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Akin To A Pyramid Scheme: It All Works Until It Doesn’t

A report from the Palm Beach Daily News. “Michael Milillo thought his home in the Flagler House condominium in West Palm Beach would be his last. Coastal breezes drift through the 74-year-old’s unit hugging the Lake Worth Lagoon. He and his wife bought the two-bedroom condo in 2013 for $150,000. ‘And we thought we were set,’ Milillo said. ‘Then they show up.’ Milillo’s aging condominium — a three-story art deco artifact from the early 1960s — is one of an untold number of South Florida buildings developers are soliciting as they hunt for waterfront deals in the wake of new laws that followed the 2021 Surfside condominium collapse. For some condominium unit owners, buyout offers from developers are a lifeline. For others, it’s an unwanted petition, but one they may not be able to refuse. ‘I love my unit and don’t want to be thrown back into the real estate market and have to live out west,’ Millilo said. ‘Even though they are giving a sizable amount of money, it’s not enough to replace what we have.'”

“‘For many of the condominiums in South Florida, they have woefully ignored the practical maintenance and repair of their buildings,’ said Michael Gelfand, a board certified real estate and condominium law lawyer. ‘Especially for maturing condominiums, associations may have been patching things up ad hoc and ignoring the signs of systemic failure that are costly to fix.'”

Florida Today. “Q: My adult daughter keeps renting an apartment in Atlanta — I keep telling her to buy a home as she is wasting money renting. Am I right? A: Maybe, but maybe not! Let’s run some numbers to see. The apartment your daughter rents is in a condo building, and an equivalent condo would sell for $650,000. She is paying rent of $2100/month. Let’s be conservative and say the ‘cost’ of the money is 6% per year. Next, add certain costs such as property taxes and insurance. Then, add expected maintenance and repairs. If she buys the condo or many other properties, add in monthly HOA fees. Again, to be conservative, we’ll ignore costs that are likely but hard to quantify. Adding up the certain costs above, we are at a cost of 9-10% of the value of the property per year. In your daughter’s case, this would be between $58,500 and $65,000 per year. Her rent is $25,200 a year. I’d say she is getting a deal!”

Hawaii News Now. “An influential Hawaii economist is apologizing for an obscene gesture he made during an emotional hearing about vacation rentals. Paul Brewbaker says he sorry he made the gesture and the man he aimed the gesture toward says he was not offended. But now he’s under fire for a two-second statement with his middle finger. Justin Kekiwi was testifying on Webex during Tuesday’s marathon hearing of the Maui Planning Commission. He said he wants short-term rentals phased out to generate more housing for Hawaii residents. Brewbaker, who had done studies supporting the rental industry in the past and was listening on the Webex feed, apparently didn’t like what he heard next.”

“‘Those kind of people no belong here and we don’t want you here,’ Kekiwi said. ‘So sell your units give them back to us …’ At that point, in a box in the lower right corner of the Webex display, Brewbaker’s full name appeared briefly and then his video opened, displaying clearly his face with his left hand in the foreground with the middle finger prominently pointing up.”

Bisnow on Maryland. “The White Marsh Mall, a massive 1980s-era shopping center outside Baltimore, has faced a declining financial picture over the last four years as it has struggled to recover from the pandemic. The latest sign of that distress is a new appraisal that puts the mall’s valuation at $80M, down 73% from its $300M valuation when a CMBS loan backed by the mall was issued in 2013, according to Morningstar Credit. ‘The other thing here is that Brookfield really had no skin in the game,’ Morningstar Credit Senior Vice President David Putro said in an email to Bisnow. ‘The equity in the deal was all on paper — the loan had paid off an existing loan and returned equity to GGP. So when COVID hit, it moved to special servicing and got reappraised below the loan balance, Brookfield no longer had even paper equity so its motivation to contribute additional equity or work towards a resolution with the servicer was probably limited.'”

Des Moines Register. “A rush of farm-related layoffs in manufacturing and food processing has Iowa leaders and workers worried about how long and deep this agricultural downturn will be. Nationally, farm-related bankruptcies climbed 47% from 2014 to 2019, the U.S. Department of Agriculture reported. ‘Every single farm is different … but for a lot of folks, with these prices today, they’re in the red,’ said Mike Naig, Iowa’s secretary of agriculture. ‘We have seen the storm clouds coming,’ said Michael Langemeier, a Purdue University agricultural economist. With high costs and low commodity prices, ‘I think we’re right back where we were during the 2014 to 2019 period.'”

The Globe and Mail. “In late February, mortgage broker Claire Drage, founder and CEO of Hamilton-based Windrose Group, sent a frantic e-mail to hundreds of Canadians who had invested with her company. Their money had been lent to a small collection of businesses that bought and renovated homes and, in total, Ms. Drage’s company had funnelled more than $135-million in mortgages and other loans to this coterie of house flippers. Now, she was letting everyone know that those loans and that business had gone badly wrong. Her investors, it turned out, were caught in what would become one of the largest real estate lending insolvencies in Canadian history.”

“Ms. Drage’s missive came less than a month after her largest borrower, a syndicate of companies, had declared itself insolvent and sought court protection to reorganize. The syndicate was run by a former actor named Robby Clark – best known for a 2000 YTV kid’s show – who has recently confirmed he was 50-per-cent owner of all 11 companies named in the insolvency. While the insolvency of Mr. Clark’s companies came first, Ms. Drage claimed several other borrowers soon stopped making loan payments to her clients as well. And the overall impact has been devastating. ‘With depleted savings and no foreseeable income, we face the looming threat of losing our home,’ wrote one unnamed lender in a March 29 affidavit.”

“Private mortgage lending with property speculators is risky by its nature: Most of the borrowers have too much debt and not enough income to qualify for loans from banks. ‘These are high risk or speculative investments,’ said Harold Geller, a lawyer who focuses on litigation around investment losses. Mr. Geller has decades of experience with lenders losing money via prom-note schemes, because without collateral or a property asset to back them up the notes are literally just a promise to pay. ‘In effect it’s a guarantee of nothing, of air. That is akin to a pyramid scheme: it all works until it doesn’t,’ he said.”

“‘You went in with eyes open; you said ‘Yes, I want risk.’ If you didn’t there’s no way you’d ever put your name on the promissory note,’ said Robert Gaudet, a real estate investor who has loaned mortgage and promissory note money to Ms. Drage in the past and whose wife currently holds more than $100,000 in prom notes issued by Lion’s Share. Mr. Gaudet, who has been through a consumer bankruptcy himself, has a starker prediction, particularly for all the unsecured creditors such as prom-note lenders: ‘Every one of us is going to get pennies on the dollar. The only people who are going to get any money are lawyers.'”

The Associated Press on Spain. “Barcelona City Hall announced last month that it would not renew any tourist apartment licenses after they expire in 2028. Property owners plan to fight the decision, arguing that eliminating short-term rentals would threaten their livelihoods and leave the city without enough temporary lodging. Residential real estate prices in Barcelona have increased by an average of 38% over the past decade, a period in which the average rent soared by 68%, according to the municipal government. Like in other popular urban areas, many young people who grew up there struggle to afford a place of their own.”

“Bonaventura Durall runs a company that owns and rents out 52 apartments near Barcelona’s beachfront. He says the municipal government’s plan to phase out vacation rentals is unfair and puts his business and its 16 employees at risk. ‘There is an investment behind this that has created jobs and tax revenues and a way of life, which will now have its wings clipped,’ Durall said. Esther Roset, a 68-year-old retired bank worker, has spent years complaining about the tourist apartment above her home. Some guests have done things like vomit off the balcony, brought in prostitutes and opened a fire extinguisher in the stairwell. ‘I shouldn’t have to leave. This is my apartment. If the tourists who came behaved, OK, but one out of every 10 doesn’t,’ she said. ‘At the end, I will have to follow the advice of a lawyer and hang a sheet from my balcony with the message ‘Tourist go home.’”

ABC News in Australia. “Flood victims say insurers are bullying them into accepting ‘lowball’ payouts while their homes remain unliveable seven months on from record flooding in Far North Queensland. The Queensland Reconstruction Authority said 1,863 properties were damaged, including 20 being destroyed, in Cairns and the surrounding regions by flooding and heavy rain caused by Tropical Cyclone Jasper in December last year. Port Douglas family support worker Erin Easton has advocated for flood victims while enduring her own nightmare. Their house was insured for $700,000, but Ms Easton finally accepted a payout of less than $200,000 to rebuild it. ‘To get to where we got to has been mentally draining, exhausting, and has worn me down to literally nothing,’ she said.”

From News.com.au. “A leaked draft document has revealed China plans to coerce government officials and employees into having more children. It’s something the Chinese Communist Party (CCP) realised it must address in 2015 when it abandoned its long-enforced one-child policy. But the nation’s birthrates have only continued to decline since. Now, a leaked draft document circulating on Chinese social media reportedly details plans to ‘organise and implement’ Chairman Xi Jinping’s 2021 ‘three-child’ policy among party officials and municipal employees. ‘Party members and cadres at all levels of government agencies, state-owned enterprises, and public institutions should take the lead in implementing the three-child policy,’ the Chinese Sina news service reports. ‘This has aroused public concerns about ‘disguised forced’ childbirth.'”

“‘In the section on ‘organising and implementing the three-child policy’, the mention of party members and cadres taking the lead in implementing the three-child policy made some netizens feel uncomfortable,’ the Sina report reads. ‘Some people worried that it would become a disguised forced birth of three children.’ The Chinese Jiemian/Sina News service is unusually frank in reporting negative social media reactions to the Quanzhou plan. One quote about the leaked document reads: ‘It was a veiled reference to forcing people to have three children.’ Those who do not comply ‘can forget about getting promoted or getting rich,’ another commentator noted.”

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This Post Has 92 Comments

  1. ‘With depleted savings and no foreseeable income, we face the looming threat of losing our home,’ wrote one unnamed lender in a March 29 affidavit’

    I don’t know if this article is behind a paywall, but it is one heck of a story.

  2. ‘It was a veiled reference to forcing people to have three children.’ Those who do not comply ‘can forget about getting promoted or getting rich,’ another commentator noted’

    Central planning!

      1. Careful there! JD Vance is taking a lot of heat for pointing out that the Democrat party is anti-child and anti-family.

        1. For the past couple weeks I’ve been cruising TwitterX for the news, and wow, there are some users who really love Mayor Pete. I really hope they choose him as VP. But I suspect it’ll be Mark Kelly.

          1. who really love Mayor Pete.
            If I recall correctly his is a WEF “guy.”
            Also, I have seen him on a few videos and he looks pretty polished.
            Plus, and this is my favorite. He used to “Chest Feed” his kid. I used to bottle feed mine, but ya gotta love someone who is home “Chest Feeding” his kid instead of doing his job when the distribution channels are struggling.

          2. He used to “Chest Feed” his kid.

            Did he wear some contraption that mimicked breasts?! I honestly have no clue.

    2. “Central planning!”

      “State intervention is always bad, because it’s based on coercion, on force, and nothing based on coercion can be good.” ~ Javier Milei, speaking at The Hoover Institution in May, 2024

      – ¡Viva la libertad, carajo! [Argentina version]
      – Fundamentally, China is a-hole, as are those who would practice central planning – Communism / Socialism (is there any difference, really? U.S. Federal Reserve System (aka the Fed) and D .gov. Are you listening?
      – ¡Viva el populismo!
      – Populists / libertarians: Have a nice day! 😀 Totalitarians: Not so much. 🫤 They reap what the sow.

      – What happened to China’s one child policy? Why are there too many Chinese housing units? Why is China’s economy in the toilet? (rhetorical) We all know the answer: Central planning by a totalitarian regime. Pooh Bear did it. Happens every time. There’s a lesson here for the rest of the world, including America.

      “The enduring lesson of the 20th century is that socialism is a failure, and free markets are a success. But the politicians keep advocating just a little more socialism.” – Milton Friedman

      “A major source of objection to a free economy is precisely that it … gives people what they want instead of what a particular group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself.” – Milton Friedman

    1. Warmists gonna warm.

      New York Times — Food as You Know It Is About to Change (7/28/2024):

      “the supermarket is also increasingly a diorama of the fragility of a system — disrupted in recent years by the pandemic, conflict and, increasingly, climate change. What comes next? Almost certainly, more disruptions and more hazards, enough to remake the whole future of food.

      Over the past few years, as the world has begun a belated sprint toward renewable energy sources, we’ve gotten a pretty clear picture of what is often called the energy transition — clean power, primarily from wind and solar, that will be so cheap and abundant that the dirty old sources can’t possibly compete.

      It is considerably harder to picture the equivalent for the food system: a proper food transition, delivering better nutrition more equitably and more affordably to more people, all without devastating ecosystems or polluting local environments or pushing the planet further into climate disarray.

      We haven’t changed our behavior much, either. Scientists routinely publish eye-popping estimates of the impact of a switch to a plant-based diet, which could significantly cut emissions for individuals and, at the global level, provide half of the emissions reductions needed to keep the planet from warming by more than two degrees.”

      https://archive.ph/7VDpk

      Live in the pod.
      Take the vaccines.
      Eat the bug paste.
      Et cetera…

  4. Paul Krugman muh best economy ever.

    Washington Post — They have jobs, but no homes. Inside America’s unseen homelessness crisis (7/28/2024):

    “Homelessness, already at a record high last year, appears to be worsening among people with jobs, as housing becomes further out of reach for low-wage earners, according to shelter interviews and upticks in evictions and homelessness tallies around the country.

    Years of fast-rising rents and a shortage of affordable housing have created a situation where even a strong labor market and rising wages haven’t been enough to offset the financial strains of inflation.

    “We are pushing working people into homelessness because they just can’t afford the rent,” said Margot Kushel, director of the Benioff Homelessness and Housing Initiative at the University of California at San Francisco. “The general public doesn’t see these folks as homeless — they’re not as visible as the people who occupy public spaces, who have substance abuse issues or mental health problems. But it’s a catastrophe, and it’s happening just under our eyes.”

    Among those who are homeless, inflation continues to play a major role. In interviews with 30 people in 17 states who recently became homeless while employed, nearly all said exorbitant rents had not only tipped them into homelessness, but were preventing them from securing new housing.

    A record 12.1 million Americans — or about 1 in 4 renters — are spending at least half of their incomes on rent and utilities, putting them at increased risk of eviction and homelessness, according to Harvard University’s Joint Center for Housing Studies. Meanwhile, there is hardly anywhere in the country where a person working a full-time minimum-wage job can afford a one-bedroom rental, according to the National Low Income Housing Coalition.

    It is difficult to get an accurate snapshot of homelessness, especially when it involves people who may be staying with a friend, living in their car or patching together weekly motel rooms. Even so, the number of people without a home hit a record 653,100 last year, up 12 percent from the year before, according to federal data.”

    https://archive.is/rgbDR

    653,100 is that a lot?

  5. ‘Especially for maturing condominiums, associations may have been patching things up ad hoc and ignoring the signs of systemic failure that are costly to fix.’”

    Sounds like ‘Murica writ large.

  6. “‘Those kind of people no belong here and we don’t want you here,’ Kekiwi said. ‘So sell your units give them back to us …’

    No thanks to buying into an island where I’d be hated and the natives openly want to drive me away so they can pick up my property on the cheap.

  7. Now, she was letting everyone know that those loans and that business had gone badly wrong. Her investors, it turned out, were caught in what would become one of the largest real estate lending insolvencies in Canadian history.”

    I loves me a good “housing speculators get fleeced” cautionary tale the first thing in the morning. Thanks, Ben!!

  8. ‘Every one of us is going to get pennies on the dollar. The only people who are going to get any money are lawyers.’”

    Die, speculator scum!

  9. The 2020 election was stolen, did you say?

    The 2020 election was stolen.

    The Hill — Trump’s election lies must be refuted every time he repeats them (7/28/2024):

    “From the time polls closed on Nov. 3, 2020 until he left office, Donald Trump made over 800 false claims of fraud in the presidential election.  In the ensuing three and a half years, he has remained fixated on “The Steal.”  In his acceptance speech at the Republican Convention, Trump declared, “And then we had that horrible, horrible result that will never happen again. The election result. We’re never going to let that happen. They used COVID to cheat.”

    Trump has asserted that 82 percent of Americans think the 2020 election was rigged. The actual percentage, which is closer to 30 percent, should be more than sufficient to convince Americans that Trump’s lies are undermining faith in free and fair elections and the peaceful transfer of power, two fundamental pillars of our democracy. And that his lies must be refuted every time he repeats them.”

    https://thehill.com/opinion/4796147-trump-election-fraud-claims/

    And on the subject of stolen elections, you may have #Noticed that the 2024 Democrat Party presidential primary votes were, effectively, stolen from the voters.

    “Protecting our democracy”

    “Save our democracy”

    Et cetera…

    1. Those primary votes were stolen from the voters long before last week’s palace coup. The primary votes were stolen when White House staff hid Biden’s infirmity for years, when the DNC manipulated the primary schedule away from RFK Jr. last spring, and when other potential candidates were discouraged from participating in a primary even though Biden was described as the “transitional candidate,” purportedly to be a fill-in while the Dems got some folks on the bench.

      They did this so they could install whoever they wanted. Kinda surprising tho, didn’t they realize that they didn’t have anyone good? They still haven’t decided on a running mate. Rumor on X is that Obama is heavily involved in the VP pick. Which is not surprising, it was probably part of some multi-faceted “deal” they’ve been negotiating since the debate.

      Meanwhile, T keeps promising that “We’re not going to let this happen again.” Is the RNC making any strides about that? Did they recruit local election helpers, harvesters, drop-box watchers, video cameras, that sort of thing?

      1. “The primary votes were stolen when White House staff hid Biden’s infirmity for years, …”

        How dod they hide it? It doesn’t seem like the effort worked very well, especially with Republicans openly mocking Biden’s alleged infirmity at every opening.

        I don’t find this narrative whatsoever convincing…

        2. Prof, we have all seen that Biden was increasingly unable to have a spontaneous conversation, as far back as 2020. But people not into politics had no idea at all.

          They didn’t see Biden hide away during COVID and give all his interviews in a studio in the basement. They didn’t see the tightly controlled appearances, with cover from the media. They didn’t see that the news media talked about what Biden said, but they didn’t notice that any actual footage of the President himself was small 5-10 second snippets, with any excuse to be audio-only. They didn’t see the multiple jump-cuts, a dead giveaway that editors were forcing Biden to do multiple repetitions and splicing together only the best takes. They didn’t see the note pages and cheat sheets with pictures of reporters. They didn’t see that everything was scripted by someone else on a teleprompter, or that Biden was reading things like “pause” and “end quote.” They didn’t notice him wandering off at at events, or having to be manhandled by Jill, or Hunter, or Chuck Schumer, or the Easter Bunny. They never noticed that Biden’s signs of multiple plastic surgeries or temporary cognitive improvements corresponded with his weekends at that house in Rehoboth Beach.

          They refused to see. They were paralyzed by their fear of the Evil Maga, anxiously looking for and receiving validation from Rachel, and JoeScar, and the View. Or, they were too busy fighting their own Social Justice battles, culminating in killing babies at 30+ weeks and mutilating children for the Instagram love.

          Watching Biden was watching a movie: they got the best of the final edit and none of the blooper reel. All they knew was that Biden was doin’ his thing against the Evil Magas, and that was good enough for them.

          That’s why the debate was such a shock to everyone. Conservatives knew Biden was deteriorating, but even we were stunned that it was that bad. I think we even felt a little admiration at how well it had all been hidden. But look how quick the Dems mopped it up. They dispensed with an attempted murder with one quick resignation. Another quick switcheroo to a DEI hire and suddenly it’s time to celebrate again.

          It leaves me wondering, just what is it gonna take? I think the TDSers are forever lost.

      2. long before last week’s palace coup.
        A Coup is exactly what it was. How could any Democrat every complain about “Saving our Democracy” again. 3rd world BS.

        1. Their latest whitewash is pretending that Kommie-La was never named Border Czar in 2021. That’s a bold move, considering that even the dumbest TDSer could say “hey wait, even *I* remember when they did that.” There are dozens of news clips of Biden and the Media and Kommie-la herself talking about it, and even a mention in the Congressional Record.

          I think it’s good that they’re so confident. I am rooting for them to be confident enough to put Mayor Pete on the ticket in the name of Peak Diversity. Then someone can ask him when those astronauts still stranded on the ISS by Boeing can come home.

          1. Then someone can ask him when those astronauts still stranded on the ISS by Boeing can come home.

            SpaceX will bring them home if they can’t fix the Starliner capsule, and right now it looks like they can’t fix it. The problem with bringing them back on a Crew Dragon is that will be the end of the Starliner.

        2. Obama

          Having skimmed the ZH article, who’s the wanna-be dictator? Ah yes, just another case of projection!

  13. ‘A family mess’: San Francisco home worth $1.8 million sold for $488,000 — thanks to a healthy dose of family drama. Here’s how things unfolded
    This San Francisco property was apparently valued at $1.8 million but sold for $488,000.
    ABC7 News Bay Area / YouTube
    Serah Louis
    Updated Jul 26, 2024

    A San Francisco home that splashed onto the market for a surprising $488,000 in June has sold for its asking price — but intense drama appears to have unfolded behind the scenes.

    “This thing is a family mess,” the seller, Todd Lee told the San Francisco Chronicle.

    According to the Chronicle, Todd accepted an offer from his sister, Cheryl Lee, 66, who was originally renting the home with their mother, Sandra Lee, 83.

    The property was actually valued at $1.8 million — but the low price came with a key stipulation: the current tenants apparently had occupancy rights for nearly 30 years.

    Claims of ‘deception’ and ‘betrayal’

    Redfin, shows the property was sold on July 16.

    The listing clearly stated the home was already occupied by tenants whose lease appears to grant them “possible occupancy rights until 2053” and “strong long-term rent rate amount restrictions.” The tenants pay $416.67 a month in rent, in addition to utilities.
    …
    https://moneywise.com/real-estate/san-francisco-home-worth-18m-sold-for-488k

  15. U.S. Treasury Secretary Janet Yellen said on Saturday that the global transition to a low-carbon economy requires $3 trillion in new capital each year through 2050, far above current annual financing, but that filling the gap is the biggest economic opportunity of the 21st century.

    “Neglecting to address climate change and the loss of nature and biodiversity is not just bad environmental policy. It is bad economic policy,” Yellen said in a speech after attending a G20 finance leaders meeting on Thursday and Friday in Rio de Janeiro.

    https://finance.yahoo.com/news/yellen-says-3-trillion-needed-190251232.html

        2. The projected burden of ALL of this will be forced on the middle class and the poor in western, developed nations.

          The standard of living of the globalist pigmen will not change at all, because pigmen gonna pig.

  16. Reader letter:

    Dear Prime Minister:

    The recent loss of a Liberal stronghold in a Toronto byelection should send a message to your party and the NDP who have been propping you up that the electorate will no longer tolerate your abuses of the public trust.

    When I see headlines like: $223k for meals on PM’s trip; Parks Canada’s B.C. deer cull could cost $12 Million; Federal fund closed after scathing audit; Federal agencies ill-equipped to fight cybercrime: AG; and the ArriveCan app fiasco — only some of many idiotic wasteful things your government has done.

    Yes, you have finally done things to try and improve housing but it was your government that allowed in millions of immigrants/asylum seekers/foreign students fully knowing that there was no housing for them, thus helping to create a housing crisis.

    It was your government that did nothing to stop foreign speculators and organized crime money launderers to drive up housing costs until it was too late to stop the damage they did for many Canadians seeking to buy a home.

    And while I like receiving the Carbon Tax Rebate cheque, you did nothing to really explain how it works, because you probably don’t know yourself.

    You and your government are wasting millions/billions on programs or projects that are not constitutionally the responsibility of the federal government (like a national student lunch program) but you do so to try and buy votes.

    In your first election campaign you promised to bring in electoral reforms to replace the un-democratic first-past-the-post system we now have — but you lied on that one and never followed through.

    Start packing your bags.

    Richard G. Summers

    Windsor

    https://www.msn.com/en-ca/news/canada/reader-letter-prime-minister-trudeau-start-packing-your-bags/ar-BB1qJ8pO

  17. Boomtown in red state haven where house prices have tripled – but locals fear it’s becoming the next San Francisco
    By Miles Dilworth, Senior Reporter For Dailymail.Com
    17:56 27 Jul 2024, updated 19:26 27 Jul 2024
    READ MORE: Small Southern town goes to war with mass influx of Californians

    Oklahoma County residents now fear that rising houses prices and an extraordinary population boom is slowly turning Oklahoma City into the next San Francisco, a worldwide symbol of urban decay.

    Soaring prices across the county have sparked a sudden surge in evictions as locals are driven out of their homes.

    In fact, the Oklahoma County Assessor reported that the average house price has more than tripled since 2001, going from an average of $74,715 to $264,844 in 2023, an increase of 354 percent.

    The spike is particularly dramatic in downtown Oklahoma City, where median home sales have more than doubled to $690,000 over the past decade while the rest of the state capitol saw values rise by half to just $200,000, according to a recent report by real estate tracking site Property Shark.

    As homeless encampments have started to plague downtown streets, a resulting spate of vandalism is now occurring.
    …
    https://www.dailymail.co.uk/news/article-13615839/amp/red-state-county-house-values-tripled-san-francisco.html

    2. They keep forgetting that they are refugees, and not missionaries. Of course, they believe that *this time* they will get Leftism right and will be able to turn OKlahoma City into a utopia.

  18. Florida’s Luxury Homes Are Struggling to Find Buyers
    Published Jul 28, 2024 at 4:00 AM EDT
    Updated Jul 28, 2024 at 5:25 AM EDT
    By Giulia Carbonaro
    US News Reporter

    The price of luxury homes in the U.S. rose 8.8 percent in the second quarter of the year compared to the same period in 2023, according to a recent Redfin report—reaching an all-time high that is scaring off potential buyers, especially in states like Florida.

    The typical U.S. luxury home sold for a record $1,180,000 between April and June, jumping up almost 9 percent compared to a year earlier—the biggest increase in nearly two years. During the same period, the median sale price of non-luxury homes rose by a more modest 3.8 percent to still reach a record high of $342,500.

    Whichever way you turn, it’s a tough time for buyers, especially as mortgage rates continue hovering around the 7 percent mark and prices won’t come down either. But the pace at which luxury home prices have risen is more than double that of non-luxury homes.
    …
    https://www.newsweek.com/florida-luxury-homes-struggling-find-buyers-1930785

  20. – Great article! Thanks Ben!

    \\

    Florida Today. “Q: My adult daughter keeps renting an apartment in Atlanta — I keep telling her to buy a home as she is wasting money renting. Am I right? A: Maybe, but maybe not! Let’s run some numbers to see.”

    \\

    – IF the potential buyer has any interest in making sure that the purchase makes financial sense, then they MUST first do the buy vs. rent calculation, which is simple accounting math. Right now in many MSAs it’s 50-100% more expensive to buy than rent, so no, it’s not “cheaper than renting.” Epic Housing Bubble 2.0 is bursting. Slow-motion train wreck in progress.

    \\

    Wondering if it’s better to rent or buy a home? Consider these factors before sold on owning
    Story by Steven Podnos • 1d [July 27, 2024] • 3 min read

    “I obtained some more information from you that helps. The apartment your daughter rents is in a condo building, and an equivalent condo would sell for $650,000. She is paying rent of $2100/month. Let’s review the likely costs of ownership. 
    First is the cost of money, i.e., what do you have to pay for the property? If you use your own money, then you lose the income it could produce by being invested elsewhere. If you borrow, you pay the prevailing interest rate. If you put some money down, you pay both ways.”  [U.S. Treasury 6 mo. bill rate = 5.129%]

    “Let’s be conservative and say the “cost” of the money is 6% per year. [This article author uses the 30 year mortgage interest rate = 6.0%, which is low right now.]”

    “Next, add certain costs such as property taxes and insurance — figure 2-3% of the value of the property per year. Then, add expected maintenance and repairs — figure a new roof, water heaters, and A/C/heat every so many years — we’ll add another percent for that. If she buys the condo or many other properties, add in monthly HOA fees. Again, to be conservative, we’ll ignore costs that are likely but hard to quantify. Here, I’d suggest unexpected repairs, desired remodeling, appliance replacements and “fixing up” an owned property doing things you would not do to a rental property.”

    “Adding up the certain costs above, we are at a cost of 9-10% of the value of the property per year. In your daughter’s case, this would be between $58,500 and $65,000 per year. Her rent is $25,200 a year. I’d say she is getting a deal!”

    “All of these arguments ignore that the price of an owned home can go up but we also know that home prices fluctuate and can indeed drop at times. We have also not considered the transaction costs of buying a home (including Realtor costs, this can easily be 8% of the cost of the home split between buyer and seller).”

    “Finally, understand that renting gives your daughter the easy ability to move. Maybe to move to a different part of town, or perhaps to move to a different location entirely.”

    “Then consider that many rental properties offer features that will save money such as an onsite gym and pool. And how nice to be able to just call the landlord when something breaks! All of this offers significant value.”

    \\

    https://charleshughsmith.blogspot.com/2024/07/the-downside-of-complacency-illiquidity.html
    Charles Hugh Smith | Of Two Minds Blog | Friday, July 26, 2024
    The Downside of Complacency: Illiquidity Evaporates Stocks and Real Estate

    All this boils down to liquidity and illiquidity: When “animal spirits” are confident in future increases in asset valuations, participants place a constant bid under the market because prices will keep going up so I’ll make more money in the future. This constant bid is called liquidity: cash is flowing into the asset class, be it stocks or housing or cryptocurrencies or commodities. 



    When “animal spirits” turn to panic, sellers rush to sell as buyers vanish as they fear that prices will keep going down so I’ll lose more money in the future. Buying into a downtrend is known as “catching the falling knife”: the initial “buy the dip” players have their head handed to them on a platter, and those on the sidelines decide not to try to catch the falling knife. 



    This is an illiquid market: when sellers dump assets on the market and buyers vanish, the bid keeps dropping until buyers are willing to gamble that “this is the bottom.” But should asset prices continue sliding after an initial euphoric pop higher–“the bottom is in, buy!”–then those who held back find their caution reinforced: that wasn’t the bottom after all, and everyone who jumped in lost money. 



    As every surge of “buy the dip” players has their head handed to them on a platter, the market goes bidless–everyone who wanted to play “catch the falling knife” has been burned, and those who have lost the “animal spirits” to gamble stay out. The market goes bidless, and asset prices crash to levels no one in the greed-euphoria stage could imagine were even remotely possible. 


    Every manic greed-inflated bubble pops and cascades back to Earth.

    Confidence / complacency doesn’t map the real world, in which liquidity dries up and markets go bidless. In the real world, humans panic and eventually decide to never again buy stocks or real estate, as the sting of their losses lingers far longer than their memories of glorious gains earned by riding the bubble higher. 


    1. “Charles Hugh Smith”

      His blog posts over the years have been a breath of fresh air against the suffocating blanket of REIC lies throughout the long history of the Housing Bubble, whose roots date to the years of the Clinton presidency (1992-2000).

    2. My adult daughter keeps renting an apartment in Atlanta

      They don’t say how old this adult daughter is. The main reason to buy a house is to have a paid-off dwelling in retirement, so that your house payment goes down along with your income. If she is under age 40, she can afford to wait for housing to drop, and still have time to build enough equity to serve her in retirement.

      1. The main reason to buy a house is to have a paid-off dwelling in retirement

        It depends on the math. If you see the example quoted above, you’d have more money at the end of retirement by renting. Alot more.

        1. I think you mean the beginning of retirement, not the end?

          You’re also assuming that rent never goes up over the entire 20 years or more. When I bought my house, I ran a lot of Excel charts testing different rent increases vs. mortgage PITI. It turns out that at about Year 10, rent catches up to the mortgage. You end up spending the first 10 years of savings on the higher rent for the remaining 10 years. At the end you break even… except you don’t have a house. Of course these numbers will vary with loan term and interest rates, but you still need to factor rising rents in the calc.

          1. Housing in San Diego has gone up 54.3% since March 2020. Our rent hasn’t increased a penny.

  21. Jul 27, 2024 –
    Business
    Why U.S. homebuyers are giving up
    Brianna Crane
    Illustration of a real estate for sale sign with the word NOPE on it.
    Illustration: Brendan Lynch/Axios

    After house hunting for nearly five years, DMV resident Keith Powell says he’s pausing his real estate search “indefinitely.”

    Why it matters: He’s one of many house hunters who are simply giving up.

    Zoom in: Rosemary Costello and her husband have been on the hunt for two years. They are pre-approved for a mortgage and have “a big cash deposit.” Even so, they haven’t been able to find what they’re looking for in Chester County, Pennsylvania.

    – They’re empty-nesters who want a house with a first-floor primary suite and low-maintenance yard below $800,000.

    – People are clamoring to buy their current home, but there’s nowhere for the Costellos to go.

    The big picture: We’ve been talking about it for years — home prices, mortgage rates and a lack of inventory are posing serious challenges for buyers. And recent data show people are growing weary.

    – Pending home sales fell to the lowest level in four years in April — the worst reading since the height of the pandemic lockdown, Axios’ Courtenay Brown reports.

    – By the numbers: Just 21% of Americans say now is a good time to buy, according to the latest survey from Gallup.

    – For 16 years (2005-2021), the majority of people surveyed said it was a good time to buy. Since 2022, that share has been below 30%, Gallup found.

    – Younger people feel especially pessimistic: 75% of those under 50 think home prices will continue to rise, compared to 60% of older adults.
    …
    https://www.axios.com/2024/07/27/home-buying-challenges-us

    1. “75% of those under 50 think home prices will continue to rise, compared to 60% of older adults.”

      Take home: Over 60% of US adults agree that real estate trees can grow to the sky indefinitely.

    2. – “People are clamoring to buy their current home, but there’s nowhere for the Costellos to go”

      I didn’t read the full article but maybe they could consider full time RVing for awhile, until home prices go down? Travel a bit. See the country.

      Buy the obligatory: “We’re spending our children’s inheritance!” bumper sticker seen on so many RV’s.

  22. “‘For many of the condominiums in South Florida, they have woefully ignored the practical maintenance and repair of their buildings,’

    After having been involved in more than a few remodels on condos, houses and townhomes on the beach, when opened up the damage that is done from that constant saltwater breeze is unbelievable.

      1. “Even treated lumber fails to hold up against the coastal elements.”

        Hell yes along with electrical, stucco, concrete, rebar, HVAC systems. I’ve seen 30 year old metal frame ceilings inside of units that I couldn’t believe hadn’t fallen because the studs were so rusted out.

      2. It’s been “unsustainably” sustaining for the past 15 years.
        I started tracking the federal deficit around 2005. Gave me something to do at work plus interest rates had a huge effect on rates so that was one of several metrics I tracked. I thought the deficit would have been causing problems long before now, but… Shows what I know.

  25. I am starting a “no screen time while on the clock” policy tomorrow for all my apprentices, specifically because of one apprentice.

    This is why I prefer working alone, because I hate babysitting.

    We are at a point in our current project where I can’t lay out apprentices on specific tasks or sub-tasks, the work to be done requires 4 hands on the job.

    While I am busy doing administrative work, I can have my apprentice study the prints of the job for upcoming tasks, read the NEC code book to review the specific codes that apply to our next inspections, or have him go outside and dig trenches by hand in 90+ degree weather.

    Adherance to phone policy will determine which option I pick.

    2. for all my apprentices

      Man time flies. The student becomes the master!

      Random code question for you (I believe our builder’s electricians were wrong) — does it meet code to put a 20a receptacle on a 15a circuit? I would expect not — it would allow you to plug in a 20a device which the wiring can’t handle and ultimately should trip the breaker. But if the breaker fails to trip seems like bad things could happen.

  26. 7 Real Estate Boomtowns Expected To Plummet in Value by the End of 2025
    Laura Beck
    Sun, Jul 28, 2024, 6:00 AM PDT
    4 min read
    Sean Pavone / Shutterstock.com

    The pandemic was a time of shrinkage in many regards — but not so for every city. In fact, some cities thrived. Pandemic “boomtowns” saw an influx of people who looked for cheaper places to live when they were working from home and, therefore, the housing prices started to rise.

    Well, experts think some of these “boomtowns” might see their home values drop big-time by the end of next year. Let’s look at seven real estate boomtowns expected to plummet in value by the end of 2025.

    Boise, Idaho

    Boise stands out as the poster child for pandemic boomtowns. “Boise had by far the greatest appreciation over that period, reaching 230% of its initial value in May 2022 before starting to depreciate,” said Thomas (“Thom”) Malone, a real estate economist at CoreLogic, who is responsible for analyzing housing markets and home price trends.

    Despite some cooling, Boise’s real estate market remains inflated, with prices still more than double what they were five years ago as of February 2024.

    People flocked to Boise for cheaper houses and a laid-back lifestyle. But now that it’s not so cheap anymore, and with more folks heading back to the office, Boise might see house prices fall significantly by 2025.

    Austin, Texas

    Austin became a hotspot for tech workers and companies during the pandemic. Everyone wanted a piece of its cool vibe and job opportunities.

    But here’s the thing: When too many people rush to one place, it gets expensive fast. Malone explained that when this happens, people start looking elsewhere. Austin might lose some of its appeal as other cities start to look like better deals.

    Phoenix

    Phoenix was a big hit with its warm weather and (initially) affordable homes, but with growing concerns about heat and water, it might be one to avoid.

    As more companies call workers back to the office, fewer people might want to move to Phoenix. All this could lead to a drop in home values, making it a city to watch.

    Salt Lake City

    Salt Lake City seemed like a perfect place to move during the pandemic — a strong job market, inexpensive housing and tons of outdoor activities made it a beacon in the gloom. But just like the other cities, it’s gotten more expensive.

    As prices have gone up so much, Salt Lake City isn’t the bargain it used to be. This could mean fewer people wanting to move there, potentially causing house prices to fall by the end of 2025.

    Tampa, Florida

    Tampa is part of what Malone called the “second wave” of boomtowns, especially in Florida. He thinks places like Tampa “are probably the most likely places to be seeing drops in demand now or soon.”

    Why? Well, as Florida got more expensive, it became less attractive to out-of-state buyers. This could lead to a big drop in home values by 2025.

    Gainesville, Florida

    Gainesville, with its university and growing tech scene, was another Florida hotspot. But it might face the same issues as Tampa.

    As the price gap between Florida and other states shrinks, people might start looking elsewhere to buy homes. This could cause Gainesville’s house prices to tumble by the end of 2025.

    Palm Beach, Florida

    Palm Beach
    …
    https://finance.yahoo.com/news/7-real-estate-boomtowns-expected-130032703.html

  27. Is the US Congress going to backstop the price of Bitcoin?

    Trying hard to understand the national interest in forcing the US Treasury to speculate in Bitcoin.

    If it helps protect the value of investments made by Congress critters, then I get it.

    1. Teflon Don has been making noises about Bitcoin, but I don’t think he’s going to make much progress. Bitcoin appears to have fallen on the “asset” side of the fence. Sure, trade it all you want, but without the hopium of replacing any major currency, Bitcoin doesn’t have much inherent value. Central banks around the world aren’t interested in digital anything — they want gold.

      By the way, I wonder what happened to Tether and all those other stable-coin thingies.

    2. MarketWatch
      The crypto Congress: Momentum builds for ‘most significant’ digital-asset law in history
      Provided by Dow Jones
      May 22, 2024 5:35am
      By Chris Matthews
      Industry hopes to see at least 40 Democrats support the bill

      Crypto industry insiders are becoming more optimistic that new legislation that would sideline the U.S. Securities and Exchange Commission will get strong bipartisan support in a vote this week, and potentially even become law by the end of the year.

      The House of Representatives is expected to vote on the Financial Innovation and Technology for the 21st Century Act on Wednesday, legislation that would clarify oversight boundaries of the crypto industry, granting the Commodity Futures Trading Commission primary jurisdiction over the industry at the expense of the SEC.

      It would create a tailored disclosure and registration regime for digital asset companies, who have long complained that the SEC’s insistence that these enterprises conform to traditional disclosure regimes is unworkable.

      “Though facing an uphill road in the Senate and a potential presidential veto if it gets that far, the effort marks what would be the most significant milestone to date to establish a much-needed comprehensive U.S. regulatory framework for digital asset markets,” wrote lawyers from Davis Polk in a Monday client letter. “Simply bringing the bill to a vote on the House floor reflects the importance many members of Congress place on this issue.”

      Though most analysts and insiders see the bill passing the House and languishing in the Senate, some see an outside chance that Wednesday’s vote results in a bipartisan statement that can’t be ignored.

      “I don’t think we should write off the Senate, and assume they won’t act on this before the end of the year,” one industry insider close to the congressional negotiations told MarketWatch.

      One reason for optimism is last week’s vote in the House and Senate to overturn accounting guidance from the SEC that opponents say made it too expensive for financial institutions to custody crypto assets, like bitcoin (BTCUSD) or ether (ETHUSD), for their clients.

      More than 20 House Democrats and a dozen Senate Democrats, including Majority Leader Chuck Schumer of New York, defied the Biden administration’s wishes in voting to overturn the rule. President Joe Biden has promised to veto the bill, but has yet to do so.

      Biden has also not yet weighed in on the FIT-21 bill, which one crypto lobbyist with Democratic ties told MarketWatch is evidence that “the Biden administration has realized it doesn’t understand the issue,” and the political risks associated with being seen as anti-crypto ahead of a tough reelection fight.

      SEC Chair Gary Gensler came out forcefully against the bill in a public statement Wednesday morning – a rare example of a top financial regulator attempting to publicly sway Congress.

      The legislation “would create new regulatory gaps and undermine decades of precedent…putting investors and capital markets at immeasurable risk,” he said.

      Gensler also argued that the law would give fraudsters a way to avoid securities laws by cynically declaring their products to be crypto assets.

      “The crypto industry’s record of failures, frauds, and bankruptcies is not because we don’t have rules or because the rules are unclear. It’s because many players in the crypto industry don’t play by the rules,” Gensler added. “We should make the policy choice to protect the investing public over facilitating business models of noncompliant firms.”
      …
      https://www.morningstar.com/news/marketwatch/20240522277/the-crypto-congress-momentum-builds-for-most-significant-digital-asset-law-in-history

    3. Markets
      • July 27, 2024, 4:59PM EDT
      Published 1 minute earlier on
      UPDATED: July 27, 2024, 5:00PM EDT
      Sen. Cynthia Lummis announces bill for US Treasury to buy 1 million bitcoin worth $68 billion: Bitcoin 2024
      by Daniel Kuhn

      – Senator Lummis announced a bill that would see the U.S. government purchase 1 million bitcoins as a “strategic Bitcoin reserve” on stage at the Bitcoin 2024 conference.

      – “We will be debt-free because of Bitcoin,” Lummis promised.

      Senator Cynthia Lummis, of Wyoming, will introduce a bill to direct the U.S. Treasury to purchase 1 million bitcoins — worth about $68 billion at current prices — over a period of five years next week, she said in an interview with The Block. The move is made to counter the effects of dollar debasement, she said.

      “Bitcoin is a great store of value. Over the last four years or so it has increased about 55% per year. During the same period, the U.S. dollar has declined in value and we’ve seen increasing inflation,” Sen Lummis said.

      “So it would be of value, in my opinion, to have a hard asset that backs the U.S. dollar and that grows in value instead of declines in value,” the Senator added.

      Lummis has been a long-time supporter of bitcoin — reportedly buying her first tokens in 2013 — and has been at the forefront of attempts to pass crypto-specific legislation. Crypto has become an election issue in particular this year after former President Donald Trump endorsed the industry.

      According to Lummis, the legislation would have the U.S. Treasury self-custody the bitcoins across “a variety of geographic locations.” The government would hold those coins for at least 20 years unless the tokens are sold to “reduce the debt,” Lummis said.

      “We know from modeling the numbers and past experience with bitcoin, that it is capable of being an absolute game changer for the mess the United States has gotten itself into with its debt and its deficits,” Senator Lummis said.

      When asked, Lummis said the U.S. Treasury should also take custody of the estimated 210,000 BTC the U.S. Department of Justice and other agencies possess, largely accumulated through criminal seizures.

      “We have a strategic oil reserve. We hold gold. So the idea of a strategic reserve used specifically to reduce the debt solves so many problems that it almost seems inherently obvious, but it’s nevertheless a big step,” Sen. Lummis said.
      …
      https://www.theblock.co/amp/post/307914/sen-cynthia-lummis-announces-bill-for-us-treasury-to-buy-1-million-bitcoin-worth-69-billion-bitcoin-2024

      1. “Bitcoin is a great store of value. Over the last four years or so it has increased about 55% per year.”

        That’s not how a store of value works. This is a historic bubble, along the lines of the South Sea Bubble or Tulipmania.

        1. I am *still* waiting for someone (in general, not you specifically) to address what inherent value Bitcoin possesses other than its potential to replace major world currencies. [replace, not just be “adopted” alongside of]

          I’ve asked this question and I only get two answers:
          1. “Because I can sell it to a greater fool, including institutional investors, for profit.” This answer is irrelevant because it applies to any asset or currency.
          2. “Because it’s not under the control of any government/carry it cross-border” Sure, but wouldn’t this require that Bitcoin replace major world currencies as I said above?

          So, no answers yet.

  28. Viral News NYC
    @ViralNewsNYC

    Macy’s in Midtown Manhattan.
    Alleged shoplifter was arrested.

    This happens around 30 times a day , NYPD sources tell me groups of migrants are constantly getting arrested at this location, they have become so conformable with NYPD officers they call them ” amigos ” when they show up.

    Jul 26, 2024

    https://x.com/ViralNewsNYC/status/1817033770425298975

    2. One of the comments says that they’ll just solve this the way they do in San Francisco: close the store.

      But this is not any old Macy’s. This is the flagship Macy’s in Manhattan. It’s been there since 1902. It’s where “Miracle on 34th Street” took place. It’s where the Thanksgiving parade is. If they have to close that Macy’s, New York might well revolt. We are losing America itself.

  29. ‘For others, it’s an unwanted petition, but one they may not be able to refuse. ‘I love my unit and don’t want to be thrown back into the real estate market and have to live out west,’ Millilo said. ‘Even though they are giving a sizable amount of money, it’s not enough to replace what we have’

    Yer living the urban commie airbox dream Mike. Not all it’s cracked up to be.

  30. ‘In your daughter’s case, this would be between $58,500 and $65,000 per year. Her rent is $25,200 a year. I’d say she is getting a deal!’

    That’s the spirit!

  31. ‘The other thing here is that Brookfield really had no skin in the game…The equity in the deal was all on paper — the loan had paid off an existing loan and returned equity to GGP. So when COVID hit, it moved to special servicing and got reappraised below the loan balance, Brookfield no longer had even paper equity so its motivation to contribute additional equity or work towards a resolution with the servicer was probably limited’

    What yer saying is they gave it away Dave.

  32. ‘A rush of farm-related layoffs in manufacturing and food processing has Iowa leaders and workers worried about how long and deep this agricultural downturn will be. Nationally, farm-related bankruptcies climbed 47% from 2014 to 2019, the U.S. Department of Agriculture reported. ‘Every single farm is different … but for a lot of folks, with these prices today, they’re in the red,’ said Mike Naig, Iowa’s secretary of agriculture. ‘We have seen the storm clouds coming,’ said Michael Langemeier, a Purdue University agricultural economist. With high costs and low commodity prices, ‘I think we’re right back where we were during the 2014 to 2019 period’

    Chinese pour 100 years of concrete in 3 years, commodities go through the roof. Two decades later the SHTF. Quantitative easing, central planning!

  33. ‘You went in with eyes open; you said ‘Yes, I want risk.’ If you didn’t there’s no way you’d ever put your name on the promissory note’…a real estate investor who has loaned mortgage and promissory note money to Ms. Drage in the past and whose wife currently holds more than $100,000 in prom notes issued by Lion’s Share. Mr. Gaudet, who has been through a consumer bankruptcy himself, has a starker prediction, particularly for all the unsecured creditors such as prom-note lenders: ‘Every one of us is going to get pennies on the dollar. The only people who are going to get any money are lawyers’

    The best part Bob is he’s using yer money to pay for those lawyers to drag it out.

  34. ‘There is an investment behind this that has created jobs and tax revenues and a way of life, which will now have its wings clipped

    Bonaventura:

    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…

    ‘Some guests have done things like vomit off the balcony, brought in prostitutes and opened a fire extinguisher in the stairwell. ‘I shouldn’t have to leave. This is my apartment. If the tourists who came behaved, OK, but one out of every 10 doesn’t,’ she said. ‘At the end, I will have to follow the advice of a lawyer and hang a sheet from my balcony with the message ‘Tourist go home’

    It was cheaper than renting Esther.

  35. ‘Their house was insured for $700,000, but Ms Easton finally accepted a payout of less than $200,000 to rebuild it. ‘To get to where we got to has been mentally draining, exhausting, and has worn me down to literally nothing’

    I know it can get exhausting when you give up eating Erin. But hang in there, all winnahs! do.

    1. One of my pet peeves with homeowners insurance are the huge amounts of coverage they force you to buy with the policy for “personal property”, knowing well that should you lose everything the claim would only be a fraction of the coverage

  36. How much more evidence do you need that the One World Order has gone operative in putting puppet shills in high places to destroy the USA , and usher in the Great Reset , take over of globe.

    Of course they tried to kill Trump, and it will be the loan gunman maybe tied to Iran narrative.

    They own the Media, so its the remarketing of Harris as the greatest thing since sliced bread.
    No different than the marketing of the expiermental Covid shots and the censorship of any dispute to this “safe and effective ” fraud.

    Seriously , they aren’t kidding when they say you will eat bugs and own nothing, with mandated vaccines, with Monopolies controlling all resources.
    Basically all their rigged and looting systems were unsustainable anymore, so the 2030 UN sustainable earth agenda is the new blue print.
    I think that they thought it would go a lot smoother, but its hard to hide all the destruction madness , murder and mayhem these forces are causing.

    Save democracy, save earth from climate change, save people from Panademics, transgender attack on minors, deconstruction of borders globally, Transfer of power to UN/WHO that overrides all rights of humanity and Sovereign States.

    Nothing else explains what happening other than a pre planned One World Order Dictorship with global governments partnering in it, including the treasonous Biden Administration, and another puppet Harris.
    No other explanation.

  37. Miserere mei, Deus – Allegri – Tenebrae conducted by Nigel Short

    Tenebrae Choir

    5 years ago

    Allegri’s haunting Miserere is famous for both its ethereal beauty and for the mystery surrounding its composition. It is written for 2 choirs, who alternate phrases and then unite for a final resolution.

    https://www.youtube.com/watch?v=H3v9unphfi0

    5:29.

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