You Know What, I Don’t Want To Wait Any Longer For This Price, Let’s Just Unload It
It’s Friday desk clearing time for this blogger. “Coshocton County is low on housing in a lot of key areas with a need for more construction. Phil Hunt recently sold his mother’s condominium, part of The Oaks subdivision, after she moved to an assisted living facility. Hunt said they purposely set the original price a little high knowing it’s easier to come down than it is to go up as a seller. ‘My thoughts were we had the ability that we didn’t need to rush. We had a little bit of time for the market to play itself out. We didn’t feel like we needed to take the very first offer we received and knew we purposely baked in some negotiating room in it,’ Hunt said. ‘We were serious about this. We weren’t just going to give it away, but we wanted to be fair.'”
“Michael Jordan‘s house in the northern Chicago suburb Highland Park has resurfaced on the market for close to half the price it initially listed for in 2012. The price, according to Zillow, is listed at $14.8 million. The home was initially listed for $29 million in 2012. The last time the property was listed, according to Zillow’s history alone, was in February 2021. The property taxes on the property are around $148,000 annually.”
“Craig Lipaj is almost finished with remodeling his bathroom. It’s a project that stemmed from a leaky roof caused by damage from Hurricane Ian. After a long battle for a fair settlement with his insurance company, he finally got his roof replaced, but it took a year and a half to complete. The damage from the storm is still prevalent in his North Port neighborhood. Multiple homes are finally getting repairs after wrangling with insurance companies. ‘If you have a claim, it’s a battle’ Lipaj said. ‘You’re going to fight it long and hard for a year or two years. Plus, there’s people who still don’t have claims settled.’ Many homeowners are also concerned about possible disputes with an insurance claim. In December 2022, state lawmakers passed legislation that requires claimants to pay their own attorney’s fees.”
“The unfinished, 1.4M SF Oceanwide Plaza in Downtown Los Angeles could be up for auction as soon as Sept. 17. In its present state, the project at 1101 S. Flower St. has been appraised at $434M, according to The Real Deal. The development, three towers reaching as high as 49 stories, is expected to cost at least $865M to finish, TRD reported. China Oceanwide Holdings, the parent company of the LLC developing the project, had previously estimated spending more than $1B to finish construction on top of the $1.2B it had already spent to get the project where it is today.”
“Oceanwide owes its creditors, including EB-5 investors, contractors that worked on the project and the county assessor, more than $400M. Lendlease, the general contractor on the project, and others forced the developer into bankruptcy in February. Lendlease announced in May that it would exit all of its U.S. and UK construction projects. It’s unclear who would be the buyer pool for such a large-scale project, especially one that’s been at least partly left open to the elements since construction paused four years ago and has more recently attracted graffiti artists.”
“Things aren’t looking great for downtown’s 1.7 million-square-foot Research and Development District from San Diego-based life science real estate developer IQHQ. A Citi analyst, writing in a research note to the project’s publicly traded lender Bank OZK, believes the district is 0 percent leased and that pharmaceutical giants have rejected the project and downtown location. Some experts have suggested the whole ‘biotech downtown’ thing isn’t happening and IQHQ should pivot to regular office space, not life sciences. Q: Should IQHQ switch to general office space, not life sciences?”
“Ray Major, SANDAG: YES: Downtown is woefully overbuilt in terms of office space right now. If IQHQ cannot secure the life science businesses they need, then they should pivot to a market that could generate tenants. However, moving into the general office space market may not favor them because many buildings have high vacancy rates and more businesses with expiring leases will most likely take fewer square feet in their renewals due to telecommuting.”
“Non-bank financial institutions pose an increasing risk to America’s big banks, the Federal Reserve said on Thursday in a post on the Fed’s Liberty Street Economics blog. During times of heightened market-wide stress, demands for liquidity mount on banks as non-banks seek term loans and lines of credit. This escalating reliance on big banks could result in ‘vectors of shock transmission and amplification, forcing authorities to intervene and do so en masse,’ the Fed said in the post, adding that the extent of these market disruptions ‘could be rather severe.'”
“A flood of listings in many Canadian housing markets is giving buyers who can qualify their pick of the litter and is forcing some sellers to get creative to land a deal. A glut of condos in Toronto, for example, means some sellers have to pull out unorthodox strategies to land one of the few prospective buyers in the market. ‘People are definitely more open to getting creative in order to get that condo sold, because right now, the condo market, it’s crickets,’ Davelle Morrison, a real estate agent in Toronto. Even if buyers aren’t showing up in most Canadian cities, sellers certainly are. At the start of this month, there were roughly 175,000 active property listings across Canada, up 28.4 per cent year-over-year, according to CREA.”
“The condo market in Metro Vancouver is also facing a slowdown, with sales for apartment-style homes down nearly 23 per cent year-over-year in May, according to the local real estate board. Active listings for condo units in Toronto are at or near record highs right now, notes John Pasalis, president of Realosophy Realty. He adds that if listings continue to rise in Toronto, some sellers might get impatient and take a steeper cut on price to win over buyers in the market, putting some downward pressure on home values. Pasalis says that a lot of the sellers in Toronto’s condo market right now are investors, many of whom are unable to raise rents to keep cash flow positive in the face of still-high borrowing costs. ‘Inventory builds up and then you start getting one or two sellers just throwing in the towel, saying, ‘You know what, I don’t want to wait any longer for this price. Let’s just unload it,’ Pasalis says.”
“A businessman shot dead in an altercation with a former client on Monday victimized hundreds of people through myriad enterprises that sparked three major police operations, netted at least $100-million and triggered dozens of lawsuits, according to interviews and court records. For all that, Arash Missaghi seemed immune from consequence. His voluminous court records show no convictions, no jail time and no successful lawsuits against him in Canada, while providing few – if any – indications why criminal charges against him were withdrawn on multiple occasions. His streak of impunity ended on Monday afternoon when one of his alleged victims, Alan Kats, penned a suicide note before confronting Mr. Missaghi at his Toronto office. A subsequent triple shooting left Mr. Missaghi and an associate, Samira Yousefi, dead. Mr. Kats took his own life, according to his widow.”
“‘I shake the system and change it and evolve people so everyone and every lawyer across the nation follows the new pattern,’ he wrote in a 2018 e-mail message that was reproduced in a legal judgment. He made it all work with ample doses of intimidation. ‘Stealing from a person like me is like stealing from Al Capone …’ Mr. Missaghi said in a 2018 text message filed in a civil case. ‘I don’t allow it to happen. And when it happens I can’t allow for it to be taken. … There will be no mercy and no holding back.'”
“A group of insolvent, out-of-town landlords are alleged to have spent millions of investors’ money on luxury items and extravagant expenses — flying on private jets, staying in luxurious hotels and racking up a $5,000 tab at a Miami strip club, among other things — even as their struggling real estate business was freefalling into a state of financial turmoil. That’s one of the revelations brought to light by KSV Advisory, the court-appointed monitor overseeing insolvency proceedings involving 11 corporations that entered bankruptcy protection last year after falling $144 million into debt to numerous lenders. The landlords collectively own 632 rental units across Ontario, including the Sault, Sudbury and Timmins. In all, 456 of those rental units are occupied, generating an average of more than half a million dollars in gross monthly rent collections.”
“The monitor expressed ‘serious concerns’ about continued borrowing from investors — in part to finance interest payments on previous debt — and transfers to both the landlords and their affiliated companies. The monitor found the applicants continued to borrow funds and renew loans ‘when they knew or ought to have known that there was no reasonable chance of repaying them,’ the report said. ‘Despite that knowledge, the applicants appeared willing to borrow more to pay interest on prior debt obligations.’ In one instance, a loan was renewed on a property in the Sault’s downtown core that had already been sold without the investors’ knowledge. In another instance, two loans were renewed after a property in Timmins had burned down, said the monitor.”
“The CoreLogic NZ June Housing Chart Pack shows that a 9.2 percent annual increase in sales activity in May was still significantly below normal sales volumes. ‘This relatively quiet market in terms of sales activity means new listings coming to market are adding to the overall inventory, putting buyers in the box seat when it comes to negotiating prices,’ CoreLogic NZ chief property economist Kelvin Davidson said. ‘New listings activity has been solid although not spectacular so far in 2024, and it would appear that some ‘pent up’ reluctance to list in the final few months of last year is now coming forward and turning into available stock this year. Data suggests that values have been losing momentum since March and the patchy recovery that many areas of New Zealand had been experiencing has slowed, or in some cases reversed.'”
“Struggling homeowners are increasingly hitting the pricey reset button on their loans in the hope of dragging down their monthly repayments. It’s adding years to the length of their loans and potentially hundreds of thousands of dollars in interest costs. A recent Finder.com.au survey revealed one in eight mortgage holders polled revealed they had extended their home loan to lower their repayments over the last year. In a trend described as ‘borrowers stuck in mortgage quicksand,’ about half of those who had extended their loans had added more than five years to the life of the debt. Finder’s Consumer Sentiment Tracker revealed 36 per cent of Australians struggled to pay their home loan in May 2024 – up from 24 per cent in May 2022.”
“New analysis showed paying off the average Australian loan of $625,050 over 30 years would make $722,602 interest payable. This assumed an interest rate of 5.99 per cent, one of the cheaper rates currently on offer. Pushing this out to 35 years would add $147,457 extra to the total interest over the life of the loan. Finder home loans expert Richard Whitten said the move was a drastic measure. ‘While it will reduce their monthly repayments in the short term it will likely cost them a fortune over the long run,’ he said.”
“Old apartment prices in Hanoi are showing signs of cooling following several months of shocking hikes. Recent surveys indicate that apartment prices in the capital city have tended to decrease in the past month. After the Lunar New Year (Tet) 2024, which fell in February, the prices of old apartments in districts surrounding downtown Hanoi soared 35-40%. Bac Thuy Hong, a resident in Thanh Xuan district, said that after Tet, her family were looking for an apartment of about 80 square meters for VND2.8-3 billion ($117,873) in Thanh Xuan district. However, the price offered at that time was too high, about VND3.5-4 billion ($157,165), so they decided to wait for the price to drop.”
“‘From late April to early May, I saw apartment prices falling rapidly to pre-Tet levels, and I was able to find an apartment for a suitable price,’ she said. According to property website Batdongsan.com.vn, since the end of April, searches for Hanoi apartments have plunged by 40% compared to the peak in March. At some projects that were handed over, transactions fell sharply in April to only half of that in the previous two months.”
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HBB warning to readers: reuters is globalist scum media that peddles conspiracy theories, election lies and mis, mal and dis-informations.
“election lies”
The 2020 election was stolen.
You are living under an unelected, illegitimate, occupation regime with no legal authority to govern.
‘In one instance, a loan was renewed on a property in the Sault’s downtown core that had already been sold without the investors’ knowledge. In another instance, two loans were renewed after a property in Timmins had burned down, said the monitor’
That’s some sound lending right there.
‘Oceanwide owes its creditors, including EB-5 investors’
This rarely gets mentioned, but everybody was so excited when they were throwing this disaster up. Oh, rich Chinese are going to own all of southern California! This visa scheme is a money laundering tool created by the US federal guberment and still continues. Most RE money laundering is a similar fed setup.
‘Non-bank financial institutions pose an increasing risk to America’s big banks, the Federal Reserve said on Thursday in a post on the Fed’s Liberty Street Economics blog. During times of heightened market-wide stress, demands for liquidity mount on banks as non-banks seek term loans and lines of credit. This escalating reliance on big banks could result in ‘vectors of shock transmission and amplification, forcing authorities to intervene and do so en masse,’ the Fed said in the post, adding that the extent of these market disruptions ‘could be rather severe’
Senator running deer heap angry!
Is the Bank-NBFI Interdependence a Systemic Risk?
Based on our recent paper, we show that the growth of NBFIs not only accompanies but indeed facilitates the growth in asset- and liability-dependencies between banks and NBFIs. In other words, the asset portfolio values and sources of funding of each sector depend on the other. When markets operate normally, the transformation of activities and risks in the bank-NBFI nexus may be considered a net positive for the system, since risks appear to migrate to the nonbanks that can seemingly absorb those risks without threatening payments and settlements mechanisms, thereby reducing the need for market-wide interventions by authorities in times of stress. As former Federal Reserve chairman Paul Volcker once put it in an interview about financial innovation: “…There is nothing wrong with [nonbank] activities, … [they] provide fluidity in markets and flexibility [but] [i]f you fail, you’re going to fail and I am not going to help you ….”
In reality, however, we have observed how in times of heightened market-wide stress, such as the global financial crisis (GFC) of 2007-08 and the COVID outbreak of March 2020, the demands for liquidity from NBFIs queue up at banks and then at the official sector. Effectively, bank-NBFI dependencies turn into vectors of shock transmission and amplification, forcing authorities to intervene and to do so en masse.
Why Is the Bank-NBFI Interdependence a Systemic Risk?
As NBFIs have increasingly been playing intermediation roles similar to those of banks, and adopting similar business models, their asset composition is naturally also becoming similar to those of banks. In a post last year, based on another research paper, we highlighted how the commonality of asset holdings between banks and NBFIs could turn out to be an important source of market disruption, driven by asset-pricing dislocations in the event of forced asset sales by NBFIs in need of liquidity. Because of the increasing similarity in the asset profile of the various NBFI sectors and banks, the extent of these market disruptions could be rather severe.
Consider the hypothetical scenario of risk spillovers illustrated in the figure below. Imagine a shock to the real economy that reduces the value of claims on nonfinancial firms depicted in the upper-right corner of the figure. This shock, by distressing the portfolio of, say, asset managers (for example, mutual funds, ETFs, or hedge funds) holding those claims, could trigger forced sales of any or all of the assets held by those asset managers. In this stylized example, asset managers may respond by selling Treasuries and corporate bonds. Banks—who in this illustrative example are assumed to hold Treasuries and loans, but not corporate bonds—initially (in Round 1) suffer losses due to the depressed, fire-sale prices of Treasuries. However, the asset manager’s fire sales of corporate bonds may stress the portfolios of other NBFIs (life insurance companies in the chart) also holding corporate bonds. In turn, the latter may sell not only corporate bonds but also bank loans, thus inflicting additional (in Round 2) losses on bank portfolios. Hence, banks may be highly vulnerable to NBFI distress as a result of these network externalities.
Even more important, the entire system of financial intermediation is potentially more fragile because of the interconnections. To see why this is the case, consider the potential for systemic fragility when we also take into account the liability interdependencies between banks and NBFIs. Banks experiencing distress because of the asset losses driven by NBFIs’ sales, may, in turn, reduce funding/liquidity support to NBFIs causing risks to spill back to NBFIs and the real economy. The figure below illustrates how this may play out. Banks may, say, reduce credit lines to real estate investment trusts (REITs) and also reduce holdings of term loans to collateralized loan obligations (CLOs). As a result of these Round 3 and Round 4 transmissions, REITs might reduce their investments in residential and commercial real estate and CLOs might reduce their investments in leveraged loans, thus propagating and amplifying the original shock to nonfinancial firms with increasingly complex economic ramifications.
The systemic consequences may be even more pernicious than depicted in the example above since we have assumed that NBFIs would operate initially with the same risk profile as when these risks were on bank balance sheets. However, since NBFIs operate under a less restrictive regulatory regime and monitoring standards, they may have incentives to originate even more risk than banks, which in turn may imply a higher likelihood of stress events and/or potentially even more severe amplification of systemic risks.
https://libertystreeteconomics.newyorkfed.org/2024/06/the-growing-risk-of-spillovers-and-spillbacks-in-the-bank-nbfi-nexus/
“One fifth, or $929 billion, of the $4.7 trillion of outstanding commercial mortgages will come due in 2024, according to the Mortgage Bankers Association.”
Another $trillion is just an economic shaving cut at the fed.
It’s Friday. If you got paid today, look at how much federal income taxes was stolen from you.
Russia Today — US warns Ukraine about corruption (6/21/2024):
“Ukraine’s Western backers have accused Kiev of not making enough progress on eliminating corruption, and have warned that it could cost the country military and economic support in the future, the Washington Post reported on Thursday.
The outlet noted that while Ukrainian officials have admitted that corruption remains an issue in the country, they have insisted that they are battling it “as fiercely as their troops are fighting Russia,” suggesting that the West was not giving Kiev sufficient credit for its efforts.
On Monday, the European Commission also appeared to express doubt in Kiev’s ability to properly manage foreign aid, and announced the creation of a special watchdog to prevent “fraud, corruption and conflicts of interest,” as well as the possible embezzlement of billions of dollars allocated to Kiev as part of the EU’s plan to finance Ukraine.
Meanwhile, Moscow has repeatedly condemned continued Western military and financial aid to Ukraine, arguing that it only serves to prolong hostilities and cause more bloodshed without affecting the inevitable outcome of the conflict.”
https://www.rt.com/russia/599700-us-warning-ukraine-corruption/
Ukraine isn’t even a real country, it’s a money laundering economic zone.
And yes, Russia is winning. God wills it ✝️
‘We were serious about this. We weren’t just going to give it away, but we wanted to be fair.’
I’m going to love watching greedheads like this chase the market down.
It’s unclear who would be the buyer pool for such a large-scale project, especially one that’s been at least partly left open to the elements since construction paused four years ago and has more recently attracted graffiti artists.”
The REIC shills at the globalist scum media are tacitly admitting the obvious: no sane “investor” is going to step up to take over this tower of doom.
This escalating reliance on big banks could result in ‘vectors of shock transmission and amplification, forcing authorities to intervene and do so en masse,’ the Fed said in the post, adding that the extent of these market disruptions ‘could be rather severe.’”
Translation: American taxpayers are going to pay dearly for the Fed’s criminal negligence in performing its banking oversight role.
Finder’s Consumer Sentiment Tracker revealed 36 per cent of Australians struggled to pay their home loan in May 2024 – up from 24 per cent in May 2022.”
What’s that putrid smell? Oh, right…speculator dreams of effortless wealth from ever-appreciating shacks dying in the arse.
The Biden regime’s DHS, while facilitating the free movement of jihadi terrorists and PLA operatives across our open southern border, are demonizing Trump supporters as “Domestic extremists.”
https://x.com/America1stLegal/status/1804115251513753885
All wars are bankers’ wars.
Antiwar — US: Ukraine Can Strike ‘Anywhere’ Russian Forces May Cross Border (6/20/2024):
“Ukraine has been authorized to use US-supplied weapons to strike the Russian mainland wherever Moscow’s troops are advancing from across the border, National Security Adviser Jake Sullivan told PBS on Tuesday. The Pentagon also reiterated the escalatory change in policy on Thursday. Ukraine has suffered hundreds of thousands of casualties and continues losing territory in its war with Russia, in which Kiev serves as a NATO proxy.
Now Ukraine can fire American weapons “anywhere that Russian forces are coming across the border from the Russian side to the Ukrainian side to try to take additional Ukrainian territory,” Sullivan said.
“This is not about geography. It’s about common sense. If Russia is attacking or about to attack from its territory into Ukraine, it only makes sense to allow Ukraine to hit back against the forces that are hitting it from across the border,” he explained.
https://news.antiwar.com/2024/06/20/us-ukraine-can-strike-anywhere-russian-forces-may-cross-border/
Remember, you’ll never be seen as anything more than cattle tax slaves to these globalists.
HuffPaint — Elizabeth Warren Cheers Wealth Tax Prospects Following Supreme Court Decision (6/20/2024):
“The Democratic dream of new taxes on accumulated wealth is still alive thanks to a semi-friendly Supreme Court decision.
Big-money groups that backed a legal challenge to part of a 2017 tax law had hoped the high court would take the opportunity to ban wealth taxes as proposed by Democrats like Sen. Elizabeth Warren (D-Mass.).
The ruling in the case, Moore v. United States, which looked at a one-time tax on capital gains in certain foreign investments, did not say whether a wealth tax would be constitutional, leaving the question for another day. Warren and Sen. Ron Wyden (D-Ore.), the Senate Democrats’ point man on tax policy, called it a good outcome.
“The Supreme Court’s job is not to go beyond the confines of the particular opinion in front of them,” Warren said. “But they certainly backed up from cutting off a wealth tax before it could ever get started.”
https://www.huffpost.com/entry/elizabeth-warren-wealth-tax_n_66746341e4b069d92e249349
Joe Biden’s America.
Texas Police: Two Venezuelan Men Charged with Murder and Rape of 12-Year-Old Jocelyn Nungaray (6/20/2024):
“Two men, initially from Venezuela, are accused of strangling and raping 12-year-old Jocelyn Nungaray and leaving her for dead in a Houston, Texas, creek.
Johan Jose Rangel Martinez, 21 years old, and Franklin Jose Pena Ramos, 26 years old, were arrested and charged with capital murder on Thursday by the Houston Police Department in connection to the strangulation death of Jocelyn Nungaray.
Martinez and Ramos, police officials confirmed at a news conference, are initially from Venezuela, though questions about when and how they first arrived in the United States were referred to the Department of Homeland Security (DHS).
Police officials said Jocelyn, Martinez, and Ramos ended up at a nearby bridge after leaving the 7/11 convenience store. Between 1:00 a.m. and 2:00 a.m., police allege that Martinez and Ramos strangled Jocelyn to death, raped her, and left her body in a creek at the bridge.”
https://www.breitbart.com/crime/2024/06/20/texas-police-two-venezuelan-men-charged-with-murder-of-12-year-old-jocelyn-nungaray/
This is the “fundamental transformation” that Obama promised you. At least there’s no more mean tweets now.
“…strangled Jocelyn to death, raped her, and left her body…”
Raping a corpse. WTF?
Doctors and astronauts, every one of them (Real Journalists).
The article has been modified but look at the first comment. At least she was warm.
Joe Biden’s America.
Hordes of Military-Age Men March Like Soldiers Into California in Midnight Invasion (6/20/2024):
“Another day, another mass illegal crossing into Jacumba, California.
Hundreds of military-age illegal aliens marched like soldiers into California after midnight early Thursday morning.
“During the overnight hours, we encountered another mass illegal crossing into Jacumba, CA, after midnight, made up of 150-200 adults and families from around the world,” Fox News reporter Bill Melugin said.
“Despite the Mexican military posted up nearby, cartel smugglers still call the shots out here,” Bill Melugin said.
More than 15 million illegal aliens – mainly military-age males – have invaded the US on Biden’s watch.”
https://www.thegatewaypundit.com/2024/06/biden-border-invasion-hordes-military-age-men-march/
15 million is that a lot?
Joe Biden’s America.
It Could Soon Be Illegal For California Teachers To Tell Parents About Kids’ Trans Confusion (6/21/2024):
“Want to know what is happening with your child at school? If you live in California, don’t ask teachers. It could soon be against the law for them to tell you.
The California Senate just advanced a proposal that would make it illegal for school personnel to adopt a policy saying parents should be informed if their children say they are confused about their sex.
For decades, teachers have needed a parent’s permission to give students something as small as a cough drop. Under this proposal, if a minor child says she was born in the wrong body and wants to talk to a nurse to find out how to have her breasts removed, school policy could interfere.”
https://thefederalist.com/2024/06/21/it-could-soon-be-illegal-for-california-teachers-to-tell-parents-about-kids-trans-confusion/
Housing? Yes, because when you buy a house, your property taxes are paying to promote this in public schools.
Covid Bombshell from CIA Whistleblower
https://www.bitchute.com/video/xMI6te8e1qQF/
8:45.
The spin was easy to manage back in the days of William Randolph Hearst. Now these beltway bandits have to contend with cameras everywhere and the Internet.
Trust The Science™
The CIA needs to be splintered into a thousand pieces and scattered into the winds!
MORTGAGE TRAGEDY | Canada Real Estate
Angry Mortgage Podcast
3 hours ago
How Mortgage Fraud turned into the worst possible outcome.
A Mortgage Con Artist, his Mortgage Broker Associate & the victim of a $1.2M Mortgage Fraud converged in a tragic incident in Toronto this week. The Con Artist hadn’t had a mortgage license for 8 years but by using licensed Mortgage professionals as fronts continued his evil ways. The biggest trigger may have been the Court System dropping the charges against while the system was overwhelmed during Covid. Listen to how the hopelessly slow motion of the prosecution for Fraudsters runs WAY TOO SLOW on other frauds.
https://www.youtube.com/watch?v=4gdC-GDFNEs
7 minutes. This is about the shooting/fraud in the post above.
Fox Business
Media
Published June 20, 2024 9:06am EDT
Homebuilder warns real estate market is becoming victim to its ‘No. 1 killer’
High interest rate environment impacts home builders, buyers, sellers, says NAHB CEO
By Kristen Altus FOXBusiness
Interest rates are the ‘No. 1 killer’ of America’s real estate market right now: Jim Tobin
National Association of Home Builders CEO Jim Tobin unpacks new housing data, the biggest ‘challenge’ in the U.S. market and how Trump policies could improve the regulatory environment.
As a large, gray cloud looms over American real estate, the CEO of one of the largest trade associations is revealing what may make it pour on the market.
“We had a better regulatory environment three or four years ago. We had this boom after COVID, people were looking to buy new homes and our industry was doing great,” National Association of Home Builders (NAHB) CEO Jim Tobin said Wednesday on “Varney & Co.”
“The challenge we have now… inflation is absolutely the driver,” he continued. “People are pulling back from the marketplace because they don’t want to have a seven-handle on a mortgage, especially when they’re sitting on a 3% or 4% mortgage.
“That’s the No. 1 killer of the marketplace right now.”
The housing market index, which is reported by the NAHB and Wells Fargo and asks respondents to rate market conditions, dropped to a rating of 43 in June, a two-point decrease from the previous month and the lowest marker since the start of 2024.
…
https://www.foxbusiness.com/media/homebuilder-warns-real-estate-market-becoming-victim-its-no-1-killer
“We had a better regulatory environment three or four years ago. We had this boom after COVID, people were looking to buy new homes and our industry was doing great,..”
Your industry is shot through with corruption, graft and poverty.
This is not a “high interest rate environment.”
This is historically normal. The last ten years were the aberration.
Get the prices down to meet the interest rates and you’ll start selling again!!
Yahoo
Moneywise
Man who fled California due to the ‘cost of living, politics, traffic and crime’ says he’s ‘much happier’ in Florida
Bethan Moorcraft
Wed, Jun 19, 2024, 3:08 AM PDT
5 min read
Man who fled California due to the ‘cost of living, politics, traffic and crime’ says he’s ‘much happier’ in Florida
Man who fled California due to the ‘cost of living, politics, traffic and crime’ says he’s ‘much happier’ in Florida
So much for “Go West, young man.” California now ranks as the top state Americans chose to leave in 2023.
According to PODS Moving and Storage, the Golden State recorded a net loss of 91,000 residents.
In fact, seven California cities ranked in PODS’ top 20 move-out list for 2023, including four in the top 10: Los Angeles, San Francisco, San Diego and Stockton-Modesto. The geographic spread of these cities indicates that this is a statewide exodus.
So, what’s driving the Golden State’s lopsided out-migration?
Terry Gilliam — who lived in the San Francisco Bay Area for 35 years before fleeing to Florida in 2021 — blamed the state’s total lack of affordability, among other things.
“It was the cost of living and the politics, the traffic, homelessness, crime — everything has gotten worse and worse in California and the solutions they proposed only made things worse,” he told FOX26.
…
https://finance.yahoo.com/news/man-fled-california-due-cost-100800403.html
New billboard on Hampden Ave / 285 eastbound in Sheridan — 34 Felonies:
https://ibb.co/8mZ6TwK
34 felonies for a bookkeeping error.
Billboard paid for by:
https://maddogpac.com/pages/about
“Mad Dog PAC was founded with a simple goal in mind:
Fight Fascism. Stop Trump.”
Claude Taylor, founder, pictured on the above link, looks like the type of person who has children locked in cages in his basement. It’s a Democrat Party kind of thing.
Was Claude Taylor an actor?
Are You Talking To Me ?
https://youtu.be/quu9Uzmjs50?si=R_rn1PwupBacwgts
Realtors crowing about record average existing house prices – even with slipping sales. I cant figure out why 4.11 mi homes sold.
Home prices rose in May to a new high, with low inventory continuing to spur bidding wars among home buyers in some markets.
The national median existing-home price in May was $419,300, a record in data going back to 1999, the National Association of Realtors said Friday. Prices aren’t adjusted for inflation.
That was up 5.8% from a year earlier.
—-
“Somewhat of a strange phenomenon, where we have low home-sales activity yet prices are hitting record highs,” said Lawrence Yun, NAR’s chief economist. “Affordability is a challenge.”
The decline in home sales was less than expected. Economists surveyed by The Wall Street Journal had estimated a drop of 1.4%.
https://www.wsj.com/economy/housing/home-prices-hit-a-record-high-4028acf2?mod=panda_wsj_author_alert
did you also see the following disclaimer in the WSJ article? No wonder a little cheerleading now from the WSJ
News Corp, owner of the Journal, also operates Realtor.com under license from NAR.
‘Somewhat of a strange phenomenon, where we have low home-sales activity yet prices are hitting record highs’
It’s the mix Larry.
So how does everyone think Joe Biden is doing studying the questions CNN gave him that they will be asking in the debate and memorizing his replies?
Biden heads to Camp David to prepare for 1st presidential debate with Trump
By Gabriella Abdul-Hakim, Fritz Farrow, Will McDuffie, and Selina Wang
June 20, 2024, 3:45 PM
With a week to go until the first presidential debate, President Joe Biden heads to Camp David on Thursday to prepare for his critical matchup with former President Donald Trump.
Moderated by CNN anchors Jake Tapper and Dana Bash, the debate will run for approximately 90 minutes with two commercial breaks. It is the first of two scheduled between the candidates — the second of which will be hosted by ABC News on Sept. 10.
The campaign said Biden is preparing ways to hold Trump accountable on the debate stage for his track record and remarks he has made on topics from reproductive rights to the economy — including his comment that he’ll be a dictator on “day one.”
https://abcnews.go.com/Politics/biden-heads-camp-david-prepare-1st-presidential-debate/story?id=111215648
Pedo Joe’s handlers need to get the right balance of Adderal and Xanax for the alleged debate.
Can’t risk having a Nixon / JFK 1960 TeeVee moment.
“Pedo Joe’s handlers need to get the right balance of Adderal and Xanax for the alleged debate.”
True.
Screaming into a microphone with noone in the room while your opponents is turned off would be a bad look even for Brandon.
Moderated by CNN anchors Jake Tapper and Dana Bash
🙄
‘Hunt said they purposely set the original price a little high knowing it’s easier to come down than it is to go up as a seller’
Yer a sly one Phil.
Toronto police say they have arrested four suspects and recovered more than 100 stolen vehicles as part of a months-long auto theft probe that involved a former ServiceOntario employee.
During a news conference on Friday morning, investigators confirmed that 28 charges have now been laid in connection with the case, dubbed Project Poacher, which was launched in January 2024.
Det. Dan Kraehling told reporters that over the course of the investigation, investigators learned that a group of suspects were “conspiring” with a former ServiceOntario employee, who was allegedly was paid to provide clean vehicle documents and plates to disguise stolen vehicles.
“It is alleged that the suspects would provide the former employee with vehicle identification numbers from vehicles that had previously been sold and exported out of the country. In exchange for money, the former employee would then create new legitimate looking vehicle registrations and licence plates for these clean VINs,” Kraehling said Friday.
“These falsified documents were then used to re-VIN the stolen vehicles, effectively disguising them and making them appear legitimate. The stolen vehicles, now with new identities, were sold to unsuspecting buyers or used in other criminal activities throughout the city.”
The vehicles were sold predominantly through various online marketplaces, he added.
Kraehling said some of the vehicles identified in the investigation were registered to “non-existent or deceased individuals” in an effect to confuse law enforcement.
He said the investigation was launched after investigators reviewed documents that were seized from a ServiceOntario location that was part of another Toronto police probe.
“We came across certain patterns in names that led us toward this group of individuals,” Kraehling said.
No outstanding suspects are wanted in connection with the case, he noted.
The vehicles seized have an estimated value of $9.5 million, police said. Of the more than 100 vehicles recovered, police said 21 of them were luxury vehicles valued at around $1.8 million.
https://www.cp24.com/news/more-than-100-stolen-vehicles-recovered-in-auto-theft-probe-involving-serviceontario-employee-toronto-police-1.6935705
‘Michael Jordan‘s house in the northern Chicago suburb Highland Park has resurfaced on the market for close to half the price it initially listed for in 2012’
Keep chasing that market down Mike, gives me a chuckle every time.
I’m not a basketball fan, so I never followed Michael Jordan’s success story, but I did feel sorry for him when his father was murdered at a highway rest stop while trying to get some sleep. His body was dumped in a nearby swamp, and it was found a week later.
Masonic sacrifice?
If Forbes is right, Jordan is worth 3 billion. Whatever he loses on the sale of his mansion is probably at most an irritation.
‘almost finished with remodeling his bathroom. It’s a project that stemmed from a leaky roof caused by damage from Hurricane Ian. After a long battle for a fair settlement with his insurance company, he finally got his roof replaced, but it took a year and a half to complete. The damage from the storm is still prevalent in his North Port neighborhood. Multiple homes are finally getting repairs after wrangling with insurance companies. ‘If you have a claim, it’s a battle’ Lipaj said. ‘You’re going to fight it long and hard for a year or two years. Plus, there’s people who still don’t have claims settled’
I’ll say it again Craig, the way to think about insurance is, they cash checks. They rarely write them.
‘Q: Should IQHQ switch to general office space, not life sciences?’
‘Ray Major, SANDAG: YES: Downtown is woefully overbuilt in terms of office space right now’
This is why you make the big bucks Ray.
Life sciences doesn’t want to be downtown. It wants to be UCSD adjacent.
‘He adds that if listings continue to rise in Toronto, some sellers might get impatient and take a steeper cut on price to win over buyers in the market, putting some downward pressure on home values. Pasalis says that a lot of the sellers in Toronto’s condo market right now are investors, many of whom are unable to raise rents to keep cash flow positive in the face of still-high borrowing costs. ‘Inventory builds up and then you start getting one or two sellers just throwing in the towel, saying, ‘You know what, I don’t want to wait any longer for this price. Let’s just unload it’
This is just more far right hysteria John, we will hold the line!
‘I shake the system and change it and evolve people so everyone and every lawyer across the nation follows the new pattern…Stealing from a person like me is like stealing from Al Capone …I don’t allow it to happen. And when it happens I can’t allow for it to be taken. … There will be no mercy and no holding back’
So two mortgage fraud related murders and a suicide, ponzi schemes getting loans on burned down igloos. Through it all, K-da is red hotcakes sellers market!
‘New analysis showed paying off the average Australian loan of $625,050 over 30 years would make $722,602 interest payable. This assumed an interest rate of 5.99 per cent, one of the cheaper rates currently on offer. Pushing this out to 35 years would add $147,457 extra to the total interest over the life of the loan. Finder home loans expert Richard Whitten said the move was a drastic measure. ‘While it will reduce their monthly repayments in the short term it will likely cost them a fortune over the long run’
Listen Dick, these winnahs! are just doing what it takes to win! Sure it’s a risk. Life is full of risks. You could get hit by a bus tomorrow. But once you taste that sweet equity of not throwing money away on renting, well you wouldn’t understand. Winnahs! will be drinking lagers on the beach eating avocado sammies while yer in yer granny’s basement counting beans!
At least it was still cheaper than renting…
‘Old apartment prices in Hanoi are showing signs of cooling following several months of shocking hikes…After the Lunar New Year (Tet) 2024, which fell in February, the prices of old apartments in districts surrounding downtown Hanoi soared 35-40%…‘From late April to early May, I saw apartment prices falling rapidly to pre-Tet levels, and I was able to find an apartment for a suitable price,’ she said. According to property website Batdongsan.com.vn, since the end of April, searches for Hanoi apartments have plunged by 40% compared to the peak in March’
40% up and down in a few months Bac, you got a really mickey mouse operation going there.
“A spokesperson with Immigration and Customs Enforcement (ICE) has since told Fox News’s Bill Melugin that Martinez-Rangel and Pena are “illegally present Venezuelan nationals.”
Reports: Biden’s DHS Freed Illegal Aliens into U.S. Who are Now Accused of Murdering Jocelyn Nungaray
JOHN BINDER
21 Jun 2024
A pair of illegal aliens — now accused of murdering 12-year-old Jocelyn Nungaray in Houston, Texas — were released into the United States by President Joe Biden’s Department of Homeland Security (DHS) after they crossed the southern border, reports indicate.
As Breitbart News reported, Venezuelan nationals 22-year-old Johan Jose Martinez-Rangel and 26-year-old Franklin Pena were arrested and charged by the Houston Police Department with murdering Jocelyn Nungaray in the early morning of June 17.
On the night of June 16, Jocelyn snuck out of her apartment building after her mother went to sleep. Jocelyn’s boyfriend is reportedly the last person to have spoken to the girl. Shortly after midnight, Jocelyn can be seen on surveillance cameras at a 7/11 convenience store alongside Martinez-Rangel and Pena.
Police said Jocelyn, Martinez-Rangel, and Pena ended up at a nearby bridge after leaving the 7/11 store. Police allege that some time between 1:00 a.m. and 2:00 a.m. Martinez-Rangel and Pena strangled Jocelyn to death and left her body in a creek at the bridge. Jocelyn’s body was found in the creek later that d
“In this case, the defendant[s] lured a 12-year-old under a bridge … took her pants off, tied her up and killed her, then threw her body into the bayou,” prosecutors allege.
Martinez-Rangel and Pena remain in Harris County Jail while prosecutors request bail of $1 million for each. ICE agents have placed a detainer on both illegal aliens, requesting custody of them should they get released from jail at any time.
https://www.breitbart.com/politics/2024/06/21/reports-bidens-dhs-freed-illegal-aliens-into-u-s-who-are-now-accused-of-murdering-jocelyn-nungaray/
Google Expert And Whistleblower Exposes Plan To Rig 2024 Elections And Track & Trace Everything You Do In The Process
Google Expert And Whistleblower Exposes Plan To Rig 2024 Elections
3:11 PM · Jun 21, 2024
https://x.com/RealAlexJones/status/1804230608387821857
The video clip in the comments should elicit a belly laugh!
https://nitter.poast.org/i/status/1803853452247994826 *3-min
So we are going all electric?
The Gateway Energy Storage System in Otay Mesa, California, experienced a catastrophic fire when its batteries went into thermal runaway. Firefighters were on the scene for 15 days, battling to contain the blaze. Learn about the incident, the risks involved, and what this means for the energy storage industry. 8 min
https://www.youtube.com/watch?v=A7UY4ioP4VQ
For info purposes:
Batteries do not store mWatts (or kWatts or Watts). These are measures of electrical power, not energy. Battery storage is measured in mWatt-hours (or kWatt-hours or Watt-hours). These are units of electrical energy.
Canadian Mortgage Fraud Nightmare! Market Update
OwlMortgage
1 hour ago
Tragic Mortgage Fraud Exposed!! Events happened involving mortgage fraudsters that led to a shocking act of violence. Learn about the devastating story of a man who, driven by the loss of his life savings, took extreme measures against the fraudsters. We’ll also explore the equity release program, a key option for homeowners looking to access funds from their home equity without payment obligations. In addition, we’ll discuss a recent streetcar derailment that has brought Toronto’s King Street eastbound traffic to a standstill, highlighting ongoing transit challenges in the city.
https://www.youtube.com/watch?v=DcVT3wGvgP4
13 minutes.
You Lied & Now You’re in Trouble (Peel Region Real Estate Market Update)
Team Sessa Real Estate
47 minutes ago
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 12, 2024. We also discuss the fact that some stuck in difficult situations right now refuse to acknowledge that they’re in trouble because they willingly and actively participated in mortgage fraud. It is everyone’s fault except their own.
https://www.youtube.com/watch?v=3G_DXxm2zf4
10:28.
Vivaldi Four Seasons: Winter (L’Inverno), original version. Freivogel & Voices of Music RV 297 4K
Voices of Music
8 years ago ST. MARK’S LUTHERAN CHURCH
Vivaldi Winter! The complete concerto performed on original instruments.
https://www.youtube.com/watch?v=ZPdk5GaIDjo
9:26.
NYT reporter slammed for calling Obama’s 60th birthday party low-risk due to ‘sophisticated, vaccinated crowd’ (8/9/2021):
https://www.yahoo.com/news/nyt-reporter-slammed-calling-obama-220842756.html
Die, investor scum. The Fed’s higher-for-longer interest rates are a clear signal that the love is gone.
Bloomberg
At Blackstone’s $339 Billion Property Arm, the Honeymoon Is Over
Jack Sidders
Fri, Jun 21, 2024, 7:30 AM PDT
13 min read
(Bloomberg) — Nadeem Meghji was on honeymoon in late 2022 when the biggest storm to have rocked Blackstone Inc.’s property business hit its peak.
…
https://finance.yahoo.com/news/blackstones-339-billion-property-arm-210002207.html
…
The private equity behemoth had just capped withdrawals from the Blackstone Real Estate Income Trust (BREIT), a fund at the vanguard of its money-spinning push to win the hearts of retail investors. As head of the firm’s US property division, Meghji was at the eye of the tempest — newlywed or not.
From a lakeside resort on New Zealand’s South Island surrounded by snow-capped mountains he toiled through the night, helping broker a deal with the University of California to inject $4 billion into the fund as a show of confidence. Next morning he chatted with Blackstone President Jon Gray, another real-estate luminary who happened to be holidaying nearby.
“I promised my wife that this would be the exception rather than the rule in our marriage,” Meghji recalls in an interview with Bloomberg.
Whether he keeps that pledge isn’t entirely in his hands. Meghji has since then been put in charge of the firm’s entire $339 billion global property arm, the world’s biggest real-estate investor, alongside ex-Goldman Sachs Group Inc. staffer Kathleen McCarthy. With his industry reeling from higher-for-longer interest rates, the promotion couldn’t have come at a harder time.
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BREIT’s situation has dominated headlines lately, including its sweetening of a student-dorm sale by offering financing support to the buyer. But the huge opportunistic real-estate funds with which Blackstone made its name, and which remain at the core of its business, are also facing their own epochal challenge. Awash with cheap money, these funds — and those of fellow private equity titans — conquered global property markets in past decades. Central bankers have demolished that era’s certainties.
…
“As head of the firm’s US property division, Meghji was at the eye of the tempest — newlywed or not.”
Isn’t it lovely how the State of California partnered with globalist investors to screw California college students and other non-residential property owners with impossibly unaffordable rents?