Right Now There’s Downward Pressure On Price – They Don’t Want To Catch A Falling Sword
A report from Fortune. “The long-bemoaned housing shortage may not exist after all. Rather, there’s a shortage of cheap rents and affordable homes, according to a new study. The peer-reviewed study, published in April in the academic journal Housing Policy Debate, found that between 2000 and 2020, the U.S. had a surplus of 3.3 million homes—defying conventional wisdom that the nation is facing a housing shortage. The study examined how fast the housing stock grew between the first two decades of the 2000s and compared it to the number of new households formed during that time period. From 2000 to 2010 the U.S. had a surplus of 4.6 million housing units, while in the following decade there was a shortage of 1.3 million fewer units than population growth would demand. All combined, that nets out to a surplus of 3.3 million homes from 2000 to 2020. ‘The issue is not so much about aggregate shortfall of housing units, but rather a mismatch between the cost of housing and the incomes of households,’ said. Alex Schwartz, one of the study’s authors.”
From Bloomberg. “The inventory of new US homes stands at the highest since the bursting of the housing bubble more than a decade ago. The total number of one-family homes for sale rose to 481,000 in May, the highest since 2008, according to fresh government data released Wednesday. Nearly 100,000 of those have already been completed and are still awaiting a buyer, the most in more than 14 years. At the current sales rate, it would take 9.3 months — the longest since 2022 — to exhaust total inventory.”
The Wall Street Journal. “Homes are as overvalued as they were near the peak of the 2000s bubble, according to a variety of metrics, including a Federal Reserve model. A model in the Fed’s semiannual financial stability report incorporates all these elements and shows that homes are now 25% overvalued, just below the 28% peak in 2007, using the Labor Department’s measure of rent, and 19% overvalued using private measures of market rents. On the other hand, don’t expect prices to plunge as they did from 2006 to 2011. Since then, income and appraisal standards have become far more stringent, credit scores are higher, especially at the bottom end, and foreclosure prevention is more effective, said Laurie Goodman, a housing finance scholar at the Urban Institute. Over 90% of mortgage-backed securities are now federally backed. ‘You will not have the big price declines because you’ve taken out the contagion effect that caused them,’ she said.”
From Fox News. “The Biden administration has approved a move that could essentially put taxpayers on the hook for risky borrowing practices and potential real estate losses – and a former mortgage insider is sounding off on the plan. ‘The people who should be really mad, I think, are first-time homebuyers who are trying to get their foot in the housing market. They can’t because housing is unaffordable,’ said Structured Finance Association CEO Michael Bright, also a former president of Freddie Mac and Fannie Mae sister company Ginnie May. Mortgage giant Freddie Mac received the green light from the White House to offer second-lien mortgages, aiming to help homeowners who are locked into lower rates access their home equity. The proposal allows homeowners to access their home equity while keeping their low interest rate on their current loan.”
“But Bright warned that there are consequences of the government stepping in and guaranteeing second mortgages. ‘Freddie Mac is doing this, but Fannie Mae is going to have to follow. They always do,’ the CEO said. ‘I really think we’ve jumped the shark on this one. Having the government subsidize and incentivize equity extraction through second mortgages, we’re not solving any problems in our economy. Consumer spending is actually too high. The Fed is working on that through inflation.'”
From Moneywise. “American mortgage holders now have access to a whopping $11 trillion in tappable equity — out of $17 trillion in total — which is a record for U.S. homeowners, a number so huge that if all 48 million American homeowners spent $10 million of their tappable equity a day, it would take more than 3,000 years to exhaust it. We’re talking 12.1 million tons of dollar bills. It’s more money than the GDP of Japan, India and the U.K. combined. The ICE report identifies just five markets on the West Coast as responsible for about a quarter of that $11 trillion equity figure: Los Angeles, San Francisco, San Jose, San Diego and Seattle. That four of the five are in California dovetails with another rich fact of real estate life: Roughly one-fifth of the nation’s total housing value is in California. Whether you live out by the Pacific, or in any area where your tappable equity is overflowing, consider yourself fortunate. You’re living in an opportune time like no other, able to enjoy a financial home sweet home run.”
The Union Tribune. “San Diego County built more housing in 2023 than it had in 17 years. There were 11,673 building permits pulled across the county, a 21 percent increase from 2022, said the Construction Industry Research Board. It took until now to figure out the number because the Sacramento-based research board takes the time to contact all 58 counties and 538 cities in California for permit data.”
News.com.au on California. “Kanye West has shocked the real estate world by demolishing a $US53 million ($A80 million) Malibu beachfront mansion, designed by a renowned Japanese architect. According to the New York Post, the controversial rapper, also known as Ye, purchased the home in 2021. The property, which was once a stunning blend of glass and nature, has seen its value drop by $US14 million ($A21 million) due to the destruction. Last year, Ye parted ways with the house, initially listing it at $US53 million ($A80 million) — already $US4.5 million ($A6.7 million) less than he paid for it in 2021. In April, the home received a whopping $US14 million ($A21 million) price cut, and is currently on the market for $39 million ($A58 million). It is likely to drop even further in the coming months, sources told the New York Post. Despite efforts to sell the mansion, the property remains for sale.”
From Newsweek. “The former pandemic boomtown of Austin, Texas, is still seeing sellers slashing the asking price on their homes by as much as 30 percent. A newly built, three-bedroom, three-bathroom single-family home in New York Avenue, Austin, was listed for sale on Zillow on Monday, June 24, for $899,000—over $400,000 less than it was sold for in August 2023. The house, which has a total interior livable area of 1,494 square feet, was built last year. The listing’s description said that the property has been ‘priced to sell,’ adding that there are ‘new projects in the pipeline’ and ‘investors say ‘sell it’.”
“A single-family home on 403 Middle Lane, Austin, listed for sale on Zillow has seen price cuts of around 23 percent since it was first put on the market in March. Over three months ago, the property was listed for $349,900; on Wednesday, the price was cut to $269,900. It was the fourth price cut since March, and the property remains unsold. An apartment on 1840 Burton Dr, Austin, listed for sale on Zillow has seen seven price cuts since it was put on the market on April 19 for $199,000. The property near downtown Austin is now selling for $159,900—about 20 percent less.”
Click Orlando in Florida. “There are now just six months left before the state-wide deadline for condo buildings to get their mandatory engineering assessments done. In Volusia County, this costs over $100,000 per condo owner at one building. Parks Huffstetler said he is a snowbird and dealing with the high cost of the fees at his condo in SurfSide Club South in Ormond Beach. ‘Now it’s over $100,000 per owner,’ Huffstetler said. ‘The hope is, when we get the restoration part done, then the units will be worth more and I can sell. Right now, we’re stuck.’ Huffstetler bought his condo in late 2021 and said he was not told about the upcoming assessment fees. Another resident in the building, Janet Stone, said she is in the same boat and felt a bit blindsided. ‘I’m a retired teacher so we don’t have hundreds of thousands of dollars set aside somewhere that we can contribute so it put me in a position where I had to return to work,’ she said.”
“This comes on top of skyrocketing insurance prices for condominiums and, along the coast, repairs from the 2022 hurricanes. ‘We have buildings where it’s every few weeks we get a call of ‘I just have got to sell I can’t afford to do this,’ Krista Goodrich said. Goodrich, a vacation rental property manager in Volusia and Flagler counties, said she is seeing firsthand how this is hitting the condo market. ‘The inventory has certainly increased of what’s available on the market and I think that’s going to stay for a while because people are very fearful of buying a property that’s got a giant assessment on it,’ she said.”
The Globe and Mail. “When the Bank of Canada cut its key interest rate in early June, some industry watchers predicted that the move would re-energize buyers in the Toronto-area real estate market. Instead, it’s the sellers who have been galvanized into action. Robin Pope, broker with Pope Real Estate, says the languid spring market has slowed even more in June. ‘It did nothing – people were hoping it would do something,’ says Mr. Pope. ‘It had no impact.’ Mr. Pope points to the example of a well-polished Toronto row house listed by a colleague with an asking price of $1.95-million. ‘After 10 days of being on the market, not one inquiry, not one showing,’ says Mr. Pope, adding that traffic was so slow the agent needed to verify the listing was actually online.”
“Anna Wong, real estate agent with Strata.ca., has been watching new listings stream onto the Multiple Listing Service of the Toronto Regional Real Estate Board since the central bank announcement. Ms. Wong has been surprised to see homeowners rush to put a ‘for sale’ sign on their property when active listings have been steadily rising. ‘Maybe they just weren’t paying attention to the market, or they really need to sell,’ she says. ‘People are pushing it out, but there’s nobody to pick it up.’ Ms. Wong says much of the increase in inventory is coming from the condo segment, with units languishing in the downtown core. If sellers are not desperate, she is advising them to hold off. ‘I don’t think it makes sense to go into this push with everybody else,’ she says. ‘It’s hard for sellers to hear, ‘you’ve got to hold your horses.’”
“In the condo market, Mr. Pope says, potential buyers are wary of buying a unit today that they are betting may be cheaper a few months from now. ‘Right now there’s downward pressure on price – they don’t want to catch a falling sword.’ Some of that pressure comes from new supply coming on-stream. Industry analysts at Urbanation Inc. estimate more than 26,000 condo units in the Greater Toronto Area will reach completion in 2024. ‘That’s a big number when the condo market is underperforming,’ Mr. Pope says. And with more listings arriving, inflexible sellers risk losing to the competition. ‘Any miscalculated counter-offer can end up with an end to negotiations,’ he notes. ‘Sellers forget that they’re not in a bubble – every hour it changes – you don’t want a buyer to walk away because another seller has stolen your buyer.'”
From CBC News. “Alijan Alijanpour met Arash Missaghi when Missaghi commissioned a Persian miniature painting of his late mother for $50,000 a decade ago. Missaghi paid for that commission and a few more — earning the internationally renowned Iranian Canadian artist’s trust. But since then, Alijanpour, 68, alleges Missaghi stole his life’s work: 38 paintings, worth more than a million dollars combined and which took him more than 20 years to complete, according to his lawsuit. He also says Missaghi left him drowning in debt from a $1.2-million mortgage that he alleges Missaghi orchestrated and had forged in his name.”
“‘I lost so much,’ Alijanpour told CBC Toronto through a translator. ‘I have never seen such a person like him in my life.’ Missaghi and Samira Yousefi were shot and killed at Missaghi’s Toronto office last week by a man named Alan Kats, who then killed himself. Kats’s widow, Alisa Pogorelovsky, said her husband ‘could not handle losing our life savings, and that is what led to this tragic event.'”
“Peter Smiley, a Toronto civil lawyer who started working on cases against Missaghi in 2018, said last week’s tragedy ‘was the almost-inevitable result of decades of institutional inaction.’ ‘These are criminal matters which, by virtue of the inaction of the police and the inaction of the Crown, have been forced into the civil justice system,’ he said. Missaghi has remained an undischarged bankrupt since declaring bankruptcy in 2000. On paper, Smiley said this means he has no assets in his name against which to enforce a civil judgment.”
“But in reality, the lawyer alleges, Missaghi just concealed his ‘considerable assets’ obtained from fraud using shell companies and straw purchases. In a recent order issued in Pogorelovsky’s civil case, Ontario Superior Court Justice Lee Akazaki wrote that Missaghi and his wife ‘control or have controlled upwards of $50 million in North American assets.’ ‘If you were a victim of a Missaghi fraud, you were put in the unenviable position of [pursuing] this multi-millionaire, undischarged-bankrupt fraudster through the court system who was defending himself with the best lawyers in Toronto,’ said Smiley. ‘Which he is paying for with the money that he stole from you.'”
The Vancouver Sun in Canada. “Disgraced city mortgage broker Greg Martel will not be released from the debts that have been mounting around him. The B.C. Supreme Court has adjourned Martel’s bankruptcy discharge hearing, which means he will remain an ‘undischarged bankrupt’ and his debts of more than $300 million will remain intact. In making the ruling, the court cited the opposition of the trustee overseeing Martel’s bankruptcy and a scathing report the trustee provided in making the case that Martel not be discharged. The report, prepared by trustee PricewaterhouseCoopers and filed with the Office of the Superintendent of Bankruptcy, noted Martel had been running a massive Ponzi scheme and investors who are out more than $317 million will never see a dime of that money, which Martel never used to make bridge loans as promised.”
“The report, signed by PwC partner Neil Bunker, said Martel failed to comply with many of the duties required in his own bankruptcy and that of his company, My Mortgage Auction Corp. My Mortgage Auction was the vehicle through which Martel took investors’ money with the promise that it would be used to provide short-term loans for real estate transactions and construction. PwC said no loans were issued. ‘Martel orchestrated a massive Ponzi scheme through MMAC and raised over $270 million from investors on false pretences which has resulted in claims from at least 930 investors totalling more than $317 million,’ the report said. ‘The trustee does not expect that the investors will receive any recovery from the bankruptcy estates of Martel or MMAC.'”
“PwC tracked more than 50,000 transactions through more than 40 accounts at financial institutions. The report said ‘investor funds loaned to MMAC for the purpose of funding bridge loans were not used to fund bridge loans but instead were used for other purposes.’ The other purposes included paying other investors, funding related companies and funding large operating expenses. ‘The flow of funds indicates that MMAC operated as a Ponzi scheme,’ it said. ‘Martel often mixed his personal affairs with those of MMAC and the other corporations which he owned and controlled — all of which were or ultimately became insolvent.'”
“Martel’s spending between 2018 and 2023 included $3.1 million on travel, $3.1 million on vehicles, $1.1 million on rent, $261,000 on meals, $200,000 on jewelry, and $150,000 on recreation and vacations. Martel’s whereabouts are unknown to PwC, but it said it learned he had been exiled from Thailand after Aug. 30 and later travelled to Dubai. Warrants for Martel’s arrest have been issued in Canada and the U.S.”
This Post Has 108 Comments
Comments are closed.
You will own nothing.
HBB warning to readers: bloomberg, fox and wall street journal are globalist scum media that peddle conspiracy theories, election lies and mis, mal and dis-informations.
“election lies”
Washington Post Editorial Board — Election denialism isn’t gone. Trump’s backers are probing for weaknesses (6/26/2024):
“The Carter Center, founded by former president Jimmy Carter, normally sends election observers to countries such as Sierra Leone, Venezuela and the Democratic Republic of Congo. This fall, the group will deploy nonpartisan monitors in Michigan, Arizona and, yes, Georgia — not the country but the state where the group is based. Such vigilance, in the world’s oldest democracy, reflects the corrosive downstream effects of former president Donald Trump’s years of relentless election denialism.
Mostly under the radar, Trump backers in some key states are probing for weaknesses in the nation’s decentralized election administration system. For example, Mr. Trump’s allies appear to be exploring whether county-level officials can block the certification of vote tallies, if the election doesn’t go their way.
The United States has more than 3,000 counties. Dragging out certification in one could create a cascading problem in which a state is unable to certify its results by the Dec. 17 deadline to cast its electoral votes so that they can be sent to the Capitol for counting on Jan. 6, 2025.
A mere handful of officials in one or two major battleground states could sow widespread doubt or upend the certification process, and motivated partisans appear to be searching for any hole in the system to exploit. Americans should not be manipulated nor lulled into thinking 2020 was a one-off. Instead, they should take seriously continuing threats to their vote — and demand their leaders stop discrediting their democracy.”
https://archive.ph/IqzMm
Translation: discrediting their democracy = refusal to submit to the Deep State’s coordinated, deliberate, election fraud.
The 2020 election was stolen.
Lassie: Bark bark bark-bark!
Farmer: What’s that you say, girl?
Lassie: Bark-bark bark bark bark!!
Farmer: You say Timmy fell down the well?
Lassie: Bark-bark bark-bark-bark!!
Farmer: I see, girl. A criminal private banking cartel called the Federal Reserve and a creepy supranational unelected world government called the WEF have consigned Timmy to a bleak existence of debt serfdom on the globalists’ incorporated neoliberal plantation.
Not room for most international crater, just US and K-da was all I had room for. The CBC report is worth reading in full.
Another day of Tiffs soft landing!
When will the sheeple realize that “free” stimulus money, artificially suppressed interest rates, and speculative asset bubbles all come at a cost?
https://www.news.com.au/finance/economy/australian-economy/shocker-grim-fears-for-interest-rates/news-story/c3a0ea9448fed793bc6a18f6f6a65050
“A model in the Fed’s semiannual financial stability report incorporates all these elements and shows that homes are now 25% overvalued, just below the 28% peak in 2007, using the Labor Department’s measure of rent, and 19% overvalued using private measures of market rents. On the other hand, don’t expect prices to plunge as they did from 2006 to 2011.”
Because this time is different…
Oh dear….
https://x.com/zerohedge/status/1806300742484955418
Add onerous property taxes to the pile and you have real dumpster fire.
I’m guessing neither Viktor Orban, his family or his doners are getting their palms greased from the war against Russia.
Hungary Hops Off ‘Nato Train,’ Calls West’s Escalation of War in Ukraine ‘Hopeless’
by Ethan Huff | Natural News
June 27th 2024, 6:19 am
There is no way for the West’s war against Russia to reach victory, according to Hungarian Prime Minister Viktor Orban who in a recent interview called the situation “hopeless.”
The only thing that will be accomplished if the bombs continue flying is ever-greater death and destruction in both countries, Orban said. Even if the West is somehow able to achieve “success” at some point, the cost in blood and treasure will be so high as to render the mission a failure.
“The situation looks like the Western world wants to defeat Russia with the help of Germany under the leadership of the United States,” Orban said.
“I think it is hopeless. And even if we succeed, which is not at all realistic, we will have to pay such a high price that it will not be worth it.”
https://www.infowars.com/breaking-news/
A la Pyrrhic victory?
‘The issue is not so much about aggregate shortfall of housing units, but rather a mismatch between the cost of housing and the incomes of households,’ said. Alex Schwartz, one of the study’s authors.”
Heckova job, “Zimbabwe Ben” Bernanke, Yellen the Felon, & BlackRock Jay.
Some local news.
KDVR — ‘Very traumatizing’: Family shares video of violent robbery involving multiple victims (6/26/2024):
“The shop Joyeria El Ruby is family-owned and operated and has been in Denver for 24 years, but the owners became victims of a violent robbery on Monday.
“Yes, I am very scared, mostly for our kids,” said Lidia Tena, the shop owner.
The family believes the original man who first came in to pretend to shop propped the main door. Several of the men jumped the counter and began filling bags with jewelry while one held customers on the ground at gunpoint.
Munoz said she was able to push her daughter and grab her 18-month-old son and escape out the back door. She said her mom and cousin did everything they could to keep the robbers from making it to the back part of the shop.
But the robbers were able to push through and hold Tena and Munoz’s cousin at gunpoint before violently attacking them.
“They pinned my mom to the floor and hit her in the back of the head three times with a gun, then they hit my cousin,” Munoz said.
Tena said she tried to grab the panic button, but one of the robbers stopped her.
“I thought they would kill me after hitting me three times and they told me they would kill me and my niece if I moved towards the panic button,” Tena said.
Munoz said when she escaped, she took her kids to a store next door and went back to help when she saw four more armed men head into the store through the back door.
The Denver Police Department confirmed investigators are looking for eight Hispanic male suspects involved in this. Munoz said it sounded like the men were speaking with a Venezuelan accent.”
https://kdvr.com/news/local/very-traumatizing-family-shares-video-of-violent-robbery-involving-multiple-victims/
“the men were speaking with a Venezuelan accent”
That last quoted sentence, I am shocked that the editors allowed that in the article. This one is going straight into the memory hole, because Real Journalists.
can’t help but question if the “jewelry” store robbery was a complete sham? most of those places sell shabby cosmetic quality items at a huge markup. it’s all about the bling to that type of customer.
how shiny !
how sparkly !!
so new !!!
aayyye Ocho Cinco – so PRO$perous !!!!
Family-owned Denver jewelry store robbed
https://www.youtube.com/watch?v=v2n5PB03Lz0
* 2-min, 5-sec
We’re talking 12.1 million tons of dollar bills.
Yellen Bux conjured out of thin air should never be confused with real money.
It was the fourth price cut since March, and the property remains unsold.
You have a simple choice, greedheads:
1. Price your shack to sell
2. Chase the market down, with each “lowball” offer being the new market floor.
Missaghi and Samira Yousefi were shot and killed at Missaghi’s Toronto office last week by a man named Alan Kats, who then killed himself. Kats’s widow, Alisa Pogorelovsky, said her husband ‘could not handle losing our life savings, and that is what led to this tragic event.’”
People will say Kats took the law into his own hands, but who’s hands is the law in now, when criminals can steal and defraud with impunity?
The report, prepared by trustee PricewaterhouseCoopers and filed with the Office of the Superintendent of Bankruptcy, noted Martel had been running a massive Ponzi scheme and investors who are out more than $317 million will never see a dime of that money, which Martel never used to make bridge loans as promised.”
Must.not.laugh.
‘I’m a retired teacher so we don’t have hundreds of thousands of dollars set aside somewhere that we can contribute so it put me in a position where I had to return to work,’ she said.”
Such a pity when the Comrades of Proven Worth who spent their careers pushing globalist agendas in our NEA indoctrination mills learn the comfortable retirements were an illusion as private equity parasites jammed their blood funnels into their “investments” and pension funds.
Well said.
The important thing is, no more mean tweets.
https://twitchy.com/amy-curtis/2024/06/26/salary-required-to-own-home-up-by-61-n2397657
Paul Krugman could not be reached for comment.
Imagine if putting out falsified economic data was punishable by hard time in a federal penitentiary.
https://www.breitbart.com/economy/2024/06/27/inflation-revised-higher-on-eve-of-trump-biden-debate/
“The Bureau of Economic Analysis said that the personal consumption expenditure price index rose at an annual pace of 3.4 percent in the first three months of the year, far faster than the 1.8 percent recorded at the end of last year and up from the 3.3 percent estimated in the prior report issued in May.”
If the regime says it’s 3.4 percent, it’s really 10+ percent.
Are you any better off now than you were in January 2021?
Russia Today — US military aid worth $62 million missing in Ukraine (6/27/2024):
“The US Defense Department is unable to locate $62 million worth of weapons given to Ukraine, according to a report released on Wednesday.
The conclusions were presented by the Pentagon inspector general after an assessment on whether the DoD is effectively monitoring defense items provided to the Ukrainian Armed Forces.
The watchdog found that as of late November last year, a total $62.2 million in hardware designated for enhanced end-use monitoring (EEUM) was reported as missing. Among them are night vision devices, Javelin anti-tank missiles, and missile launch units.
The Office of the Inspector General also found that loss reports were filed after an average of 301 days, approximately 10 times longer than the required timeframe.
The report noted that it was beyond the scope of the probe to determine whether there have been “diversions” of military assistance. Allegations of criminal conduct regarding US arms sent to Ukraine are being investigated, it added.
In January, the watchdog reported that the Pentagon had failed to properly track $1 billion worth of military supplies given to Ukraine, and that much of the equipment sent was “delinquent.”
https://www.rt.com/news/600100-us-military-aid-millions-missing-ukraine/
The watchdog found that as of late November last year, a total $62.2 million in hardware designated for enhanced end-use monitoring (EEUM) was reported as missing. Among them are night vision devices, Javelin anti-tank missiles, and missile launch units.
I’m sure those are all easy to sell on the blackmarket.
Now it’s over $100,000 per owner,’ Huffstetler said. ‘The hope is, when we get the restoration part done, then the units will be worth more and I can sell. Right now, we’re stuck.’ Huffstetler bought his condo in late 2021
I am not sure why, but this story made me laugh.
‘The inventory has certainly increased of what’s available on the market and I think that’s going to stay for a while because people are very fearful of buying a property that’s got a giant assessment on it,’ she said.”
No one should buy a condo in FL in the next 2 years or so. WAY too much risk.
* ‘After 10 days of being on the market, not one inquiry, not one showing,’ says Mr. Pope, adding that traffic was so slow the agent needed to verify the listing was actually online.
HaHAHAHAHA oh man, reminds me of the good ol’ days checking a landline telephone for the dial tone.
(gave her my number . . . said she’d call !?)
Short term rentals are a cancer on everywhere they touch.
Colorado Sun — Colorado resort communities want more focus on residents, less emphasis on tourism, survey shows (6/25/2024):
“The community survey commissioned by the Northwest Colorado Council of Governments and the Colorado Association of Ski Towns — and conducted by a group of veteran tourism economy pulse-takers known as the Insights Collective — is a benchmark that measures sentiment around the social, political, economic and cultural changes happening in mountain towns. And it delivers a tool for policymakers to craft regulations and measure progress as communities infuse resident concerns into economies that have traditionally revolved around tourist dollars.
This community assessment report is different from a resident survey in 2021 that showed locals increasingly concerned with the influx of new residents. That 70-page Mountain Migration report — which included 4,700 responses from the same region and also was commissioned by the Northwest Colorado Council of Governments and Colorado Association of Ski Towns — ranked affordable housing and the lack of housing for workers as “severe problems.” The migration report also showed the wealth of newcomers in a region where about half the homes are occupied by full-time residents as another challenge for working locals.
“The majority of full-time residents making their living in the county do not have the income to compete for housing in the current high-competition environment,” read the 2021 migration report.
Residents who do not own homes “may be less invested in the overall economic health of the community, and those who have arrived in the last five years have fewer emotional, long-term connections to the community,” reads the report.
The renting newcomer may have strong opinions about the direction of their communities, but they also may be more inclined to move away.
“It may be in the destination’s interest to ensure the affordability of long-term housing ownership to newer, younger residents to embrace change,” reads the 2021 report.
The survey showed that more than one-third of mountain town residents see their quality of life, while high, is in decline. Fewer residents said it was improving. Still, a slight majority of residents said the positives of tourism in mountain towns outweighed the negatives. But most respondents agreed with the statement that “the area is overcrowded because of too many visitors.”
Second homeowners, however, were less likely to see quality of life declining when compared to full-time residents. Second homeowners who rent their properties as short-term rentals have the most positive outlook when it comes to the quality of life in mountain towns.”
https://coloradosun.com/2024/06/25/resort-communities-survey-tourism-resident/
Parasites gonna parasite.
Have fun waiting 45 minutes to get a latte, greed head PIGS.
How long ago did I tell HBBers these jabs were molecular WMDs?
Law Professor Who Wrote 1989 Biological Weapons/Antiterrorism Act Provides Affidavit That COVID 19 Shots Are Weapons of Mass Destruction
One of the world’s leading legal experts on biological weapons believes the COVID-19 vaccines are bioweapons.
100% safe and effective.
When I tell people that I never got the jab, I still get disapproving looks. I think there will be a stampede to get the bird flu jab.
What we got here is………….a failure to communicate
Some men you just can’t reach.
When it comes to the Biden administration, the real news comes from legal filings. For anyone interested, this guy does a very good and layman friendly job of covering them: https://www.youtube.com/@RobertGouveiaEsq
“…layman…”
That’s me. Thanks!
MarketWatch — Is an AI stock bubble looming? That’s the $167 billion question (6/27/2024):
“Will the frenzied spending on artificial intelligence drive major revenue boosts for internet companies — or are those big spenders getting ahead of their skis?
That’s a key question for investors these days, according to Barclays analyst Ross Sandler, who noted Tuesday that the math doesn’t appear to add up. Wall Street expectations are for roughly $60 billion in incremental capital expenditures on AI but just $20 billion in incremental cloud revenue for 2026.
“One of the hottest debates today in the investment community is whether all the AI capex investment going into data centers will end up being a 2000-esque [telecommunications]-bubble overbuild, or whether there is enough AI [revenue] demand to justify,” Sandler said in a note to clients.
Sandler thinks the rush of AI spending — a cumulative $167 billion since the AI frenzy kicked off — could reflect a bit of FOMO, or fear of missing out, rather than a “Field of Dreams scenario” in which widespread AI revenue will soon manifest in a big way.”
https://www.marketwatch.com/story/is-an-ai-stock-bubble-looming-thats-the-167-billion-question-53a76c00?mod=home-page
“Don’t believe the hype” — Public Enemy
A reader sent these in:
“You don’t know how hard it was to buy a home in 1983 when homes were $17.25 and a McDonalds ice cream cone with rates at 15%”
https://x.com/DonMiami3/status/1806015478436925781
RealPage, a rental property software company that has allegedly been used to fix rents around the country, is laying off hundreds of employees
https://x.com/MacroEdgeRes/status/1806010465694122358
Monetary policy has finally broken the real estate sector, now we wait for lower active builds and employment to roll over
Where in cycle?
https://x.com/DonMiami3/status/1806001119660814745
The City of Oakland is expected to declare a state of extreme fiscal emergency
https://x.com/MacroEdgeRes/status/1805803846783877297
The City of Oakland is expected to declare a state of extreme fiscal emergency
Coming to all municipalities, large and small, as the tax money gusher goes dry. And that is the way it is with local government. Few save the surpluses in a rainy day fund. Most assume the gusher is never ending and increase spending to match it.
BTW, we voted to not sales tax groceries in my little burg and city hall is now apoplectic and forced to slash budgets.
Next on voters’ sights this November: two props, one to significantly roll back property taxes and the other to cap their growth. The commies at the state capitol in Denver already fear that these will pass, and are already making threats to taxpayers of reduced services.
The official number is they are short 200 million, however, the official number is never the real number. They have a master plan to sell half of A’s stadium (the half the city owns) for 100 million to a diversity investment group who, from what I’ve seen, have trouble dressing themselves properly. I’m sure it will be fine. No one bothers to ask them what they plan to sell off next year when the deficit is even bigger.
In the Mayor’s first public address since the FBI raid on her home she wasted no time blaming the right wing extremists that are so prevalent in Ookland. Sad!
It won’t be long before every major city in the state can no longer pay the bills and will have to resort to mass layoffs just to keep the lights on.
And voters will continue to be utterly unable to make the connection and will keep pulling the D lever every election.
‘she wasted no time blaming the right wing extremists’
I hadn’t heard that and couldn’t find it in a short search.
Here you go. Try not to laugh hysterically.
https://www.youtube.com/watch?v=PgGrU4Ke0h8
right wing extremists that are so prevalent in Ookland.
Sounds like the mayor of Chicago. Not to long ago he was blaming MAGA republicans for Chicago’s problems. I am guessing he was referring to the 2 MAGAs that attacked Jussie Smollett as they were probably the only 2 in Chicago.
“Sounds like the mayor of Chicago.”
Reminds me of black Douglas County Judge Christina Peterson charged with simple battery against an Atlanta police officer and felony willful obstruction of law enforcement by use of threats of violence. UPDATE: The state has removed her from the bench.
“You don’t know how hard it was to buy a home in 1983 when homes were $17.25 and a McDonalds ice cream cone with rates at 15%”
https://x.com/DonMiami3/status/1806015478436925781
Money laundering. Just like the “book” deals.
Far-left Bronx and Queens Rep. Alexandria Ocasio-Cortez tried to pump up ousted Rep. Jamaal Bowman online Wednesday following his primary loss — only to tag the wrong social media user in her message.
“Son of a single mother. Grew up in public housing. Dedicated his life to teaching. Became a school principal. Founded a prized school to serve Bronx youth. Elected as the 1st Black [sic] Congressman for NY16. Never took a dime in corporate money,” the “Squad” member posted on X hours after Bowman’s defeat by Westchester County Executive George Latimer.
“A true public servant,” Ocasio-Cortez added of Bowman, 48, while tagging a different X user located in Germany with the same name, but just 65 followers.
Bowman critics, already in a mirthful mood, were quick to point out the mistake.
“Knows him so well, she tagged the wrong Jamaal,” replied “Off Limits” host and columnist Ian Haworth.
“You can tell AOC is super broken up about this by how she tagged an account that hasn’t tweeted in 12 years but whose final tweet was a hilarious joke about putting her head in the oven,” one X user snarked.
“When the rush to virtue signal is so strong @AOC tagged the wrong Jamaal Bowman,” another joked of her post.
“Where’s ‘determined tester of fire alarms?’” Article III Project senior counsel Will Chamberlain added. “An oversight, surely.”
https://www.msn.com/en-us/news/politics/aoc-mistags-jamaal-bowman-online-after-squad-dem-s-primary-loss-knows-him-so-well/ar-BB1oX6VI
A growing number of Liberal MPs say the national caucus needs to meet as soon as possible to discuss the fallout of this week’s tough byelection loss in Toronto and that the gathering can’t wait until the retreat scheduled for the end of the summer.
One Liberal MP told CBC News that if the caucus waits until that early September meeting to regroup and reset, “we will be writing our obituary.”
The stunning loss in the Toronto-St. Paul’s byelection on Monday has fuelled conversations inside the Liberal caucus about the future prospects of the party, the tenability of Justin Trudeau’s leadership and the effectiveness of the political team that surrounds the prime minister.
Though some ministers have publicly backed the prime minister this week, behind the scenes, caucus members are venting frustrations. In a growing number of group texts and phone calls, MPs are discussing their options after losing their first Toronto riding since forming government in 2015.
“We put everything we had into it and still lost,” a second Liberal MP told CBC News. “This is an unmitigated disaster.”
The MPs spoke to CBC News on the condition that they not be named.
“What’s the plan?” a fourth Liberal MP told CBC News. “We need a course correction.”
Another caucus member told CBC News that MPs are hearing from Liberal supporters that it’s time for a leadership change. The same MP said it is ultimately up to Trudeau to decide whether he stays or goes, but added that a new leader could breathe life into the party.
“Does [Trudeau] want his legacy to be not just the decline, but the destruction of the Liberal party?” they asked.
https://www.cbc.ca/news/politics/trudeau-meet-caucus-byelection-1.7247877
A report from Fortune. “The long-bemoaned housing shortage may not exist after all. Rather, there’s a shortage of cheap rents and affordable homes, according to a new study.”
\\
Data:
https://fred.stlouisfed.org/series/EVACANTUSQ176N
Observation:
Q1 2024: 15,283 Updated: Apr 30, 2024 9:51 AM CDT
Units: Thousands of Units,
Not Seasonally Adjusted [NSA]
Frequency: Quarterly
– That’s 15.283 million. April, 2024 data from the Fed.
https://data.census.gov/table/ACSDT1Y2022.B25004?t=Vacancy&d=ACS%201-Year%20Estimates%20Detailed%20Tables
B25004 Vacancy Status
2022: ACS 1-Year Estimates Detailed Tables
Total: 13,901,967
– That’s 13.902 million (~14 million). 2022 data from census.gov.
\\
“Rather, there’s a shortage of cheap rents and affordable homes…”
– Problem: There’s an artificial supply shortage. RRE speculators, including large corp. buy-to-rent, small mom & pop rentals, short-term rentals (STRs), such as Airbnb, VRBO – an unsupervised, illegal, commercial business in a residential neighborhood, second, third, etc. homes purchased with PPE, ERC (pandemic fraud $), and other pandemic over-stimulus funds, GSEs goosing the market via moral hazard at taxpayer expense, the Fed goosing the markets via extreme, experimental monetary policy. It’s no wonder that the housing market is all jacked up again; aka: Housing Bubble 2.0.
– Proposed solution: With limited exceptions, tax ALL non-primary SFH properties at high enough rates to make it financially untenable to purchase for investment purposes. Singapore does this now. Get ALL .gov OUT of the housing market, including Congress, GSEs and of course, the Fed, and end the Fed while you’re at it; just replace it with the 2 yr. U.S. Treasury note yield. Done. Way simpler, cheaper, and free market. Make American (Housing) Great Again. House prices and rents will fall as supply mushrooms, but this is too logical, and also there aren’t enough opportunities for graft and corruption.
“Everything a government touches, turns to crap.” – Ringo Star
“There is no such thing as a mixed economy, a system that would be in part capitalistic and in part socialist. Production is directed by the market or by the decrees of a production tsar or a committee of production tsars.” – Ludwig von Mises, ‘Human Action,’ p. 258
Proposed solution: With limited exceptions, tax ALL non-primary SFH properties at high enough rates to make it financially untenable to purchase for investment purposes. Singapore does this now. Get ALL .gov OUT of the housing market
Didn’t you just contradict yourself?
How so?
“Didn’t you just contradict yourself?”
\\
– Yes, that’s correct, but first need undo all of the crazy incentives to speculate in housing. A tiered tax structure would do this in the near-term. To do this without tax incentives would be to simply remove all of the existing speculative incentives listed above; essentially de-financialize housing as an asset class and return it to shelter, a place to live. Ultimately, de-financialization has to happen.
https://x.com/dfwaaronlayman/status/1805936775388352792
Aaron Layman @dfwaaronlayman
Decades of financialization & manipulation continue to exact a heavy toll on the U.S. housing market.
Mortgage purchase applications stuck in the basement, still below the lowest levels seen during the housing bust.
MBA’s unadjusted Purchase Index decreased 10% for the week, putting it 13% lower than the same week one year ago.
#affordability
8:10 AM · Jun 26, 2024 · 453 Views
A tiered tax structure would do this in the near-term.
So the taxes would be temporary? When has that ever worked out well? Seems like it would just create more work for accountants and lawyers to find loopholes.
You’re acting all hard-core rock-ribbed libertarian in one sentence but then in another sentence you want government bureaucrats pulling levers and twiddling knobs to try to engineer some policy result.
“You’re acting all hard-core rock-ribbed libertarian in one sentence but then in another sentence you want government bureaucrats pulling levers and twiddling knobs to try to engineer some policy result.”
\\
– Read what I said. Must remove existing incentives and interventions in any case. While also an intervention, taxes would expedite a return to some kind of normalcy in housing. Do nothing and enjoy permanent serial asset bubbles. Certainly the least .gov involvement is best, since they created this mess.
\\
– Singapore is at least proactive about their property bubble vs. the rest of the developed world that’s inflating them.
https://numberoneproperty.com/property-cooling-measures-in-singapore/
Property Cooling Measures in Singapore: New Round of Cooling Measures Impacting the Residential Property Market
by Number One Property | Oct 26, 2023
What are property cooling measures?
Property cooling measures in Singapore refer to the regulations and policies implemented by the government to manage the housing market and prevent excessive property price increases.
These measures may include stamp duties, loan restrictions, and increased taxes on property transactions.
Why were property cooling measures introduced in Singapore?
Property cooling measures were introduced in Singapore to achieve two main objectives: sustaining a healthy property market and prioritizing housing for Singaporean citizens.
Dumping Trudeau won’t save the Liberals
Toronto-St. Paul’s isn’t really “one of the safest Liberal ridings in the country.” Safe it certainly is, having voted Liberal in every election since 1993. But 19 other ridings are as safe or safer by that measure.
Vancouver Quadra has been electing Liberals since 1984. The Toronto riding of Humber River-Black Creek, the former York West, last elected a candidate from another party in 1958. Mount Royal, on the Island of Montreal, has been solidly Liberal since 1940. Ottawa Vanier has been a Liberal riding since its creation, in 1935; in its former incarnation as Russell, since 1887.
What distinguishes Toronto-St. Paul’s is more what it used to be: a bellwether. It was one of those ridings – affluent, educated, metropolitan – that historically could vote either Liberal or Conservative, depending on the prevailing political winds, but which, since the collapse of the Mulroney coalition in 1993, have remained alien territory for the Tories.
It wasn’t so much a matter of ideology, I think, as culture: The generation of Conservatives that grew out of the old Reform Party – harsher, less compromising, more populist – was almost literally incomprehensible to the genteel professional classes that populated these ridings. If they are now willing to give them a look, something genuinely is up.
It isn’t the Conservatives that have changed – under Pierre Poilievre they are if anything more remote from metropolitan sensibilities than they were under Stephen Harper. It is the growing disaffection of these voters with the governing Liberals.
A significant percentage of former Liberal voters, that is to say, have turned on the Liberals. They want the Grits out – so much so that they are willing to hold their nose and vote Conservative to get it done.
And not only former Liberal voters. Look at the results in Toronto-St. Paul’s. The Conservatives turned a 24 point deficit versus the Liberals in the 2021 election into a near two-point margin in their favour. Yet only a part of that swing was due to movements between the two parties. The Liberal vote fell nine points, yes, but the Conservative vote rose by 17.
Much of the difference came from the NDP. The Liberals lost the riding in Monday’s by-election with a larger share of the vote than they won it with in 2021. It was the collapse of the NDP vote – and its apparent swing to the Conservatives – that did them in.
Still, the implications are obvious. If Toronto-St. Paul’s is within reach for the Conservatives, then so are dozens more ridings like it. The Conservative vote has grown so large, and spread so wide, that the greater efficiency of the Liberal vote is no longer enough to save them. If the trend holds, they are headed for catastrophic defeat in the next election.
How did we get here? More important, where do we go from here? I’m struck by the universal pundit consensus that the only possible response to the Toronto-St. Paul’s disaster must be the resignation of Justin Trudeau as Prime Minister and party leader – as if the results could simply be put down to his personal unpopularity; as if the Liberals’ unpopularity were all about messaging, image and leadership.
No doubt that is part of it. It was evident 11 years ago, when the Liberals, in the devastating aftermath of the 2011 election, seized on the son of a former prime minister as their saviour, that they were leaving themselves exposed. Rather than address any of the fundamental weaknesses in the party’s appeal that had seen its average share of the popular vote fall from over 40 per cent in the last half of the 20th century to barely 30 per cent since then, they bet the farm on the dynastic principle and “sunny ways.”
It worked for a time. But popular infatuation, so easily sparked, is as easily dissipated. All the little things – the smiles, the simpering poses, the ostentatious progressivism – that people found so charming in the first couple of years were bound to grate after a while.
But good gracious: the record of the Liberals in office must surely also have something to do with it. The notion that the Liberals’ woes can all be remedied just by jettisoning Mr. Trudeau as leader is the same quick-fix mentality that elected him.
But these are nevertheless decisions for which the government must be held to account, no matter who leads it:
-the fixation on distributing income, rather than growing it – an error a decade ago, a crisis today
-the runaway spending and endless deficits, long before the pandemic and ever after
-the obsession with narrow questions of identity rather than the broader public interest
-the casual corruption and endemic abuse of office, from cash-for-access to SNC-Lavalin to WE Charity – as if the Liberals’ moral vanity made it impossible for them to conceive of themselves doing wrong, even as they were doing it
-the broken promises, earlier in their government, on everything from deficits to electoral reform to, God save us, two billion trees.
-the multiple policy failures of the later years, from the bungling of pandemic preparation to the loss of control over immigration to the housing crisis
-the autocratic disdain for Parliament, on display in the use of such procedural weapons as omnibus bills, time allocation and prorogation – the very things for which the Liberals had attacked the Harper government, and which they had promised to curtail
-the seeming breakdown in capacity, on matters as basic as issuing passports or appointing judges – a sense that the handful of aides in the Prime Minister’s Office, having achieved a monopoly on power, were overwhelmed as a result
– the utter indifference to national security – the continuing failure to adequately supply the Armed Forces, even as war clouds gather, coupled with the strange unwillingness to confront foreign interference, if not active complicity in it
-and the rest: the baleful trio of internet regulatory bills, each more illiberal and ill-considered than the last; the inertia in the face of provincial lawlessness and oppression; the mishandling of the climate change file that has turned a rare policy success, carbon pricing, into a political liability; etc., etc.
-in all, a rare trifecta of cynicism, ideology and incompetence, for which the leader must take responsibility but which is broadly reflected in the party that elected him, the officials who assist him, and the caucus and cabinet that support him.
So yes, the public has ample reason to want to toss the Liberals – as the Liberals, in hopes of avoiding that fate, have ample reason to want to toss the Prime Minister. Before doing either, however, it is important to ask: what is the alternative?
So here’s a suggestion for the Liberals, as an alternative to panic and regicide. Why not try, in the time you have left, governing better – a more pragmatic government, and yet a more principled one, with less focus on optics and more on outcomes; one that makes a serious effort to correct its past mistakes, starting with the public finances, economic growth and national security.
It probably won’t save your government. But you will have more to rebuild with afterward: more seats, yes, but also more integrity and more dignity.
https://www.theglobeandmail.com/opinion/article-dumping-trudeau-wont-save-the-liberals/
Dumping Trudeau won’t save the Liberals
This. The Liberal Party would have to slash taxes and spending and stop persecuting Canadians. Not going to happen,
A budget deal between Gov. Gavin Newsom and state Democrats that set aside a measly $12 million for “reparations, a system of redress for the descendants of former slaves in California,” was touted by some prominent members of the Legislative Black Caucus.
“That is a win,” said Assemblymember Lori Wilson, D-Suisun City, chair of the Black Caucus on Saturday.
It doesn’t feel like a win. Nor should it be considered one.
Newsom set this process in motion, and California was touted as the first state in the nation to attempt to make reparations a reality. A voluminous report by the reparations task force made a case not understood by enough Californians: “The enslavement of African Americans had already started in California before the state had adopted an anti-slavery constitution in 1849.”
From the 19th Century lynching of a slave in the town square of San Jose to generations of economic and political disenfranchisement, a serious case for reparations for Black Californians was established by a committee of experts.
But what is being presented as “a win” did not match the urgency of the reparations issue or the current state of Black Californians who are overrepresented in poverty, incarceration levels within the state prison system and school drop-out rates — a consequence of generations of economic and political disenfranchisement.
https://www.msn.com/en-us/news/us/california-only-budgeting-12-million-for-reparations-shows-lawmakers-lack-of-urgency-opinion/ar-BB1oVvjb
A budget deal between Gov. Gavin Newsom and state Democrats that set aside a measly $12 million for “reparations, a system of redress for the descendants of former slaves in California,”
That should pay for some trips to Hawaii to discuss how to someday implement reparations with no budget.
I didn’t see this posted anywhere. so that his oldest daughter can attend a posh private school where tuition tops a staggering $60,000 a year
https://nypost.com/2024/06/26/real-estate/gavin-newsom-moves-family-from-sacramento-to-ritzy-marin-county-for-60k-per-year-private-school
posh private school where tuition tops a staggering $60,000 a year
That just proves once again, he is a man of the people! (Rich and well connected People)
John Stossel 7 min ,,,massive tax increases for the next generation no matter who is president
$1 Trillion in Interest Every Year: The Crushing Reality of Federal Debt. https://www.youtube.com/watch?v=If6T1nVtK10
Or the Fed can monetize the debt. Of course that means a lot more inflation.
$20 Big Macs are on the way.
In order to form a One World Order, you would either have to invade the bulk of Sovereign Countries by military warfare, or by infiltration of global Governments to surrender to a One World Order power grab. And than get Global Governments to partner in this take over.
You watched the global Governments act in lockstep in shutting down the Countries, mandating masks, than Governments dispersing to billions killer fake bio weapon vaccines. You watched Government collude with Media to censor free speech and any dispute to the Covid vaccine safe and effective fraud.
At this point they don’t care how much data confirms the mass genocide and injury by the vaccines. They are planning the next disease x panademic that they have assure us will be 100 times more lethal than Covid.
If your Government has already been captured by sinister forces, and puppets have been installed to advance the enemies objectives, than your Country is occupied.
If your Country wants to transfer unlimited power to a unelected United Nations and WHO , than your Country has surrendered to enemies taking over the World.
The objective of the Enemy is to have a One World Order Dictorship that dictates global policy, Such policy would override any Sovereign Countries governments and laws , or constitutional protections, for the dictates of the enemy that has captured the United Nations and WHO.
So, don’t comply with a captured illegal governments that are trying to destroy you with the enemies they partner with.
Its certain that Monopoly Corporations, Rich Elites, Banks, Big Pharmacy , and Guys like Bill Gates are part of the Entities engaged in this take over of the globe.
They have sinister intent to inflict great harm on humanity, genocide humanity, enslave humanity, while they steal all resources and control all consumption.
Their fraudulent narratives they are saving the globe from doomsday climate change and global Panademics is a ridiculous fraud to justify mass murder and human enslavement .
Unbelievable that the World governments caved to this dastardly power grab by dangerous psychopaths and despots .
Joe Biden’s America.
Turkish migrant arrested for allegedly raping 15-year-old girl in his car in Albany (6/27/2024):
“A migrant from Turkey was arrested in Albany last week for raping a 15-year-old girl he forced into the backseat of his car after threatening to beat her with a metal pole, authorities said.
Sakir Akkan, 21, is accused of attacking the teen on Arch Street in the state capital in the early hours of May 14, court records obtained by The Post show.
Court records show Akkan has an address listed in Troy, NY, but he is not a US citizen.
He was arrested by US Border Patrol agents on Nov. 5 last year after crossing into San Diego, California, illegally, a Homeland Security source told The Post.
Akkan informed agents he was trying to get to Philadelphia but failed to provide an address.
Just days later, he was released on his own recognizance due to a lack of bed space and ordered to appear in a Philadelphia court on Feb. 19, 2025, the source added.”
https://nypost.com/2024/06/27/us-news/illegal-migrant-arrested-for-allegedly-raping-15-year-old-girl-in-his-car/
Joe Biden’s America.
Illegal migrant suffocated Syracuse woman, 21, he’d known since childhood on her birthday, buried her body in park (6/27/2024):
“A migrant from Ecuador who entered the US illegally is accused of suffocating a 21-year-old Syracuse woman on her birthday and then burying her body in a shallow grave in an upstate New York park, authorities said.
Jhon Moises Chacaguasay-Ilbis, 21, is charged with killing Joselyn Jhoana Toaquiza, a fellow Ecuadorian, after arranging to meet the victim for her birthday at his Airbnb in Syracuse on June 18, The Post-Standard reported.
Just hours later, Chacaguasay-Ilbis allegedly re-emerged with a limp Toaquiza draped across his back — with her arms and legs wrapped around him – before carrying her body to a park opposite the Airbnb.
He allegedly buried her body in the shallow grave and then high-tailed it on a Greyhound bus back to his residence in Rockland County’s Spring Valley, according to cops.
Chacaguasay-Ilbis was picked up by US Border Patrol agents back in January 2023 after illegally crossing the border in El Paso, Texas, a Homeland Security source told The Post.
Because there wasn’t enough space to hold him, he was released into the US with a tracking device.”
https://nypost.com/2024/06/27/us-news/migrant-suffocated-syracuse-woman-buried-body-in-park-cops/
Because there wasn’t enough space to hold him, he was released into the US with a tracking device
Whatever happened to deporting these people on the spot?
The people who have allowed this to happen need to be punished.
The people who have allowed this to happen really need to be punished.
How’s that “Build Back Better” workin’ out for ya, Muricans?
https://www.marketwatch.com/guides/banking/american-debt-2024/
Rolling Stones — All Sold Out:
https://www.youtube.com/watch?v=nRXDFIyJ4ko
A rare Keith Richards lead vocal.
Rolling Stones — Happy:
https://www.youtube.com/watch?v=56-JEHWfrfI
‘don’t expect prices to plunge as they did from 2006 to 2011. Since then, income and appraisal standards have become far more stringent, credit scores are higher, especially at the bottom end, and foreclosure prevention is more effective, said Laurie Goodman, a housing finance scholar at the Urban Institute. Over 90% of mortgage-backed securities are now federally backed. ‘You will not have the big price declines because you’ve taken out the contagion effect that caused them’
I could say a lot about these statements Laurie, but I’ll limit it to one point: in spring 2005 I would crawl through the Fitch, S&P, Moodys websites. Many were the first clue the you know what was coming. In one from Fitch it noted a raft of subprime junk mortgage bonds had terrible results – early defaults. Meaning they had just been originated. But Fitch concluded that the risk of default was low, to the bond holder, because they were guberment backed. The ‘contagion effect’ is in the loans that have already been made almost entirely because they are supposedly ‘risk free’ bonds!
And they are earning 7% or less. With the risk of all time highs after minor respiratory illness. Any way you look at the debt/loan quality picture it’s much worse than 2006.
“Over 90% of mortgage-backed securities are now federally backed.”
If house prices were established by the consumer market there would be no need for federal government backing.
Allman Brothers — Whipping Post:
https://www.youtube.com/watch?v=UxSL0nUsYbs
‘received the green light from the White House to offer second-lien mortgages, aiming to help homeowners who are locked into lower rates access their home equity. The proposal allows homeowners to access their home equity while keeping their low interest rate on their current loan’
So they are willing to make shack loans at rates maybe 3% to 5%? Yer earning less than that cost of capital. Sound lending!
‘The ICE report identifies just five markets on the West Coast as responsible for about a quarter of that $11 trillion equity figure: Los Angeles, San Francisco, San Jose, San Diego and Seattle. That four of the five are in California dovetails with another rich fact of real estate life: Roughly one-fifth of the nation’s total housing value is in California. Whether you live out by the Pacific, or in any area where your tappable equity is overflowing, consider yourself fortunate. You’re living in an opportune time like no other, able to enjoy a financial home sweet home run’
The best thing is, they don’t have to pay it back! It will red hotcakes way more in a year and we’ll cha-ching again, home sweet home run winnahs!
‘San Diego County built more housing in 2023 than it had in 17 years. There were 11,673 building permits pulled across the county, a 21 percent increase from 2022, said the Construction Industry Research Board. It took until now to figure out the number because the Sacramento-based research board takes the time to contact all 58 counties and 538 cities in California for permit data’
This is the technology capital of the world.
‘Last year, Ye parted ways with the house, initially listing it at $US53 million ($A80 million) — already $US4.5 million ($A6.7 million) less than he paid for it in 2021…Despite efforts to sell the mansion, the property remains for sale’
That’s a mighty a$$ pounding for a shack you never had a fan in Ye.
‘A newly built, three-bedroom, three-bathroom single-family home in New York Avenue, Austin, was listed for sale on Zillow on Monday, June 24, for $899,000—over $400,000 less than it was sold for in August 2023…‘investors say ‘sell it’
Flip gone wrong, another a$$ pounding this fine Thursday.
‘A single-family home on 403 Middle Lane, Austin, listed for sale on Zillow has seen price cuts of around 23 percent since it was first put on the market in March. Over three months ago, the property was listed for $349,900; on Wednesday, the price was cut to $269,900. It was the fourth price cut since March, and the property remains unsold. An apartment on 1840 Burton Dr, Austin, listed for sale on Zillow has seen seven price cuts since it was put on the market on April 19 for $199,000. The property near downtown Austin is now selling for $159,900—about 20 percent less’
But every time Clare opens her pie hole she will assure us it’s a sellers market.
‘said he is a snowbird and dealing with the high cost of the fees at his condo in SurfSide Club South in Ormond Beach. ‘Now it’s over $100,000 per owner,’ Huffstetler said. ‘The hope is, when we get the restoration part done, then the units will be worth more and I can sell. Right now, we’re stuck.’ Huffstetler bought his condo in late 2021’
Bargaining <- Parks, you are here.
‘Another resident in the building, Janet Stone, said she is in the same boat and felt a bit blindsided. ‘I’m a retired teacher so we don’t have hundreds of thousands of dollars set aside somewhere that we can contribute so it put me in a position where I had to return to work’
Well, it’s good to get on yer feet and get some exercise Janet, move around. It’s definitely way cheaper than renting!
‘This comes on top of skyrocketing insurance prices for condominiums and, along the coast, repairs from the 2022 hurricanes. ‘We have buildings where it’s every few weeks we get a call of ‘I just have got to sell I can’t afford to do this,’ Krista Goodrich said. Goodrich, a vacation rental property manager in Volusia and Flagler counties, said she is seeing firsthand how this is hitting the condo market. ‘The inventory has certainly increased of what’s available on the market and I think that’s going to stay for a while because people are very fearful of buying a property that’s got a giant assessment on it’
These STR guys were hanging on by their fingernails was it is Krista.
Yip-yip-yip-yip-yip-yip, bmm
Sha-na-na-na, sha-na-na-na-na, ahh-do
Sha-na-na-na, sha-na-na-na-na, ahh-do
Sha-na-na-na, sha-na-na-na-na, ahh-do
Sha-na-na-na, sha-na-na-na-na
Ahh, yip-yip-yip-yip-yip-yip-yip-yip
Mum-mum-mum-mum-mum-mum, get a job
Sha-na-na-na, sha-na-na-na-na
Well every morning about this time (Sha-na-na-na, sha-na-na-na-na)
She gets me out of bed, a-crying get a job (Sha-na-na-na, sha-na-na-na-na)
After breakfast everyday she throws the want ads right my way
And never fails to say – get a job
Sha-na-na-na, sha-na-na-na-na, ahh-do
Sha-na-na-na, sha-na-na-na-na, ahh-do
Sha-na-na-na, sha-na-na-na-na, ahh-do
Sha-na-na-na, sha-na-na-na-na
Ahh, yip-yip-yip-yip-yip-yip-yip-yip
Mum-mum-mum-mum-mum-mum, get a job
Sha-na-na-na, sha-na-na-na-na
Lord, and when I get the paper I read it through and through
I, my girl never fail to see if there is any work for me…
I got to go back to the house, hear that woman’s mouth
Preachin’ and a cryin’, tell me that I’m lyin’ about a job
That I never could find
Sha-na-na-na, sha-na-na-na-na, ahh-do
Sha-na-na-na, sha-na-na-na-na, ahh-do
Sha-na-na-na, sha-na-na-na-na, ahh-do
Sha-na-na-na, sha-na-na-na-na
Ahh, yip-yip-yip-yip-yip-yip-yip-yip
Mum-mum-mum-mum-mum-mum, get a job
Sha-na-na-na, sha-na-na-na-na
Lord, and when I get the paper I read it through and throu-ough
I, my girl never fail to see if there is any work for me…
I better go back to the house, hear that woman’s mouth
Preachin’ and a cryin’, tell me that I’m lyin’ about a job
That I never could find
Sha-na-na-na, sha-na-na-na-na, ahh-do
Sha-na-na-na, sha-na-na-na-na, ahh-do
Sha-na-na-na, sha-na-na-na-na, ahh-do
Sha-na-na-na, sha-na-na-na-na, ahh-do
Sha-na-na-na…
We have buildings where it’s every few weeks we get a call of ‘I just have got to sell I can’t afford to do this,’
Vox Day must be having a field day with all these boomers facing financial ruin.
‘When the Bank of Canada cut its key interest rate in early June, some industry watchers predicted that the move would re-energize buyers in the Toronto-area real estate market. Instead, it’s the sellers who have been galvanized into action’
In a way, these would be movers were rate daters too Robin.
‘Mr. Pope points to the example of a well-polished Toronto row house listed by a colleague with an asking price of $1.95-million. ‘After 10 days of being on the market, not one inquiry, not one showing,’ says Mr. Pope, adding that traffic was so slow the agent needed to verify the listing was actually online’
The first thing I always do Robin, is make sure it’s plugged in.
‘On paper, Smiley said this means he has no assets in his name against which to enforce a civil judgment…But in reality, the lawyer alleges, Missaghi just concealed his ‘considerable assets’ obtained from fraud using shell companies and straw purchases. In a recent order issued in Pogorelovsky’s civil case, Ontario Superior Court Justice Lee Akazaki wrote that Missaghi and his wife ‘control or have controlled upwards of $50 million in North American assets.’ ‘If you were a victim of a Missaghi fraud, you were put in the unenviable position of [pursuing] this multi-millionaire, undischarged-bankrupt fraudster through the court system who was defending himself with the best lawyers in Toronto,’ said Smiley. ‘Which he is paying for with the money that he stole from you’
These terrible things happen all the time in K-da. Remember the Chinese guy who cut somebody up into 1000 pieces in British Colombia? That’s mafia stuff. It’s systemic, I won’t bother going into how many times I’ve blogged about this.
‘noted Martel had been running a massive Ponzi scheme and investors who are out more than $317 million will never see a dime of that money, which Martel never used to make bridge loans as promised…The trustee does not expect that the investors will receive any recovery from the bankruptcy estates of Martel or MMAC…PwC tracked more than 50,000 transactions through more than 40 accounts at financial institutions’
Not a single loan ever made, didn’t even do a few fake ones for the suckers. 50,000 bank transactions. That’s some sound lending right there.
Homeowners Keep Taking On More Debt (York Region Real Estate Market Update)
Team Sessa Real Estate
1 hour ago VAUGHAN
In this episode we take a look at the current Vaughan Home Prices, Richmond Hill Home Prices & Markham Home Prices and real estate market trends for week ending June 19, 2024. We also discuss how some people have not been able to grow any equity throughout their years of homeownership because they keep upgrading homes.
https://www.youtube.com/watch?v=D5csjEIeW3E
11:38.
Rep. Hageman exposes how the political establishment and pharmaceutical companies lied during COVID
Rep. Harriet Hageman
1 day ago
https://www.youtube.com/watch?v=F45g7oZSR00
5:53.
Garth Brooks- Friends In Low Places
https://youtu.be/mvCgSqPZ4EM?si=bVELuLFxmHM3CBAX
Biden has no energy and is incoherent.
FJB checking off the hoaxes.
Who’s FJB’s replacement? ‘Cuz it’s coming. SOON.
Gruesome?
Scuttling Cameltoe?
Reposting this: 2020 US Presidential Election Related Lawsuits
I watched it too, and twitter/x is a hoot:
More analysis to come tomorrow, I’m sure.
coughing like Beth in Little Women
Convenient prelude to “dying in his sleep.”
Her name is Big Mike, and they call him that because he’s really big.
Oprah Daily — A Timeline of Barack and Michelle Obama’s Marriage (9/8/2020):
https://www.oprahdaily.com/entertainment/tv-movies/a32347191/michelle-barack-obama-marriage-timeline/
Rev. Wright; God Damn America – Long Version – Obama Preacher Rant:
https://www.youtube.com/watch?v=Ix-AMYos0Js
Oprah Daily
The official narrative???
My favorite Trump line was… I don’t know what he just said, I don’t think he knows what he just said. 🙂
My favorite Trump line was
My retribution is going to be success.
Another resident in the building, Janet Stone, said she is in the same boat and felt a bit blindsided. ‘I’m a retired teacher so we don’t have hundreds of thousands of dollars set aside”
But a retired teacher can pay $379,000 for a condo with $5,500 taxes (when purchased in 2021, now $6,600) and $500 monthly HOAs.