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Something Just Fell Off A Cliff

A report from Boston.com in Massachusetts. “After modest growth in sales activity in Boston area housing, the market slowed down in June to its lowest level in four years, GBAR reported. GBAR President Jared Wilk cautions homeowners not to get too aggressive on pricing, as this could reduce the pool of buyers for their property. Wilks said more bids are coming in under the asking price, and overpriced properties are drawing fewer offers, sitting longer, and requiring a price reduction or two to sell. Wilk said the average number of days a house is on the market is longer, and real estate agents are beginning to see price reductions. ‘But overall, the prices are not coming down,’ Wilk said. He said the price reductions are only because asking prices are starting higher.”

WKRN in Tennessee. “The Greater Nashville real estate market has done an about-face. Through a pandemic, and historic interest rates, the Greater Nashville real estate market looked unstoppable. Sales remained strong. But, this summer, that’s shifting. ‘Total transactions are down 13% from last month, but they are also down 13% year-over-year,’ said Jeff Checko. Checko, the relocation director with The Ashton Real Estate Group of RE/MAX Advantage, points to new data that shows sales down double digits, and inventory up 36.2% since last year. ‘In certain areas, it feels more like a buyer’s market where buyers are calling the shots and, at the very least, getting concessions and in a lot of cases, price reductions and concessions.'”

Sun Coast News in Florida. “Peter Hsu steers his SUV around the streets of Glen Lakes, pointing to the home construction sites at Gentle Ben Court and asking if anyone else would want such a sight in their community. He and several other residents of the country club subdivision off U.S. 19 have raised concerns with the Hernando County Commission as the builder, ARC Homes, sought variances on a corner lot on Gentle Ben Court. The houses being built for rent don’t have the architectural flourishes of the older homes in Glen Lakes, it’s clear from a drive through the areas where there are rental homes. The houses don’t have pools, he noted, asking who would buy a home at that level and not want a pool? ‘It looks really nice on the outside, they have nice landscaping and all that, when you go inside, it’s crap,’ Hsu said. ‘They can’t sell it. They’re asking the moon. They’re asking like 500 grand.'”

From WFAA TV. “We have houses for sale back on the shelf again in Texas. In the Houston area in May, there were 3.93 months’ worth of homes on the market. That was the most inventory of homes for sale since August 2019. In DFW, there were 3.5 months of inventory in May, the most since November 2012 (and that spiked further to 3.78 months of inventory in June). In May, San Antonio notched 4.81 months of housing inventory, the most since August 2013 (and that number inflated to 5.19 months of inventory in June). In the Austin area, there were 4.5 months of inventory on hand in May, the highest amount going all the way back to October 2011 (and the housing supply figure there also rose further in June to 4.84 months).”

“After many years of relative listing scarcity, all of a sudden sale signs are popping up. The quick turn is not surprising to Real Estate Broker Joe Atkins of Joe Atkins Realty. Buyers, this is the first time in all of my check-ins with Atkins that I can remember him saying this: ‘I think we are 100% in a buyer’s market.’ If your home isn’t priced competitively, Atkins says you can no longer count on the showing frenzy that we’ve been seeing for years, ‘Something just fell off a cliff. And you know, we have listings go on where typically in the first 48 hours you’re getting…anywhere…two to four showings. And we had some listings we saw that weren’t getting shown at all in the first three days and we’re kind of like, hmm. That’s interesting. I hadn’t seen that in 10 years.'”

“There are still homes that are getting multiple offers. But even in those situations, something may have shifted. Atkins was just networking with other real estate agents who shared an experience they’ve had with recent multiple offer situations. They said even though the buyers were competing with each other for the same home, they were all coming in just under the asking price. That’s very different. And so is the fact that the potential buyers opted not to get into the expensive bidding wars we’ve seen for several years–and even earlier this year. Remember those? ‘People were like, what if another house doesn’t come up and then we can’t afford it? Now people are like, you know what? We lose it…we lose it. We got three more to look at in the neighborhood, right? So I just think this is really something sellers really need to know.'”

Arizona’s Family. “You can see it from the street and down the block, but the best view of the large building is from Stephanie Jacques’ backyard. ‘My first reaction was despair,’ Jacques said. ‘It was heartbreaking that this was going to be the new view of my backyard.’ For the past six weeks, the Phoenix mom and her kids have been hanging out in their pool with a giant structure hovering over them. The structure is taller than any home on the block. ‘I understand adding value to your property, but not at the expense of diminishing the value of the property of your neighbor,’ said Jacques. ‘It completely encompasses our backyard and changes the whole overall environment. We don’t have privacy anymore.'”

“The city’s new casita law to address the housing crisis has sparked a wave of new construction. But the pool house construction is different. City officials say it is not a casita because it doesn’t have a kitchen, and no one will live there. The structure also exceeds the size of what’s allowed, so a ‘use permit’ needs to be approved by the city. ‘If they needed to build a casita in backyard, that would be fine,’ said Jacques. ‘But this is two stories, over 20 feet tall, over 1,200 square feet; this is a second home.'”

The Colorado Sun. “Federal judges have dismissed two lawsuits filed by property owners in Summit County challenging recent regulations on short-term rentals from the county and the town of Breckenridge. A coalition of more than 100 property owners in Summit County in September sued in federal court in Grand Junction, calling county rules that limit short-term rental property owners to 35 bookings a year and imposing a 2% tax ‘a blunderbuss response’ of ‘successively more severe, wide-ranging, misguided and unlawful regulations.'”

“Toby Babich, who manages several dozen vacation rentals in Summit County, said his visitors and owners are crucial contributors to the county’s economy. ‘I think that the second homeowner community, the majority being Colorado residents, held a hope that their rights would be protected by a competent court, and at the very least their arguments would be heard,’ Babich said. ‘The dismissal is a disappointment to the Colorado tourism industry, the vacation rental industry, and an affront to thousands of Colorado property owners who deserve protection from the incessant overreaching arm of local government always in search of more control and revenue.'”

The Real Deal on California. “The owner of the century-old Hotel Carlton in San Francisco has sued its former operator, Sonder, for failing to pay $1.2 million in back rent. Sutter Street Property, landlord of the 169-room boutique hotel, has sued the locally based short-term rental company led by Francis Davidson for not paying the rent at 1075 Sutter Street, in Nob Hill, the San Francisco Business Times reported. The messy departure comes as Sonder seeks to trim thousands of rooms from its global hotel portfolio to improve cash flow and to fix major accounting errors that understated its net losses over the past two years, according to the Business Times. Last month, Sonder announced it had signed agreements to exit or reduce rent in 105 buildings with 4,300 rooms, vacating 80 of them across its portfolio this year.”

The Los Angeles Times in California. “Deaths from drug overdoses and poisoning reached a plateau last year in Los Angeles County — the first time in a decade that such fatalities had not continued a year-over-year rise, public health officials said. Across L.A. County, 3,092 lives were lost to drug overdoses or poisoning in 2023, a slight decline from 3,220 deaths the year before, according to a newly updated report. ‘We’re still in the worst overdose crisis in history,’ said Dr. Gary Tsai, director of the substance abuse prevention and control division at the L.A. County Department of Public Health. The report also divided L.A. County into geographic regions and found that the rate of fentanyl-related deaths has been starkest in its ‘Metro’ region, which spans from Eastside neighborhoods such as Boyle Heights and El Sereno to West Hollywood and includes downtown L.A., Westlake and Hollywood.”

The Toronto Star in Canada. “Ontario’s cottage real estate market has remained ‘very quiet’ following the Bank of Canada’s June rate cut, and unless there’s a deeper drop in interest rates, prices could be headed downward, says an expert. ‘The best case scenario from a price perspective is that prices remain flat,’ said Re/Max broker John Fincham, who focuses on real estate in Parry Sound and Muskoka regions. ‘The luxury market is holding the median and average price up, but now the luxury market is shaky. I think worst case, we could see a further 10 per cent drop in prices (in Ontario). I don’t see an increase in value, it’s very quiet,’ adding that there’s too much supply and not enough demand.”

“At the end of the day, Ontario’s cottage market is shaping up to be similar to last year, which was ‘dreadful’ in terms of sales, added John O’Rourke, broker at Royal LePage Lakes of Muskoka. ‘We have so much inventory right now, we would need to have a real spike in sales to have a good fall market,’ he said. ‘During the pandemic, the pendulum swung so far one way, and now it’s definitely swung the other way.'”

The BBC in the UK. “A homeowner said her dream had turned into a ‘nightmare’ over unfinished works to a five-year-old housing development. Lin Glover said residents felt deserted by developers Taylor Wimpey who have not yet completed roads and paths at the Lily Hay estate in Shrewsbury, Shropshire. She described unfinished roads causing residents car trouble including punctures, split tyres and issues with suspension – and also leading to falls. She said she loved her house and neighbours but the situation had even led her to consider a move. ‘I was sold a dream, they tell you whatever you want to hear when you’re buying your house and I’m living a nightmare,’ she added.”

The Telegraph. “Thousands of protesters have filled the streets of the Majorcan capital to demonstrate against mass tourism, with posters apparently targeting British and German visitors. One banner, written in English, read: ‘Take Back Your Drunks, Give Back Our Homes.’ Another poster, mocking England’s defeat to Spain in the Euro 2024 final, read: ‘The only thing coming home is you,’ with a picture of one of the defeated England players. A similar sign targeted Germany, also beaten by Spain in the Euro 2024 championships. Anti-tourism activists have staged a series of protests this year in Barcelona, Palma, Malaga and the Canary Islands, claiming holidaymakers in tourist flats drive up housing costs and force the eviction of local people who cannot afford to live in their own cities. Spanish police said around 20,000 people took part in the demonstration.”

“Pere Joan Femenia, of Menys Turisme, Mas Vida (Less Tourism, More Life), which organised Sunday’s protest, told the Telegraph: ‘What we want is to change the tourism model which is overwhelming the island. We cannot live here because house prices are so high. Beaches are swamped by tourists and public services are under incredible strain.'”

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This Post Has 79 Comments

  1. ‘Atkins was just networking with other real estate agents who shared an experience they’ve had with recent multiple offer situations. They said even though the buyers were competing with each other for the same home, they were all coming in just under the asking price. That’s very different. And so is the fact that the potential buyers opted not to get into the expensive bidding wars we’ve seen for several years–and even earlier this year. Remember those? ‘People were like, what if another house doesn’t come up and then we can’t afford it? Now people are like, you know what? We lose it…we lose it. We got three more to look at in the neighborhood, right?’

    Multiple offers and they’re all lowballs? That’s the spirit buyers!

  2. finally a builder wants to build average, ad the locals throw a hissy fit.

    I dunno some people like me like selling stuff on ebay, donating books to the library, i haven’t read in years, and just having a clean uncluttered place to live.

    these 1,500-square-foot ‘Plain Jane’ houses” into their community.

    1. finally a builder wants to build average, ad the locals throw a hissy fit.
      My buddy lives in an equestrian neighborhood and a new place was put up in the entrance to it and viewable from the main road. I think it is a very nice lite colored brick house but he is pi$$ed about how small it is. It is not a small house, and it had to be “approved” so it can’t be too bad. However, he says detracts from the prestige of the neighborhood and he hates it.
      Lots of NIMBY pro-affordable housing people.

    2. I think they’re objecting more to the idea of rentals. The perception is that renters are riff-raff. If those houses were offered for primary residence only (is that legal?), I don’t believe there would be so much objection.

  4. ‘The dismissal is a disappointment to the Colorado tourism industry, the vacation rental industry, and an affront to thousands of Colorado property owners who deserve protection from the incessant overreaching arm of local government always in search of more control and revenue.’”

    Left unsaid: The STR speculator scum are running de facto hotels in residential neighborhoods. The sooner they are forced to shut down and either convert to long-term rentals or sell their shacks to homeowners who will actually live there, the better.

  5. ‘I was sold a dream, they tell you whatever you want to hear when you’re buying your house and I’m living a nightmare,’ she added.”

    Caveat emptor, Lin. If stupid didn’t hurt, fools would never learn.

  8. The Colorado Sun. “Federal judges have dismissed two lawsuits filed by property owners in Summit County challenging recent regulations on short-term rentals from the county and the town of Breckenridge.”

    – Cue tiny violin, cry me a river, etc. 😄

    “Today the county is ground-zero for a local government crackdown on vacation rentals, with new regulations, caps and taxes designed to hobble short-term rentals as locals scramble to find housing. Summit County is also a hotbed for homeowners irked by recent regulation of short-term rentals.”

    – There’s that STR thingy again. STR = Commercial hotel with no front desk (aka supervision) in a Residential property zone. I’m sure this is fine. /s STRs should never have been allowed simply based on zoning restrictions, but too many brown envelopes to local .gov.

    – I used to ski at Breckenridge, but too crowded now. Backcountry skiing for me! ⛷️

    – The STR thingy is blowing up, finally, but years too late. This is global. STRs don’t make good neighbors and are illegal. Not to mention that is removes inventory and so raises rents and prices. This is independent of HB 2.0, which is also blowing up (globally).

    HB 2.0 is now slowly deflating as prices are sticky to the downside because sellers think that bubble prices are forever and they’re not going to “give it away.” HB 1.0 says “it’s not different this time.” Asset bubbles behave essentially the same, since human behavior is essentially the same throughout history, and we don’t seem to learn from history…

    – Housing is a basic need; it’s shelter, and not supposed to be a speculative asset, but here we are. Your .gov, including the Fed did this. Socialism for the rich. The financialization of America continues, with booms and busts the norm now.

    1. At this inflationary spending pace it won’t be long until baloney sandwiches are a luxury few can afford.

    2. “E-bikes are critical tools used by tens of thousands of delivery workers to support our economy. By providing these workers with reliable, safe equipment, we are helping protect this workforce, their neighbors and loved ones, and all New Yorkers who rely on them each day,” Transportation Commissioner Ydanis Rodriguez said in a statement.”

      Oh Lordy, Lordy!! If it only saves one life its worth it. And, please think of the children!!…Total joke. Why stop there? Give em a friggin car. Bet ya they sell that brand new E bikes asap and go back to their old ones.

  11. “They said . . they said . . . ” but the important parts are written down in a contract, usually to the makers advantage.

    1. “We’re seeing a slow shift from a seller’s market to a buyer’s market,” said Lawrence Yun, chief economist for the Realtors. “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”

      Inventory jumped 23.4% from a year ago to 1.32 million units at the end of June, coming off record lows but still just a 4.1-month supply. A six-month supply is considered balanced between buyer and seller.

      “Assuming more inventory continues to increase, two things would happen. Either home sales rise, or, if the prices do not rise, the prices would buckle down,” Yun added.

      All time high Larry.

  13. A reader sent these in:

    Delete Instagram & the rest is everyone’s fake reality show.

    https://x.com/DonMiami3/status/1815510664154128817

    I meet so many miserable young folk who claim they are behind in life because they compare their reality to the fake social media life of whoever they follow.

    Comparison is the biggest thief of joy – if you are employed or running a business, have goals, are staying in shape, and have a few great people around you – you’re winning at life.

    https://x.com/DonMiami3/status/1676344035923853319

    🇯🇵 Japan’s government says there are now 9 million vacant homes in the country, as it struggles with a declining and ageing population.

    https://x.com/spectatorindex/status/1815356121965895683

    1. I’ve spent a lot of time reading x posts over the past two weeks, and only now am I learning that there’s as much crap on x as on any other platform. I’ve had to mentally filter out the crazies and the spammers.
      However, imagine if Elon had not bought it when it was Twitter. We would know NOTHING about what’s been going on with the Trump half of the election, including he famous Head Turn. We would know almost nothing about why our leader went AWOL, MIA to the point of being theorized as DOA.

      The whole thing would be wall-to-wall Kamala sending tingles up people’s legs.

      1. what’s been going on with the Trump half of the election

        DJT posts on Truth Social. There’s also Gettr and Telegram where people who don’t like Twitter post.

  14. Secret Service Director Kimberly Cheatle Resigns

    The resignation was submitted about 10 days after former President Donald Trump was shot during a campaign rally.

    Lawmakers from both parties told Ms. Cheatle during a contentious hearing on Monday that she should step down.

    “If you have an assassination attempt on a president, or a candidate, you need to resign,” Rep. Ro Khanna (D-Calif.) said.

    https://www.theepochtimes.com/us/secret-service-director-kimberly-cheatle-resigns-5692232

    1. “If you have an assassination attempt on a president, or a candidate, you need to resign,” Rep. Ro Khanna (D-Calif.) said.

      Nobody can stop an attempt, but if a formal review identifies numerous preventable failures then demand a resignation.

      1. USSS has one job: protect the protectee. A bullet through the protectee’s ear is a failure. Full stop.

        1. Anyone in charge following an incident deserves a thorough review by competent peers before dismissal.

          3. “…competent peers…”

            So far, all I’ve seen is congressional panel chipping their teeth. They should wait until all the evidence has been gathered, vetted and organized into a factual report. This woman in charge of the USSS was likely working with a limited budget, forced to accept DEI hires, etc., and then blamed when things went sideways. These quick, “fall on the sword,” performances deny the taxpaying public of the full story.

          7. “…preliminary investigation…”

            Let’s wait for cooler heads to prevail and look at all the evidence. Trial by the Internet or MSM is what I’m railing against. I’m advocating for a “relief from duty,” is a temporary measure, pending the outcome of an investigation or disciplinary process. You, of all people, should understand that counselor.

          9. No, but one victim died, and two wounded other than the intended target because of complacency.

          10. complacency

            Gross negligence at best. Complicity at worst. Coupled by lies, obfuscation or lack of preparation when asked for answers. This is JFK 2.0 but DJT lived.

          11. FWIW, we shouldn’t expect a full debriefing in public that might divulge USSS tactical methods.

  15. Paul Krugman muh best economy ever.

    CNBC (7/23/2024):

    “Roughly 3 in 5 Americans believe that the U.S. is currently in a recession, according to a new survey of 2,000 adults by Affirm
    .

    Of those respondents, most said a recession started roughly 15 months ago, in March of last year, and could last until July of 2025, citing higher costs and more difficulty making ends meet, the San Francisco-based fintech company found in the June poll.

    “The wealth creation was concentrated amongst homeowners and upper-income brackets, but you probably have about one-third of the population that’s been left out of that — that’s why there’s such a disconnect,” Chang said of the last few years.

    A growing number of consumers are falling behind on their monthly credit card payments. Over the last year, roughly 8.9% of credit card balances transitioned into delinquency, the New York Fed reported in May.

    And more middle-income households anticipate struggling with debt payments in the coming months.

    https://www.cnbc.com/2024/07/23/is-the-us-in-a-recession-about-3-in-5-americans-think-so-report-finds.html

    Must be one of those Build Back Better kind of things…

    1. About 3 in 5 Americans are always broke….even in great times. I know too many people not making much money driving 50k cars. They need to teach finances in school….all 12 years.

      1. Somehow these broke a** losers are always extended more credit despite evidence that they’re likely going to welsh on their obligations, again.

  16. Electric vehicles were a splurge purchase not long ago. Now they are among the biggest bargains on the dealership lot.

    Many electric models have never been cheaper, as automakers splurge on financing deals and cash incentives to sway consumers who might be hesitant to give up their gas guzzlers. The steeper discounts will serve as a test of Americans’ appetite for going electric after months of slowing demand.

    Four of the five vehicle models with the biggest drop in list price over the first half of this year were electric, including the Chevrolet Blazer and Volkswagen ID.4 SUVs, according to shopping site CarGurus.

    On average, buyers paid about $1,500 more for nonluxury EVs than internal combustion engine vehicles, according to a July J.D. Power report. Just over a year ago, the average EV fetched $8,400 more.

    In some cases, electric models that once came with a hefty premium are actually cheaper than their combustion-engine equivalents. Ford Motor’s F-150 Lightning—the centerpiece of the company’s EV strategy when it was unveiled in 2022—is selling for about $5,000 less than its gas-engine alternatives, according to J.D. Power data.

    Still, it won’t come cheap for the car industry: Discounts and deals make EVs that have already drained billions from legacy automakers’ bottom lines even less profitable. Several major automakers are scheduled to report quarterly earnings this week, including Tesla, General Motors and Ford.

    Jim Walen, who owns Hyundai, Jeep and Chrysler-Dodge-Ram dealerships in the Seattle area, said pricier EVs aren’t as hot as they had been, as early EV enthusiasts have given way to more price-sensitive consumers. Shoppers now are gravitating to less-expensive electrics.

    “They’re driven by where the value is,” he said. “With government incentives, it’s a jigsaw puzzle.”

    For now though, most manufacturers are selling EVs at a loss, and deeper discounts are leading to more red ink.

    In the first half of the year, the amount of money buyers paid for Ford’s already-unprofitable EVs declined, finance chief John Lawler said at an investor conference in June. The carmaker is cutting costs to offset the price pressure, which is expected to continue in the second half of 2024, he said.

    Ford’s EV division lost about $1.3 billion in the quarter ended in March, excluding taxes and interest expenses.

    EV prices are falling even more sharply on the used lot. As recently as mid-2022, preowned electric cars were going for a roughly 80% premium relative to gas equivalents, according to Cox Automotive. Recently, used EVs were only 9% higher.

    CarGurus data shows nine out of the 10 used cars with the biggest declines in list price in the first half of the year were electric, including the Tesla Model 3 and Subaru Solterra. Used-car buyers can also claim a tax credit of up to $4,000 for their purchase under recently updated rules.

    Used-car shoppers considering an electric must gauge what will happen with EV valuations in coming years, CarGurus analyst Kevin Roberts said. That math can be difficult given potentially rapid changes in battery technology in newer EVs, which could hurt used values.

    “We’re in unknown territory at this point,” he said.

    https://www.msn.com/en-us/money/companies/evs-are-cheaper-than-ever-can-car-buyers-be-won-over/ar-BB1qp2mj

  17. Why did EV startup Fisker fail again and again?

    Fisker had all the necessary tools to be the next big Tesla rival – and then things started to fall apart.

    When Henrik Fisker started his electric vehicle venture in 2016 dubbed ‘Fisker Inc’, the entire automotive industry was riding the coattails of the burgeoning EV market spearheaded by Elon Musk’s Tesla.

    However, close to a decade later the remaining Ocean SUVs – the only Fisker Inc model that made it to widescale production and distribution – are being sold for as little as $US2700 ($AU$4019), an immense discount from its starting price of $US39,000 ($AU57,990).

    So how did this Tesla rival with deep financial backing end up bankrupt with only 10,000 cars to show for it?

    In a nutshell, Fisker Inc. failed because of four key reasons; its cars were plagued with issues, the company mismanaged funds, it focused on third-party contractors for production, and it lacked the proper organisational structure needed to turn a design sketch into a commercially viable product.

    According to a 2013 report by global news outlet Reuters, unnamed suppliers and insiders claimed Fisker Automotive’s leadership “simply couldn’t orchestrate” the production process from “design sketch to production and sale of a profitable car”.

    Sources familiar with the matter, according to Reuters, claimed, “spending was lavish” and “engineering blunders [were] rife”.

    Approximately 2500 Karmas were produced from 2011 to 2012 before production permanently ceased due to lacklustre reviews and recalls as well as its battery supplier filing for bankruptcy. Fisker Automotive followed suit and declared bankruptcy in 2013.

    While a $1 billion loss would be enough to dishearten most people, Fisker decided to take a second bite at the manufacturing apple right at the time when the electric vehicle industry was starting to generate traction amongst investors.

    Looking to capitalise on this unquenchable thirst for EVs, by 2016 Fisker, along with his wife, Geeta Gupta-Fisker who he named as the company’s chief financial officer and chief operating officer, had launched a new EV startup, Fisker Inc.

    “Having done this before, I’m in a unique position to kind of almost take lessons learned, which is very rare, especially in the car industry,” Fisker told Automotive News.

    Rather than invest in hybrids, Fisker decided to start his second venture as an electric car manufacturer and by 2018 had taken took the covers of his first battery-powered concept vehicle, EMotion, at the Consumer Electronics Show (CES). Fisker claimed this new EV sports car was capable of a 643km driving range courtesy of its 140kW battery pack.

    While Fisker promised US deliveries of EMotion (above) would start in 2019, with a UK release following in 2020, the company switched its focus to producing a more affordable model that would attract more customers and so, the California-based manufacturer hit pause on EMotion production.

    By the time Fisker Inc announced its first mass-market model, the Ocean SUV at the Los Angeles Motor Show in 2021, most initial reports had it touted as a key rival to the Tesla Model Y.

    Ocean had the recipe to be a serious challenger. The SUV looked good, it was competitively priced and it had a claimed maximum driving range of 560km.

    As previously reported by Drive, Fisker claimed the fixed solar panels on the Ocean’s roof can add “up to” 2000km of range every year in sunny regions.

    But it wasn’t long before problems started to rise to the surface, which seemed to be a reoccurring theme in Fisker’s history – all looks, no substance.

    In a 2022 Guardian report, The California-based EV startup said it originally had plans to produce approximately 40,000 cars in 2023 “and maybe as many as 50,000 if it gets the ramp-up right”.

    Though Fisker had promised the world a wide scale distribution of its Ocean SUV, by mid-2023 the company had delivered just 22 cars to its US customers and produced 1022 cars overall in the second quarter of 2023.

    For Fisker Inc, 2023 was a whirlwind of shifting production targets and financial strategies which included selling $US340 million($AU508 million) in convertible debt (a bond that the holder can convert into company stock) as a means to attract more financial support.

    By the end of the year, Fisker Inc only manufactured 10,193 Ocean SUVs, of which 4929 were delivered to customers.

    While the brand started to garner negative public sentiment through online commenters and their scathing reviews and experiences with the Ocean, its unreliable reputation gained mainstream notoriety following its appearance on a YouTube video titled The Worst Car I’ve Ever Reviewed.

    https://www.msn.com/en-au/money/other/why-did-ev-startup-fisker-fail-again-and-again/ar-BB1qqT84

  18. Moxion Power, a battery manufacturer based in Richmond, suddenly furloughed almost its entire staff on Friday and warned workers that it will likely shut down.

    In an internal Zoom call and a WARN notice to staff, the 4-year-old startup revealed that it’s reaching the end of its runway. Moxion had raised at least $110 million in funding and, in January, announced plans for a massive office expansion next to its current headquarters. But the battery company laid off 101 workers in June, and told employees in the Friday notice that it will likely have to shut down the rest of its operations.

    The notice said Moxion has been trying since the start of the year to get a new infusion of cash, but that talks fell through in the past week, leaving it with an “unexpected and last-minute” shortfall. That leaves the company in a dire position.

    “While we are actively looking at various financing sources, and other corporate options, and are doing our best to pursue these alternatives, in the event that we are not successful, we have no option left but to begin the process of shutting down operations and closing facilities,” the notice said. “At this time, we do not believe that our efforts will be successful.”

    Friday’s mass furlough took staff by surprise, according to three workers who spoke with SFGATE on Monday and were granted anonymity in accordance with Hearst’s ethics policy due to their confidentiality agreements. They said they were told not to work in-person on Friday, and instead to join a Zoom call with CEO Paul Huelskamp.

    staff that most of them would be furloughed and that they’d get an update in early August. Workers, with the exception of a “skeleton crew,” are now locked out of their work systems and are not receiving pay, two of the employees told SFGATE.

    Some also received the WARN message, which SFGATE reviewed. California’s Employment Development Department had not received the notice as of Monday afternoon.

    “If the shutdown and closure cannot be avoided, your expected termination date will be August 5, 2024,” the notice said. Employees at the company’s headquarters in Richmond and sites in Sun Valley and Vernon would all be laid off in the event of a shutdown.

    Over the past four years, the company built up a list of prominent backers and promised to bring a “gigafactory” to Richmond. Huelskamp and co-founder Alex Meek formed the company with the help of San Francisco startup incubator Y Combinator, as part of its winter 2021 class. Amazon and Microsoft have each invested in Moxion, and Gov. Gavin Newsom appeared at a plant launch ceremony in May 2023.

    But the hype doesn’t seem to have boosted Moxion’s battery business enough to avoid these huge cost cuts and find a path to profitability. Though investment and interest in sustainable electricity products have risen, Moxion is up against a cheap, well-known and widely available competitor — the diesel generator.

    https://www.msn.com/en-us/money/companies/bay-area-battery-maker-that-had-raised-110m-suddenly-furloughs-staff-says-shutdown-is-likely/ar-BB1qrhxm

  19. Of course Kamala Harris should be the next president. I endorse her without hesitation. She wouldn’t be the first African American in the position, and so we won’t have to endure that “making history” speech we’d otherwise get. And, besides, Michael Drake has already been in the job for four years.

    President of the University of California, I mean. What in the hell did you people think I was talking about?

    Here’s me writing back in the dark ages of 2023: ‘Democrats probably could buy off Harris. … They could make her a university president or the dean of a prestigious law school, help her find her way onto a few corporate boards or highly paid advisory positions, and put her on MSNBC—not hard stuff to do, all in all. Harris is 59 years old, and while she and her husband are pretty well off, making a big pile of money in your 60s has its attractions, too. And she might even be able to salvage something of her political reputation in case the political scene changes—and it does change—in a way that favors her future ambitions, whatever those may be. … In a spiritually and politically healthy society, Democrats could trade in Joe Biden for the same reason they’d trade in a 1999 Buick Park Avenue with 355,004 miles on it—because the vehicle in question probably isn’t going to take them where they want to go, and there are better options on the market.’

    To abuse the metaphor: It’s no good trading in the 1999 Buick Park Avenue with 367,000 miles on it (the mileage creeps up on you, every day!) for a 2007 Chevrolet Uplander with 289,000 miles on it and a failing transmission. It wasn’t a very good model to begin with—a half-assed minivan pretending to be an SUV—and there is a reason its career came to a quiet end.

    The question for Democrats now is: Which university or law school should Kamala Harris be president of? Which MSNBC time slot does she want?

    Harris may have enjoyed a little bit of a bump after Joe Biden’s somnambulant debate performance, one in which he pulled off the incredible feat of making Donald Trump look like the (very, oh very, relatively) with-it and squared-away guy on the stage. But she is very likely to lose to Trump. An Economist/YouGov poll running from July 13-16 had her securing under 40 percent of the vote against him. She might have been a fine prosecutor once upon a time, but she has been a catastrophically incompetent vice president, a veritable Chopt franchise when it comes to producing word salad by the long ton and the metric boatload.

    If Democrats really want to put the Biden administration’s border czar up against Donald Trump, whose main issue is the border and illegal immigration, then I suppose that’s their prerogative. But they’d be putting her up in front of an electorate in which 77 percent of those polled tell Gallup that the situation at the border is either a “major problem” or a “crisis”; in which the vast majority of voters favor more enforcement measures such as hiring more Border Patrol agents; and in which a majority favor more wall-building, etc. If that’s what they want to do, it isn’t obvious to me that having gone through the trouble of driving out an incumbent president was worth it.

    As with the attempted shooting of Trump, the events in question are dramatic but not all that unusual. Democrats know how to dump an incumbent (ask Harry Truman, Lyndon Johnson, that other Johnson, or Franklin Pierce). You think being Joe Biden or Joe Biden’s VP gives somebody some sacrosanct status?

    All the Democrats really need to have a real shot at beating Trump (again) is to nominate someone halfway normal and competent. They have many promising options from which to choose. Kamala Harris, whatever her virtues as a human being, is not one of them. She’s damaged goods from an unpopular administration that effectively has just come to an early end, a California weirdo who talks like some weird mix of yoga instructor, horoscope, and vice principal. Biden’s withdrawal is one piece of evidence that at least some Democrats really believe what they say they believe: that Donald Trump is a unique threat to the republic. If it is really the case that Democrats sincerely believe that, then they should act on that belief.

    And that means dumping Harris, too.

    Harris, if she were smart, would save them the trouble. California has a governor’s race coming up in 2026. And who knows, Harris might actually turn out to be good at that job. But she could do her party, her country—and, realistically, herself—a favor by following the boss’ lead one last time and getting out of the way.

    https://news.yahoo.com/news/now-dump-harris-130000212.html

      1. The MSM and social media are pushing her non stop. The deep state is going all out. All that is missing is that FJB resigns in his speech tomorrow and then she runs as the incumbent.

      2. IMO what this is all about is the down ballot. They knew the white house was gone before the debate. That’s why they agreed to it, they ‘had to do something.’ After the debate they were cooked. Then the assassination attempt failed. Suddenly they said ‘it’s going to be a landslide’ and they meant down ballot. So this is triage for congress, state and local races.

        1. Joe Biden’s presidency is over. It’s now a half-dead vessel, much like the man himself, but Democrats appear overjoyed that Vice President Kamala Harris is taking the 2024 Democratic mantle, though it’s not like Joe had much choice. He had to back Harris if he bowed out. The disunity he sowed by remaining in the race led to an unprecedented fracturing of the party not seen since 1968. Harris is the only person who could legally inherit his war chest. If he couldn’t run for a second term, maybe he could work on bringing the party back together. Harris’ ascension has led to over $250 million in donations, another damning sign that Biden likely would have run out of juice in the final and most critical phase of the 2024 election.

          Yet, NBC’s Steve Kornacki threw cold water on the Harris candidacy, namely that she’s untested. She dropped out before the start of the primaries in 2020; Tom Steyer’s campaign lasted longer than hers. She’s also equally unpopular as Biden and owns the same record. Kornacki noted that “hope” more than numbers is inflating Democrats’ hopes of keeping the White House in November (via RealClearPolitics) [emphasis mine]:

          ‘Trump 47%, Harris 46%. In the same set of polls, when it was Joe Biden, 47% for Trump and 45% for Biden. The Democratic number on average goes up from 45 to 46. I think it underscores for Democrats, they view this move as something that’s going to improve their chances in the general election. That is based more on hope than it is on the numbers right now.’

          ‘ You go another level deep in this and you’ve got the favorable, unfavorable. The basic impression people have of these candidates here. For Joe Biden, these numbers have looked like this for a long time. Very, very bad numbers. 36% favorable, 57% unfavorable. Again, in an average of polls over the last month.’

          ‘What’s the difference with Kamala Harris? Again, not much of a difference. From 36% favorable to 38%, 57% unfavorable down to 52%. That’s still a majority of voters saying they have an unfavorable impression of Kamala Harris.’

          ‘Throw up Donald Trump’s numbers for comparison, he’s at 41% favorable, 55% unfavorable. All three of these figures with a majority of voters saying that are unfavorably impressed by them.’

          ‘So, again, from the Democratic standpoint here, they think Harris being reintroduced as a presidential candidate, getting a different look, they think these numbers can improve for her, both in the favorables and in the horse race against Trump. But we don’t know. As you say, she has not really been tested. Her name never got to a primary ballot in 2020. She dropped out a couple of months before that.’

          Yet, Trump has a coalition where he could have an approval rating in the 40s and still win due to how his base is distributed. Trump voters live in areas where elections are decided. It’s something that David Shor, a liberal data scientist, has mentioned, adding that the Trump coalition is very efficiently distributed geographically. Harris has the coasts and the Acela Corridor, and even they might become just as depressed as they were with Biden once Harris devolves into a cackling idiot, which is something that everyone knows, including Biden’s staff.

          https://townhall.com/tipsheet/mattvespa/2024/07/23/cnns-harry-enten-explains-the-biden-harris-switch-n2642313

          1. Hmm…. maybe we need a score card.

            1. Solid Trump voters: Trump has those locked up.
            2. Lean Trump voters: With That Photo, Trump will get almost all of these to turn out.
            3. Stay-at-home Trump voters. See #2.
            4. Solid Biden voters: Harris already has most of these, but not all.
            5. Lean Biden voters: Hmm… This IMO is where Harris would lose the most. My guess is that at least 10% of these would stay home or vote for Kennedy.
            6. Walk-way former Dems and newly-minted Trumpers: Good question. I think Harris would bring back some minority women, but for the rest … see #2.
            7. Stay-at-home Biden voters: This is Harris’s strongest category, especially minorities. If she’s going to save downticket, these are the voters she needs to bring to the polls.
            8. Rust Belt: Vance will bring voters to the polls. I don’t see Kamala gaining much over what Biden already had. Also, see #2.
            9. Roe vs. Wade: None of the wing states have significant abortion rights measures to bring out voters. Abortion rights in the swing states are already in place, at least 22 weeks. Any gains for Dems were already realized in the Red Whimper of 2022.
            10. Libertarian party: This is a wild card. The Libertarians usually siphon off 2-3% of the vote every time, but this year they nommed a commie fuzzy, or something. Any Ron Paul type Libertarians who break from the party will break toward Trump.
            11. Harris VP: another wild card. She would be wise to try to secure a swing-state governor. But Whitmer (MI) said no, Shapiro (PA) will lose the *ahem* protest vote, and Tony Evers (WI) is 73. Sen. Mark Kelly of AZ might be a fave, but he would overshadow her and he’s not terribly compelling.

            That Photo is going to save Trump, and well-deserved.

        2. This is exactly what I believe. By getting her on the ballot the progressives who may have skipped voting at all may return and salvage the rest of the ballot. Kamala is a disposable tool and being used as such.

          1. Kamala is a disposable tool and being used as such.

            She has more experience with that than anything else!

    2. “They could make her a university president or the dean of a prestigious law school, help her find her way onto a few corporate boards or highly paid advisory positions, and put her on MSNBC—not hard stuff to do, all in all.”

      No meritocracy for these positions in our corrupt oligarchy.

      1. +1

        None at all, these globalist vermin only fail uphill.

        “Even if I fall, I land on a bunch of money” — Jay Z

  20. Which Canadian Banks are ‘Hoarding’ Cash? RBC, TD, and BMO

    Mark Mitchell – Mortgage Broker London Ontario

    22 minutes ago

    With the Bank of Canada continuing to inject money into the banking system, and CIBC blaming those injections on ‘hoarding’, questions are emerging as to which banks are hoarding those reserves.

    https://www.youtube.com/watch?v=tPZ4PcYb_EM

    9 minutes.

  21. Ah, Cacklin’ Rosie, get on board
    We’re gonna ride ’til there ain’t no more to go
    Taking it slow
    And Lord, don’t you know
    I’ll have me a time with a poor man’s lady

    https://youtu.be/MGemtjVtfZM?si=WM6AMHMSosC0sJn0

    Kamala Harris has support of enough Democratic delegates to become party’s presidential nominee

    Locking up the nomination was only the first item on the staggering political to-do list for Harris after learning of Biden’s plans to leave the race.

    By Associated Press Zeke Miller, Leah Askarinam, Maya Sweedler and Chad DayJuly 23, 2024

    https://www.cbsnews.com/live-updates/biden-drops-out-2024-presidential-race/

    1. I’m certain that Kamala Harris will have the absolute longest speech and literally say nothing at their upcoming convention.

  22. Lender Sells House for $199,000. Big Losses in the Last 30 Days.

    Jon Flynn Real Estate Stats

    53 minutes ago

    As bank sales continue to increase I bring you on the ground data of recent sales and losses from the properties involved, also recent reports from beaches in Ontario forces local realtor to issue a public service announcement to fellow citizens. Lastly is CMHC doing their job ensuring Canadians have a place to live and real estate remains affordable? My followers weigh in on this topic and the results aren’t good.

    https://www.youtube.com/watch?v=Xhq8Zei5z1Y

    13:27. Has an ‘Indians pooping on the beach’ video at the beginning.

  23. Eli Crane Plays Video Of Trump Shooting Site, Asks PA Police Commish About Second Shooter Theory

    Forbes Breaking News

    47 minutes ago

    At today’s House Homeland Security Committee hearing, Rep. Eli Crane (R-AZ) questioned the Commissioner of the Pennsylvania State Police Christopher Paris about a video he took of the location of the assassination attempt against former President Trump.

    https://www.youtube.com/watch?v=G4mkaa4WSiY

    6:25.

  24. ‘cautions homeowners not to get too aggressive on pricing, as this could reduce the pool of buyers for their property. Wilks said more bids are coming in under the asking price, and overpriced properties are drawing fewer offers, sitting longer, and requiring a price reduction or two to sell. Wilk said the average number of days a house is on the market is longer, and real estate agents are beginning to see price reductions. ‘But overall, the prices are not coming down,’ Wilk said. He said the price reductions are only because asking prices are starting higher’

    That’s really something you came up with there at the end Jared. Yer sinking like a turd in a well.

  25. ‘sales down double digits, and inventory up 36.2% since last year. ‘In certain areas, it feels more like a buyer’s market where buyers are calling the shots and, at the very least, getting concessions and in a lot of cases, price reductions and concessions’

    If they accept yer first offer, you paid too much Jeff. What I would do in those situations was after inspection, ask for repairs to get the better price. In those situations would-be movers are pushovers. One time after closing in 2014 the agent told me, ‘I thought you were going to make him give it to you.’ This was after I had hammered him on the price initially.

  26. ‘Atkins says you can no longer count on the showing frenzy that we’ve been seeing for years, ‘Something just fell off a cliff. And you know, we have listings go on where typically in the first 48 hours you’re getting…anywhere…two to four showings. And we had some listings we saw that weren’t getting shown at all in the first three days and we’re kind of like, hmm. That’s interesting. I hadn’t seen that in 10 years’

    Was it like somebody flipped a switch Joe?

  27. ‘It was heartbreaking that this was going to be the new view of my backyard.’ For the past six weeks, the Phoenix mom and her kids have been hanging out in their pool with a giant structure hovering over them. The structure is taller than any home on the block. ‘I understand adding value to your property, but not at the expense of diminishing the value of the property of your neighbor,’ said Jacques. ‘It completely encompasses our backyard and changes the whole overall environment. We don’t have privacy anymore’

    Just when you’d think that sh$thole couldn’t get any worse, it does Stephanie. It’s not bad enough that the shacks all look the same and are too close together as it is!

  28. ‘who manages several dozen vacation rentals in Summit County, said his visitors and owners are crucial contributors to the county’s economy. ‘I think that the second homeowner community, the majority being Colorado residents, held a hope that their rights would be protected by a competent court, and at the very least their arguments would be heard,’ Babich said. ‘The dismissal is a disappointment to the Colorado tourism industry, the vacation rental industry, and an affront to thousands of Colorado property owners who deserve protection from the incessant overreaching arm of local government always in search of more control and revenue’

    Toby, song by The Silhouettes:

    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…

  29. ‘The best case scenario from a price perspective is that prices remain flat,’ said Re/Max broker John Fincham, who focuses on real estate in Parry Sound and Muskoka regions. ‘The luxury market is holding the median and average price up, but now the luxury market is shaky. I think worst case, we could see a further 10 per cent drop in prices (in Ontario). I don’t see an increase in value, it’s very quiet,’ adding that there’s too much supply and not enough demand’

    ‘At the end of the day, Ontario’s cottage market is shaping up to be similar to last year, which was ‘dreadful’ in terms of sales, added John O’Rourke, broker at Royal LePage Lakes of Muskoka. ‘We have so much inventory right now, we would need to have a real spike in sales to have a good fall market,’ he said. ‘During the pandemic, the pendulum swung so far one way, and now it’s definitely swung the other way’

    Two John’s, I’ve heard the next big thing is travel agents. They’re making a comeback!

  30. Under Marxism, children are property of the state.

    The Hill — LGBTQ community sounds alarm bells over Vance (7/22/2024):

    “In addition to a history of anti-LGBTQ statements, the Ohio Republican is the primary sponsor of at least two pieces of federal legislation threatening to sharply roll back transgender rights, including one proposal that aims to ban gender-affirming medical care for minors nationwide.”

    Gender-affirming medical care for minors: anyone involved in this is a pedophile groomer.

    “That bill, the Senate version of Rep. Marjorie Taylor Greene’s (R-Ga.) Protect Children’s Innocence Act, would charge health care providers who violate it with a Class C felony, punishable by more than a decade in prison. It would also prevent institutions of higher education from providing instruction about gender-affirming care and cut funding for health plans that cover treatment.

    And an October bill introduced by Vance would ban “X” gender markers on U.S. passports, an option the State Department has offered since 2022.

    “There are only two genders — passports issued by the United States government should recognize that simple fact,” Vance said in a statement at the time.”

    https://thehill.com/homenews/lgbtq/4782659-jd-vance-trump-vp-pick-rnc-convention-2024-lgbtq-rights/

    The article continues with quotes from some abominations, each of whom, if their skeletons were exhumed thousands of years from now, would be identified as male.

  31. ‘She described unfinished roads causing residents car trouble including punctures, split tyres and issues with suspension – and also leading to falls. She said she loved her house and neighbours but the situation had even led her to consider a move. ‘I was sold a dream, they tell you whatever you want to hear when you’re buying your house and I’m living a nightmare’

    Lin I know yer a little low right now. And not tomorrow, or maybe even the day after that, but eventually you’ll see you are the big winnah!

    1. ‘I was sold a dream, they tell you whatever you want to hear when you’re buying your house and I’m living a nightmare’

      That’s because you’re emotional, not pragmatic. Don’t stop beating that “victim” drum, Lin.

  32. ‘One banner, written in English, read: ‘Take Back Your Drunks, Give Back Our Homes.’ Another poster, mocking England’s defeat to Spain in the Euro 2024 final, read: ‘The only thing coming home is you,’ with a picture of one of the defeated England players. A similar sign targeted Germany, also beaten by Spain in the Euro 2024 championships. Anti-tourism activists have staged a series of protests this year in Barcelona, Palma, Malaga and the Canary Islands, claiming holidaymakers in tourist flats drive up housing costs and force the eviction of local people who cannot afford to live in their own cities. Spanish police said around 20,000 people took part in the demonstration’

    Short term rentals are such a classy industry. Rarely is there a complaint or a shooting. Fentanyl poisonings of children are way down.

  33. Please Reduce Your Price (Toronto Real Estate Market Update)

    Team Sessa Real Estate

    18 minutes ago

    In this episode we take a look at the current Toronto Real Estate Market specifically the detached home prices and market trends for week ending July 17, 2024. We also discuss how some buyer’s think it’s okay to ask for price reductions just because the market changes. Be responsible for your own decisions.

    https://www.youtube.com/watch?v=Eoce0pWLxvY

    13:27.

  36. Boston sellers are still fairly delusional but becoming less-“ish” so.

    SO SO many DINKS or couples w/ one young child making 300K combined who refuse to buy because:

    1. Even though they can afford it aren’t interested in being ripped off (are very aware of last bubble)

    2. Very aware the housing stock in Boston area & Cambridge is VERY old requiring a good chunk of change on hand for constant repairs, patches, and fixes….comes with the territory of owing something that could be over 100 years old.

    3. Anecdotally it appears MANY homeowners are 65 + give or take

    No one wants to stretch to the last dime to own anymore. Why pay a mortgage/tax/condo fee etc etc. for 6000-65–/month when you can rent equivalent for $3000-3500 or so?

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