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The House Is Worth Less Than We Paid For It, Putting Us Among The Buyers Who Have No Choices But To Pay Through The Roof For A House That Is Hardly Worth It

It’s Friday desk clearing time for this blogger. “Fewer existing houses are selling in Southern Nevada and homebuilders are offering more incentives to get buyers into new homes. Lennar did acknowledge in a first quarter earnings call that the U.S. economy is making it very difficult for the housing market right now. ‘With higher interest rates, affordability continues to be tested as higher monthly payments make qualifying for a loan increasingly difficult,’ Lennar executive chairman Stuart Miller said on the call. ‘We’ve started to see early evidence of debt delinquency showing up and derailing some mortgage applications.’ In 2023, new home sales made up 25 percent of the residential sales market, and the last time that figure was that high was in 2008 (24 percent). Nicholas Irwin, a UNLV assistant professor of economics and researcher at the Lied Center for Real Estate, said the mortgage buydown program has some eerie similarities to the Great Recession and its housing market crash given the chance that interest rates may not fall at all within the next two years, and could feasibly even increase.”

“‘(Homebuilders) are all trying to maximize their profits as best they can given the current restraints, and I am sure this is something that maybe some developers are considering,’ he said. ‘But in the same way, we weren’t asking the same questions of real estate agents back in 2005 or 2006 when they were steering people to get these exotic mortgages.'”

“On a list of 10 housing markets cooling the fastest, six are in Florida while two are in Texas (Dallas and Houston). The ones in Florida are as follows: North Port, Tampa, Cape Coral, Orlando, Jacksonville, and Lakeland. ‘Measures of homebuying demand and competition are dropping off quickly in Florida, and listings and price drops are surging,’ Redfin’s analysis read. In North Port, the Florida market cooling the fastest, the number of homes for sale is up 68% from a year earlier. ‘Florida is building more new homes than any other state in the country (aside from Texas, which is also home to two of the nation’s 10 fastest-cooling housing markets), a building boom coming at a time when high prices and mortgage rates are dampening homebuying demand,’ Redfin said. ‘The oversupply of inventory is cooling competition.'”

“May saw one of the strongest sales months for real estate in Indiana since last year, with more than 4,000 homes for sale. Dan Brown, a realtor with FC Tucker singled out an interesting data point: Indiana averages around 3,000 homes monthly going under contract, but in May more than 1,000 did not close. That is 1/3 of the transactions that started with an accepted contract and fell apart without closing. He says that figure has been high for the past several months and has never been this high before, usually averaging 20% or less. Why? Brown believes buyers and sellers have vastly different expectations, usually centered on inspection terms and repairs.”

“A years-long leak has sunk a Fair Haven Heights condo association into $138,000 in debt — landing the group in bankruptcy court, and leading to a legal fight over whether the association’s water bill or urgent maintenance should be paid for first. The South Central Connecticut Regional Water Authority (RWA) declined to comment on this case. Now, owners are staring down the barrel of ever-increasing cost burden. ​’I’m a little skeptical as to where our money went,’ Jay Appi, Rose’s son and the owner of unit 25, said. Rose Appi is ​’thankful everything’s getting done now. I just want my furniture back,’ she said, after noting that the leak repairs had at least brought water pressure back to her building. ‘How are you still going after these people after they declared bankruptcy?’ she wondered.”

“In Colorado, Tiffany Lockwood said she was dropped twice by fire insurance carriers over the 10 years she’s lived in Evergreen, a heavily forested exurb of Denver. Jeff Geslin lives in high and dry La Plata County, in southwestern Colorado, surrounded by 35 acres of piñon and juniper trees. They were shocked when their condo association in Summit County, governing their second home, lost its insurance policy. ‘It might be because we’re close to Forest Service land,’ Geslin said, ‘which must be more risky.’ Every condo owner was assessed $6,772 extra for the new policy the Homeowners Association managed to find — an increase of 1,000%. ‘This is insurance of last resort,’ said FAIR Plan board member Carole Walker. ‘as we don’t want to compete with private insurers. They’re struggling after 10 straight years of unprofitability in property insurance.'”

“Adam Neumann, the ousted founder of former unicorn co-working giant WeWork, is once again attempting to offload his Manhattan penthouse triplex. It’s at least the third time he’s tried selling it — and now, a sale at its current asking price would mark a loss. The disgraced CEO has been trying to sell the six-bedroom aerie at 78 Irving Place since 2019, when he quietly attempted to shop it off-market, before formally listing it for sale in 2020 with a price tag of $37.5 million. And now, as he continues downsizing his real-estate portfolio following WeWork’s fall from grace in 2019, he’s giving it yet another shot — with a further discounted ask of $24.99 million. When Neumann and his wife purchased the apartment in 2017, it was two separate units, one on the top floor and one a duplex just below it. The couple then combined the pair — for which they paid $27.5 million.”

“A downtown office tower has been seized through a foreclosure that points to a huge plunge in real estate values and a feeble Bay Area commercial property market. The tower at 1700 Broadway — a 10-story highrise in downtown Oakland’s bustling Uptown district — is now owned by its lender following the foreclosure, documents filed on June 7 with the Alameda County Record’s office show. Since no buyer emerged for the highrise, Bank of the Sierra took ownership of the building through a proceeding that placed a $4 million value on the building. That amount is a jaw-dropping 69.9% less than the $13.3 million the prior owner, an affiliate controlled by HP Investors, paid in 2017 to buy the building. HP Investors is a real estate firm based in the San Diego County city of Solana Beach.”

“Activity is starting to pick up for the South Okanagan residential real estate market, but sellers are having to wait for their buyers to have their own properties gone before they make the final close. ‘One of the challenges we have is we’re getting in lots of offers that are subject to the sale of homes before they can close on their new home, and some of those are not selling, so the deals are falling apart,’ said Myrna Selzler, the managing broker at Chamberlain Property Group. ‘I would say it’s more of a buyers than a seller’s market right now. So prices are definitely not going up.'”

“They’ve still been selling a fair number of costly waterfront homes. ‘We’re also going to be having, I think, a number of those homes coming up for sale because people have had them for vacation rentals, and now that that’s not going to be a real option, because of the change in the legislation,’ Selzler added. ‘It’s going to be interesting to see how the fallout of the short-term rentals, because more properties are going to come on the market in that category. So those ones might be more price sensitive, and price sensitive means having to drop their prices — which I find I appreciate what the idea behind it was — but the challenge for me is that those are people’s retirement plans, and that’s a difficult pill to swallow.'”

“As Ontario courts continue to sift through the wreckage of insolvent real estate developer Stateview Homes some lawsuits have honed in on the question of how a $37-million cheque kiting scheme was allowed to run for more than a year. Civil claims filed by Tarion Warranty Corp. have raised questions about internal controls at embattled Toronto-Dominion Bank, introduced the possibility that insiders at the bank may have assisted in the scheme and revealed new details about how the fraud was carried out. ‘The cheque kiting scheme has ruined our business and livelihood, as well as the dreams of the Stateview customers whose homes were never built. We are shocked that it was able to happen at such a large scale over many months without detection by the banks,’ the statement said.”

“Tarrant Parsons, senior economist at Rics said: ‘The recent recovery across the UK housing market appears to have slipped into reverse of late, with buyer demand losing momentum.’ Neil Foster, a Rics member based in Hexham in Northumberland said: ‘The pace of sales appears to be slowing with the impact of higher borrowing costs now coupled with pending political uncertainty ahead of the general election. Offers are more commonly negotiated off rather than added to guide price. Equilibrium? Miles away.'”

“‘The new-build market is currently dead,’ said Gerald Gollenz, chairman of the real estate association. Hardly any apartments are being sold. The forecast for 2025 is getting worse by the day. ‘We are already talking about an 80 percent drop in new construction,’ said the expert. This would also have a massive impact on the entire economy and the workforce – from large corporations to house-sitters. More and more construction workers now have to ‘go on the dole’ in the warm season, something that has never happened before. In addition, a housing shortage is to be expected throughout Austria.”

“There is also a poor mood on the market: because it is constantly being said that nobody can afford property any more, many people do not even ask for a loan, according to Michael Pisecky, chairman of the Viennese specialist group. His colleague from Lower Austria, Johannes Wild, knows of estate agents and property developers who sold their last property nine months ago. Many real estate developers have come under pressure after a boom phase of several years last year. Medium-sized companies have been particularly hard hit and some have gone bankrupt. In addition to the insolvencies, there is also the question of what will happen to the unfinished apartments. Property developer spokesman Hans Jörg Ulreich assumes that projects that are close to completion will also be completed. This is because the banks also know that nothing is worth less than a half-finished construction site.”

“As Melbourne Water redesignates flood zones, home owners in Kensington Banks could be faced with futures where their homes are valued at less than what remains on their mortgage. Roger Hadgraft says the news came as a shock to him, after new flood modelling was done for the first time in two decades. ‘You do worry about the future value of the house because you think … you can easily lose a quarter or a third of the value,’ he said. Another resident who 7.30 spoke to but wished to remain anonymous was angry at Melbourne Water. ‘We’ve got a big mortgage, what’s going to happen if we need to sell and all of a sudden the property is worth less than we’ve got to pay back?'”

“When Jessie Moss and her family bought their first home, it seemed like a bargain – but now the drop in the market has wiped out their deposit. They are among about 2000 first-home buyers whose equity has been erased by falling house prices. Moss and her family bought a three-bedroom, former state house in Waiwhetū, Lower Hutt in November 2021, at what turned out to be the peak of the housing market. It was valued at $860,000, but they paid $743,000 with a 20 percent deposit pulled from their savings, KiwiSaver accounts and borrowed from family. ‘At the time people were buying similar houses in Lower Hutt for as much as $900,000 in places like Naenae and Taitā.'”

“But then the market started to slow. A year later, the house was worth $560,000 – and they were due to refix their mortgage as interest rates rose. ‘We are now in a situation where the house is worth 19.9 percent less than we paid for it, putting us among the 2000 first-home buyers who have no deposit and no choices but to pay through the roof for a house that is hardly worth it. We are stuck. We have no plans to move, however we cannot afford to maintain the house beyond things like getting blinds. We are just managing the weekly repayments which have gone up by 30 percent from $675 to $888 weekly, plus insurance and rates is $1000 weekly.'”

“‘It’s a feeling of hoping that none of the wheels fall off. We can’t afford the roof to give in or the weatherboards to rot out. There’s no buffer. If anything drastically goes wrong like that, we will have to be begging and borrowing off family. We cannot get additional lending to maintain this really expensive asset we have.’ The house might cost $600 or $700 a week to rent, she said. ‘We are paying way above rental rates. Whereas when we first bought the house it felt like, ‘okay we are paying a bit more in insurance and rates but the mortgage is more or less what we had been paying in a rental’. It felt okay. Now it feels a bit ridiculous.'”

“She said her situation illustrated the madness of the movements in the housing market. ‘Literally in a matter of a few months in any direction it makes a really vast difference in situation – then and for years and years to come.'”

“China Evergrande’s former CEO, who Chinese regulators recently said was ‘uncontactable,’ has sold his home in Hong Kong at a loss of HK$74 million ($9.48 million) from the purchase price, according to a property agent. Xia Haijun last month sold a 2,834 net sq ft (263 sq m) five-bedroom duplex flat in North Point Mid-Levels district on Hong Kong island for HK$82 million, said Gary Lam, a senior sales director at real estate agency Centaline. In a filing last month, where Evergrande’s onshore flagship unit was fined $577 million for fraudulent bond issuance and illegal information disclosure, the China Securities Regulatory Commission (CSRC) said Xia’s involvement was ‘particularly vile.’ A mansion on the Peak in Hong Kong once owned by Hui was also sold last month for $57.37 million, half the valuation it received in 2023, records from the Land Registry showed.”

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This Post Has 117 Comments

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

  3. ‘We’ve started to see early evidence of debt delinquency showing up and derailing some mortgage applications’

    Wa?

    ‘(Homebuilders) are all trying to maximize their profits as best they can given the current restraints, and I am sure this is something that maybe some developers are considering,’ he said. ‘But in the same way, we weren’t asking the same questions of real estate agents back in 2005 or 2006 when they were steering people to get these exotic mortgages’

    The first subprime loans to crack back in 2005 and 2006 were builder arranged loans.

    1. BTW these builder loans are all rate daters.

      ‘In 2023, new home sales made up 25 percent of the residential sales market, and the last time that figure was that high was in 2008 (24 percent)’

    1. “I didn’t realize that a pile of rocks with a roof on it would be so appealing,” listing agent Sheldon Anderson of Realty of Maine in Bangor told Bangor Daily News.

      Ever walk through a neighborhood of newly-built Tool Bros McMansions? Of course this is appealing. The buyer is from South Carolina and wants to renovate and live in it full time, prompting some readers to comment that’s it’s just like an out-of-stater to price out the locals. However, maybe that’s ok in this case. At least it will be fixed up and lived in, which is the best fate for a house.

  6. ‘On a list of 10 housing markets cooling the fastest, six are in Florida while two are in Texas (Dallas and Houston). The ones in Florida are as follows: North Port, Tampa, Cape Coral, Orlando, Jacksonville, and Lakeland’

    No biggie, not many people borrowed for shacks in these sh$tholes. How many live there, a few hundred?

    ‘Measures of homebuying demand and competition are dropping off quickly in Florida, and listings and price drops are surging…Florida is building more new homes than any other state in the country (aside from Texas, which is also home to two of the nation’s 10 fastest-cooling housing markets), a building boom coming at a time when high prices and mortgage rates are dampening homebuying demand,’ Redfin said. ‘The oversupply of inventory is cooling competition’

    Wa happened to my shortage steaming pile redfin? Hows yer shack flipping doing?

  7. ‘We’re also going to be having, I think, a number of those homes coming up for sale because people have had them for vacation rentals, and now that that’s not going to be a real option, because of the change in the legislation,’ Selzler added. ‘It’s going to be interesting to see how the fallout of the short-term rentals, because more properties are going to come on the market in that category. So those ones might be more price sensitive, and price sensitive means having to drop their prices — which I find I appreciate what the idea behind it was — but the challenge for me is that those are people’s retirement plans, and that’s a difficult pill to swallow’

    No retirement for you, swallow yer difficult pill!

  9. ‘raised questions about internal controls at embattled Toronto-Dominion Bank, introduced the possibility that insiders at the bank may have assisted in the scheme and revealed new details about how the fraud was carried out. ‘The cheque kiting scheme has ruined our business and livelihood, as well as the dreams of the Stateview customers whose homes were never built. We are shocked that it was able to happen at such a large scale over many months without detection by the banks’

    They were too busy laundering dirty Chinese money.

  10. Every condo owner was assessed $6,772 extra for the new policy the Homeowners Association managed to find — an increase of 1,000%.

    This is un-possible. Our Soviet-style CPI stats say inflation is “only” 3.4%.

  12. ‘I just want my furniture back,’ she said, after noting that the leak repairs had at least brought water pressure back to her building. ‘How are you still going after these people after they declared bankruptcy?’

    Stop yer complaining Rose, you got yer furniture and sure the airbox is damp, but it’s still way cheaper than renting! Urban living!

    1. “She said her situation illustrated the madness of the movements in the housing market. ‘Literally in a matter of a few months in any direction it makes a really vast difference in situation – then and for years and years to come.’

      and so all the grasping hands clutching their newly acquired gobs of money off the RE transaction quickly disappear.

      “confidence, taken in. by a suntan, and a grin” DP

    1. Considering what the Australian population allowed their government to do them during CCP Flu, I don’t have much hope for them.

      It’s a prison island. A failed country.

      1. These people have VERY sophisticated alarm systems, but these theft rings are pros. They mainly target Asian-American restaurant owners who keep large amounts of cash in safes at home (to fiddle the tax man, and out of distrust for the banking system).

    2. It’s a tragedy when a celebrities can’t wear their bling while bar hopping in their trendy neighborhoods!

    1. because thieves stole 6 miles of copper wire from the infrastructure.
      I saw this mentioned and I just laughed. How in the he$$ do you steal and fence 6 miles of copper? WTF?

  16. Johannes Wild, knows of estate agents and property developers who ‘sold their last property nine months ago. Many real estate developers have come under pressure after a boom phase of several years last year. Medium-sized companies have been particularly hard hit and some have gone bankrupt. In addition to the insolvencies, there is also the question of what will happen to the unfinished apartments. Property developer spokesman Hans Jörg Ulreich assumes that projects that are close to completion will also be completed. This is because the banks also know that nothing is worth less than a half-finished construction site’

    Like China?

    1. “Many real estate developers have come under pressure after a boom phase of several years last year.”

      The bankers have cut them off!

    2. knows of estate agents and property developers who ‘sold their last property nine months ago

      Same thing happened in the US during the GFC. I know one who sold 1 property in 2 years. I think Mommy supported him.

  18. What in the world happened to Sarasota Fl ?They haven’t had a hurrcaine or a tornado hit since the 1930’s ….The storms always veer around them, until this week, they got 11 inches of rain in one night, Huge flooding took place ,a lot of damage ,pretty far inland ..The place is flat….I see Insurance problems coming up there real soon.

    1. we all are watching. my guess is smart people will file BK and let the bank have the house. Take the credit hit and move on and school is out so not much reason to rebuild.

    2. The ground is no longer porous due to infrastructure roads and buildings so it slurps and slathers around instead of soaking into the ground.
      Sarasota was short 18 inches of rain and desperately needed it.
      The hype is overdone.

    3. “…they got 11 inches of rain in one night…”

      Incredible that the atmosphere can carry that much water vapor.

  19. [Yet another non-housing article being posted on Ben Jones’ blog …]

    A Socialist tract on fast decarbonization from the National Academies.

    https://wattsupwiththat.com/2024/06/13/a-socialist-tract-on-fast-decarbonization-from-the-national-academies/

    The title of this 800-page tome is “Accelerating Decarbonization in the United States: Technology, Policy, and Societal Dimensions” from the US National Academies of Science, Engineering and Medicine (NASEM).

    I seldom use the term “socialist”, but it is the perfect word here once the concept is updated. It originally referred to government ownership of the means of production. But in today’s Regulatory State, ownership is not required for control, so it means government control of production, or more broadly, government control of both production and use.

    In this case, it is government control of the production and use of what they call “the energy system.” Since everybody uses energy, this includes control of everybody. Under the proposed system, the government does not serve people; it “manages” them, or at least their energy use, which is a lot of what we do.

    They are, however, rather confused about this. The very first sentences state their basic assumption, which is wildly false. They say this:

    “The world is coalescing around the need to reduce greenhouse gas (GHG) emissions to limit the effects of anthropogenic climate change, with many nations setting goals of net-zero emissions by midcentury. As the largest cumulative emitter, the United States has the opportunity to lead the global fight against climate change. It has set an interim emissions target of 50–52 percent below 2005 levels by 2030 toward a net-zero goal.” (All quotes are from the Executive Summary.)

    The United States has set no such targets. The US is a big country with hundreds of millions of people, so it does not set targets. Perhaps they mean the US Government, but Congress has set no such targets. In fact, these so-called targets are merely the wishful thinking of the Biden Administration and their radical net zero colleagues, which apparently include the National Academies. And if a Republican wins the next election, it will not even be a Presidential wish.

    So, there is much less here than meets the eye. This tome is basically a radical socialist manifesto, and that is how it should be read.

    The funding is surprising. NASEM studies used to be done at the request of Congress or Federal Agencies and funded by them since objectively advising them is supposed to be the job of the Academies. Instead, this work was funded by a collection of Foundations, presumably left-wingers. So, the National Academies are for hire by those with radical causes.

    The socialist management thrust is exemplified by this topic, which is listed as a central theme: “Managing the Future of the Fossil Fuel Sector.” Only under socialism is this a government function.

    That the called-for management process is also non-democratic is made clear by this segment of their lead-off discussion of risks: “In developing its findings and recommendations, the committee recognized the inherent risks and uncertainties associated with such an unprecedented, long-term, whole-of-society transition. These include … political, judicial, and societal polarization risk—that political and judicial actions or societal pressures will change the policy landscape….”

    So elected officials, the Courts, or the people in general might get in the way. Their solution is not to get the support of the people; rather, it is more management. They say, “Mitigating these risks will require adaptive management and governance to coordinate and evaluate policy implementation and to communicate progress on outcomes.”

    Sounds like the Plan is to manage the elections, the Courts, and the people. Sit down, shut up, and we will tell you what we have done as we go along.

    For those interested in the details of the net zero wishlist, this is a grand source. Otherwise, it is just another radical manifesto to line the shelves with.

    My concern is that the three National Academies have abandoned their mission and, therefore, lost their integrity. Tools of left-wing foundations are not worthy of the name National Academy.

    1. The world is coalescing around the need to reduce greenhouse gas (GHG) emissions

      China, India, Russia and most of the “global south” haven’t got that memo. The only ones who want to decarbonize are the US and its vassals, i.e. “the west” No one else is playing this stupid game.

      1. “the US and its vassals, i.e. “the west”

        Translation: white European nations and nations carved out of the wilderness by white Europeans and civilized into nations.

        Go ahead and say it, because the goal is the global extermination of white Europeans and their descendants, and their replacement by a population of nation-less, culture-less, identity-less slaves.

        All of which fully supported by the WEF, Soros, Southern Poverty Law Center, and Anti Defamation League.

        Keep on naming ’em, because the #Noticing will only continue.

    2. unprecedented, long-term, whole-of-society transition.

      I don’t think that society is going to transition the way you want them to.

    1. +1

      Southern Poverty Law Center needs to have its non-profit status revoked, the rest of its staff laid off, their assets confiscated, and their executives all sentenced to prison for fraud.

    2. “Our Union is strong,” the union spokesperson said. “With nearly a billion dollar endowment and Huang earning $500,000 per year, how does abandoning SPLC’s commitments help advance the human rights of all people? Are these the actions of an organization fighting for racial justice in the deep South?”

      Billion dollar reserve fund. CEO salary half a Million.
      Kinda negates the “Poverty” part in the organization’s title.

  21. New York (CNN) — Titanium that was distributed with fake documentation has been found in commercial Boeing and Airbus jets. Now the Federal Aviation Administration, the aircraft manufacturers and supplier Spirit AeroSystems are investigating whether those components pose a safety hazard to the public.

    The probe, first reported by the New York Times Friday, is the latest black eye for the aerospace industry, which has had a series of problems recently with the quality and safety issues involving jets. The investigation comes after small holes were discovered in the material, apparently from corrosion, according to the Times report.

    1. Titanium that was distributed with fake documentation

      Pedigree of materials is a huge issue in a lot of industries.

      1. everything made in china is junk

        Much of the computer hardware manufactured in China is not junk.

        In life, you get what you pay for, and that goes for manufacturing. When an order asks for cheap, the output is cheap, but that does not mean China does not manufacture great stuff when the price is correct.

    3. “The investigation comes after small holes were discovered in the material, apparently from corrosion, according to the Times report.”

      Real titanium does not oxidize.

  23. Just replaced a control board in my Bosch refrigerator after water damage and as a PCB designer I can say what a cheap POS it was for 200 bucks. Not gold plated on the edge fingers just cheap solder coated on very thin copper outer layers. And why would any designer use 0201 sized caps if you ad plenty of room on the board ?

      1. EMZ no idea where it was made but making circuit boards in qty is almost all done in China unless its prototype or military ITAR . Best and latest equipment all in China leaving mostly quick turn and pro-type fabs here in USA. The equipment might be designed here but all set up in China.

        1. Bosch is a German brand, and the Germans can be very fastidious at “do it it right or don’t do it at all”. That said, we live in a global age, and it’s possible that a Bosch fridge not be designed nor made in Germany anymore.

    2. Can you give us some more specs: size of the board, # of layers, # of components? What is the MCU/firmware? How much would you charge to design a better one?

      1. I would charge 1 dollar to change the FAB notes to ENIG . problem is the business side would not want to send the extra money on Gold plating even on higher end refrigerators. Pretty sure even cheap computers use gold on the edge fingers for their products . They used to at least .

    3. “…And why would any designer use 0201 sized caps if you ad plenty of room on the board…”

      Room for 0402 or 0603 caps?

      Presume ceramic?

      1. Yes easy room for 0603 even bigger and probably ceramic but I can’t look at 0201 caps and figure out material would need parts list . Smaller the CAP size smaller the Farads so tiny caps really don’t do anything unless you’re at GHZ and unless its some kind of RF blue tooth thing ? maybe it is .

  24. Never forgive. Never forget.

    Westword — COVID-19: In Conservative Colorado Town, Mask Wearing Gets Worse (12/2/2024):

    “Convincing Coloradans to improve their efforts in this area won’t be easy, however, as demonstrated by a visit to the Town of Castle Rock’s popular outlet mall during the annual weekend kickoff to the Christmas shopping season. On that day, mask-wearing in common areas was considerably less common than it had been months earlier, despite the urgency of the current situation.

    We’d previously visited the Outlets at Castle Rock in July, and back then, we noted that around 10 to 20 percent of patrons “put on a mask to enter stores, then quickly removed it as soon as they split” — and quite a few donning such coverings wore them improperly, keeping their nostrils open to the world. But because the center wasn’t busy the afternoon we stopped by, maintaining a physical distance of six feet or more from other shoppers wasn’t a problem.

    The scenario was very different on Saturday, November 28, the date of our most recent stop. Because the center was bustling with customers, people were regularly in the position of passing each other closely — and while most weren’t stopping to chat face to uncovered face with strangers for ten to fifteen minutes (a high-risk infection scenario cited by public-health officials), their proximity definitely raised concerns.

    So, too, did the number of customers who ditched their masks as soon as they left stores. Probably three out of ten shoppers did so — roughly double the percentage we observed back in July.

    Polis and Fauci, among others, have also warned about the dangers of multi-generational mixing — often relatives from different households, including older individuals who are more susceptible to the disease. Such scenarios happened frequently on November 28, and in those cases, unmasked individuals did indeed stand or sit next to older family members for long periods of time. This included folks who purchased a beverage or a snack, which they appeared to see as giving them license to sit around bare-faced for considerable stretches even when they weren’t drinking or eating.”

    https://www.westword.com/news/covid-19-conservative-colorado-town-where-mask-use-is-getting-worse-11854240

    Giving them license?

    This is just one local example, there are thousands of articles like this one. And the people who wrote these articles all have NAMES, and an extensive, un-erasable, digital footprint of being in full support of medical tyranny.

    There will be no “pandemic amnesty” only nooses.

  25. Los Angeles Times — Paddle boarder chased by boat, arrested in Malibu after flouting coronavirus closures (4/3/2024):

    “A paddle boarder was arrested Thursday after ignoring lifeguards’ orders to get out of the ocean near the Malibu Pier despite beach closures amid the coronavirus pandemic, authorities said.

    County lifeguards patrolling the shore by boat tried to get the man to come ashore. Despite repeated orders to exit the water, the man continued paddle boarding for at least 30 minutes. Lifeguards eventually flagged down Los Angeles County sheriff’s deputies who responded by boat to help, according to the Sheriff’s Department.

    The man, who was not identified by authorities, eventually made his way to the beach, where he was arrested on suspicion of disobeying a lifeguard and violating Gov. Gavin Newsom’s stay-at-home order, a misdemeanor. Photographs from the scene show the man in handcuffs being led down the beach by two deputies.

    He was booked at a sheriff’s station in Calabasas and released on a promise to appear in court, sheriff’s officials said. The man faces a fine of $1,000 or six months in jail, or both, if convicted of violating the state order.”

    https://www.yahoo.com/news/paddle-boarder-arrested-malibu-flouting-152453085.html

    1. ^ Correction: article is from 2020.

      Newsweek — Florida Man Killed in Crash Listed as COVID-19 Death, Raising Doubts Over Health Data (7/20/2020):

      “A person in their 20s, who was killed in a motorcycle accident, was initially reported to have died from COVID-19, according to Dr. Raul Pino, Health Officer for the Florida Department of Health in Orange County, Miami’s WSVN reported.

      “We were discussing or trying to argue with the state. Not because of the numbers. I mean, it’s 100. It does not make any difference if it’s 99, but the validity that the fact that the individual didn’t die from COVID-19, died in a crash,” Pino argued.

      “But you could actually argue that it could have been the COVID-19 that caused him to crash, so I don’t know the conclusion of that one,” he added.

      https://www.newsweek.com/florida-man-killed-crash-listed-covid-19-death-raising-doubts-over-health-data-1518994

      Could have been the COVID-19 that caused him to crash?

      Trust The Science™

    2. CBS — Grand County Coroner: Colorado Should Improve Classification Of COVID Deaths (12/17/2020):

      “Grand County isn’t the first to report a data discrepancy with COVID-19 deaths, but following a murder-suicide in the region the coroner is talking about the impact it may have.

      “These two people had tested positive for COVID, but that’s not what killed them. The gunshot wound killed them and it’s very misleading for you to put numbers out there saying these people died from COVID when that’s not what they died from,” said Coroner Brenda Bock.

      Bock said her investigation wasn’t finalized when the State of Colorado listed the two victims as dying with COVID-19.

      “I realize yes, you’re trying to keep count of the numbers, but you need to do it right, and these people did not die of COVID, they died of gunshot wounds and that’s how it needs to be listed,” she said.

      https://www.cbsnews.com/colorado/news/grand-county-coronavirus-deaths-covid/

      Trust The Science™

    3. NPR — Protesting Racism Versus Risking COVID-19: ‘I Wouldn’t Weigh These Crises Separately’ (6/1/2020):

      “Mass protests that have erupted over police brutality toward black people in America are raising concerns about the risk of spreading the coronavirus. But some health experts, even as they urge caution, said they support the demonstrations — because racism also poses a dire health threat.

      Tens of thousands of people, masked and unmasked, have thronged the streets of Minneapolis, Atlanta, Louisville, Ky., and other cities in the week since George Floyd died after a white Minneapolis police officer kneeled on his neck. They are the largest public gatherings in the U.S. since the pandemic forced widespread shutdowns, and many local officials warned of a possible spike in new cases in one or two weeks.

      But the risks of congregating during a global pandemic shouldn’t keep people from protesting racism, according to dozens of public health and disease experts who signed an open letter in support of the protests.

      “White supremacy is a lethal public health issue that predates and contributes to COVID-19,” the letter said.

      Local governments should not break up crowded demonstrations “under the guise of maintaining public health,” the experts said in their open letter.

      https://www.npr.org/sections/coronavirus-live-updates/2020/06/01/867200259/protests-over-racism-versus-risk-of-covid-i-wouldn-t-weigh-these-crises-separate

      https://bit.ly/PublicHealthOpenLetterSigned

      That’s quite the list of NAMES in that second link there. So many “experts” so much The Science™

  26. Fox Business
    HOUSING
    Published June 14, 2024 6:00am EDT
    Home foreclosures are on the rise again nationwide
    More Americans lost their homes in May as foreclosures move higher
    By Megan Henney FOXBusiness
    2024 housing market is ‘something we haven’t seen in our lifetime,’ real estate agent says
    Real estate agent Kirsten Jordan breaks down struggles facing home buyers and shares her predictions for the housing market on ‘Cavuto: Coast to Coast.’

    Home foreclosures rose again in May as Americans continue to grapple with the ongoing cost-of-living crisis.

    That is according to a new report published by real estate data provider ATTOM, which found that there were 32,621 properties in May with foreclosure filings, which includes default notices, scheduled auctions and bank repossessions. That marks a 3% increase from the prior year, although it is down 7% from the same time last year.

    “May’s foreclosure activity highlights nuanced shifts in the housing market,” said ATTOM CEO Rob Barber. “While we observed a slight increase in foreclosure starts, the decline in completed foreclosures indicates resilience in certain areas.”

    Nationwide, about one in every 4,320 housing units had a foreclosure filing in May, according to the report. But the problem was worse in several states. New Jersey experienced the highest rate of foreclosures last month, with about one in every 1,939 homes receiving a foreclosure notice – more than double the national average.

    Homes in the Issaquah Highlands area of Issaquah, Washington on April 16, 2024. (Photographer: David Ryder/Bloomberg via Getty Images / Getty Images)

    Delaware registered foreclosure filings for every 2,595 homes, while Connecticut saw one for every 2,600 and Florida got one for every 2,638.

    The problem could soon get worse as high home prices, steep mortgage rates, property taxes and rising insurance premiums bite Americans.

    Housing affordability is the worst it has been in decades, thanks to a spike in home prices and mortgage rates. Combined, the two have helped to push the typical salary required nationwide for homeownership up to $106,500 – a stunning 61% increase from the $59,000 required just four years ago, according to Zillow.
    …
    https://www.foxbusiness.com/economy/home-foreclosures-rise-again-nationwide

  27. “There is also a poor mood on the market: because it is constantly being said that nobody can afford property any more, many people do not even ask for a loan, according to Michael Pisecky, chairman of the Viennese specialist group.

    It sounds like you will need to wait for wages to catch up. It could be a while.

  28. I was cold called by a new car dealership yesterday. The lady who called told me that there are great incentives to sweeten the deal and kept asking if I would like to make an appointment at the stealership. I politely declined her offer, telling her I wasn’t in the market for a new car.

    Anyway, it sounds like they are getting a bit desperate.

    1. It is super confusing what is happening with car dealers. From cardealerguy on X.
      ——————-

      Here’s a mind-blowing statistic:

      151 dealerships sold in Q1 — the most out of any quarter in the history of auto retail.

      What’s behind all this demand?

      It’s not that stores are cheap (in fact dealership valuations are still near all-time highs).

      And it’s not due to big public groups consolidating the entire market.

      The primary culprit(s) behind all this activity… are the private dealer groups.

      Private dealer groups accounted for *87%* of all deals in Q1 — they’re eager for growth and willing to pay big bucks to get it.

      If things keep going this way, this could be the biggest year for dealership consolidation.

      Read the latest Haig Report for more insights: https://carguymedia.com/3UfS2oK

      (Data via CDG partner:
      @HaigPartners
      #haigpartnerspartner)

    2. “…cold called by a new car dealership yesterday…”

      Ditto here in SoCal/Orange County

      The big push around here is for electric Hummers..

      The pitch is that the EV Hummers ‘have lots of torque’

      Well, OK….

      1. Flash flooding, while very rare out here can cause serious damage. We had one in my neck of the woods in 2013 and it washed away a road about a mile from where I live.

    4. Everyone is desperate to find little pockets of money that the smart people saved up. Pockets of money include high home equity, paid-off cars, a good salary paired with an outdated kitchen, high credit scores, even good health that can be exploited for whole life insurance.

      I get offers for insurance and HELOCs every week it seems. But I don’t get nearly the credit card offers I used to. Possibly because that’s unsecured debt.

      1. But I don’t get nearly the credit card offers I used to.

        Same, and I’m a credit card churner.

        I do get more and more offers for cash bonuses if I open checking and have two qualified deposits, or open savings and put in a deposit (like $10k to $200k) for 6 months.

        1. I do get more and more offers for cash bonuses if I open checking

          I see quite a few of those, too.

    1. Meanwhile, Hunter was busy spending his graft, powdering his nose and taking his brother’s widow where no man has gone before!

  30. A reader sent these in:

    CNBC hits the streets:
    CNBC: Are you getting out of cash?
    Man: What?
    CNBC: Cash. Are you getting out cash, and into stocks?
    Man: What little cash I have is going to food and rent.
    CNBC: So you’re buying grocery and REIT stocks?
    Man: Stocks?
    CNBC: Good stuff.

    https://x.com/RudyHavenstein/status/1801287237000474628

    california the weakest right now

    as americans say ”dems”

    https://x.com/AlessioUrban/status/1801234812591603906

    Fixed it for you.

    https://x.com/HansMahncke/status/1801222337301303526

    ⬇️Bidenomics Hits Tech: Silicon Valley Salaries Plummet amid Layoffs and Economic Uncertainty

    https://x.com/dailyjobcuts/status/1801240551942967298

    “Working” from home.
    @WellsFargo fired >a dozen in the firm’s wealth- & investment-management unit “after review of allegations involving simulation of keyboard activity creating impression of active work,” according to @FINRA

    https://x.com/DiMartinoBooth/status/1801329311040799068

    The Fed used to be profitable and send billions of $$$ per year to the US Treasury.

    Now the Fed has so many bandaid programs to hold the banking system together, it hemorrhages billions of $$$ paying commercial banks for reserves and reverse repos.

    $175 billion in losses so far

    https://x.com/WallStreetSilv/status/1801377005805432897

    Remember when BLS said annualized job growth in Q4 last year was 1.6%? Well, PHL Fed’s early benchmark revisions point to an increase of just 0.3% – that’s a difference of over 500k jobs that probably never existed…

    https://x.com/RealEJAntoni/status/1801341389277655254

    3 companies with a combined market cap $9.757 trillion at this moment.

    $AAPL incidentally has added over $650B in market cap in just the 6 weeks since May 2. More than $TSLA is worth in its entirety.

    We’re witnessing the largest & fastest market cap expansions in history.

    https://x.com/NorthmanTrader/status/1801255756953461192

    She must mean government jobs

    https://x.com/NorthmanTrader/status/1801223134432899151

    JPMorgan’s Bob Michele: “The bond market is in the hands of people like me. I don’t know what the Fed’s thinking. I don’t know what they’re looking at. I don’t know what they’re going to do…This is a confused Fed.”

    https://x.com/lisaabramowicz1/status/1801022358594933118

    Another round of layoffs is happening at Rivian as part of the electric vehicle-maker’s efforts to cut costs, primarily impact manufacturing

    The great EV flop continues…

    https://x.com/MacroEdgeRes/status/1801368841047707851

    Oracle is laying off around 700 employees and is shutting down Oracle Advertising

    https://x.com/MacroEdgeRes/status/1801442090779373841

    The last two times Oracle led the market, Tech imploded.

    Minor implosion of March this year. Major implosion in 2022.

    https://x.com/SuburbanDrone/status/1800886387346202961

    I’ve seen this one before, it’s a classic

    https://x.com/GRomePow/status/1801239203512188964

    PPI showed a decline in May, off 0.2%, but this morning’s report also revised all four of the prior months higher – wholesale price increases for each month this year have been slightly worse than previously estimated:

    https://x.com/RealEJAntoni/status/1801239344088338665

    City of Burnaby raised their development fees for high density by nearly $50k per unit this year. On a 1 bed condo that’s nearly 10% of the price! Next time a politician promises housing affordability just know you are being lied to.

    https://x.com/SteveSaretsky/status/1801008809051406768

    The economy in Y2K was the strongest in 30 years. This is the most debt-bloated economy in U.S. history.

    Do the math.

    https://x.com/SuburbanDrone/status/1801335231666131336

    This past week, Nvidia blew past $3t market cap. Apple went vertical. Microsoft new all time high. Broadcom and Oracle parabolic.

    Tech dominance has achieved LETHAL levels of overbought.

    https://x.com/SuburbanDrone/status/1801254778862764103

    Bulls are ecstatic that T-bond yields are going lower, however they haven’t figured out WHY yields are going lower…

    The T-bond market has figured out that the Fed bubble is about to burst leading from Asset Inflation (AI) to Asset Deflation (AD).

    https://x.com/SuburbanDrone/status/1801250181297402150

    This is the U.S. semiconductor index. In the lower pane I show my proprietary indicator which measures the % gain since crossing the 200 day moving average.

    200%: Two decades overbought.

    https://x.com/SuburbanDrone/status/1801045864640565309

    Central banks had no exit strategy from the pandemic, other than to allow the bubble to grow bigger.

    Pundits just went along for the ride.

    As usual.

    I continue to believe that AI will be the most painful bubble since 1929.

    https://x.com/SuburbanDrone/status/1800928561966264411

    The cool thing about this stock market is that it doesn’t even need stocks to go up to keep going higher.

    https://x.com/NorthmanTrader/status/1801397638773837950

    A fukin burrito company is now worth 90 billion… when does it end?

    https://x.com/drawnout/status/1801402771796582603

    Patience as soon as they post about using AI to improve the “lettuce to bean” ratio it will get there… trust me

    https://x.com/drawnout/status/1801408275302277127

    1. Meanwhile, contrarian investor David Hunter is standing by his melt-up theory, with a beautiful high market followed by an epic bear market.* He thinks we’re in the meltup now. Here are his predictions for the peak, with revisions:

      DOW: 38000 42000 55000 [currently ~38600]
      NASDAQ: 18000 20000 23000 [currently ~17700]
      S&P 500: 4700 5300 7000 [currently ~5431]
      Au: $3000 in 2024 [currently $2350]
      Ag: $60 in 2024-2025 [currently $29.63]

      I think D. Hunter overshot the highs a little bit, but even his middle revisions are getting close to being right.

      ———–
      *bear market = a prolonged fall instead of an insta-crash. After the crash in 1929, the market continued to drop until FDR was elected. That’s a bear market.

      1. That is not contrarian, it is classic Von Mises Austrian Economics and was so named a blow off top.
        Transparency is integrity

      2. I am mostly out of stocks. Please wake me up from hibernation when you think we are nearing the bottom of the CR8R.

    1. Why are risk asset speculators so smug when prices are rising and so angry when they CR8R?

    1. Gov. Kathy Hochul says she is exploring at least a partial ban on masks in the New York City subway system after images and videos of masked anti-Israel protesters on a train ricocheted around social media earlier this week.

      In a news conference at the state Capitol on Thursday, Hochul said she has started discussions with Mayor Eric Adams and state lawmakers about what a mask crackdown would look like and how to craft exemptions for health and religious reasons. The mayor’s office confirmed it was looking into the issue.

      But Hochul made clear she wants to see mask restrictions in some form, which she believes would help deter crime on public transit.

      “We will not tolerate individuals using masks to evade responsibility for criminal or threatening behavior,” Hochul said. “My team is working on a solution, but on a subway, people should not be able to hide behind a mask to commit crimes.”

      During an appearance on the “Cats & Cosby” radio show Wednesday evening, Adams compared protesters who cover their faces to the Ku Klux Klan.

      “Cowards hide their face,” the mayor said. “Dr. King did not hide his face when he marched and for the things he thought were wrong in the country. Those civil rights leaders did not hide their faces. They stood up. In contrast to that, the Klan hid their faces.”

      Hochul’s team will need help from state lawmakers to put a mask ban in place, the governor acknowledged.

        1. Not protest / terrism related, but there are still people wearing masks in Denver while driving alone, while walking on the sidewalk alone.

          I see them every single day. And these people vote. Given the chance to vote for mask mandates, lockdowns, business closures, and vaccine passports, they WILL vote for it.

          Remember when globalist sc*m Google altered the search results for “mass formation psychosis” immediately after Joe Rogan hosted Dr. Robert Malone on his podcast?

          Remember that one? Globalist sc*m Google which owns globalist sc*m YouTube deleted the podcast.

          If you see someone wearing a mask, shove them down a flight of stairs. Or better yet, in front of a train.

          1. Some people wear masks to lessen allergy symptoms. Masks are pretty good at keeping out pollen. The last time I flew, in late 2022, I also wore a mask both in the airport and on the plane. Not because of COVD, but simply because I didn’t want to catch a cold. Colds spread by fingers, and masks are pretty good at keeping fingers away from your nose and mouth. I didn’t wear the mask on the way back.

    1. 100% safe and effective?

      F* Australia. F* that whole rotten island. You gave up your guns in 1996, and you deserve every consequence of it. Sigh, wankers…

  34. ‘singled out an interesting data point: Indiana averages around 3,000 homes monthly going under contract, but in May more than 1,000 did not close. That is 1/3 of the transactions that started with an accepted contract and fell apart without closing. He says that figure has been high for the past several months and has never been this high before, usually averaging 20% or less. Why? Brown believes buyers and sellers have vastly different expectations, usually centered on inspection terms and repairs’

    Inspections? Oh, right minor respiratory illness is over. We don’t hear too much from yer sh$thole Dan, thanks fer the update!

  35. ‘They were shocked when their condo association in Summit County, governing their second home, lost its insurance policy. ‘It might be because we’re close to Forest Service land,’ Geslin said, ‘which must be more risky’

    Yeah Jeff, that’s cuz smokey the bear doesn’t do sh$t to prevent wildfires. Yer lucky if they cut a firebreak a few miles from yer shack. Little undercutting, not enough prescribed burns. Just spend the money on high profile orange goo helicopter dumps that look good on tee vee.

  36. ‘and now, a sale at its current asking price would mark a loss. The disgraced CEO has been trying to sell the six-bedroom aerie at 78 Irving Place since 2019’

    The guy who put this clown in charge of billion$ in RE spending was called ‘the mastermind’ by globalist scum media.

  37. ‘A downtown office tower has been seized through a foreclosure that points to a huge plunge in real estate values and a feeble Bay Area commercial property market. The tower at 1700 Broadway — a 10-story highrise in downtown Oakland’s bustling Uptown district — is now owned by its lender following the foreclosure, documents filed on June 7 with the Alameda County Record’s office show. Since no buyer emerged for the highrise…That amount is a jaw-dropping 69.9% less than the $13.3 million the prior owner, an affiliate controlled by HP Investors, paid in 2017 to buy the building’

    It’s shooting fish in a barrel with this stuff these days

    1. a 10-story highrise in downtown Oakland’s bustling Uptown district

      I don’t know anything about the Oakland Uptown District, but I can envision this property soon having a negative value, because it’s in Oakland.

  38. ‘It’s going to be interesting to see how the fallout of the short-term rentals, because more properties are going to come on the market in that category. So those ones might be more price sensitive, and price sensitive means having to drop their prices’

    It’s tough love Myrna, you won’t make any money on would be movers.

  39. ‘The new-build market is currently dead,’ said Gerald Gollenz, chairman of the real estate association. Hardly any apartments are being sold. The forecast for 2025 is getting worse by the day. ‘We are already talking about an 80 percent drop in new construction,’ said the expert. This would also have a massive impact on the entire economy and the workforce – from large corporations to house-sitters. More and more construction workers now have to ‘go on the dole’ in the warm season, something that has never happened before. In addition, a housing shortage is to be expected throughout Austria’

    It never stops with the shortage, no matter how much it craters.

  40. Gallup — American Public Opinion and Vaccination Requirements (9/3/2021):

    https://news.gallup.com/poll/354506/update-american-public-opinion-vaccination-requirements.aspx

    No excerpt provided, but consider the specific DATE of this polling data.

    It was somewhere between “get a free donut” and “we’re going to get you fired from your job.”

    Remember that? I hope you do.

    And I hope you ask yourself do I really want to live in the same country, under the same government, with these people who voted for this?

    No amnesty. Only nooses ☠️

    1. BBC — Freedom Convoy: Why Canadian truckers are protesting in Ottawa (1/29/2022):

      “The movement was sparked by a vaccine mandate for truckers crossing the US-Canada border, implemented by Prime Minister Justin Trudeau’s Liberal government earlier this month.

      Upset with the new measure that would require unvaccinated Canadian truckers crossing the two nations’ boundary to quarantine once they’ve returned home, a loose coalition of truckers and conservative groups began to organise the cross-country drive that began in western Canada.

      Social media and news footage showed trucks and companion vehicles snaking along highways, cheered on by people gathered on roadsides and overpasses, often waving Canadian flags and signs disparaging Mr Trudeau.”

      https://www.bbc.com/news/world-us-canada-60164561

      Remember what happened to them? It’s Canada. It’s a country that gave up their guns. And still has pictures of the Queen on their money.

      And a #Reminder to you Yanks, when a “Freedom Convoy” started in the United States, with an intended destination of Washington Dee Cee in early March 2022, Antifa were dropping bricks off of highway overpasses onto it.

      Don’t remember that one? Gee, I wonder why…

  41. ‘You do worry about the future value of the house because you think … you can easily lose a quarter or a third of the value’

    It’s still way cheaper than renting Roger.

    ‘Another resident who 7.30 spoke to but wished to remain anonymous was angry at Melbourne Water. ‘We’ve got a big mortgage, what’s going to happen if we need to sell and all of a sudden the property is worth less than we’ve got to pay back?’

    In accounting we call that YP resident. Yer problem.

  42. ‘It was valued at $860,000, but they paid $743,000 with a 20 percent deposit pulled from their savings, KiwiSaver accounts and borrowed from family. ‘At the time people were buying similar houses in Lower Hutt for as much as $900,000 in places like Naenae and Taitā’

    How about that Jessie? It was so crazy then.

  43. ‘China Evergrande’s former CEO, who Chinese regulators recently said was ‘uncontactable,’ has sold his home in Hong Kong at a loss of HK$74 million ($9.48 million) from the purchase price, according to a property agent. Xia Haijun last month sold a 2,834 net sq ft (263 sq m) five-bedroom duplex flat in North Point Mid-Levels district on Hong Kong island for HK$82 million, said Gary Lam, a senior sales director at real estate agency Centaline. In a filing last month, where Evergrande’s onshore flagship unit was fined $577 million for fraudulent bond issuance and illegal information disclosure, the China Securities Regulatory Commission (CSRC) said Xia’s involvement was ‘particularly vile.’ A mansion on the Peak in Hong Kong once owned by Hui was also sold last month for $57.37 million, half the valuation it received in 2023, records from the Land Registry showed’

    But Evergrande made a last minute payment on bonds three times in three weeks according to globalist scum media bloomberg, that didn’t happen. That was just as the sh$t was about to hit the fan. Biggest China-ron face plant in media history.

  44. A $200k Lie (Peel Region Real Estate Market Update)
    Team Sessa Real Estate

    59 minutes ago MISSISSAUGA

    In this episode we take a look at the current Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate home prices and market trends for week ending June 5, 2024. We also discuss how an agent had told a client their house was worth $1.5 million, only to be pressuring that same client to accept $1.3 million just 3 weeks later.

    https://www.youtube.com/watch?v=8oaoIbjR2O4

    10:20.

  45. Another BANKRUPT Condo Developer? Buyer’s Search for Answers.
    Jon Flynn Real Estate Stats

    2 hours ago

    Construction at the Stanley District Condo development in Niagara Falls, Ontario suddenly stopped a few months ago and the pre-construction buyers are searching for answers. All that remains is a big mud hole, all construction equipment is gone and no workers anywhere to be seen. What has happened to the buyers deposits and has the developer actually gone bankrupt or have they sold the development to someone else? We will continue to follow this news.

    https://www.youtube.com/watch?v=tp8sRrK7CgE

    6:15.

    1. Banks slowly dole out construction loan funds as progress is made, so the developer’s margins must have been very tight, and with the rising cost of money the project was no longer viable.

  46. We saw quite a few For Sale signs in residential areas we passed through during our drive around Poway this evening.

    We also had a chat with a rental home owner in our circle whom we saw at a party tonight,also in Poway. She’s planning to sell soon, because her mortgage recently went up by $1000 a month. Maybe taking out an adjustable rate mortgage just before the Fed executed an epic tightening cycle wasn’t such a smart decision?

    1. Real Estate
      The Fed’s latest interest rate decision could bring housing market to the ‘breaking point’
      By Social Links for Keith Griffith
      Published June 14, 2024, 2:01 p.m. ET

      Mortgage rates are likely to remain elevated through the summer, after Federal Reserve policymakers held the benchmark interest rate steady at their latest meeting.

      As expected, the Fed on Wednesday left the federal funds rate unchanged at a target range of 5.25% to 5.5%. The U.S. central bank has now held rates firm at that level for nearly a year, after rapidly raising them from near zero to combat soaring inflation.

      In remarks following the rate announcement, Fed Chair Jerome Powell said that inflation has “eased substantially” from its recent peak two years ago. But he conceded that inflation is “still too high” and remains above the Fed’s 2% target, after data earlier on Wednesday showed annual inflation at 3.3%.

      Fed policymakers now expect to make just one rate cut by the end of this year, according to projections released by the central bank. Bond markets don’t view a cut as likely until the Fed’s September meeting at the earliest, when traders price in a 64% probability of lower rates, according to the CME FedWatch Tool.
      Federal Reserve Bank Chair Jerome Powell announcing unchanged interest rates at a news conference, standing at a podium with microphones 6
      Fed Chair Jerome Powell said that inflation has “eased substantially” from its recent peak two years ago. Getty Images

      “The fact that the Fed scaled back the number of rate cuts from three to one is going to disappoint those who were hoping for a summer rate drop,” says Bright MLS Chief Economist Lisa Sturtevant. “Mortgage rates, which have remained higher for longer, will likely remain in the high [sixes] until later this year. Some homebuyers who have been sidelined by affordability challenges are going to wait until rates come down to buy.”

      Mortgage rates currently remain near two-decade highs, with the average rate on a 30-year fixed loan standing at 6.99% for the week ending June 6, according to Freddie Mac. Although mortgage rates aren’t tied directly to the federal funds rate, they are unlikely to decline significantly until a Fed rate cut seems imminent.
      …
      https://nypost.com/2024/06/14/real-estate/new-hikes-in-interest-rates-could-affect-bleak-housing-market/

    2. “She’s planning to sell soon, because her mortgage recently went up by $1000 a month.”

      That’s her SUV payment.

  47. Do housing prices in your area seem impossibly unaffordable?

    Remember Stein’s Law:

    “If something cannot go on forever, it will stop.”

    1. Yahoo Finance
      CNN Business
      These cities are now so expensive they’re considered ‘impossibly unaffordable’
      Rowers make their way along the Maribyrnong River outside of Melbourne, Australia on April 18, 2023. – William West/AFP/Getty Images/File
      Tourists look out over Hong Kong’s Victoria Harbour and the city skyline on July 10, 2023. – Tyrone Siu/Reuters/
      A plane flies over the Canadian National tower and the Toronto skyline on September 14, 2023. – Valier Macon/AFP/Getty Images/File
      These cities are now so expensive they’re considered ‘impossibly unaffordable’
      Mario Tama/Getty Images/File
      Hilary Whiteman, CNN
      Fri, Jun 14, 2024, 7:08 AM PDT
      4 min read

      Anyone with half an eye on the housing market over the last two decades will know that in many countries, not least the United States, it’s become much more difficult to buy a home.

      But a new report sums up the feeling of many potential home buyers by creating a category that labels some major cities as “impossibly unaffordable.”

      The report compared average incomes with average home prices. It found that pandemic-driven demand for homes with outside space, land use policies aimed at limiting urban sprawl, and investors piling into markets had sent prices soaring.

      US cities on the West Coast and Hawaii occupied five of the top 10 most unaffordable places, according to the annual Demographic International Housing Affordability report, which has been tracking house prices for 20 years.

      Perhaps unsurprisingly, the most expensive US cities to buy home are in California, where San Jose, Los Angeles, San Francisco and San Diego have all made the top 10.

      The Hawaiian capital of Honolulu also rates a mention in sixth place of 94 major markets surveyed in eight countries.

      Australia is the only other country besides the US to dominate the “impossibly unaffordable” list, led by Sydney and the southern cities of Melbourne in Victoria and Adelaide in South Australia.
      …
      https://finance.yahoo.com/news/buying-house-us-cities-now-050823854.html

    2. “Do housing prices in your area seem impossibly unaffordable?”

      Only if you want to buy one.

        2. “Renting in San Diego is not cheap.”

          There are reasonably priced rentals in parts of Palm Beach County. Of course you may need an AK-47, body armor and a couple of Glocks to feel good about getting in and out the front door.

    3. LOCAL NEWS
      ‘Impossibly unaffordable’ | San Diego ranks as 10th most unaffordable city
      New report compares average income and median home prices. Four California cities appear on the list.
      Author: CBS 8 Staff
      Published: 11:17 AM PDT June 14, 2024
      Updated: 11:17 AM PDT June 14, 2024

      SAN DIEGO — Once again San Diego has made it onto a list of the most unaffordable places to live.

      In a new report, San Diego ranks 10th of places that are deemed, “impossibly unaffordable.”
      ….
      https://www.cbs8.com/article/news/local/impossibly-unaffordable-san-diego-ranks-10th/

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