thehousingbubble@gmail.com
Blog

People Were Buying Properties At Outrageous Prices And Now They’re Having To Take A Major Hit On The Price

A report from ABC News. “A slice of paradise in Montana is suffering economic disruption. Seeley Lake’s problem lies in its lack of a centralized sewer system. The Missoula County community’s reluctance to come up with a plan to replace its septic system means no affordable housing can be built for working people. That lack of accommodation means Seeley Lake’s biggest employer — Pyramid Mountain Lumber — can’t attract enough workers to continue, and is closing the family-owned business which has been operating for 75 years. Pyramid isn’t the only local business affected by the worker shortage. Rovero’s Hardware is ‘running on a skeleton crew’ as its busiest season approaches, general manager Kyle Marx noted. ‘No affordable housing here,’ he said. ‘Rentals have diminished since COVID hit, and everybody came up here, bought every rental darn near that was available and turned them into vacation rentals or moved up here themselves.'”

Hawaii Real Estate Dreams. “Vacation rentals are under fire in every Hawaii county and a recent report on their economic impact is just mind-blowing. For historical purposes, I bought my first condo in 2001 with a 7% interest rate. The difference is it was a $100,000 condo with a monthly fee around $150. Let’s call it $900 a month with property taxes. If I factor in inflation for 23 years, that is roughly $1,600. I was making big money at $50,000 a year and 40% of my income went to ‘shelter’ costs.”

“Now, condos are in the mid-500’s or higher and the fees are now $756, because the insurance costs have skyrocketed. So as an illustration, a $550,000 loan on a 2/2 condo is $3,600 a month, fee of $756, that is $4,300 before property taxes. You can rent the same condo for around $3,000 a month probably. Lots of pros and cons to owning and I’m usually in the ‘buy’ column but I don’t see how it makes sense for most now.”

The San Francisco Chronicle in California. “It wasn’t until about 1960 that San Francisco housing costs diverged from the rest of the country. By 1990, San Francisco’s for-sale homes were priced at roughly 3.7 times what they were a century before, adjusted for inflation. Among prices in major U.S. cities overall, prices were just 1.5 times their 1890 levels. The gap grew even wider over time. At the peak of the housing bubble in 2006, for-sale homes in San Francisco cost 5.6 times what they did in 1890, compared to 2.5 nationally. San Diego saw an even bigger surge, with its 2006 for-sale home prices about 16.7 times their 1890 levels, the biggest increase among the cities with enough data for that period. Like San Francisco, most of that growth occurred during the early 2000s.”

“As the cost of for-sale housing rose, buying a home became not only about finding a place to live, but also about acquiring an investment that could fund an owner’s retirement or pay for their children’s college tuition.”

Go Banking Rates on California. “The Bay Area has long attracted residents; however, the housing market seems to be struggling. For one, large department stores are leaving the area. In addition, sellers are having trouble closing deals at the listing price, with a 2-bedroom condo selling for $675,000 in April 2024 after being bought for $1.25 million in 2019. ‘This tech hotspot (San Francisco) has been thriving,’ says Yosef Adde, founder of I BUY Los Angeles. ‘I have a feeling a reality check is on the way. With remote work becoming more common, many people are leaving due to the city’s costs. It’s like witnessing a gold rush. The median home price has already dropped by 8.2% compared to last year. I believe this decline will continue.'”

The Miami Herald in Florida. “Take a walk down a block of Coconut Avenue and hear the ghostly silence. No children playing, no dogs barking, no neighbors grilling hamburgers. A dozen immaculate townhouses remain uninhabited three years after most were sold or double sold, triple sold and, in one case, quadruple sold to buyers duped by developer Doug Cox into believing they were weeks away from closing on their dream homes. In a recent settlement of fraud accusations against Cox, 32 parties who are owed $34 million by the self-styled ‘King of Coconut Grove’ have agreed to sign quitclaim deeds, relinquish any liens on the properties and surrender their goal of ownership. They might recover 40 to 50 percent of the money they gave Cox if the 3,000- to 4,000-square-foot townhouses sell at their listed prices of $2.6 to $3.5 million.”

“‘We lost, and the wrong people won,’ said Kevin Ware, a Chicago transplant who expected to move into 2992 Coconut Ave. with his family in 2021 after putting down a $433,750 deposit on the $1.7 million townhouse. ‘Everyone always says Miami is a dirty, dishonest, double-dealing place. Now I’ve experienced it first hand,’ Ware said. ‘I love Miami, and I’m not leaving, but, holy crap, the corruption is unbelievable.'”

“‘Development in Miami is a magnet for crazy people, and private equity lenders are poisoning the landscape, yet the law favors them over homebuyers who want a piece of the American dream,’ said Alexandra Cardoso, an early buyer who placed a $155,000 deposit on her Coconut Avenue townhouse in 2018. ‘It’s been an incredible waste of time and money,’ Cardoso said. ‘When the receiver was appointed and said he could secure the COs in six weeks, we were optimistic Doug would be forced to finish inspections, our contracts would be honored and we’d finally get our houses. We were even willing to negotiate a higher price for them. But the receiver wanted to wait and put them on the market. More than a year has passed. Buyers are steering clear of those houses now because they don’t have COs and the market is soft. They’ll be lucky to get anything close to what they’re asking.'”

From Fast Company. “The U.S. mortgage market is experiencing one of the biggest downturns in history. Layoffs and mergers continue to mount in the mortgage industry, and mortgage purchase applications have been hovering around multi-decade lows since 2022. Some would-be sellers can’t afford to sell and buy something else at current rates, while others simply refuse to trade their 2% or 3% mortgage rates for rates of 6% or 7%. Thus fewer mortgages are being issued. John Downs, a mortgage advisor in the Washington, D.C. area, tweeted a few months ago explaining why this is such a unique mortgage downturn: ‘Economy good = people buy houses. Economy bad = people refinance houses. We [loan officers] win every time. Just not this time.'”

The New York Post. “A former Rite Aid in Queens has been transformed into a nightmare out of ‘Mad Max,’ overrun by booze-swilling hobos, zonked-out junkies and migrants who have transformed the forlorn spot into their own dystopian social club. The mostly middle-aged derelicts laid claim to the 25,058-square-foot Astoria plot seven months ago, neighbors say — planting Mexican, American and Puerto Rican flags atop the vacant building’s roof and furnishing it with sofas, tables, chairs and foam mattresses. They’ve since turned the site into a blight, dangling bizarre items from the roof’s edges. The Post watched as a man seated on a soiled blue couch behind the building appeared to sell drugs. Another urinated out in the open as two teenaged couples walked by, while a third, heavily tattooed man stripped to his boxer shorts and bathed himself with a half-filled five-gallon water bottle. ‘These guys are out here, drinking liquor in the open,’ a disgusted neighbor said. ‘We pay a lot of taxes living here. You don’t see this s–t in the suburbs.'”

The Toronto Sun in Canada. “For Riz Dhanji, founder and president of RAD Marketing, a firm that specializes in sales and marketing for pre-construction developments, there is only one word to describe the state of today’s housing market in the GTA: Grim. Aside from a surplus of inventory caused by people selling units because they have to, there are, he says, a ‘flood of condominiums coming on the market.'”

Blog TO in Canada. “A well-supplied GTA real estate market throughout the spring and early summer meant that many prospective buyers had more negotiating power on prices. As a result, many properties — including this brand-new Oakville townhouse — were sold well below their listing prices. The four-bedroom, four-bathroom home was originally sold in September 2023 for just over $1.5 million. Less than a year later in May 2024, the home was re-listed for $1.35 million, but owners failed to finalize a sale. Finally, the home was listed for $1.19 million in June, and eventually sold under its listing price for $1.185 million in July — representing a massive loss of $316,000 when compared to its price just a year earlier. Plenty of other GTA properties have sold well below their listing prices this year, including a three-bedroom home in Toronto’s Silverthorn neighbourhood which sold in June at a loss of $207,500, and a Mississauga condo which sold at a $125,000 loss after 10 failed to attempts to sell.”

The Telegraph in the UK. “When Philip Conway, 56, helped his mother move into a £465,000 retirement home six years ago it seemed like a sensible decision. The flat in Wokingham was close to family, and based in a friendly retirement complex with services such as gardening and maintenance covered by a £5,000 annual charge. Early last year Mr Conway and his siblings decided it was the right time to put the property on the market when his mother, now 93, went into full-time care. At first they listed it for £500,000, but have now had to cut the price to below what it was bought for in 2018.”

“When David Easey’s father died in 2018 after two weeks in a care home he was keen to sell his old McCarthy Stone retirement apartment to avoid having to pay the maintenance fees. Bought in 2011 for £220,000, the property moved Mr Easey’s father closer to the family in Worthing. However when it came to sell the property, estate agents said it had been overvalued when it was bought and was now worth a maximum of £190,000. The property sold for £150,000, a £70,000 loss on the purchase price and a cut of that was taken by the management company as a contingency fee. Mr Easey said: ‘I can appreciate for some people losing that money is a really big deal. You expect to realise the same amount of money when you sell it and it is a nasty surprise when that doesn’t happen.'”

Radio New Zealand. “A surge in houses being listed for sale continues – and in some cases, it is because people are selling before they are forced to, some real estate market participants say. The Real Estate Institute noted ‘high interest rates’ as a reason for properties coming on to the market when it released its June data. The number of new listings was up 25.5 percent, year-on-year, even as sales decreased by roughly the same percentage. Whangārei real estate salesperson Brooke Gibson said interest rate stress was ‘so real’ for sellers, particularly those who bought homes at ‘extravagant’ prices when interest rates were low, or who borrowed against their homes during that period.”

“‘People were buying properties at outrageous prices and now they’re having to take a major hit on the price. They’re also in a position where they have to sell because they can’t afford the payments based on the fact interest rates have gone from 2 percent to 9 percent in some cases and their house prices might have dropped 20 percent. It’s a really tricky situation.’ She said she had had several clients who had said if she was not able to sell the house, it would be turned into a forced sale. ‘I’ve had a [person] saying ‘Brooke is going to sell it or the bank is’… it’s something I’ve seen numerous times.'”

The Wall Street Journal. “As Western companies quake at the latest onslaught of cheap Chinese goods, a similar drama is playing out in China, where manufacturers are struggling as Beijing boosts industrial capacity without stimulating new demand. Consider Jiangsu Lopal Tech, a company that supplies lithium iron phosphate to make batteries. The company lost $169 million in 2023, wiping out nearly three years of profit, according to its most recent annual statement. It blamed the red ink on overcapacity in China’s lithium iron phosphate market and a slowdown in demand from domestic battery makers.”

“A similarly plaintive song is heard throughout China’s corporate landscape. Rampant overcapacity combined with weak consumer demand is pushing many Chinese companies to the brink, forcing them to slash prices and crushing profits. With the property bubble that powered growth for years deflating, Beijing has been funneling investment into manufacturing, yet taking few significant steps to boost consumption that would soak up the resulting supply—mainly because Chinese leader Xi Jinping sees U.S.-style consumption as wasteful and contrary to his goal of making China an industrial and technological powerhouse.”

“The ruling party reiterated that agenda at its twice-in-a-decade conclave this past week. To combat the property slowdown, Beijing will accelerate development of ’emerging and future industries,’ such as electric vehicles and solar, a senior official said in a Friday press briefing. ‘An investment-led growth model can only go so far because ultimately there has to be demand somewhere,’ said Logan Wright, a partner at Rhodium Group who leads the firm’s China markets research. ‘There will be a reckoning within China.'”

Related Posts
This Post Has 104 Comments

  1. ‘So as an illustration, a $550,000 loan on a 2/2 condo is $3,600 a month, fee of $756, that is $4,300 before property taxes. You can rent the same condo for around $3,000 a month probably. Lots of pros and cons to owning and I’m usually in the ‘buy’ column but I don’t see how it makes sense for most now’

    Notice we don’t read about supply and demand much these days.

  2. Everyone always says Miami is a dirty, dishonest, double-dealing place. Now I’ve experienced it first hand,’ Ware said. ‘I love Miami, and I’m not leaving, but, holy crap, the corruption is unbelievable.’”
    Back in the early 2000’s the company I worked for would not buy 3rd party loans (broker /correspondent) from Miami Dade county and Broward county because of the fraud risk. Miami has had that rep for a long time.

    2. ‘I love Miami, and I’m not leaving, but, holy crap, the corruption is unbelievable.’

      A resident of Chicago complaining about Miami corruption. Does it get any more ridiculous than that?

  3. The 2020 election was stolen.

    Joe Biden is not, and will never be, the legitimately elected president of the United States.

    You are living under an unelected occupation regime that has no legitimate authority to govern, or to tax you.

    And remember, kidz, the only good communist is a dead communist ☠️

    1. It’s comedy gold watching the Party of Soros turn on itself as Biden’s globalist moneybags cut off their financial support and Cackling Kamala emerges as Biden’s likely replacement.

        1. Think about it: the reason they nominated FJB in 2020 was because everyone else was far worse. And they still are. They want to replace him, but don’t have a better candidate.

    2. “The 2020 election was stolen”

      Bennie Sez the 2020 election was stolen!

      Some background.

      In 1974 I played baseball on a Junior Babe Ruth team sponsored by a liquor store named Bennie Sez. Drillers was the name of the team thus… Bennie Sez Drillers

      Henceforth when I see a statement about the results of the 2020 I will be covering it with… Bennie Sez the 2020 election was stolen!

      A Field of Dreams for Bennie Benvenuto

      By Greenwich Sentinel
      February 22, 2016

      Born and raised in Greenwich, Benvenuto chose public service in a roundabout manner. For years he worked door-to-door, first as a Fuller Brush salesman, then installing wood floors. Finally, after his knees began to ache, Benvenuto opened a liquor store in Riverside. Another followed soon after. By the early 1970s, Bennie Sez was one of the best-known commercial establishments in town.

      https://www.greenwichsentinel.com/2016/02/22/a-field-of-dreams-for-bennie-benvenuto/

      1. “Bennie Sez” . interesting.

        around the Sacramento area we had a local auto dealer called Cal Worthington who ran crazy, whacky car commercials back in the 70’s/80’s.

        my spouse (GF at the time) & I stopped off at his huge Florin Rd. location car shopping in the 80’s, and the sales staff were so aggressive they’d hand you off to each another in relays as you walked into & out of sales zones.

        obviously a policy of “never leave a customer alone”. EVER.

        it was damned unnerving to say the least, as you could never have a chance to gather your thoughts alone, and, despite politely asking multiple times to browse on our own, it was a no-go.

        after I figured out their system, and they pissed me off, I took small revenge in walking back & forth between adjoining zones, causing the assigned sales staff no small amount of consternation trying to shadow me.

        ahh, Ol’ Cal and his dog Spot. good times.

  4. While you’re in church today, think about the concept of “western liberal democracy” and how it is, at its core, anti Christianity.

    Jesus and Marxism, can not, and will not, coexist.

    America needs a New Crusades, not in the Middle East, but to conquer Washington DC and expel and deport all of the Bolsheviks and other globalist vermin.

    1. Jesus and Marxism, can not, and will not, coexist.

      Of course, Leftists have their own God. And as Simeon prophesied: this Child is a sign that will be opposed.

  5. “As the cost of for-sale housing rose, buying a home became not only about finding a place to live, but also about acquiring an investment that could fund an owner’s retirement or pay for their children’s college tuition.”

    Heckova job, “Zimbabwe Ben” Bernanke, Yellen the Felon, & BlackRock Jay.

  6. “Take a walk down a block of Coconut Avenue and hear the ghostly silence. No children playing, no dogs barking, no neighbors grilling hamburgers.

    Listen closely, and you will hear the muffled sobs of speculator scum whose dreams of effortless wealth have died in the arse.

  7. The mostly middle-aged derelicts laid claim to the 25,058-square-foot Astoria plot seven months ago, neighbors say — planting Mexican, American and Puerto Rican flags atop the vacant building’s roof and furnishing it with sofas, tables, chairs and foam mattresses.

    CNN informs me that these Amish and Mennonite layabouts are unfairly seeking to defame hard-working Mexican and Puerto Rican future engineers by running a literal false-flag operation.

  8. You expect to realise the same amount of money when you sell it and it is a nasty surprise when that doesn’t happen.’”

    Cry me a river, greedhead. Houses are for living in, not speculation.

  9. Whangārei real estate salesperson Brooke Gibson said interest rate stress was ‘so real’ for sellers, particularly those who bought homes at ‘extravagant’ prices when interest rates were low, or who borrowed against their homes during that period.”

    It’s going to be schadenfreude at its most sublime watching the idiots who just had to get up on that housing ladder to effortless riches during the scamdemic-era FOMO get their heads handed to them as shack prices crater and the surging inflation created by the central bankers’ gusher of funny-money “stimulus” squeezes the FBs.

  10. To combat the property slowdown, Beijing will accelerate development of ’emerging and future industries,’ such as electric vehicles and solar, a senior official said in a Friday press briefing.

    Memo to commies everywhere: a review of more than a hundred years of historical data for socialist utopias guided by ideology over market forces clearly shows that central planning doesn’t work.

    1. Colorado could be in play this year, but only if we continue our effort on the complete and total demoralization of FJB voters.

      Give them no hope, demoralize them to the point they won’t bother voting.

      1. One of my neighbors is a flaming libtard feminist – never married, barren womb, gub’mint job, the usual. Her brand-new Acura SUV had the catalytic converter hacked off one night by a rather swarthy gentleman who even in the nighttime security camera footage looked “Central American.” When she found out the replacement would cost $4,000 but it would take 3 weeks to get the part in, I thought this was an opportune time to remind her that she literally voted for this. Deep down, I know she appreciated my candor.

        1. Somehow I doubt she enjoyed the conversation nearly as much as you did.

          hahahahahahahahahaah

          some of my favorite words: I told you so

        2. I thought this was an opportune time to remind her that she literally voted for this. Deep down, I know she appreciated my candor.
          Damn nice of you to reinforce the lesson the gentleman from Central America taught her.

        3. never married, barren womb, gub’mint job, the usual.

          Hey, we aren’t ALL flaming libtards.

  13. In their private strategy sessions leading up to last month’s debate, President Biden and his advisers homed in on what they saw as one of their most effective political messages against Donald Trump — the administration’s success capping drug prices for millions of seniors, according to two people who spoke on the condition of anonymity to describe the preparations.

    But during the June 27 debate, Biden spent an excruciating 10 seconds searching for the words to explain what his administration had done to lower seniors’ prescription drug costs, before abruptly telling the 51 million viewers: “We finally beat Medicare.” (The president appeared to be trying to say that he had finally defeated the drug companies that had long resisted letting the government negotiate the prices that Medicare paid.)

    The gaffe represented just one example of a pattern that is fueling the effort to push Biden aside as the Democratic Party’s nominee. Congressional Democrats and the administration believe Biden has major accomplishments to tout and ambitious policy ideas for the next four years. And yet Biden’s intensifying struggles in recent weeks to describe those policies — on abortion, housing, child benefits and more — have cast doubt over his effectiveness as the party’s leading messenger, even beyond the Democratic angst about the debate.

    In an interview with Univision that aired Thursday, Biden veered from a discussion of his pledges to raise taxes on billionaires into comments about the nation’s education system.

    “Look what’s happening in our schools,” he said, according to a Univision transcript. “What’s happening in schools, all the stuff about gay and lesbian children. Look how they’re being. Anyway. And so many things we could do.”

    https://www.msn.com/en-us/news/politics/democrats-have-a-record-they-re-proud-of-biden-struggles-to-sell-it/ar-BB1qjRr7

    1. The president appeared to be trying to say that he had finally defeated the drug companies that had long resisted letting the government negotiate the prices that Medicare paid.

      Oh please, Biden. You & your shambolic administration have been Big Pharma’s prison bit*ches from the moment the Wuhan flu first manifested itself in the USA.

  14. The two opposing views expressed in such close proximity reflect a simmering tension in Williamson County, a political battleground just north of Austin that elects both Republican and Democrat officials to local offices and whose status as a consistently red district has shifted in the last 20 years.

    In 2018, Williamson County voted for Democrat Beto O’Rourke over Republican U.S. Sen. Ted Cruz in one of the closest statewide elections in the last 25 years. The county also swung narrowly for Biden over Trump in 2020. But Republicans note that Gov. Greg Abbott, a Republican, won Williamson County over O’Rourke in 2022 in a reversal of that trend.

    Michael Salvo, a 36-year-old from Round Rock who runs the Williamson County Young Republicans, is also yearning for a return to a Trump presidency. His top issue is immigration and border security.

    Salvo didn’t vote for Trump in 2016 because he didn’t trust his record. But he changed his mind after the first Trump administration and blockwalked for him in 2020. This month, he was in Milwaukee at the Republican National Convention hoping for another four years of Trump.

    “I wish I’d never left those first four years,” Salvo said, also pointing to what he said was a much healthier economy under Trump than under Biden.

    Salvo grew up in Williamson County and has been a lifelong Republican. He said he’s seen the county change with an influx of people from Austin but also from Democrat-led states like California and Illinois. He said liberal policies like cutting police budgets had made Democrat-cities like Austin too dangerous, leading voters to move to Williamson County which has more conservative policies.

    “They’re leaving their blue brethren behind in the liberal wasteland that is ‘Commmiefornia’ and they’re realizing they’re moving here because Williamson County has been conservative for a long time,” he said. “Those are the values that make Williamson County so good to live in and move and retire to.”

    https://www.msn.com/en-us/news/politics/in-purple-williamson-county-presidential-politics-casts-pall-over-voters/ar-BB1qkIZB

    1. They’re leaving their blue brethren behind in the liberal wasteland that is ‘Commmiefornia’ and they’re realizing they’re moving here because Williamson County has been conservative for a long time

      Then they’d best remember that they are refugees and not missionaries who won’t shut up about how things were done back wherever they came from

  15. ‘As the cost of for-sale housing rose, buying a home became not only about finding a place to live, but also about acquiring an investment that could fund an owner’s retirement or pay for their children’s college tuition’

    The article was about a central bank thing. This myth persists even though it isn’t possible for people to fund retirements on a potential buyers mortgage. Their debt, including all the interest they’ll pay, dwarfs what the shack holder gets out. The only winnahs! in an economic sense are the lenders.

  16. Poland will do whatever it takes to resolve a migrant crisis on its border with Belarus, a deputy defence minister said, as Warsaw weighed options that may include closing the frontier.

    The border has become a flashpoint as Western officials accuse the Belarus government of sending migrants from outside of Europe to Poland, in a form of “hybrid warfare”.

    https://www.msn.com/en-us/news/world/poland-will-do-what-is-needed-to-end-belarus-border-crisis-says-deputy-minister/ar-BB1pIYnl

  17. All China’s Efforts to Stabilize Housing Prices Have Failed! No Buyers Even for Homes at $2,000

    China Observer

    28 minutes ago

    Many homeowners in China who bought houses when prices were high now regret it. They were convinced by the Chinese government’s hype about the housing market, and many have lost hundreds of thousands, even millions of yuan.

    https://www.youtube.com/watch?v=wxeoGe05reg

    19:15.

    1. I saw a mini documentary on youtube about a woman who worked in a big city (I forget which) one who bought a flat in some “smaller” city (say 500,000) for a pittance, like $4000. She is currently working remotely, and said that she has enough savings to last for years should she get dejobbed. She lives frugally and saves most of her income.

      1. She is currently working remotely, and said that she has enough savings to last for years should she get dejobbed. She lives frugally and saves most of her income.

        Unlike the Workers’ Paradise in America, the basics in China are incredibly cheap — vegetables, meat, rice, electricity. Then again, China’s leadership isn’t stupid enough to believe you get electricity from sunshine or can permanently buy-off starving people with monthly checks.

    2. * “All China’s Efforts to Stabilize Housing Prices Have Failed! No Buyers Even for Homes at $2,000”

      $2000 DOLLARS !? that’s IT !?!
      Ok, I’d buy a condo, cut rectangles out of the concrete floors & sell ’em as coolers. (since the material is just like styrofoam)

      c’mon, Comrades: lemonade outta lemons. yer not even TRYING!

  18. WATCH: Florida Deputies Arrest ‘Migrant’ Charged With Two Murders During Crime Spree

    by Dan Lyman
    July 21st 2024, 11:15 am

    Immigration and Customs Enforcement (ICE) has issued a detainer for a foreign man arrested for two murders during a crime spree in Florida last weekend.

    On July 13 at around 2 p.m., the Hillsborough County Sheriff’s Office (HCSO) was alerted about a woman who had been stabbed.

    Responding officer found the body of Lianet Santos Sosa, 31, who was pronounced deceased at the scene.

    “Through investigative means, detectives learned that Silvio Ramon Franco Peralta, 35, had fled the scene in the victim’s vehicle,” HCSO explained in a press release.

    “Franco Peralta then entered the City of Tampa at 8710 North Packwood Avenue, where he became involved in a deadly altercation with another individual, resulting in Franco Peralta killing the man.”

    HCSO deputies located and chased Franco Peralta, employing a ‘PIT maneuver’ to stop the vehicle he was driving.

    The suspect then attempted to flee on foot but was caught and taken into custody.

    HCSO has released footage of the pursuit and arrest.

    Franco Peralta is now facing a slew of charges, including:

    Murder in the First Degree with a Weapon (Premeditated)
    Armed Burglary of a Dwelling with an Assault or Battery
    Grand Theft Motor Vehicle
    Aggravated Fleeing to Elude
    Driving with License Cancelled, Suspended, or Revoked
    Resisting an Officer Without Violence
    Additionally, ICE has lodged an immigration detainer against him, indicating he may be in the country illegally.

    https://www.infowars.com/posts/watch-florida-deputies-arrest-migrant-charged-with-two-murders-during-crime-spree/

    2. From the comments: WebbyBytes said, “He seems like a great addition to the American Experiment.”

    1. The only thing left to ponder is how big a check did they write to Biden Inc. and what assurances were Joe, his bro and Hunter given in the way of get out of jail free cards.

      1. Undoubtedly, a family pardon. Better question: Who else gets pardoned before the Democrats lose the White House? BHO? HRC?

          2. I repeat: As president, DJT can direct his DOJ to drop the two federal cases against him. A presidential pardon doesn’t apply to the two state cases. There’s nothing for FJB to pardon with respect to DJT.

    2. Let’s wait for the dust to settle. This coming week there will be all sorts back room deals made. Apparently Harris struck out on a conference call with donors, so she isn’t a shoe in. But who else? Gruesome? Big Mike? The Hildebeast? And the clock is ticking, they need to move fast and hope the new candidate can get within the cheating margin.

      1. Trump has responded to the news, posting the following on Truth Social:

        Crooked Joe Biden was not fit to run for President, and is certainly not fit to serve – And never was! He only attained the position of President by lies, Fake News, and not leaving his Basement. All those around him, including his Doctor and the Media, knew that he wasn’t capable of being President, and he wasn’t – And now, look what he’s done to our Country, with millions of people coming across our Border, totally unchecked and unvetted, many from prisons, mental institutions, and record numbers of terrorists. We will suffer greatly because of his presidency, but we will remedy the damage he has done very quickly. MAKE AMERICA GREAT AGAIN!

      3. Well that knocked the as sass in nation attempt out of the news real fast. Then again, that event dominated 3 news cycles, it was starting to fade. But I hope they never let go of that photograph.

    3. ZeroHedge comments:

      Harris/Buttigieg – the word salad/tossed salad ticket

      Harris/Hillary – two c*nts for the price of one

  22. And in unison the sheeple (D) bleat, “The candidate we voted for must drop out to save Our Democracy.”

  24. The Democrats have no choice but to go with the very worst candidate, because only Harris can legally access the $200 million war chest the globalist oligarchs donated to the Biden/Harris campaign before The Cabal pulled the plug. Even though the DNC knows a Trump-Harris contest will be the most lopsided landslide in US political history, they can’t bilge Heels-up Harris because that would be rayciss & sexist. I would’ve preferred to have Demential Joe stay in the race, but this is going to be almost as comedic.

    1. Think of poor Jill, she’ll be going through withdrawls from the feeling of power having the entrance ramps closed as her motorcade passes by.

      First Lady Jill Biden on What’s at Stake in 2024

      BY MAYA SINGER
      July 1, 2024

      If you want to know what power feels like, try to get yourself driven around in a motorcade. Flashing police chaperone lights form a perimeter as you blaze down an empty highway, waiting cars backed up on entry ramps as you pass. It’s as if the world is holding its breath. For you. Also, rules don’t apply: On a cool spring day, driving down suburban Minneapolis side streets, we run red lights and whip round curves so fast I can barely take in the commonplace American view. Tract housing, big box stores, churches, office parks, semi-​industrial no-man’s-land. Finally, we arrive at our destination, Nine Mile Brewing, in Bloomington, Minnesota. “Let’s go, let’s go, let’s go,” commands someone—a Secret Service agent, maybe—as the motorcade pulls into a loading dock. Politics, I will come to discover in the next few days, involves a lot of backstage spaces: service entrances, freight elevators, places where Very Important People can slip in and out of events unnoticed. Politics also involves a lot of comically fast walking—to wit, at Nine Mile, an entourage of 30 or so are noisily hustling to follow a trim, blond woman in a pristine white suit as she strides nonchalantly past clanging, gurgling brewing vats, aiming for a back office. This is my first glimpse of first lady Dr. Jill Biden: Exiting the sealed chamber of power into the middle of America, a vision of calm amid utter cacophony.

      https://www.vogue.com/article/first-lady-jill-biden-august-2024-cover-interview

      1. “If you want to know what power feels like, try to get yourself driven around in a motorcade.”

        What about your carbon footprint, Jill?

  25. Why Hamilton Home Sellers Are Anxious: 6 Reasons

    Honest real estate talk 🇨🇦

    2 hours ago

    Hamilton Ontario, just like all the other market in the Greater Toronto Area is struggling with home sales. Hamilton home sales are down 25% compared to last year. Months of inventory of homes in Hamilton has more than doubled. So sales are down but home supply keeps going up every single month. That’s not good news for people selling their homes in Hamilton. People moving to hamilton, however, love this market as there are fewer bidding competitions and more supply to choose from.

    Smaller communities such as Ancaster, Waterdown and Hamilton downtown are are slow. The only market down ok is Hamilton Mountain.

    Average price for a detached house in Hamilton is below $900,000 right now. Down slightly from last month.

    https://www.youtube.com/watch?v=Q84WIamMgO4

    6:31.

  28. Does this mean the Lord Almighty came down this morning and talked to Joe Biden?

    “If the Lord Almighty came down and said, ‘Joe, get out of the race,’ I’d get out of the race,” he said.

    1. Likely after their accountants told them how much more income tax they would pay in Europe they simmered down and stopped with the threats.

  29. Former President Barack Obama is not siding with President Joe Biden when it comes to his endorsement of Kamala Harris.

    After the 81-year-old declared he was dropping out of the presidential race and called Democrats to rally behind his VP, Obama did not throw his support to the former Attorney General of California.

    Instead, the 62-year-old said the party would find a way to pick an unnamed individual to run against Donald Trump.

    “We will be navigating uncharted waters in the days ahead,” Obama penned. “But I have extraordinary confidence that the leaders of our party will be able to create a process from which an outstanding nominee emerges.”

    https://www.msn.com/en-us/news/politics/barack-obama-refuses-to-endorse-kamala-harris-to-replace-joe-biden-in-2024-presidential-election/ar-BB1qnfKX

    1. If the replacement hasn’t already been chosen then the Dems are in a heap of trouble.

      Anyway, here’s hoping their intramural civil war grows.

      1. Chicago DNC ’24 is going to make Chicago DNC ’68 look like a picnic in the park!

        1. Unhinged radical leftists who hate me and mine engaged in violent protests against the Old Guard crony capitalist wing of the DNC that also hates me & mine. If there’s a downside to this, I’m not seeing it.

  31. President Joe Biden pulled out of the 2024 presidential race on July 21 and immediately endorsed Vice President Kamala Harris as the new party nominee.

    Even with his endorsement of Ms. Harris, the future of the party ticket is uncertain, and Democrats must now navigate an unprecedented shift late in the election year. Ms. Harris has announced her intention to “earn and win this nomination.”

    The Democratic National Convention is scheduled for Aug. 19–22 in Chicago, Illinois. Originally, the event would have been a coronation for President Biden as the Democratic nominee, but now the convention will see an open contest of nearly 4,700 delegates looking for a new challenger to pit against former President Donald Trump in November.

    The issues facing the ticket range from funding concerns to political logistics, like delegate support.

    President Biden has at least 3,896 delegates pledged to support him after winning every state primary and caucus in 2024 besides the territory of American Samoa. DNC rules prevent the president from passing them to another candidate, but his endorsement of Ms. Harris could prove influential to whomever they opt to support.

    Despite Ms. Harris’s plans to run for president, other candidates could make pitches during or ahead of the convention.

    Amid speculation after the June 27 Biden–Trump debate, several names have been floated, with some polling higher than President Biden in key swing states.

    Some of those names include California Gov. Gavin Newsom, Michigan Gov. Gretchen Whitmer, Sen. Mark Kelly (D-Ariz.), Pennsylvania Gov. Josh Shapiro, Maryland Gov. Wes Moore, Transportation Secretary Pete Buttigieg, Illinois Gov. J.B. Pritzker, former First Lady Michelle Obama, and Kentucky Gov. Andy Beshear.

    Whoever decides to run will have to vie for support from President Biden’s committed delegates, potentially leading to public debates among candidates. Those delegates are the only ones allowed to vote for a candidate in the first round.

    If no candidate receives enough votes for the nomination in the first round, party leaders and other Democratic elites, known as “superdelegates,” can vote in subsequent rounds. The party has more than 700 superdelegates.

    The vice presidential nomination would come in a separate convention vote. Normally, the convention approves the presidential nominee’s choice of vice president. If Ms. Harris receives the support of all pledged delegates quickly, she could name a vice presidential nominee, and the delegates could ratify it.

    However, if the choice of presidential nominee becomes a prolonged battle, the vice presidency could be part of candidate negotiations.

    President Biden’s campaign recently reported having more than $91 million in cash on hand. With contributions from other allied Democratic campaign committees, the total climbs to more than $240 million.

    However, campaign finance experts have suggested that there could be restrictions on how the Biden campaign’s $91 million in cash on hand is spent with a new nominee. Since Ms. Harris’s name was on the campaign next to President Biden’s, she could control all of those funds if she opted to run. If the party coalesces around a new candidate, there could be restrictions on how that money is spent.

    Legal experts say the money could be used for an independent expenditure political action committee, but the balance cannot simply be transferred to a different nominee.

    Further obstacles Democrats face in replacing the party nominee are federal and state legal challenges. Each state decides how parties must choose their nominees for president, and states like Ohio and Alabama already had to find legislative solutions to make sure President Biden would appear on state ballots this year due to certification deadlines.

    House Speaker Mike Johnson said in an interview with CNN on Sunday that Democrats will “have real problems” if they replace President Biden as party nominee this year.

    “I mean, every state has their own election system. That’s our constitutional system,” he said. “That’s the way it’s done. And in some of these states, it’s a real hurdle.”

    Political strategist Christopher Bruce told The Epoch Times that “Democrats need to take a page out of Republicans’ book and become united.”

    “The next couple of weeks are going to be very unpredictable. This hasn’t happened since, I believe, 1968,” he said.

    “It is no longer the general public or even general Democrats who are going to elect their nominees. Now it goes towards the delegates,” Mr. Bruce said.

    “The delegates get to decide. We’re not going to have this state-by-state primary process anymore, which is not exactly the most democratic way of doing things. But with the election coming up so soon, the DNC needs a way to actually pick a nominee.”

    Mr. Bruce said if Kamala Harris is passed over, “there’s going to be a lot of upset people in the black community.”

    “Biden Harris is a different legal entity, but the majority of the funding goes to the DNC,” Mr. Bruce, who is also an attorney, said. “There’re definitely ways to get around it. I would say that it would not be easy though.”

    Mr. Bruce said it is crucial for Ms. Harris to select her running mate as soon as possible so that delegates can be informed about her choice for vice president.

    https://www.theepochtimes.com/us/biden-drops-out-of-presidential-race-whats-next-5691139

  32. Democrat party bosses are “saving our democracy” by appointing their nominee who got 1% in the 2020 primary polls and dropped out.

  33. ‘an early buyer who placed a $155,000 deposit on her Coconut Avenue townhouse in 2018. ‘It’s been an incredible waste of time and money,’ Cardoso said. ‘When the receiver was appointed and said he could secure the COs in six weeks, we were optimistic Doug would be forced to finish inspections, our contracts would be honored and we’d finally get our houses. We were even willing to negotiate a higher price for them. But the receiver wanted to wait and put them on the market. More than a year has passed. Buyers are steering clear of those houses now because they don’t have COs and the market is soft. They’ll be lucky to get anything close to what they’re asking’

    You dodged a bullet Alexandra, but you were trying to be a winnah! Even offering more to the con man who just fooked you so you could buy an unsellable shack. That’s commitment.

  34. ‘a mortgage advisor in the Washington, D.C. area, tweeted a few months ago explaining why this is such a unique mortgage downturn: ‘Economy good = people buy houses. Economy bad = people refinance houses. We [loan officers] win every time. Just not this time’

    The lending is sound John, let’s be clear. Maybe not predictable but sound.

  35. Clutch those pearls harder, snowflakes.

    New York Times — Inside the ‘Gangster’ Image of Donald Trump (7/21/2024):

    “Former President Donald J. Trump has an aggressive — and some argue offensive — campaign using hip-hop and rap to reach young Black and Latino voters.”

    Clutch ’em. Clutch ’em harder.

    “Mr. Trump and his allies have steadily adopted street slang, music and style, selling $400 golden sneakers, blasting hip-hop at rallies, inviting conservative artists to Mar-a-Lago, Mr. Trump’s private club and residence in Palm Beach, Fla., and even welcoming rappers accused of murder onstage at a rally.

    He has played up a macho invincibility and swagger in his messaging, railing against his felony convictions and casting himself as an outlaw. After Mr. Trump was booked at an Atlanta jail last year, his campaign spokesman posted a video of the former president’s motorcade on X, with the message: “gang gang bitches.”

    Surviving the assassination attempt this month has fueled the effort. In the hours after Mr. Trump was shot in the ear at a rally, the rapper 50 Cent posted an image of his “Get Rich or Die Tryin’” album cover with Mr. Trump’s head superimposed on his body.

    Bakari Kitwana, who has chronicled hip-hop and politics for decades, called the Trump campaign’s efforts an “insidious play on racial stereotypes.”

    “It severely underestimates the Black community, but it also shows that neither Democrats nor Republicans have appealed to the hip-hop community in a serious way,” he said. “Instead, they want to get people up there with him and get the people who are their fans, but it’s not any kind of substantive conversation.”

    Yet Mr. Trump is seeking to exploit a real political shift. Polling suggests that Black voters and Latino voters are supporting his campaign at levels once considered out of reach for Republicans. Young Latino and Black men are some of those most unhappy with President Biden’s candidacy, a factor for many Democrats pushing to get him out of the race.

    Mr. Trump has remained broadly unpopular with Black voters, and much of the new support is coming from people who are not paying close attention to politics. But even micro-movements in his direction can have an impact in a close race. The Trump campaign believes its outreach to influencers and celebrities is more effective than traditional door knocking. “This is a totally different election and a different campaign,” said Danielle Alvarez, a spokeswoman for the campaign.

    https://archive.ph/ojbii

    1. Young Latino and Black men are some of those most unhappy with President Biden’s candidacy, a factor for many Democrats pushing to get him out of the race.

      Simple question for young Latino & Black men: what has the Party of Soros done for YOU?

  36. ‘These guys are out here, drinking liquor in the open…We pay a lot of taxes living here. You don’t see this s–t in the suburbs’

    It’s still way cheaper than renting disgusted neighbor.

  37. ‘there is only one word to describe the state of today’s housing market in the GTA: Grim. Aside from a surplus of inventory caused by people selling units because they have to, there are, he says, a ‘flood of condominiums coming on the market’

    Let us tick through some of the things everybody knew all along Riz. That’s the vast majority of these igloo boxes were bought by investors. The vast majority of igloo airboxes being delivered now and in the future, were also favored by investors. As such they sux for the average igloo dweller. You were confident that Tiff wouldn’t fook you but he did. And you never stopped the shortage moose sh$t the entire time. Until now, we don’t hear that anymore about K-da.

  38. ‘When Philip Conway, 56, helped his mother move into a £465,000 retirement home six years ago it seemed like a sensible decision…At first they listed it for £500,000, but have now had to cut the price to below what it was bought for in 2018’

    That six years of sweet equity gone, like that Phil?

    ‘When David Easey’s father died in 2018 after two weeks in a care home he was keen to sell his old McCarthy Stone retirement apartment to avoid having to pay the maintenance fees. Bought in 2011 for £220,000, the property moved Mr Easey’s father closer to the family in Worthing. However when it came to sell the property, estate agents said it had been overvalued when it was bought and was now worth a maximum of £190,000’

    Sound lending alert!

    ‘The property sold for £150,000, a £70,000 loss on the purchase price and a cut of that was taken by the management company as a contingency fee. Mr Easey said: ‘I can appreciate for some people losing that money is a really big deal. You expect to realise the same amount of money when you sell it and it is a nasty surprise when that doesn’t happen’

    via GIPHY

  39. ‘People were buying properties at outrageous prices and now they’re having to take a major hit on the price. They’re also in a position where they have to sell because they can’t afford the payments based on the fact interest rates have gone from 2 percent to 9 percent in some cases and their house prices might have dropped 20 percent. It’s a really tricky situation.’ She said she had had several clients who had said if she was not able to sell the house, it would be turned into a forced sale. ‘I’ve had a [person] saying ‘Brooke is going to sell it or the bank is’… it’s something I’ve seen numerous times’

    You’ve got em by the short and curlies now Brooke.

    short and curlies
    noun

    Pubic hair.

  40. Robert F Kennedy Jr hits out at Democrats for ‘hiding’ Joe Biden’s ‘degenerative condition’

    Sky News Australia

    2 hours ago

    Independent presidential candidate Robert F Kennedy Jr has hit out at the Democratic National Committee for hiding President Joe Biden’s “degenerative condition”.

    President Biden endorsed Vice President Kamala Harris to replace him as the Democrat nominee after he announced he was dropping out of the race.

    “The reaction of the DNC to that obvious condition was to hide it from the American public and use their power over the Democratic Party nomination process to make sure nobody could compete with President Biden in a way that would expose his efficiencies,” Mr Kennedy Jr said during a media conference.

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

    2:23.

  41. How Assesments Are Forcing Owners Out of Their Homes!

    Palm Beaches Paul

    10 hours ago

    In this eye-opening video, we delve into the skyrocketing condo assessments in South Florida and the devastating impact they are having on residents. From Miami to west Palm Beach, condo owners are facing financial turmoil as fees soar to unprecedented heights.

    🔹 Homelessness: Discover the heart-wrenching stories of owners who are being forced out of their homes due to unaffordable assessments.
    🔹 Forced Sales: Learn about those who are reluctantly selling their beloved condos to escape the financial burden.
    🔹 Financial Strain: Understand how thousands of residents are grappling with the severe economic stress caused by these overwhelming fees.

    Join us as we explore the root causes of this crisis and discuss potential solutions. Whether you’re a condo owner, potential buyer, or simply interested in real estate trends, this video provides crucial insights into a pressing issue affecting our community.

    https://www.youtube.com/watch?v=Y4PgS72lvT4

    22:33.

    1. From the comments:

      When this man emptied his 401K to buy a condo he sealed his fate

      These horrible condo owners refused to pay for maintenance and upkeep. I have no sympathy for them.

      I looked for months to buy a condo in S. FL. Every one was rejected by the bank because of low reserves and /or lack of maintenance. Owners have been milking these buildings for decades; it’s caught up with them.

      Back in 2020, my 24-unit / 4-building condo complex need new roofing. Bids came in at about $800,000 million. Condo rules required a vote of all owners for any expenditure over $250K. A majority of owners voted down the new roofing project. The board simply decided to do the project in multiple stages to stay within its $250k spending limit. But that added $200K to the total project. It ended up being five stages over two years to complete project w/ a over $20K in special assessments per unit.

      I use to own condo’s in Myrtle Beach,,, most of the problems I experienced in Myrtle Beach was that the homeowners were always voting down HOA dues to build up reserves for replacement and upgrades.. Than as year went on and replacement of roof , elevators, concrete repairs all had to be financed by special assessments into the thousands.. One tell sign that your condo is in trouble is when the HOA board members sell their condos before all the assessments start taking place. The newer condos has reserves set up and included in HOA fee.. Owning an ocean front condo is not worth the cost of ownership unless you are wealthy person.

      Ouch! That Howard Konetz bought his 1800 square foot condo for $478k in 2014. Ten years later comes an assessment that is approximately half what he paid for it…This is going to get ugly folks. I have two condos and a duplex and I’m getting out of one of them, even though there is no assessment coming and I have had 100% rental income the whole 12 years I’ve owned it.

      Come to Ft Lauderdale and you wouldn’t believe what is happening here. My assessment alone is 130k, it’s totally insane.

      Sorry for the unsuspecting, but I pay for maintenance and repairs on my house as I go. There is no free lunch.

      Poor planning by the hoa boards and management companies in the past and homeowners not smart enough to figure this chickens will come home to roost someday. Fell bad for the owners but you did a lot of this to yourselves by not adequately funding reserves.

      If you have a seeside condo has 2 or 3 bedrooms better have deep pockets. You can’t expect to live in a resort style skyscraper that in part has more pools and balconies as many 4 star hotels. You can not expect that this will cost you just as much as normal rent.

      Feel bad for the guy who sold for $110k, but to drain your 401k to buy a condo is dumb in the 1st place. So many people buy homes/condos that can’t afford them. If you can’t afford the repairs, you can’t afford to own a property. Period. I was an contractor for 40 yrs. I ran into countless people who needed say a new furnace ($5000-8000). They didn’t have the money which always blew me away. I thankfully own a 1 story villa in S FLA. no inspections and we have lots of money in reserves. Good show Paul

      https://www.youtube.com/watch?v=Y4PgS72lvT4

      22:33.

      1. Poor planning by the hoa boards and management companies in the past and homeowners not smart enough to figure this chickens will come home to roost someday. Fell bad for the owners but you did a lot of this to yourselves by not adequately funding reserves.
        Again, no one should buy a condo in Florida for at least a year or two.

      2. “One tell sign that your condo is in trouble is when the HOA board members sell their condos before all the assessments start taking place.”

        Funny how that works.

  42. This poor backup singer really had a hard time with this song but seemed blissfully unaware of needing to be yanked when her time came to sing along with backing into the base. Oh well, looks like she had fun and the boys did a nice job keeping her from screwing up.

    The Grass Roots – Sooner or Later

    https://youtu.be/QTQS3hkmUVk?si=nj0eGJdU73eDNZ4W

    1. is currently crying on national television

      First Van Jones and now him?
      Trump gets shot and yells Fight, but with these guys(?), their man “quits” and they start crying on TV.
      What?

  44. Via The Hill, South Carolina Rep. Nancy Mace (R) will introduce a resolution on Monday in the House calling on Vice President Harris to invoke the 25th amendment.

Comments are closed.