com/great_martis/status/1801068173913198618
Jerome Powell, April 2021:
We’d “like to see [inflation] on track to move moderately above 2% 𝙛𝙤𝙧 𝙨𝙤𝙢𝙚 𝙩𝙞𝙢𝙚”
…
Jerome Powell, today: “Lower income people at the margins of the economy have the worst experience, experience the most pain from inflation”
https://x.com/RudyHavenstein/status/1801055438211084428
“Western central banks are desperate to cut…the ECB actually upgraded their inflation forecasts for 2025 to I think 2.3%…their CEILING is supposed to be 2% – so they actually forecast higher inflation but they still cut interest rates, that’s how desperate they were to cut.”
– Louis-Vincent Gave
https://x.com/RudyHavenstein/status/1801033798597115955
“40% of ALL Americans are unable to plan beyond their next paycheck, and 46 percent don’t have $500 saved for a rainy day”
Paul Krugman could not be reached for comment.
“Paul Krugman could not be reached for comment.”
LMAO
Curiously. all those articles about payday loan operations have been mysteriously AWOL
People in America are not all Americans. Bank accounts of residents are not Americans. And no one is going to loud speaker precious metals and other valuables.
BIDEN (slurring heavily): “If they wanna think to take on government if we get out of line … guess what? They need F-15s! They don’t need a rifle!”
Meanwhile, the Yemenis are able to chase off our Navy using drones and crude, homemade missiles. Word is that even the Eisenhower had to retreat as it was incurring damage.
In all seriousness, $AAPL hasn’t grown its sales or earnings much, if at all, in almost two years.
They must be running out of people who can afford phones that cost $1000+
Nothing radically new or inspiring and people are getting tired of buying a collection of new devices every year or two.
The most absurd number in CPI?
According to the US Government, the cost of health insurance has declined 5% over the last 5 years…
Cue the Critical Drinker’s maniacal laugh.
ANZ to make homes more affordable for people who can ‘most afford them’. 2 min
https://www.youtube.com/watch?v=tjmYrFNooAY
Dr Joseph Campbell has a new tape where he discusses all the new products they are putting the mNRA technology in , ( this one is for oxie).
So, no matter what evidence has emerged that the mNRA technology is the culprit in the excess mortality and adverse injuries world wide, in the millions, this failed technology is approved by health authority regulators globally.
After expiermental EUA Covid vaccines, this mNRA
technology that was claimed to be “safe and effective” has been given a free pass to be put in numerous products like RSV vaccines, regular flu shot, and numerous other vaccines/products that Dr Campbell outlines.
They are putting the mNRA technology in UK cancer vaccines in their 3rd stage trials in the UK.
Dr Campbell shows a drawing on how this technology causes the body to attack any cell that produces the protein, that can go to any part of the body. The Dr said some people produce more proteins ,some produce less. So, in that their is no shut off valve as to how much will be produced, or how much will go to what organs or parts of body, its a objectionable technology in that there is no control on dose of proteins, or where they go to the body.
But, they lied and said the technology stayed in the arm. They lied and said you wouldn’t get Covid, or be able to transmit the disease.
So, Dr Campbell, who originally took the Covid vaccine, until more data emerged, is now saying he won’t take any of these vaccines, booster etc. He is acting extremely pissed and upset over what he is discovering in the data and studies.
So, consider yourself lucky if you got a saline shot that it’s alleged they put out a certain % of shots that were blanks. Also, a certain percentage might of been degraded in the lack of proper handing in the global vaccine campaign.
Dr Michel Yerdon, continues to say that the design of the covid shot could not of been anything but a deliberate harm and a depopulation weapon. The Doctor , way back in 2020 predicted that these shots would cause a wide array of diseases, death, and auto immune affects.
Many Experts early on said you can’t vaccinate during a panademic . Many Experts said lockdowns and masks and 6feet social distancing would not be effective against a air borne alleged respiratory virus.
Since they want to put mNRA technology in human Bird flu vaccine, they are already producing and stockpiling, as I write, its another application of a fake failed technology.
Just saying that nothing explains why this mNRA gene therapy technology hasn’t been pulled from the market and why are they putting this expiermental EUA failed technology in numerous products.in spite of them claim that they saved 14 millions lives globally by the gene therapy Covid vaccines, the evidence shows 22 million in excess mortality globally and even more injury from the
Covid vaccines, directly following the shots given in early 2021.
And don’t forget that these diseases are being determined in birds, cows and humans , by the PCR test, that is known for a high false positive rate based on how much they rev up the cycles above 25. But like with all their fraud they are claiming the PCR test is the “gold standard” in testing. Dr BRIX
was recently was on CNN touting the marvelous technology of the PCR , and she said every farm animal should be tested with the PCR. This previous sidekick of Dr Fauci, also said she suspect that human Bird flu is circulating in human population. This sound like a set up for the get your PCR testing for Bird Flu today, just like get your PCR test for Covid.
John Rappaport, from NO FAKE NEWS, always said the PCR test was the basis of the Covid Panademic fraud and its the big elephant in the room in a.diagnosis fraud to determine Panademics.
Not only did they change the definition of a vaccine, they also started tested non sick people by PCR claiming they were transmitting the alleged virus.
In 2009 when they tried to start a Panademic, they were pushed back by the press at that time , that they had no evidence of a Panademic, and it fizzled out. So now the bogus PCR test as the alleged proof
of any Panademic they want to call.
Dr Joseph Campbell
I think it’s John.
It is John, and he is not a medical doctor and therefore does not pass muster with HBB, as I have been reminded multiple times.
Anyway, I did not take any of the mRNA COVID vaccines. They should not have been mandated. Nor will I take any flu shot containing mRNA.
I don’t know about the PCR tests, but I’m pretty sure that the public won’t be fooled again.
Thanks for correction BlueSkye
Oxide,
I thought you always liked Dr Campbell. But you were questioning me the other day on products they are putting the mNRA technology in and his podcast nicely outlines the numerous products.
I always liked this Dr Campbell during the Covid Saga, for being data and studies driven and changing his opinion as more and more data came out.
Its to bad he fell under the spell of the hype and fraud they peddled about the vaccines that caused him to take a couple shots himself.
You can see how pissed he is.
I like the guy, I think he is sincere and absolutely mortified by what he is discovering.
That’s what taking the Red Pill looks like.
Sadly, the damage he caused masquerading as a doctor has already been done.
I thought he was good, but there are those on HBB who played the appeal to authority game… and then quoted an alternative media reporter as gospel on infectious disease.
I thought he was good
I liked his providing access to his sources. He listed everyone of his sources. That’s what one needs to do as a scientist. You could read his sources and come to your own conclusions, if you chose to read the articles/journals. You may disagree, but that what science is. Discussing facts/hypothesis and using them to determine what is “happening” and why. Open discussion would have been helpful in many platforms such as YouTube, Twitter, MSM……
There were many Doctors and Scientists that were sources during the Covid Saga, Dr Campbell was just one of them. There were some that were censored and banned early on and fired, threatened, attacked by medical Boards, subjected to lawsuits, de-funded etc etc etc.
Dr Yerdon was one of the most banned Scientists on the internet, Dr Cole, etc.
Its pretty pathetic that all these voices were banned and censored under the claim they were disinformation hacks and quacks , just because they had a opinion on the counter measures to the alleged Covid Panademic.
Its all very surreal that highly credible Doctors and Scientists were censored for the shill Doctors peddling the “safe and effective” vaccines.
and then quoted an alternative media reporter as gospel on infectious disease
Oxide must be speaking about Alex Berenson, who was doing good work until he attacked Dr. Robert Malone on live TV. In case oxide forgot, I was posting quite a bit from Dr. Robert Malone, Dr. Ryan Cole, Dr. Michael Yeadon and other credible sources back in those days. Let’s not pretend I thought Alex Berenson was the gospel on infectious disease. That’s blatantly disingenuous.
You may disagree, but that what science is.
COVID exposed corruption in the scientific community and with scientific publications. Billionaires were funding rigged studies for predetermined outcomes to dissuade from HCQ and IVM use. “Dr” John Campbell lacks the necessary skills to assess scientific publications; he’s a nurse with a PhD in nurse education. He was a pied piper who lead millions of his followers to line up with their sleeves up while tiptoeing around YouTube censorship to make beaucoup bucks along the way. I consider him a very despicable man.
I’m jet lagged so not quite as eloquent as usual.
well then stop getting jabbed.
Reform overtakes Tories in opinion poll for first time in election campaign
Story by David Lynch • 1h
Nigel Farage’s Reform Party has overtaken the Conservatives in a major poll of public opinion for the first time, in the latest blow to the Tories’ hopes in the election campaign.
A YouGov poll commissioned by the Times newspaper had Reform at 19% to the Conservatives 18% of voting intention, in a “crossover” moment for the two parties.
Mr Farage lauded the poll and framed his party as the challenger to Labour as he and other senior figures from political parties met for ITV’s latest election debate.
“I am Nigel Farage, leader of Reform UK. Just before we came on air we overtook the Conservatives in the national opinion polls. We are now the opposition to Labour,” he said.
https://www.msn.com/en-gb/news/newslondon/reform-overtakes-tories-in-opinion-poll-for-first-time-in-election-campaign/ar-BB1obeE6
‘herself an insurance agent…‘So, it’s just every year, it goes up and up and up, and it’s not coming down.’ Sharp recalls being shocked to learn she would have to pay nearly $6,000 under her revised home insurance policy without a commensurate increase in coverage. ‘I kind of thought it was a joke,’ she told CBS News. ‘I kind of thought, OK, where are my discounts?’
Bargaining <- Joy, you are here. 'This has got to be like the three-year policy or else this is crazy. The rates went up, but the coverage on my home did not increase very much. I mean, that’s a budget buster that just destroys all the economics' As an insurance agent, I'm sure you'll understand our condolences fer yer loss.
‘he bought the house as an investment property. The tenant vacated the property in September 2023, and a cleaner was sent to the premises to tidy up, Tao said. Stuck to the window was a notice of a $180,000 fine. He added that the current fine would have devastating effects on his family. ‘We have a mortgage and car payments,’ he said. ‘One hundred eighty thousand dollars is definitely something I cannot afford’
Walking is really good for you Xin, and because you and family won’t be eating, yer gonna get be in top shape!
‘In recent months, Austin has seen developers abandon several construction projects…In a recent video, Knight said that over 57 percent of the inventory on the market is now vacant’
Oh dear…
‘We see more risks of bank failures, and a lot of forced consolidation across banking…There’s a lot of zombie banks out there,’ he said of stress at regional lenders, adding that his group has already bought about a dozen loans in the past five to six months’
The market needs knife catchers Greg.
‘The spec home at 538 Chautauqua Boulevard debuts in a buyers’ market. Median sale prices of homes in the Palisades were off 37 percent to $3.3 million in April compared to a year ago’
This writer gets it. It is always a sellers market in California.
‘The stink bid is back…They’re going from place to place and making offers – trying to see who is hungry’
That’s the spirit stink bid knife catchers!
‘Once on scene, emergency crews discovered two unoccupied homes in a new subdivision were ablaze…The same two homes were involved in a fire a few months ago. The cause of the fire is under investigation’
I’d look at whoever owes the money Isabella.
Sounds like Deadbeat spontaneous combustion to me.
‘But for some buyers, the value drop could make their mortgages harder to service for longer. Banks usually apply a low-equity fee or margin to borrowing when a borrower has a deposit of less than 20 percent – and also often do not allow them to access cheaper ‘special’ interest rates. When the market was hot, many borrowers took out loans with these margins expecting to be able to have the properties revalued and the margin removed before long’
So they were rate daters.
‘If you were hoping to get rid of that and now you have to pay it longer while you’re paying greater costs on everything else it will continue to sting your income. You could have higher interest rates on top of higher insurance bills and rates, it could get to the point when even though you’re not forced to sell in a mortgagee sale and there’s no change in your circumstances it might get to the point where it’s costing too much’
That’s the definition of sound lending Nick.
‘I’m a single mum, [on a] single income, and my house is not finished,’ Ms Richardson said. I had a letter from Nicheliving saying to my bank that my house would be finished and I’d be in it this month. And I still don’t even have a roof, so it’s just it’s really frustrating, soul crushing’
It’s still way cheaper than renting Cindy.
“I’m a single mum, [on a] single income, and my house is not finished,’ Ms Richardson said”
So do you think if you had not hooked up with a bum and you had two incomes your house would be finished?
single mum (peeeeuuuuuu) is as worn out as the raysis deck of cards.
Collin Rugg
@CollinRugg
JUST IN: President Biden appears to start wandering off at the G7 summit and has to be handled back in.
Italian Prime Minister Giorgia Meloni was seen grabbing Biden to bring him back to the group.
This wasn’t the only awkward encounter between the two. Biden was caught on camera saluting Meloni before shuffling away.
Clown show.
Video:
@RNCResearch
1:09 PM · Jun 13, 2024
https://x.com/CollinRugg/status/1801300939372118420
Why did not one see the little child sitting there? That old perv made a b-line for the kid.
Crime In NYC
@CrimeInNYC
“Our wonderful, beloved asylum seekers … 🙂🙂❤️❤️”
⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯
A “migrant” serial shoplifter bit three NYPD police officers in three separate incidents after he was arrested for stealing clothes from a Manhattan Target.
Ysmael Qintero, a Venezuelan “migrant” with 18 shoplifting arrests since December 2023, was ordered held on $50,000 bail on charges of two counts of assaulting a police officer and petit larceny after allegedly sinking his teeth into police officers last week — leaving two officers wounded.
[Before we go any further: “Migrant” means “illegal alien”, and “substance use disorder” means “drug addict”.]
Qintero’s Legal Aid Society attorney argued for his client to be let go on supervised release in order for him to get treatment.
“He is essentially a person in crisis,” Foster said, adding that Qintero is homeless and suffers from substance abuse disorder.
Qintero has remained on the streets despite racking up 18 petit larceny arrests, one misdemeanor conviction and five failures to appear in court in the past seven months. Those include a May 16 bust for allegedly swiping a bottle of cologne from a display at Macy’s flagship store on 34th Street, sources said.
https://nypost.com/2024/06/11/us-news/munchy-migrant-bites-three-nypd-cops-in-three-separate-incidents-after-shoplifting-at-target-prosectors/
5:46 PM · Jun 11, 2024
·
https://x.com/CrimeInNYC/status/1800645868418126318
“He is essentially a person in crisis,” Foster said, adding that Qintero is homeless and suffers from substance abuse disorder.
Funny, how he was able to travel all the way from Venezuela to the US, even though he needs “treatment”
No Sugar Tonight
The Guess Who
https://youtu.be/yMG-Mi9I0-k?si=_tDfuA8d-r5FQjAd
Double shot of…
The Guess Who
No Time
https://youtu.be/Qq3BylHjiuk?si=53VBkOyu1HSEKMkJ
Is a fifty percent increase in housing market inventory over one year considered to be a lot?
NBC 7 San Diego
Price increase of San Diego County homes slows, sales don’t
The price of a single-family home in May came in at $1,091,750 in San Diego County
By City News Service
• Published June 11, 2024
• Updated on June 12, 2024 at 3:38 pm
Consumer Reports
The median price of sold homes didn’t change much between April and May, but the number of sales continues to grow, it was announced Tuesday.
Single-family home sales last month increased by 4.4% and attached properties such as condominiums and townhomes jumped more than 7% month-over-month according to data compiled by the Greater San Diego Association of Realtors through the San Diego Multiple Listing Service.
24/7 San Diego news stream: Watch NBC 7 free wherever you are
Compared to the same period in 2023, existing home sales decreased but the supply of homes on the market is more than 50% higher than last year at this time.
“We are eager to see May’s increase in home sales,” SDAR President Spencer Lugash said. “Even more exciting is the over fifty percent inventory increase of homes on the market this year compared to 2023.”
…
https://www.nbcsandiego.com/news/local/price-increase-of-san-diego-county-homes-slows-sales-dont/3538829/
Are you worried you might get caught out long in stocks the next time the market seriously tanks?
Markets
‘You’re pricing in absolute perfection’: Top strategists warn that a market correction is around the corner — and share a 10-part investing playbook for a swift rebound
James Faris
Jun 13, 2024, 1:00 AM PDT
stock market bubble
primeimages/Getty Images
– Lower-than-expected inflation lifted the S&P 500, but strategists see a pullback ahead.
– Interest rates are set to stay higher for longer, yet stock valuations are still ambitious.
– Here are 10 investments to make in this uncertain environment.
The S&P 500 is racing higher once again after upbeat news about inflation and interest rates, though some top strategists believe the rally will soon be derailed.
Investors had plenty to celebrate on Wednesday, as inflation rose less than anticipated in May, enabling the Federal Reserve to signal that an interest rate cut is still scheduled for this year. Lower price growth and borrowing rates would help keep the US economy afloat.
US stocks soared on the back of that news. The growth-focused Nasdaq Composite reached another record, as did the S&P 500, which is now up 14% in 2024 after a 24.2% surge last year.
Beware of the coming correction
But instead of popping champagne, several market pundits are leery about a drawdown.
Adam Phillips, the managing director of investments at EP Wealth Advisors, said in an interview that US stocks are weaker than they look. A handful of mega-cap growth stocks is generating most of the S&P 500’s gains, he noted, and that narrow market breadth is masking deficiencies in dozens of smaller firms. If those leaders pull back, investors may get a jarring wake-up call.
“Just over the last month, we’ve seen the S&P 500 is up close to 3%, but over 60% of that return is coming from Nvidia,” Phillips said earlier this week. “And if you look at the S&P 500 on an equal-weighted basis, it’s actually produced a negative return over the last month. And so I think that’s really, really important, to just look underneath the hood for signs of market health. It tells us that the market’s not, potentially, as healthy as it could otherwise appear.”
…
https://www.businessinsider.com/stock-market-outlook-correction-prediction-how-to-invest-investing-strategy-2024-6
Given that they own a printing press technology, how is it possible for the Fed to ever lose money?
MarketWatch
Fed’s $1 trillion pile of paper losses are turning into actual losses — with more in sight
Joy Wiltermuth
Thu, Jun 13, 2024, 2:48 AM PDT
6 min read
The Federal Reserve’s own balance sheet is underwater — with no end in sight if it keeps interest rates higher for longer. – MarketWatch photo illustration/iStockphoto
The Federal Reserve’s roughly $1 trillion pile of paper losses stemming from its underwater securities holdings have begun to turn into more than $100 billion in actual losses, with no relief in sight.
Fed Chair Jerome Powell on Wednesday said that easing inflation still isn’t yet near enough to the central bank’s 2% yearly target for interest rates to be lowered from a two-decade high.
The longer rates stay high, however, the harder it will be for the Fed to repair its balance sheet. Importantly, restrictive rates also could end up costing the Fed around $100 billion a year well into the next decade, according to Ali Meli, chief investment officer of Monachil Capital Partners, a credit fund he founded in 2019.
Meli arrived at that estimate by digging through the Fed’s financial statements, which showed a $948.4 billion unrealized loss at the end of 2023 on assets bought on the open market, compared with more than $1 trillion of unrealized losses at the end of 2022.
How did the Fed get here?
…
https://finance.yahoo.com/news/fed-1-trillion-pile-paper-094800421.html
Is the fed buying-out their friends at par, again?