Property Owners Might Start Getting That Sinking Feeling Again
A report from Axios. “Metro Denver’s housing scene is finding its equilibrium as more homes hit the market, but many buyers aren’t budging. The slow spring selling season is stumping local realtors, who predicted a year ago that a boost in inventory would bring buyers back. ‘We are not seeing that play out and once again, the truth is the cost of housing is too high — at least in the median price points,’ Colorado Springs realtor Patrick Muldoon said. The ‘uncertainty of the upcoming election’ isn’t helping, and ‘many buyers seem to be waiting this one out,’ added Boulder-area realtor Kelly Moye.”
“For the first time in nearly 12 years, there was more than three months of inventory in Denver County, with over 1,700 new listings and only 1,013 sales closed. ‘The current level of inventory is a strong indication that we are experiencing a balanced market for the first time in over a decade,’ Denver County-area realtor Cooper Thayer said.”
KXAN in Texas. “The Austin-Round Rock Metro area is 15th in the nation for vacant apartments, according to a report. The report states that 9% of apartments in the Austin metro are vacant. This is up since 2023, when 7.3% of apartments were vacant. San Antonio and Dallas-Fort Worth areas are slightly under (around 8%). The Austin Apartment Association tells KXAN that it expects the city to see 26,000 more units become available by the end of 2024. Redfin shows that 66% of the metro’s house sale listings are ‘stale,’ meaning that the listings were on unsold after 30 days. Dallas’ metro saw the largest year-over-year increase in stale listings (7.5 points), but is still under Austin’s metro (60.5%). The Houston metro matched Austin’s year-over-year change, but its share (64.4%) was still less than Austin’s share. San Antonio was the only Texas metro to grow faster than and surpass Austin’s share (68.4%).”
The Dallas Business Journal in Texas. “A prominent high-rise in Uptown’s popular West Village neighborhood has received a $15 million makeover — but is also being threatened with foreclosure by a lender. Houston-based apartment developer Vero Sade has completed renovations to the 21-story, 381-unit building at 3700 McKinney Ave. it calls 3700M, the company said June 12. But the property has also been scheduled for a July 2 foreclosure auction. Limited liability companies connected to Vero Sade acquired the building from a Brookfield Properties affiliate in February 2022, according to Dallas County records. The companies took out a $121.5 million loan at that time with Column Financial Inc., according to a deed of trust.”
The Orange County Register. “The cost of homebuying is so insane that San Diego County’s sales are running at the slowest pace in records dating back 37 years. Only 59,146 San Diego County residences were sold in 24 months ended in April 2024, the slowest two years on record. This was fifth-straight month an all-time sales low was hit. Affordability is the current culprit. Only 11% of San Diego County households have the financial strength to qualify to buy, according to California Association of Realtors’ estimates. Only 357,486 Southern California residences were sold in 24 months ended April 2024, the slowest two years on record and the sixth-consecutive all-time low.”
The Real Deal on California. “Compass agent Butch Haze said he has spoken with clients who are waiting to see the election results before they make their move and some might even become sellers if the results go the wrong way. Across the city, he said, there’s a ‘united front’ from bartenders to bankers that change is necessary for a full recovery. ‘We lost our way and unfortunately were maybe too kind and need to restore just basic human rights of safety and common sense,’ he said. ‘If we see change happen, I think there will be a flood of people moving in to bet on San Francisco. It would be irresponsible not to believe San Francisco is a good long-term investment.'”
The Mercury News. “The South Bay must ditch empty office buildings and replace them with housing so the San Jose area can accommodate cutting-edge tech jobs such as artificial intelligence, a top economist says. That was one of the assessments and recommendations from economist Christopher Thornberg. ‘You need to start taking down these office buildings and putting up apartments,’ Thornberg said. Thornberg also disagreed with assessments that California is locked in a doom loop characterized by an exodus of corporations and a flight of its residents to rivals such as Texas, Arizona and Florida. ‘California is not dead yet,’ Thornberg said. ‘California is doing just fine.'”
The Oaklandside in California. “Architects, developers, and contractors settled into rows of seats to hear their colleagues discuss the state of the local homebuilding industry. The conference would turn into a commiseration session, with panels of mutli-family housing developers discussing how slow work’s gotten in the East Bay lately. ‘It’s no secret that the headline news is there’s nothing happening out there,’ said Dan Calamuci, senior representative at the Nor Cal Carpenters Union. JP Walsh, director of finance at Panoramic Interests, pushed back, saying rate hikes staved off a recession. ‘We were drunk in money with interest rates at 3%,’ he said. ‘We’ve all got it in our psyches that interest rates are super high. But on a 30-year average, they’re not.'”
Multi-Housing News. “The end of the zero-interest rate period has brought significant shocks to the commercial real estate industry. Yardi estimates that over $60 billion worth of multifamily loans are maturing this year. The industry believes that about $21 billion of those loans are underwater. After the pandemic, some owners took for granted that people could pay more rent. Rent as a percentage of income jumped from 30-35 percent to 50-55 percent, and that is not sustainable. As rent growth ends, cash flow and exit NOI will make those properties even less viable for the owners as they look for refinancing, resulting in more distressed sales. The second half of 2024 will see more distressed activity with an acceleration in 2025, as another $84 billion in loans mature next year.”
Market Watch. “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. 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. ‘The Fed bailed out Wall Street,’ Meli said, pointing to the heaps of long-duration 2% and 3% Treasury and mortgage bonds bought by the Fed during the COVID crisis. Now it is underwater, as it also must finance its operations at its current 5.25% to 5.5% policy rate. ‘If they had cut their balance sheet before increasing rates, they wouldn’t have had as big of losses,’ Meli said. ‘But maybe they should not have expanded it as much as they did in 2020.'”
CTV News in Canada. “An older condominium complex in Kanata is asking its residents for more than half a million dollars to replace its aging infrastructure. The five condo buildings on Stratas Court were built in the 1980s on a sloping sedimentary foundation. Crumbling walkways and leaky roofs have put pressure on the local condo board to restore the buildings back to code. Those against the repair fee argue the board should have never let the reserve fund fall to the point where it currently stands. ‘These people are spending my pension,’ resident Moira Green said on Friday.”
Investigative Journalism Foundation on Canada. “A trio of Metro Vancouver homeowners all say they were tricked into taking out mortgages on their properties by a man posing as a mortgage broker, who then pocketed the money through a complicated series of numbered companies and fake builders’ liens. Ashley Kong, Chenming Li and Allen Li (no relation) all testified last week during a disciplinary hearing held by the B.C. Financial Services Authority (BCFSA). The professional regulator has alleged that Hon Kit Chung, also known as Larry Chung or Joe Chung, falsely represented himself as a mortgage broker and arranged loans for his own financial gain from January 2020 to August 2022.”
“During their testimony at the BCFSA hearing, Allen Li and Chenming Li both said they connected with Chung when they were trying to raise money for real estate projects. Chenming Li testified that Chung filled out a mortgage application for his Surrey home without his consent, and he lost $800,000 as a result. Meanwhile, Allen Li described a complicated entanglement with Chung that began with a $250,000 ‘deposit’ Chung told him was necessary to secure a loan. That money was never returned to him, Li testified.”
“Chung later convinced him to take over as director of one of his numbered companies and then purchase a vacant lot in Burnaby through that company, Allen Li told the hearing. He said Chung also directed him to deposit $170,000 from a mortgage on his home into the numbered company and arranged for two mortgages totalling $1.3 million on the Burnaby property. Allen Li testified that when he became suspicious of Chung and tried to withdraw his cash from the numbered company, ‘It turned out the money was all gone.'”
The Globe and Mail in Canada. “The B.C. condo market has slowed significantly in the last eight months. The current downturn is perhaps not surprising considering that market cycles are often tied to interest rates. Small builders are going into foreclosure at an unprecedented rate. Mark Goodman, broker at Goodman Commercial, which specializes in the sale of multifamily buildings, says many apartment building owners in the Lower Mainland have owned for so long that they aren’t impacted by the higher rate. But investors who purchased in 2016 or 2017, when the ‘market was strong and money cheap,’ are having to refinance at four times the initial mortgage.”
“‘And coupled with rent freezes during COVID and only nominal rent increases after. Combine that with rapid inflation, insurance and tax and utilities, and many of these landlords are in a negative cash flow. This situation is even worse in the land development market. There has never been a time that I have been selling real estate in the last 22 years that I have seen so many court-ordered sales. The big guys are okay. But the ones that are not well capitalized… I have a lot of developments for sale and some of my clients are in trouble. It’s a tough time.'”
“Jacky Chan, chief executive officer at BakerWest Real Estate said the market overall, is hugely impacted by the lack of available cash from China, which has seen a significant real estate downturn. ‘Nobody is really throwing anybody a bone, right? Everyone is suffering. Nobody has a lot of cash lying around doing nothing. They are all servicing their increased cost because of the increased interest [rate].’ Mortgage broker Eitan Pinsky says that after ‘a bit of a nosedive’ the last eight months, they saw a busier spring that has since tapered off. ‘From everything I’ve heard, downtown Vancouver is a ghost town, very few people are purchasing. I think [buyers] think prices are going to be decreasing. A lot of listings are coming online.'”
News.com.au in Australia. “Fears of another interest rate rise have prevented fireworks from going off across Sydney auctions this week, with buyers rarely making outlandish offers unless they saw properties as exceptional. ‘You have to understand, Sydney has not had ‘normal’ for a very long time, basically all the way back to the global financial crisis in 2008,’ said PropTrack economist Paul Ryan. ‘What we’re finally seeing is a more balanced market. It’s not a bad time to be selling or buying. The market has lost those earlier (extremes) … interest rates are a factor in that.’ Sydney buyers recently got an extra boost in the form of a 30 per cent jump in the number of new listings, which has taken some pressure off them to offer bigger prices, Mr Ryan said.”
“Auctioneer Edward Riley said the auction attracted strong bidding, but this was not the norm across Sydney auctions. ‘You can go from one property to the next and the results can vary hugely, even if those properties are quite similar. There is little consistency,’ he said. ‘A while back, if it was a turnkey property, where the buyers didn’t have to do anything, you knew it would sell well, but the results are a lot more mixed. It’s patchier than it’s ever been before.’ Mr Riley attributed the mixed results to growing uncertainty over the direction of interest rates and vendors’ often setting their price expectations based on results that occurred when the market was stronger. ‘I think all the rhetoric about rates has had an impact. One minute buyers were told they’d be getting up to three cuts this year. Now they’re told there won’t be a cut this year. It’s all playing into their decision making.'”
Radio New Zealand. “House values continue to fall, with some main centres seeing an increase in the rate of decline. ‘The housing market has largely stalled, and now the seasonal slowdown is well and truly upon us, with both buyers and sellers continuing to grapple with difficult economic conditions,’ QV operations manager James Wilson said. He said a glut of houses for sale was contributing to price weakness. ‘So those who are in a position to buy right now have the upper hand. Property owners might look at our latest figures and start getting that sinking feeling again, while first-home home buyers might even look at them with renewed optimism. But the reality is a market that is stuck between a rock and hard place, at least until mortgage pressure eventually lifts.'”
From WWD. “Chinese luxury spending is still growing slower than expected despite jumps in offshore spending in Japan, according to a latest report from Bernstein. According to the report titled ‘China is in the repair shop,’ Chinese spending on luxury goods has yet to recover to pre-COVID-19 levels, when they saw 20 percent annual growth. A faltering housing market has meant many Chinese consumers are less willing to splurge on luxury goods. ‘Lower real estate prices have dissipated the consumer wealth effect and boosted people’s propensity to save, as they feel poorer,’ wrote the report.”
“Bernstein laid out the worst case scenerio as well, if the housing market continue to worsen. ‘Failure to break the doom loop would usher a bear case on China,’ wrote the report. ‘A deepening economic crisis would bring higher social tensions and increase the risk of more ‘anti wealth’ policies. This in turn would accelerate capital flight and brain drain.'”
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You will own nothing.
‘Houston-based apartment developer Vero Sade has completed renovations to the 21-story, 381-unit building at 3700 McKinney Ave. it calls 3700M, the company said June 12. But the property has also been scheduled for a July 2 foreclosure auction. Limited liability companies connected to Vero Sade acquired the building from a Brookfield Properties affiliate in February 2022, according to Dallas County records. The companies took out a $121.5 million loan at that time’
We got another knife catcher.
‘We lost our way and unfortunately were maybe too kind and need to restore just basic human rights of safety and common sense,’ he said. ‘If we see change happen, I think there will be a flood of people moving in to bet on San Francisco. It would be irresponsible not to believe San Francisco is a good long-term investment’
I’ve said many times a big problem in this big sh$thole is drug use.
unfortunately were maybe too kind and need to restore just basic human rights of safety and common sense,’
I know a few people who still think “kindness, compassion and patience” with the “troubled” people is the answer.
we closed so many mental institutions and left some to rot. put the homeless there let them sleep outside, in tents most are walled in so they cant escape, let them eat inside medical care like um a hotel californikation.
In California the solution was “halfway houses” that provided a bed, breakfast and dinner in exchange for their SSDI. Then RE became valuable, and…
We often say how the WEF/TBTF/own-nothing crowd want to bring about a collapse in property values so that they can snap up the inventory for pennies on the dollar. But even if they acquire downtown SF for practically free, that’s not going to solve the homeless, drug, and shoplifting problem. And above it all there’s still the threat of the Big One, which will override everything else, instantly.
“I’ve said many times a big problem in this big sh$thole is drug use.”
Street drugs have been “stepped on” too many times. They really need a stronger fentanyl.
‘These people are spending my pension’
It was way cheaper than renting Moira, plus you don’t have to shovel snow!
‘You have to understand, Sydney has not had ‘normal’ for a very long time, basically all the way back to the global financial crisis in 2008,’ said PropTrack economist Paul Ryan. ‘What we’re finally seeing is a more balanced market. It’s not a bad time to be selling or buying. The market has lost those earlier (extremes) … interest rates are a factor in that’
Yes, it’s always red hotcakes in Sydney. Oh, except for that one auction, those guys are fooked!
yes, I’ve also noticed the new realtors buzzword is “balanced”.
followed by “normal”.
just add the much overused “literally” to each word for greater impact.
ie: she wasn’t just eating, she was “literally” eating.
* I notice everything w/younger generations has to be so dramatic.
its all “BEYOND INSANE!!” for the most trivial mundane things but since they experience for the first time, hype the hell outta it! haha
new Costco yogurt . . . ?!
BEYOND INSANE!!! click the like/follow/ring the bell !!
Realtors Lead The Way ! (the special forces of bidness)
“We’ve all got it in our psyches that interest rates are super high. But on a 30-year average, they’re not.’”
No one here has ever said rates are too high. Eliminate “rate” from your vocabulary and focus on prices being 7 to 10 times incomes.
The fed needs a fresh mandate, e.g., no more purchases of mortgage backed securities, and the GSEs, Fannie and Freddie, need to be privatized ASAP; no more government guarantees!
#EndTheFed
The slow spring selling season is stumping local realtors, who predicted a year ago that a boost in inventory would bring buyers back.
More dissembling from the REIC shills in the MSN. The much-ballyhooed Spring Miracle Revival was never going to materialize, because the underlying economy is deteriorating under the malgovernance of the Biden regime & the Fed’s monetary malpractice. But Always Be Closing demanded a false sense of urgency to “get in now and refinance later.” Any dupes who trusted such UHS “advice” are now screwed, blued, and tattooed.
“The much-ballyhooed Spring Miracle Revival was never going to materialize, because the underlying economy is deteriorating under the malgovernance of the Biden regime & the Fed’s monetary malpractice.”
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From the same article:
https://www.axios.com/local/denver/2024/06/12/denver-real-estate-trends-may-housing-inventory
Jun 12, 2024 –
News
New listings bring better balance to Denver’s housing market, but buyers aren’t budging
Alayna Alvarez
“What they’re saying: “We are not seeing that play out and once again, the truth is the cost of housing is too high — at least in the median price points,” Colorado Springs agent Patrick Muldoon said Wednesday in a statement.”
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– The initial purchase price is to darn high by a wide margin. Then throw in the recurring monthly costs, plus unscheduled maintenance and repairs, and it’s insane! “Unaffordable” is a gross understatement.
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https://www.bankrate.com/mortgages/hidden-costs-of-homeownership-study/
Study: Typical single-family home costs over $18,000 per year in hidden expenses
Written by Alex Gailey and Jeff Ostrowski; Edited by Suzanne De Vita
Cost of owning and maintaining a home soars to over $18,000
“Homeownership is a cornerstone of the American Dream and an important way for many to build wealth, but the ongoing costs extend way beyond the table stakes of buying a home.”
“In a market where median home prices have climbed above $400,000 nationally, the average annual cost of owning and maintaining a single-family home in the U.S. is 26 percent higher now compared to four years ago, according to Bankrate’s new Hidden Costs of Homeownership Study.”
“To determine average hidden homeownership costs nationally and in every U.S. state, Bankrate factored in the average cost of property taxes, homeowners insurance and 2% of the median sales price of single-family homes to account for maintenance and repair costs. We also included energy, internet and cable bills and adjusted figures for property taxes, energy, internet and cable bills and homeowners insurance premiums for inflation.”
“We found that the tab adds up to $18,118 a year for a typical single-family home (valued at $436,291, according to Redfin) in all 50 states. Nationally, that is an additional $1,510 per month on top of a mortgage payment.”
“In 2020, those same expenses totaled $14,428 annually for a typical single-family home, equivalent to $1,202 per month.”
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– The Feral Gov’t., including the nefarious Fed, broke the U.S. housing market (among other things) with continuous interventions since the GFC, and especially via their incorrect response to the Fauci-funded CCP flu pandemic. Think “Wreck-It Ralph Breaks the Internet.” It will take YEARS to return to some kind of normalcy if we don’t have hyperinflation first. A DJT win in Nov. will help (in a lot of ways), but idiot Congress needs to stop spending $ they don’t have. I don’t know if that’s even possible at this point, given the extremely high debt levels and “doom loop” debt payments scenario.
– For your Saturday entertainment. Lots of truth here too! 😀
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https://www.powerlineblog.com/archives/2024/06/the-week-in-pictures-stock-up-on-crazy-pills.php
Posted on June 15, 2024 by Steven Hayward in The Week In Pictures
The Week in Pictures: Stock Up on Crazy Pills
“Isn’t it time for a sequel to “Being There,” since we have someone in the White House who makes Chauncey Gardner look like Napoleon or Bismarck? Hey, Biden has the media fooled every bit as much as Chauncey did, so maybe we can settle for a documentary (especially since we don’t have Peter Sellers around to play the role). Now back to our regularly scheduled Pride Month propaganda.”
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– A selected example here:
https://www.powerlineblog.com/ed-assets/2024/06/IMG_1958.jpg
I’m skimming through fast this afternoon but it doesn’t look to include maintenance costs which I’m sure have at least tripled from before the pandemic. I always thought an interesting statistic would be comparing what today’s homeowner spends yearly at Home Depot against today’s renter.
‘California is not dead yet,’ Thornberg said. ‘California is doing just fine.’”
CA doing fine? Seriously?
Isn’t this the same guy who said 50% is impossible?
No, he said shack prices in K-fna wouldn’t fall – at all! The 50% guy was a poster here, he said it was ‘unrealistic’ to expect half off.
Yes, that self-proclaimed RE “expert” vanished some time back. I suspect he’s living under an overpass or in a Bidenville tent camp if he actually believed the crap he spewed in here.
Eat yer crows Thornberg
The ever-growing list of athletes in their 20s and 30s who “died suddenly” is getting harder to sweep under the rug.
https://www.cnn.com/2024/06/15/sport/matija-sarkic-dies-millwall-montenegro-spt-intl/index.html
Meanwhile, old school vaccines are quietly being replaced by deadly mRNA jabs.
The only shot I get is the flu shot, and I definitely will be avoiding an mRNA combo shot. I suspect enough people will demand a traditional flu shot to at least keep that one available.
But I’m worried about the other stuff. Will mRNA be my only option for a shingles vaccine? If I hear them mucking about with tetanus, I might get a pre-emptive shot for that too.
And what about the kids? Are they going to forced into an mRNA MMR and mRNA DPT?
Easy solution: no more jabs.
I’m safely assuming the malevolence didn’t just start with the mRNA versions.
100% safe and effective.
‘The current level of inventory is a strong indication that we are experiencing a balanced market for the first time in over a decade,’ Denver County-area realtor Cooper Thayer said.”
Stop lying, Cooper. Rising inventory and softening sales is a classic leading indicator of a housing bubble bust.
Thornberg also disagreed with assessments that California is locked in a doom loop characterized by an exodus of corporations and a flight of its residents to rivals such as Texas, Arizona and Florida. ‘California is not dead yet,’ Thornberg said. ‘California is doing just fine.’”
“It’s hard to get a man to understand something when his job depends on him not understanding it.” — Upton Sinclair
Nailed it!
‘We’ve all got it in our psyches that interest rates are super high. But on a 30-year average, they’re not.’”
Since 2008 the Fed has been artificially suppressing interest rates by buying up U.S. debt with “money” created out of thin air. That works until it doesn’t. When the Fed loses control of the debt market, it’s Game Over for these Keynesian fraudsters’ asset bubbles & Ponzi markets.
“During their testimony at the BCFSA hearing, Allen Li and Chenming Li both said they connected with Chung when they were trying to raise money for real estate projects.
Every time real estate speculators get fleeced, an angel gets its wings.
But investors who purchased in 2016 or 2017, when the ‘market was strong and money cheap,’ are having to refinance at four times the initial mortgage.”
Die, speculator scum.
‘Lower real estate prices have dissipated the consumer wealth effect and boosted people’s propensity to save, as they feel poorer,’ wrote the report.”
They feel poorer? They ARE poorer, and for millions of little feet stampers, insolvency awaits as fake “value” created by fake PBOC “money” washes away from their skybox “investments” like FB tears in the rain.
Globalists gonna globe.
https://www.dailymail.co.uk/yourmoney/consumer/article-13531969/american-homeware-brand-closing-south-carolina-factory-mexico-jobs.html
Parts of South Florida are underwater.
More than six inches of rain have fallen across the region, and some areas of Miami-Dade and Broward have seen more than a foot of rain over two days of downpours this week.
And the deluge isn’t over yet.
South Florida remains under a flood watch through at least Friday evening, with the National Weather Service predicting that Miami-Dade and Broward could see 4 to 8 inches of new rain.
https://www.msn.com/en-us/weather/topstories/how-much-rain-has-dropped-on-your-south-florida-city-more-than-a-foot-check-the-list/ar-BB1oaaDk
A flood advisory is in effect for the Fort Myers-Cape Coral area as torrential rains continue to fall across Southwest Florida.
The National Weather Service recorded just under 3 inches of rain through during a 12-hour period Tuesday, and some localized areas could see up to 20 inches of rain this week. That’s more than one-third of the rain that we receive in an average year, according to NWS records.
https://www.msn.com/en-us/weather/topstories/weather-update-isolated-areas-of-lee-county-could-see-7-inches-of-rain-by-friday/ar-BB1o1O92
On Monday, ahead of a wet week in Cape Coral, neighbors like Genelle Bennett say afternoon storms have flooded her front yard.
“In January we had that really big rain and we had so much rain it was up to almost the top of our mailboxes here on the street,” said Bennett.
On Monday, she said she is using humor to help keep her keep her head above water.
“We may have to build an arch or get some canoes,” said Bennett.
https://www.fox4now.com/cape-coral/we-may-have-to-build-an-ark-neighbors-prep-for-possible-cape-coral-flooding
The cost of homebuying is so insane that Los Angeles County’s sales are running at the slowest pace in records dating back 37 years.
Only 107,772 Los Angeles County residences were sold in 24 months ended in April 2024, the slowest two years since 1988. This was the ninth-consecutive month a new sales low was reached.
April’s homebuying pace is 43% below the 37-year average. It’s also 18% less than the pre-pandemic sales low of 130,683 in May 2009 – in the middle of that era’s global financial crisis.
https://www.msn.com/en-us/money/other/los-angeles-county-homebuying-at-record-low-43-below-average/ar-BB1oes6g
The cost of homebuying is so insane that Orange County’s sales are running at the slowest pace in records dating back 37 years.
Only 49,284 Orange County residences were sold in 24 months ended in April 2024, the slowest two years since 1988. This was the fifth consecutive month a new record sales low was hit.
April’s homebuying pace is 39% below the 37-year average and 6% less than the pre-pandemic sale bottom of 52,293 in May 2009 – in the middle of that era’s global financial crisis.
https://www.msn.com/en-us/money/realestate/orange-county-s-homebuying-pace-tumbles-to-all-time-low/ar-BB1oeiPi
The cost of homebuying is so insane that Ventura County’s sales are running at the slowest pace in records dating back 37 years.
Only 14,019 Ventura County residences were sold in 24 months ended in April 2024, the slowest two years on record. This was sixth straight month that an all-time low was set.
April’s homebuying pace is 42% below the 37-year average and 16% less than the pre-pandemic sales bottom of 16,711 in June 2009 – in the middle of the global financial crisis.
https://www.msn.com/en-us/money/realestate/ventura-county-home-sales-sink-to-historic-low/ar-BB1oe1jm
What about San Diego County?
That’s in the post above.
My bad. Thanks!
This article is a joke.
NPR — A major disinformation research team’s future is uncertain after political attacks (6/14/2024):
“The Stanford Internet Observatory, a prominent research group at Stanford University studying how social media platforms are abused, has lost its top leadership and faces an uncertain future amid a sustained right-wing campaign targeting the study of online falsehoods.
The SIO’s founding director, Alex Stamos, left his position in November. In recent weeks, the university did not renew the contract of Renée DiResta, the group’s research manager, along with other staffers. Remaining staff have been told to look for other jobs, according to the tech newsletter Platformer, which first reported the news.
The SIO was founded five years ago as a cross-disciplinary program examining some of the thorniest issues raised by the proliferation of the internet, including the way social networks such as Instagram are used for child exploitation and the spread of false and misleading information about elections and vaccines.”
https://www.npr.org/2024/06/14/g-s1-4570/a-major-disinformation-research-teams-future-is-uncertain-after-political-attacks
The 2020 election was stolen.
Covid vaccines are poison.
And you are all unemployable. You don’t have a single skill that is needed, anywhere. The “disinformation” is that this organization was ever legitimate, which it is not.
The internet and rise of social media broke the globalists’ monopoly on the dissemination of news and information. The perpetuation of globalist ideologies is wholly dependent on the suppression of truth, since lies is all they traffic in. Any and all challenges to “The Narrative” will be labeled “disinformation” by the globalists & their Quislings to provide a pretext for censoring, silencing, and persecuting truth-tellers on social media who dispute globalist dogma and propaganda lines.
“disinformation”
Anyone who uses this term and takes themselves seriously, you can be certain they are lying.
And btw, the 2020 election was stolen.
Financial Nihilism! The rise of meme stocks like GameStop and cryptocurrencies are symptoms of this point of view, where pumping financial products in a zero-sum game has become a style of investing for many of millennials who view it as a way to get rich in an essentially meaningless world.
John Authers argued in Bloomberg that, the latest bout of speculation, and especially the extraordinary excitement at GameStop, unlike prior bubbles has a different emotional driver: anger.
In today’s video Patrick Boyle explores what got us here and how might this idea affect society. 23 min
https://www.youtube.com/watch?v=QI_9WZbOf3o&t=134s
You ain’t seen nothing yet. There will be boatloads of anger when meme stocks and crypto eventually fall victim to the Fed’s new higher-for-longer rates regime.
Having trouble finding a buyer? The solution is mindlessly simple: Lower the asking price to current market value! D’oh ..
After sitting on the sidelines for months, sellers finally want to offload their houses, but no one’s buying
Fortune· Getty Images
Alena Botros
Thu, Jun 13, 2024, 1:26 PM PDT
4 min read
In this article:
Fortune once called the historically low mortgage rates of the pandemic era a blessing and a curse. It’s true—there’s nothing better than a below-market rate, especially when there’s such a substantial difference, but it keeps you locked in, too; it’s hard to give up a, let’s say, 3% mortgage rate for a 7% one, unless you have no other choice.
It’s a phenomenon called the lock-in effect, and all year it has shown subtle signs of easing. Last year, existing home sales fell to their lowest point in almost three decades because nobody was selling or buying homes. But it seems sellers are finally ready; the only thing is, buyers aren’t matching their energy. “Home sellers are returning to the market but finding buyers hesitating,” Zillow’s chief economist Skylar Olsen wrote in a monthly housing report published yesterday.
“Buyers aren’t matching sellers’ uptick in activity,” Olsen reiterated. But how do we know sellers are making a comeback? New listings rose roughly 8% in May and close to 13% from a year earlier. “The effects of ‘rate lock,’ owners holding on to their existing homes and low-rate mortgages, appear to be lessening over time, even as most outstanding mortgages have a rate well below what’s currently being quoted on the market,” she wrote.
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https://finance.yahoo.com/news/sitting-sidelines-months-sellers-finally-202621009.html
Price discovery is like leaving work early to surprise the bird.
10 Housing Markets That Will Plummet in Value Before the End of 2024
Brooke Barley
Sat, Jun 15, 2024, 6:01 AM PDT
5 min read
hapabapa / Getty Images/iStockphoto
A lot of housing markets in the United States are going up right now, but there are some that experts say are about to lose a lot of value. This could be helpful to know if you’re planning a big move or trying to find a more affordable place to live.
Here’s a look at 10 places where experts say are about to experience a substantial drop in housing prices.
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https://finance.yahoo.com/news/10-housing-markets-plummet-value-130112341.html
A reader sent these in:
Nvidia
When it unwinds and it will, very soon .
Books will be written .📚
Pin the post .
https://x.com/great_martis/status/1801383797197525045
Woman totals her Jeep instead of paying $63
https://x.com/crazyclipsonly/status/1799943609409798553
Same regime every day in the current stage of ‘where in cycle?’ – equities drop slightly at open, very weak Econ data drops, 2 dozen megacaps get bid up higher, 80% negative A/D again…
https://x.com/DonMiami3/status/1801646070604382245
“Rate cuts are bullish”
https://x.com/DonMiami3/status/1801664387369079041
It seems that the “speculator” have abandoned their pursuit, implying a significant shift in their behaviour toward Toronto Condos.
https://x.com/TheELongWave/status/1801356907757609464
Hearing rumors that there is a major lawsuit brewing against NAR… *by brokerages*
https://x.com/robhahn/status/1801317166110937435
Toronto has more unemployed people than the entire population of Buffalo.
https://x.com/6ixbuzztv/status/1800953078524305672
UMich: buying conditions for durable goods crater. The Fed is officially behind the curve
https://x.com/zerohedge/status/1801625128184238147
An aside: industry wood product revenues have reached end of 2020 recession levels.
https://x.com/MrAwsumb/status/1801430974816760043
Remember the “diamond in the rough” in Kauai w/ a $100k drop? Well just for you, take another $100k off my very good friend! Not enough? Why not grab it’s neighbor who’s offering the same very special deal!
https://x.com/jimmydean197/status/1801656998628626891
On Semiconductor is laying off 1,000 employees in Arizona and Oregon as apart of a new cost cutting drive
https://x.com/MacroEdgeRes/status/1801678471783239898
Poorer for longer
https://x.com/AlessioUrban/status/1801728932968075476
Pfizer is expected to lay off hundreds of employees in Sanford
https://x.com/MacroEdgeRes/status/1801768500605988987
No one wanted their 25th boost?
https://x.com/MacroEdgeRes/status/1801771156770590835
The market cap of the entire S&P500 at the March 2009 lows was less than today’s market cap of NVDA+AAPL
https://x.com/zerohedge/status/1801716298076012858
There is no other way of saying it that a global insurrection and take over of Globe is occurring by captured World Governments partnering in a treasonous handing over power to Monopoly Corporations , Rich Entities, Banks, Big Pharmacy, and other co conspirators like the UN and the WHO.
These Entities ,I will call the One World Order, plan to control all earth’s resources and consumption and enslave human populations under a forced dictorship and partnership with Governments to implement this plan.
The One World Order (OWO) has a blueprint of the 2030 UN Sustainable Earth Agenda. If implemented if would cause mass famine, mass genocide by mandated vaccine, deprivation of energy, destruction of earth’s arable lands, and other unknown conquences.
Private Party Banks plan to implement digital currency to control your consumption by monitoring your carbon usage, travel, vaccine status, etc with ability to cut off your access to your money.
Monopoly Corporations and Rich Elites plan to control all supply lines and earth resources.
Big Pharmacy with governments are building vaccine manufacturing plants to produce and stock pile countless vaccines, that WHO will mandate you take.
They plan to replace 40% of the global jobs in next 10 years, by AI and robots, which would render billions displaced and needing welfare, that governments couldn’t afford.
They justify their dictorship and tyranny by fraudulent Climate Change Doomsday and contrived Panademics to force genocide and a implementing of enslaved global populations .
Populations will be under surveillance, hacked, injected and will own nothing, eat bugs and fake food, with all freedoms and constitutional protections voided.
They plan to eliminate all free speech for one centralized Media that controls all information allowed.
This insurrection is based of a host of fraudulent narratives , like Climate Change doomsday and Panademics to force humanity into depopulation and a enslavement with no rights or choice.
They are in process of collapsing all prior systems for their One World Order, Great Reset, 4th industrial revolution, technocratic slavery, UN sustainable earth, whatever you want to call it.
These Entities have no regard for humans, animals, plants, or earth and they want all humans tied to a control grid of their making.
Because they have highjacked bulk of global governments to partner in the implementation of their One World Dictorship, its a invasion of World by Government Agreement .
That’s why the global governments acted in lockstep on the Covid Panademic with the false countermeasures of lockdowns, masked, social distancing , and fake expiermental mNRA killer vaccines. The bogus false positive PCR machine is a fraud that determines their manufactured fake Panademic.
The seem to be gearing up for a Bird flu Panademic
currently, that jumps to humans, using same old PCR diagnosis fraud. Bird flu has a so called 50% mortality rate, but that’s based on 30 years of alleged 800 cases world wide, where about half were alleged to of died. What’s the proof they died of bird flu , and most the cases were in third world poor countries lacking medical intervention and clean water and compromise by poor conditions.
Since they are already trying to kill a big percentage of the food supply of poultry and cows by a claim of Bird Flu based on PCR test, it likely the narrative will come out that Bird flu has jumps to human population, they will want to confirm by same PCR test.But Bird Flu will be more scary, you know 50% death rate .
WHO got delayed by 4 months in final vote on them taking over the World Health dictates, and a election in US coming, so likely disease x will be Bird Flu, at least that’s what I’m predicting.
So, how will this affect real estate? More commerce and small business destroyed, more bankruptcy, more foreclosures in a already economically stressed world by inflation and excessive debt.
So real estate has the potential to crash dramatically. .Just saying why buy a asset that’s destined to crash, even if they lower interest rates.
While they want to give illegals jobs and government handouts and home loans, where does this leave US Citizens in terms of jobs to be able to buy real estate. They are giving the government handouts to the invading the border illegals. Just read they want to hire illegals for Police force. This is part of OWO plan , its called “replacement.”
And for your information, illegals were not required to take Covid vaccines, Chinese foreign students were not, postal workers were exempt, Congress/Senate/White House was exempt, and a number of other protected gov organizations were exempted from taking the jab.
Its all so unbelievable.
Exclusive — Karoline Leavitt: Biden’s Lawfare Against Trump ‘Absolutely Backfired on the Democrats’
HANNAH KNUDSEN
15 Jun 2024
President Joe Biden’s lawfare against former President Donald Trump has “absolutely backfired on the Democrats,” Trump 2024 national campaign spokeswoman Karoline Leavitt said during an appearance on Breitbart News Saturday.
Breitbart News Saturday host and Breitbart News Washington Bureau Chief Matthew Boyle pointed to a slew of recent polls that show Trump actually going up in numbers after the Manhattan jury’s controversial guilty verdict.
“This was their entire strategy to confine President Trump to a courtroom for hours a day, four days a week. And while that was happening, he was raising more money than them. In the month of April, President Trump raised more than Joe Biden and the Democrats for the first time in this race. After the shameful verdict came out, President Trump raised $53 million in 24 hours, and the most remarkable part about that was 30 percent of those donors were new donors to our campaign — into any political campaign,” she said, describing these as Americans who came out of the woodwork “because people are fed up.”
“Americans believe in fairness and justice, and what we saw happen with President Trump in that courtroom is anything but,” she said, adding that the Trump legal team continues to charge on and fight the “witch hunts in Fulton County, Georgia; to Washington, DC; to New York.”
“The truth is being exposed about all of these cases. President Trump is being vindicated, and the ultimate vindication will come on November 5, when he wins this election, because Americans see through this BS that Joe Biden and Merrick Garland and Jack Smith and Alvin Bragg and Letitia James and Fani Willis have done to our justice system,” she predicted.
https://www.breitbart.com/politics/2024/06/15/exclusive-karoline-leavitt-bidens-lawfare-against-trump-absolutely-backfired-on-the-democrats/
DOJ Refuses to Prosecute Merrick Garland After House Voted to Hold Him in Contempt
by Jamie White
June 15th 2024, 10:47 am
The Justice Department on Friday declined to prosecute Attorney General Merrick Garland following a vote by the House to hold him in contempt for refusing to turn over audio recordings of Joe Biden’s interview with Special Counsel Robert Hur.
Assistant Attorney General Carlos Felipe sent a letter to House Speaker Mike Johnson (R-La.) explaining that Joe Biden had “asserted executive privilege and directed” Garland not to “release materials” subpoenaed by the House Oversight and Accountability Committee.
The DOJ’s refusal to prosecute Garland for defying a subpoena comes as President Trump’s former White House chief strategist Steve Bannon had been ordered to report to prison on July 1 for a four-month sentence after he defied a subpoena from the Democrat-run House January 6 Committee.
https://www.infowars.com/posts/doj-refuses-to-prosecute-merrick-garland-after-house-voted-to-hold-him-in-contempt/
‘local realtors, who predicted a year ago that a boost in inventory would bring buyers back. ‘We are not seeing that play out and once again, the truth is the cost of housing is too high — at least in the median price points’
Talk em down outta that tree Pat.
‘The ‘uncertainty of the upcoming election’ isn’t helping, and ‘many buyers seem to be waiting this one out’
It could be that Kelly, or it could be yer sinking like a turd in a well.
‘It’s no secret that the headline news is there’s nothing happening out there…We were drunk in money with interest rates at 3%’
One follows the other time and again.
It’s taking homeowners a very long time this go around to grasp that buyers can’t make 2022 prices work at interest rates stuck higher-for-longer north of 7 percent.
Perhaps it’s not too early to revisit the Housing Bubble stages of grief?
1. denial
2. anger
3. bargaining
4. depression
5. acceptance
Sellers are clearly in stage 1. It will be interesting to see if they make it all the way to stage 5. this time, which was prevented from happening in the post-2012 period by the Fed initiating Quantitative Easing.
Physicians, who have access to special loan programs, appear to be propping up prices in my neighborhood.
‘Yardi estimates that over $60 billion worth of multifamily loans are maturing this year. The industry believes that about $21 billion of those loans are underwater. After the pandemic, some owners took for granted that people could pay more rent’
More than that, borrowers were able to use pro forma rent increases, year after year, to qualify for those nosebleed prices they were paying.
Sound lending!
‘Now it is underwater, as it also must finance its operations at its current 5.25% to 5.5% policy rate. ‘If they had cut their balance sheet before increasing rates, they wouldn’t have had as big of losses,’ Meli said. ‘But maybe they should not have expanded it as much as they did in 2020’
Jerry broke it off in his own a$$ too Ali.
How does balance sheet losses hurt the Fed? Does it make it harder for them to resume Quantitative Easing, for instance?
Does it make it harder for them to resume Quantitative Easing, for instance?
That has been my question.
Will the big losses today make pushing back against QE in the future possible? I think in some countries it will, but in the US, I don’t know
‘A trio of Metro Vancouver homeowners all say they were tricked into taking out mortgages on their properties by a man posing as a mortgage broker, who then pocketed the money through a complicated series of numbered companies and fake builders’ liens’
It finally dawned on me that K-dn RE was full of crooks in 2010 I think. It was a Business in Vancouver interview with a Vancouver broker, who said everybody knows it’s a money laundering, law breaking machine and they want their cut. Appraisers, lenders, title companies, UHS, the cities, everybody.
‘investors who purchased in 2016 or 2017, when the ‘market was strong and money cheap,’ are having to refinance at four times the initial mortgage’
How do those 5% cap rates look now?
‘And coupled with rent freezes during COVID and only nominal rent increases after. Combine that with rapid inflation, insurance and tax and utilities, and many of these landlords are in a negative cash flow. This situation is even worse in the land development market. There has never been a time that I have been selling real estate in the last 22 years that I have seen so many court-ordered sales’
So they are giving it away.
‘said the market overall, is hugely impacted by the lack of available cash from China, which has seen a significant real estate downturn. ‘Nobody is really throwing anybody a bone, right? Everyone is suffering. Nobody has a lot of cash lying around doing nothing. They are all servicing their increased cost because of the increased interest [rate]’
They used to call you a racist for mentioning Chinese money Jacky. That was lead by the REIC with the help of one party in particular and compliant media.
‘after ‘a bit of a nosedive’ the last eight months, they saw a busier spring that has since tapered off. ‘From everything I’ve heard, downtown Vancouver is a ghost town, very few people are purchasing. I think [buyers] think prices are going to be decreasing. A lot of listings are coming online’
It’s speculation and money laundering Eitan. It’s ruined many a city now.
‘So those who are in a position to buy right now have the upper hand. Property owners might look at our latest figures and start getting that sinking feeling again, while first-home home buyers might even look at them with renewed optimism’
That’s the spirit Jim!
‘some localized areas could see up to 20 inches of rain this week. That’s more than one-third of the rain that we receive in an average year’
60 inches a year. Sounds like fun.
“House values continue to fall, with some main centres seeing an increase in the rate of decline. ‘The housing market has largely stalled, and now the seasonal slowdown is well and truly upon us, with both buyers and sellers continuing to grapple with difficult economic conditions,’ QV operations manager James Wilson said.”
If house values are falling, doesn’t that put buyers in the driver’s seat with time on their side?
“He said a glut of houses for sale was contributing to price weakness. ‘So those who are in a position to buy right now have the upper hand.”
How do you avoid catching a falling knife if prices are outright falling?
“Property owners might look at our latest figures and start getting that sinking feeling again, while first-home home buyers might even look at them with renewed optimism. But the reality is a market that is stuck between a rock and hard place, at least until mortgage pressure eventually lifts.”
I would definitely rather not own a home if prices were falling. But I don’t see the downside for buyers who are willing to wait for the market to capitulate. What am I missing?
Two unbelievable sheepdogs working sheep in Scotland
Seanthesheepman
4 weeks ago
In today’s video storm and Echo two amazing border collie working sheepdogs are collecting young sheep of the hill
Watch as incredible sheep herding dogs work together to herd and navigate through the rough Scottish landscape.
Must see these beautiful dogs in action as they herd sheep on the mountain hill sides
https://www.youtube.com/watch?v=AjqqvnhctK8
9:26.
Those working Dawgs are amazing!
Thanks for posting.
“…border collie…”
A popular breed on farms in eastern WA.
My mom got an Old Scotch Collie in 2014 to train as a service dog for my son. Cancer had other plans.
Hunter Biden Drops Laptop Lawsuit Against Rudy Giuliani
Infowars.com
June 15th 2024, 3:45 pm
Hunter Biden’s lawyers moved to dismiss a lawsuit against Rudy Giuliani on Thursday over claims he and his lawyer invaded the president’s son’s privacy by distributing private information found on his so-called Laptop From Hell.
Biden had accused Giuliani and his attorney Robert Costello of being “primarily responsible” for the “total annihilation” of his digital privacy.
Hunter’s lawyer Abbe Lowell and Giuliani’s lawyer Joseph Sibley jointly agreed to drop the case and said in the filing that each side would pay for their own lawyers and court fees.
Giuliani spokesperson Ted Goodman lauded the dismissal as a victory for the former New York City mayor, saying Biden’s claims have now “been withdrawn and proven to be entirely false.”
“This should serve as a reminder to people that — despite the unrelenting attacks by partisan Democrats and their allies in the permanent Washington political class — Mayor Rudy Giuliani’s integrity and commitment to the truth is unwavering,” he said in a statement.
This comes after the Department of Justice submitted Hunter’s laptop information into evidence for his gun trial, in which 54-year-old Hunter was found guilty on three counts this week.
Biden’s electronic devices were used to help convict him of gun charges in federal court by suggesting he lied on a firearm registration form about his drug addiction in 2018, with pictures showing apparent drugs and text messages with a dealer discussing drug use.
Just days before the 2020 election, 51 former intelligence officials, organized by the Biden campaign, penned a letter dismissing Hunter Biden’s laptop as “Russian disinformation,” a false talking also advanced by Big Tech companies that worked to censor the New York Post’s original reporting of Hunter’s laptop.
https://www.infowars.com/posts/hunter-biden-drops-laptop-lawsuit-against-rudy-giuliani/
Feats Don’t Fail Me Now · Little Feat
https://youtu.be/4fAq_xi0Y-Y?si=hOaxZIzAsMHfRpyL
‘No longer the American dream’: Grant Cardone says people under 30 ‘should not even consider’ buying a home. Here’s why he’s so against it — plus 3 alternative ways to invest in real estate
Grant Cardone speaks during the 10X Growth Conference 2024
Ivan Apfel/Getty Images
Jing Pan
Updated Jun 7, 2024
Buying a house has long been considered an essential part of the American dream, as homeownership can be a symbol of prosperity, stability and success. However, real estate mogul Grant Cardone argues that this notion no longer holds true.
In fact, for young Americans, Cardone believes that the idea of home ownership simply shouldn’t cross their minds right now.
“Anyone under 30 years old should not even consider buying a home at this time,” he wrote in a recent post on X.
…
https://moneywise.com/investing/real-estate/no-longer-the-american-dream-grant-cardone
AI Overviews Are Taking Over Google Search. How to Turn It Off
Want the familiar Google search back? Here’s how you get it.
Nelson Aguilar
June 4, 2024 3:00 p.m. PT
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https://www.cnet.com/tech/services-and-software/ai-overviews-are-taking-over-google-search-how-to-turn-it-off/
Google parent loses $70B in market value after ‘woke’ AI chatbot disaster
By Social Links for Thomas Barrabi
Published Feb. 27, 2024, 10:16 a.m. ET
iMessage outages and phone carrier issues causes complete chaos
Google’s parent company lost more than $70 billion in market value in a single trading day after its “woke” chatbot’s bizarre image debacle stoked renewed fears among investors about its heavily promoted AI tool.
Shares of Alphabet sank 4.4% to close at $138.75 in the week’s first day of trading on Monday. The Google’s parent’s stock moved slightly higher in premarket trading on Tuesday.
…
https://nypost.com/2024/02/27/business/google-parent-loses-70b-in-market-value-after-woke-ai-chatbot-disaster/