Like So Many Other Investors, It Would Be Difficult To Mentally Reconcile This Kind Of Loss
A report from the Gilbert Sun News in Arizona. “Overall, Phoenix Realtors board President Sheryl Bowden was upbeat about the June housing market results for the Valley in general, though she admitted, ‘It’s still a challenging marketplace. With the over 6,100 new listings in June, we have a strong 3.6-month inventory of more than 16,400 homes right now.’ Looking at the Valley’s 17 submarkets, the Cromford report said a number of cities is moving ‘substantially in favor of buyers.’ That list includes Tempe, Gilbert, Fountain Hills, Paradise Valley, Goodyear, Cave Creek, Glendale and Chandler. ‘None of the conditions necessary for significant price falls are in place. Mortgage delinquency is low, sellers are motivated but not desperate and supply is not running far ahead of demand, as it did in 2006. The increasing flexibility from sellers that a balanced market brings will cause list prices to fall, but is not likely to have much effect on final closing prices.'”
The Ocala Gazette. “Brad O’Connor, senior economist for the Florida Realtors, a statewide agents’ reporting and professional trade association, said that, generally, ‘Florida’s housing market in June and second quarter (2Q) 2024 showed rising inventory levels, more new listings and moderating median sales prices compared to a year ago.’ Locally, the market area of Ocala/Marion County townhouses and condos median sales prices came in at $188,500, a decrease of 9.1% from June 2023. Statewide, townhouses and condos active inventory is 62,011, a 91.9% increase from June 2023. Overall, the market is moving toward more activity. Existing townhome and condo properties statewide were at a 7.4-months’ supply, a large increase of 105.6% over June of 2023.”
Mansion Global on New York. “A Tribeca penthouse asking $8.65 million is headed to auction in August after spending more than a year on the market, and shedding 30% of its initial asking price. The triplex apartment on Vestry Street is headed to auction via Concierge Auctions in conjunction with Douglas Elliman’s Jonathan Stein and Gavin Shiminski. Bidding is expected to start between $3 million and $5.5 million, according to the auction house. The Tribeca condo first hit the market in April 2023 asking $12.2 million, before a series of price cuts brought it down to its current price. Luxury listings have been piling up in Manhattan, increasing by 22.4% in the second quarter compared with the same period last year, while the median sale price dropped 10.2%, according to a second-quarter report from Douglas Elliman, which defines luxury as the top 10% of sales.”
Market Place. “LaTisha Grant is the executive managing broker at TAS Realty Group in Houston, Texas. She joined Marketplace’s Amy Scott to talk about a potentially cooling housing market in Texas. Scott: Are you seeing any loosening up in Houston? Grant: We are. You know, Amy, the last time we spoke, I was saying that I was hopeful that things will change some for our poor buyers. And they have. In our office, I have not seen us write more than two offers before getting an acceptance. Whereas before it was writing offer after offer after offer before you were going to get your offer accepted. So it has definitely loosened up for the buyers.”
“Scott: So sales have slowed down a little bit, meaning that sellers may be more willing to take an offer from one of your clients? Grant: Absolutely. A more reasonable offer now. So, gone are the days that buyers are waiving inspections, gone are the days that buyers are saying, ‘Oh, well, we’ll just take what you give us.’ So the good part for many of our buyers is that they are now able to make a reasonable offer on a property —market value, not above market value — and even asked for some closing costs.”
From CBS Dallas. “Singing the Bollywood melodies had made Sidhartha ‘Sammy’ Mukherjee a local celebrity in North Texas. However, behind the scenes, Mukherjee is accused of using his fame and charm to defraud people out of millions of dollars. More than a dozen people have told the CBS News Texas I-Team that they gave Mukherjee money for what they thought were real estate investments. They claim, in both interviews with the I-Team and in court records, that Mukherjee’s pitches turned out to be fabricated. Many accuse the Plano singer of going as far as forging contracts, emails and documents to convince them the real estate projects were real.”
“Terry Parvaga, who claims he lost all $400,000 from his 401K account to Mukherjee, said, ‘They will make you believe that they are very successful businesspeople, but they will take every single penny you have.’ In 2023, Mukherjee filed for bankruptcy, and the case is still pending. According to court records, Mukherjee owes more than $2.7 million – more than half of that debt comes from creditors who claim in court records that they were defrauded.”
The Modesto Bee in California. “Construction has begun on a 527-home project in east Modesto, the city’s largest by far in the past decade-plus. The developer had estimated prices starting ‘in the high $400,000 range’ when the Modesto City Council approved the plans Jan. 30. That figure and the upper limit are still being refined, the company, D. R. Horton Inc., said in an email. The project, called the Crossings, is on 84 acres just west of the Amtrak station. Most of the site had mature almond trees, which were toppled and chipped earlier this month. The homes could be too pricey for most Modesto residents, but supporters said they would ease the housing shortage indirectly. Many will be purchased by people now living in apartments, which will free up rentals for others. A 9-foot-tall sound wall will run along the tracks, which also carry freight trains.”
The Globe and Mail in Canada. “In Toronto, we elder millennials are a subgeneration divided when it comes to real estate. We either got in early, or we balked and missed the boat. I was one of the latter – until last year, when I became financially able to buy a condo, and decided to try. In August, 2023, the landlord of my condo rental put my one bedroom plus den unit up for sale. He priced it averagely for the current market. The unit received very few showings. My landlord would intermittently lower the price but to no avail. Fall became winter, spring became summer. The unit remains for sale, an entire year later.”
“My offer was fractionally under his asking price. He didn’t budge. It began to hit me. Why would I buy a condo that, clearly, cannot sell at current market prices? Further, why would I look elsewhere, and buy a comparable unit that probably also cannot sell at current prices? My landlord had understandably bought a new condo back when rates were low, and value was appreciating. I couldn’t blame him for keeping the selling price in the mid to high 500s – he was already taking a major hit, lowering it to much less than he paid for. Like so many other investors in the current Toronto market, it would be difficult to mentally reconcile this kind of loss.”
“Clearly, both my landlord and I have been slow to settle into this very new reality. But this isn’t just my condo – it’s the Toronto condo market in 2024. ‘In a year, everything has turned on its head,’ says Pino Di Mascio, a Toronto urban planner and Partner at SVN Architects + Planners. ‘Typically in Toronto, people rent in their 20s and 30s. Then they look to buy, on the understanding that their home will appreciate – because for over 25 years, they did. We’ve never seen a situation like this,’ Mr. Di Mascio said. ‘But as people begin to realize that home values don’t always appreciate, they could make the conclusion that they are better off renting.'”
CBC News in Canada. “A now-suspended and retired Toronto lawyer hasn’t paid two sets of clients more than $1 million the courts have ordered he pay after they sued him for keeping the proceeds from the sales of their home and business. Xiaolong Zhang and his wife sold their auto parts distribution business in Vaughan, Ont., at the end of last year to fund their retirement. They said they hired Ping-Teng Tan to handle the sale because they trusted him after using him for previous legal work. The business sold for more than $520,000 and the money was transferred to a trust account set up by Tan’s law firm, Tan & Associates.”
“But, despite calls, texts, an in-person visit and a legal demand, Tan hasn’t transferred the money to Zhang and his wife. ‘Instead of peaceful days and financial security, we are living a nightmare,’ Zhang said. ‘We felt deep anguish and betrayal as someone we trusted with our future had deceived us.’ Tan did not respond to CBC Toronto’s requests for comment for this story on his personal email and cellphone. His law firm email has been shut down and the phone number is not in service.”
From News.com.au. “Interest rate rises have been a point of stress for many Australians, with one young couple revealing the mortgage hell they will they will find themselves in within a few months. In January, Danielle and Blake Russell will come off their fixed home loan rate, and they are dreading it. They are currently paying around $500 a week, which is set to double to over $1000 at the start of next year. Ms Russell is worried about falling off the mortgage cliff. The couple lives in Western Sydney. The couple bought their home in January 2021. Ms Russell said she was relieved they did because they couldn’t afford to enter the current market. ‘We own and we were lucky enough to get into the market when we did and smart enough to fix our loan,’ she said.”
“Ms Russell isn’t alone in facing down mortgage stress. Financial comparison website Finder said borrowers who took out a two-year fixed-rate loan in 2021 at a near rock-bottom 2.21 per cent rate could see their repayments on an average home loan of $580,247 skyrocket by $1776. ‘We are like ‘oh my god! What are we going to do?’ Ms Russell said. If the rates stay the same — and there are fears they could increase even further — their mortgage will double overnight in January, which is less than six months away. The couple has two young children to support. ‘We’ve always felt so lucky not to have to pay more, but coming up in January, yeah, we are just hoping interest rates go down,’ she admitted.”
Radio New Zealand. “Two men who spent years locked in court battles with the same landowner over leasehold homes they purchased in Auckland are warning others of the risks of the leasehold model. When John* found he and his best mate could buy a three-bedroom home in Auckland for $100,000 – well below the national average for 2013 of $466,000 – it seemed like a perfect way to get onto the property ladder. He knew the property on Canberra Avenue was a leasehold, but with rent of $250 per month and an option to buy as a freehold in two years, it seemed like too good a deal to pass up. ‘I showed it to my lawyer and they said it was a great deal and I should go for it.'”
“Two years went by, and John said he gave the house a complete renovation, he approached Trust Management, a property investment company that landowner Neil Christian was using, asking if he could buy the land. ‘At first things seemed positive, but they kept trying to talk to me about renewing the lease agreement which wasn’t what I wanted. I looked at valuations and saw the land was worth between $300,000 to $350,000. But when I told them about these prices I was told it was worth $1 million and as land prices went ballistic my ground rent would increase to $1000 per week.'”
“John said he tried to fight the rent increase and hired a new lawyer, but in the end he had a discussion with Trust Management and was told if he walked away now he wouldn’t be pursued for rent arrears. ‘I took it,’ John said. ‘I still had the mortgage to pay off and was left massively out of pocket due to the money I’d spent renovating that house and I’d used my KiwiSaver buying it. During that time I was working seven days a week just to keep up. I had to just walk away for my own sanity.'”
“John said he’d driven past the house since leaving but tried to avoid it as he found it too upsetting. ‘I put a lot of blood, sweat and tears into it – I can’t buy another house because I used my KiwiSaver, it ruined my friendship with my best mate, I don’t know how I got through it actually.'”
Asian Banking and Finance. “China is in the process of cleaning up its embattled rural financial institutions — a move that will not just lead to the mergers and closures of its 3,800 rural financial institutions, but also see the number of major banks shrink. In just one week in July, 40 banks disappeared in China. These disappearances were inevitable. In fact, China was behind the scheme, having already spearheaded the merger of 70 rural banks since 2023.”
“‘There is an oversupply of rural financial institutions, leading to operational disorder and increased risks,’ Betty Huang, economist at BBVA Research, told Asian Banking and Finance. ‘China’s small, rural banks are confronted with deep-seated issues such as aggressive lending practices, inadequate risk management, and exposure to a downturn in the property market.’ These banks have also heavily lent to developers and local governments, leaving them vulnerable to fluctuations in the real estate sector and China’s slowing economic growth, Huang said.”
“‘Notably, some institutions have reported non-performing loan ratios as high as 40%, significantly above the industry average of 1.6% as of the first quarter of 2024,’ she said, adding that their provision coverage ratios also fall below the supervisory requirement of 150%. The risk and probability of failures remain likely, however. ‘Excessive economic reliance on real estate attracts substantial capital inflows, driving asset prices to unsustainable levels, fostering economic illusions that eventually collapse,’ Huang said.”
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‘Instead of peaceful days and financial security, we are living a nightmare,’ Zhang said. ‘We felt deep anguish and betrayal as someone we trusted with our future had deceived us.’ Tan did not respond to CBC Toronto’s requests for comment for this story on his personal email and cellphone. His law firm email has been shut down and the phone number is not in service’
Phones are the first thing to go Xiaolong.
** “Tan did not respond to CBC Toronto’s requests for comment for this story on his personal email and cellphone. His law firm email has been shut down and the phone number is not in service.”
I think the cool kids call it “ghosting”.
now GET OFF MY LAWN !
It’s always like this, trusting someone in the community. Doesn’t matter the professions or industry, in America, going to the guy who comes from the same country out of some tribal instinct will always get you ripped off.
It’s always like this, trusting someone in the community. Doesn’t matter the professions or industry, in America, going to the guy who comes from the same country out of some tribal instinct will always get you ripped off.
Ditto for religious affiliation.
Ditto for religious affiliation.
Trust no one is often the key.
“It’s a dry heat.” — Sen. John McCain to Ismail Haniyeh.
The Tribeca condo first hit the market in April 2023 asking $12.2 million, before a series of price cuts brought it down to its current price.
I loves me a good “greedheads chasing the market down” story first thing in the morning. Thanks, Ben!
“Terry Parvaga, who claims he lost all $400,000 from his 401K account to Mukherjee, said, ‘They will make you believe that they are very successful businesspeople, but they will take every single penny you have.’
Every time a housing speculator gets fleeced, an angel gets its wings.
“all $400K from his 401K account”
The court documents from the link show that this crooner promised 15% return. The market is already making, what 12% or more overall? And if Parvaga was younger than age 59 1/2, he also lost 10% and taxes on that $400K. which cuts into that 15%. Even the roughest math, it’s apparent that these people were actually LOSING money by going in on this deal. And these are supposed to be our best and brightest?
Many will be purchased by people now living in apartments, which will free up rentals for others.
Can you spell “flawed assumptions,” boy & girls? I knew you could.
Big builders are slashing prices and schlonging previous buyers in my hood. Need proof? Look up this address – 1100 Copper Hill Ave, Carson City, NV. Lennar put this one on the market in April for $584,557. It just closed at $509,950. 80K haircut in addition to a load of incentives thrown in. Last summer this model was over 600K. This example is not the exception. I can do this all day long. Take a look around you folks. Do your own research and don’t believe the narrative.
Just looked at the map, 4 doors down 4 days on zillow for 100k more. OUCH!
It began to hit me. Why would I buy a condo that, clearly, cannot sell at current market prices?
You must be a G-D genius, FB who dodged a bullet!
https://www.youtube.com/watch?v=Q0AUm-vXdkw
I couldn’t blame him for keeping the selling price in the mid to high 500s – he was already taking a major hit, lowering it to much less than he paid for. Like so many other investors in the current Toronto market, it would be difficult to mentally reconcile this kind of loss.”
You stick to yer guns, greedhead sellers! Surely buyers understand they have a moral and ethical obligation to cover their fair share of your gambling losses.
that whole ridiculous article reads like it was written by the landlord.
or a tenant suffering from “Stockholm Syndrome”.
I mean, JFC, just give him a BJ & your bank acct. passwords already!
throw-in yer sisters phone number for good measure. I’m embarrassed just reading that self-hating confessional.
They said they hired Ping-Teng Tan to handle the sale because they trusted him after using him for previous legal work.
Lemme guess: Ping-Teng Tan was adept at operating in legal gray areas to fiddle the tax man on behalf of his clients who were in on the scheme.
‘We own and we were lucky enough to get into the market when we did and smart enough to fix our loan,’ she said.”
This clueless couple is about to find out they were neither lucky nor smart.
“fix”
They keep using that word. I do not think it means what they think it means.
“The couple bought their home in January 2021.”
So they “fixed” their loan for a whopping 4 years. In the US, we call that a 4/1 ARM.
In the US
We were pioneers at government enforced mortgage socialism.
Which is easier to do when you have a low inflation, low interest rate environment.
‘I still had the mortgage to pay off and was left massively out of pocket due to the money I’d spent renovating that house and I’d used my KiwiSaver buying it.
So I read this tale of woe three times, and still somehow missed the part where John & his BFF were building the “generational wealth” that REIC shills assure me can only be attained by getting up on that property ladder.
KiwiSaver
A new Zealand 401K or IRA. So he blew his meager retirement savings buying a house on leased land.
and fixing up a house HE DIDN’T OWN. I mean talk about dumb.
You will own nothing.
Silver, Bitchez!!
https://x.com/hashtag/Silver?src=hashtag_click
“‘Excessive economic reliance on real estate attracts substantial capital inflows, driving asset prices to unsustainable levels, fostering economic illusions that eventually collapse,’ Huang said.”
I wonder if China’s experience offers any lessons for the US real estate situation?
s/real estate/the stock market/ and you have an equally valid statement.
The real estate itself is collapsing faster than the economic illusions are.
**“John said he’d driven past the house since leaving but tried to avoid it as he found it too upsetting. ‘I put a lot of blood, sweat and tears into it – I can’t buy another house because I used my KiwiSaver, it ruined my friendship with my best mate, I don’t know how I got through it actually.’”
I know this comment might come off as insensitive, but there IS an upside to this story of “John” in Kiwiland:
at least he doesn’t have the added misery of driving by his former domicile while observing his ex-spouse & kids, living there with their new dad. as he pays. and pays . . .
the best-mate scenario is bad enough, but when you add kids it’s a new level of Hell !
Toby Keith (RIP)
“Who’s that man”
Pete Buttigige, said that abortion makes “men more free”.
So, now the ramping up of the Harris Platform that abortion is a freedom issue for both sexes. And the Supreme Court has to be dismantled because they put abortion rights back to individual States.
And I suppose men pretending they are women in sports makes women more free to compete in fair competition.
Nope, border invasion, transgender attack on minors, inflation , crime, wars, and unconstitutional
transfer of power to UN and WHO isn’t anything to be concerned with.
It’s dismantling the Supreme Court because Abortion makes men more free. This is a freedom issue.
And the new attack on Trump/Vance is that they are ” weird”, repeated over and over again by One World Order news.
And, don’t talk about the Covid vaccine mandates under Biden/Harris where you would lose your job if you didn’t take a expiermental poison vaccine .
Just don’t talk about the medical tyranny they plan , because its all about Abortion making women and now men free.
And just accept the fact that you won’t be able to eat anything but bugs, no choice in diet because the powers that be are saving the World from Climate Change.
Don’t notice that Harris said in effect that people shouldn’t have children because of Climate Change. Humans should go extinct because of Climate Change apparently.
Don’t notice gain of function bio weapons , oh no that’s not nuts.
Don’t notice that the One World Order Dictorship is a loss of all freedom, total enslavement, deprivation of resources by facism partnership between Monopolies and other co conspirators with captured global governments.
Lose all rights, but you get to have abortion rights that also make men free.
And Biden/ Harris are saving democracy by invasion of border, transgender attack on minors, AI takeover, take free speech and guns, and medical tyranny that has killed millions and injured more by fake vaccines is freedom.
And Harris tells us that in spite of Civil right laws insuring equal rights for all to pursue happiness, that isn’t good enough. Equality means everyone gets the same regardless of effort.
But the real scam is that everyone will be deprived equally under a forced Dictorship by the One World Order forced Dictorship.
And any objection to this bizarre insurrection by this pre planned take over by psychopaths that want to genocide, deprive and enslave humanity, is just not acceptable, because they are redefining what freedom is as well as what sustainable earth is. The Great Reset is control of all resources by Stakeholders, while humanity is forced into a non sustainable existence , forced to take fake poison technology vaccines, they will not take off the market.
Any objection to this sinister Agenda of the One World Order exposed tyranny Agenda is considered a affront to democracy .
And the obnoxious attempt to explode Trumps brain on Main stream news , while the cameras were rolling, was just a lone gunman who maybe has ties with Iran, or maybe a gun nut that justifies taking the second amendment.
As the try to gear up for the Bird Flu Panademic , using same old fake PCR test technology, they are killing the food supply. Oh this has a 40 % death rate so your ordered by WHO/UN to take the MRNA
fake bird flu vaccine.
Since Governments are in partnership on this bizarre take over by these power hungry genocidal nuts, it leaves humanity in position of literally saving themselves from this insanity that was unleashed.
That clown had his picture taken while wearing scrubs in a hospital bed holding a newborn.
One that obviously came out of a woman’s lady parts, because The Science™
Clown world gonna clown.
I saw Pothole Pete on TV last weekend lying about crime being down under Biden as compared to the Trump administration.
Here’s what Biden admin, cheerleading media get wrong on crime stats
Claiming violent crime is down in ‘every year’ of Biden’s tenure is statistically (and intentionally) false
By Jay Town Fox News
Published June 27, 2024 9:00am EDT
https://www.foxnews.com/opinion/biden-admin-cheerleading-media-wrong-crime-stats
Ok, so I knew at some point the One World Order forces would be coming after the dismantling of the Supreme Court if any ruling they made stood in the way of One World Order Agenda.
So, its not enough to take over news with censorship of dispute to promote fraudulent narratives.
Its not enough to capture Congress/Senate and make them into pawns for One World Order.
Now its the check and balance of the High Court has to be destroyed because of some recent rulings that get in the way of the One World Order attempt to destroy constitutional protections.
This Constitutional Republic was not set up that Monopolies/Elites in partnership with government should rule the world and the constitution be erased based on Climate Change, Panademics, or need for all being made equal by commie redistribution of wealth.
Its built into this US government and constitution that neither communism or facism could be possible under the Constitutional protection government and the 14th amendment.
So communism means Government controls all resources and means of production. Under facism government and Private Party Monopolies control all means of production and allocation of resources.
Either ideology is a violation of the Constitutional Republic and should be considered a insurrection and attempt to overthrow the US government.
And the so called grounds to overthrow the constitution is fraudulent narratives of Climate Change and Panademics, and equity needs.
So, of course they have to attack the Supreme Court and dismantle that branch of Government that’s a check and balance on violations to the Constitutional provisions.
Not that they haven’t corrupted many a Court by their direct violations of long standing law. Now the High Court has to be turned into a puppet for the One World Order taking all rights from humanity.
Abortion rights are the single greatest rights of importance while all other rights should be taken .
Invasion of borders isn’t a treasonous failure of Executive Branch to protect the Country from invasion by unvetted illegals .
While the High Court ruled that private party employers couldn’t mandate vaccines, they are subverting high Court by Treaty that a unelected UN and WHO can’t dictate any health policy they want.
It was all about unleashing this warfare of the 2030 UN Sustainable Earth Agenda , that was a take over of globe by forces to literally destroy humanity.
No kidding that the end game is you will own nothing and eat bugs and they will control all resources, because humanity is a threat to Climate Change. Gain of function Pandemics require mandated fake vaccines that have killed millions and injured even more.
Its all nuts, but fake news, funded by the enemy ,with tell you that their agenda is “saving democracy” while we are being invaded on the border, and Monopolies forcing a deprivation of resources and forced fake vaccine destruction.
Trucking news and briefs for Wednesday, July 31, 2024:
Used truck prices tumbled in June
Used Class 8 truck prices took a big hit in June, falling 7.6% from May and 20% from June 2023, according to the latest State of the Industry: U.S. Classes 3-8 Used Trucks report by ACT Research.
The average retail price for used Class 8 trucks in June was $54,300, ACT said.
“We signaled the price drop last month, based on the fact that freight growth remains somewhat elusive,” said Steve Tam, Vice President at ACT Research. “Prices are expected to remain stable at this lower level through 2024, now transitioning to y/y growth in early 2025.”
Tam added that same dealer retail sales also fell for a fourth consecutive month in June. “The 16% drop was counter to the five-percentage-point seasonal gain indicated by history,” he noted. “June is typically about as average a month as can be.”
On the other hand, wholesale sales were up 3.6% from May, “and in normal last-month-of-the-quarter fashion, auction sales swelled 42% m/m,” Tam added. “Combined, the total market same dealer sales volume rose 13% m/m in June.”
Detroit, Port Huron, and Buffalo are the top truck ports for U.S. freight flows with Canada, while Laredo, El Paso, and Otay Mesa are the top truck ports with Mexico.
https://www.ccjdigital.com/trucks/used-trucks/article/15680679/used-truck-prices-down-20-yearoveryear
Police in San Francisco will start clearing out homeless residents living in public areas under new policies announced Tuesday by the office of Mayor London Breed, who has pledged a more aggressive approach to tent encampments following a key U.S. Supreme Court decision.
In a memo, Breed’s office said city workers will continue offering housing and services to homeless people as they work to dismantle tent encampments, but street cleaners, police and other city workers will have greater leeway to prevent tents from popping back up in areas that have been cleared or to prevent smaller encampments from growing into larger ones.
San Francisco has nearly 4,000 shelter beds for an estimated 8,000 people who are homeless. Breed has expanded capacity since taking office in 2018, but the city is still short.
“The goal of this enforcement is for people to accept offers of shelter and know that they cannot remain where they are. Staff will not be required to re-offer shelter in an area where they’ve recently been working to clear an encampment if individuals return to that same area,” said the release.
https://www.msn.com/en-us/news/us/san-francisco-police-and-street-cleaners-take-aggressive-approach-to-clearing-homeless-encampments/ar-BB1qUGwe
Funny how Dems go all “law and order” as elections approach.
Must be the polling.
What will happen to the Housing market and Apartment rental market when Trump wins and:
Key promises in the 2024 GOP Platform included:
Sealing the border and halting the “migrant invasion.”
Carrying out the largest deportation operation in U.S. history.
Sealing the border and halting the “migrant invasion.”
Carrying out the largest deportation operation in U.S. history.
IIRC Obama deported over 3 MM and IKE deported a boatload also so this won’t be unprecedented.
Research Report: Impact of Mass Deportations on Real Estate and Apartment Rental Prices
Introduction
This report examines the effects of mass deportations on real estate and apartment rental prices, focusing on the deportation policies under the Obama administration and the Eisenhower administration. The analysis synthesizes key points from various sources to provide a comprehensive understanding of the economic and housing market implications of large-scale deportations.
Impact of Deportations on Housing Markets
Reduction in Housing Demand and Foreclosures Mass deportations can lead to a significant reduction in housing demand, particularly in areas with high populations of undocumented immigrants. When individuals are deported, their households often lose critical income streams, which can result in home sales or foreclosures. This was notably observed during the Great Recession, where deportations exacerbated foreclosure rates among Latino communities, with some counties experiencing nearly 70 percent higher foreclosure rates compared to similar counties
.
Economic Ripple Effects The deportation of undocumented immigrants can have broader economic ripple effects that impact the housing market. For instance, in California, mass deportations are expected to harm the housing market by reducing the number of potential homebuyers and renters, thereby increasing the risk of foreclosures and putting landlords in difficult positions
.
Labor Shortages in Construction Deportations also affect the supply side of the housing market by reducing the labor force available for construction. A recent study highlighted that deporting undocumented migrants diminishes the supply of workers needed for housing construction, leading to a reduction in residential homebuilding and an increase in home prices due to higher construction costs
.
Net Increase in Housing Prices While deportations can reduce demand for housing, the reduction in supply due to fewer construction workers often outweighs this effect, leading to a net increase in housing prices. This is because the decreased availability of workers increases construction costs, thereby reducing the overall housing output
.
Community and Economic Stability Immigrants contribute significantly to the stability and vitality of communities. Their presence can help stabilize vulnerable segments of metropolitan areas, making them more viable for a broader population. The loss of immigrant populations due to deportations can therefore destabilize these communities and negatively impact local housing markets
.
Long-term Economic Impact Over the long term, consistent high levels of deportations can slowly erode the economy and housing market. This is particularly relevant in states like California, where the economy is closely tied to the contributions of immigrant populations
.
Conclusion
The mass deportations under the Obama and Eisenhower administrations had significant impacts on real estate and apartment rental prices. The immediate effects included increased foreclosure rates and reduced housing demand. However, the long-term consequences were more complex, involving labor shortages in construction, increased housing prices, and destabilized communities. These findings underscore the intricate relationship between immigration policies and housing market dynamics, highlighting the need for a balanced approach to immigration enforcement that considers economic and social implications.
References
Mass deportations will harm the housing market, First Tuesday Journal, 2017-02-28
How Immigration Restrictions Reduce Housing Construction and Exacerbate Shortages, Reason, 2024-05-02
Immigration, Housing Markets, and Community Vitality, Cato Journal, 2017-09-13
Is the housing crisis largely due to immigration?, Reddit,
What happens to your house when you get deported?, Marketplace, 2017-08-10
How to Lie Your Way to $44 Billion [Saigon Commercial Bank Fraud]
ColdFusion
1 hour ago
What happens when one person owns a bank and is free to do whatever they want with customer deposits. Well.. they steal as much as they can before they get caught. The case of Truong My Lan was one of the largest fraud cases in history. She stole $44 billion and in the end was served the ultimate sentence.
https://www.youtube.com/watch?v=1IsZribF2EQ
16:44.
She stole $44 billion
You’d think she would have been smart enough to get out of the country long before being caught. Most likely there was still money to steal and she just couldn’t resist.
Is it a better time to own stocks or bonds right now?
Market Extra
What July’s steep drop in Treasury yields is saying about path forward for U.S.
‘People are more confident that the worst is in the past’ on inflation, strategist says
By Vivien Lou Chen
Last Updated: July 31, 2024 at 1:04 p.m. ET
First Published: July 31, 2024 at 12:34 p.m. ET
Easing inflation, along with a pair of announcements made by the U.S. Treasury Department this week, are contributing to a rally in government debt.
Photo: Patrick Semansky/AP
U.S. government debt headed into the final trading day of July on pace for its longest monthly string of rallies in three years, helped by easing concerns about supply and the widely anticipated start of the Federal Reserve’s rate-cutting cycle in a few months.
As of Wednesday, Treasurys were poised for a third straight monthly gain, the longest since a four-month streak that ended in July 2021. The current rally has sent 2- and 10-year yields down by more than a half percentage point from the year-to-date highs seen in late April. Meanwhile, the rate on the longest-dated maturity, the 30-year bond, has fallen more than 40 basis points over the same time.
Analysts said the rally is a reflection of growing optimism that the U.S. has moved past its worst bout of inflation in more than 40 years, adding to the appeal of government debt.
…
https://www.marketwatch.com/story/treasurys-poised-to-end-july-with-longest-stretch-of-monthly-rallies-in-years-c87ddbf9
Analysts said the rally is a reflection of growing optimism that the U.S. has moved past its worst bout of inflation in more than 40 years
Uh huh, yeah, I’m sure inflation has been whipped.
MARKETS NEWS
STOCKS & BOND NEWS
Treasury Yields Dip to 4-Month Low Ahead of Fed Decision
By COLIN LAIDLEY Published July 31, 2024 11:57 AM EDT
Jerome Powell, chairman of the US Federal Reserve, during an Economic Club of Washington event.
Tierney L. Cross / Bloomberg via Getty Images
KEY TAKEAWAYS
– The yield on the 10-year Treasury note fell to its lowest level since March on Wednesday morning.
– Treasury yields have steadily fallen in the last week as markets have digested economic data suggesting the U.S. economy remains relatively healthy despite a cooling job market.
– Wall Street on Wednesday was focused on whether the Federal Reserve would signal whether it will start cutting interest rates in September, as markets expect.
…
https://www.investopedia.com/yields-dip-to-4-month-low-ahead-of-fed-decision-8686680
Barrons
Markets | Barron’s Take
The Stock Market Doesn’t Look Like the Dot-Com Bubble. It’s Something Worse.
The S&P 500 is trading like it did in 2007, just before the financial crisis.
By Jacob Sonenshine
July 31, 2024 1:03 pm ET
Everybody is talking about how tech stocks are acting—like they did in the dot-com bubble. What they should be more worried about is how the S&P 500 is trading—like it did in 2007, just before the financial crisis.
On the surface, the tech fears make sense. The S&P 500 technology sector is up 80%—on AI, of course—since the low point of its bear market in late 2022.
…
https://www.barrons.com/amp/articles/tech-dot-com-bubble-stocks-financial-crisis-0aa434c2
New footage from Trump assassination attempt shows figure moving on roof before gunfire
Fox News
2 hours ago
Fox News’ CB Cotton reports on new details in the investigation of the Trump rally shooting. Rep. Pat Fallon, R-Texas, reacts on ‘America Reports.’
https://www.youtube.com/watch?v=_OLq-BrVh14
8 minutes.
This does not fit The Official Story™.
A failed hit, approved and directed by the Deep State.
‘That list includes Tempe, Gilbert, Fountain Hills, Paradise Valley, Goodyear, Cave Creek, Glendale and Chandler. ‘None of the conditions necessary for significant price falls are in place. Mortgage delinquency is low, sellers are motivated but not desperate and supply is not running far ahead of demand, as it did in 2006. The increasing flexibility from sellers that a balanced market brings will cause list prices to fall, but is not likely to have much effect on final closing prices’
You wrote that Tina, how come you don’t put yer name on it anymore?
‘Ocala/Marion County townhouses and condos median sales prices came in at $188,500, a decrease of 9.1% from June 2023’
It’s a good thing everybody put 20% down!
‘Statewide, townhouses and condos active inventory is 62,011, a 91.9% increase from June 2023. Overall, the market is moving toward more activity. Existing townhome and condo properties statewide were at a 7.4-months’ supply, a large increase of 105.6% over June of 2023’
So the entire state is a strong buyers market for existing townhome and condo properties.
‘Are you seeing any loosening up in Houston? Grant: We are. You know, Amy, the last time we spoke, I was saying that I was hopeful that things will change some for our poor buyers. And they have. In our office, I have not seen us write more than two offers before getting an acceptance. Whereas before it was writing offer after offer after offer before you were going to get your offer accepted’
So we’re past the love letter stage LaTisha?
‘So sales have slowed down a little bit, meaning that sellers may be more willing to take an offer from one of your clients? Grant: Absolutely. A more reasonable offer now. So, gone are the days that buyers are waiving inspections, gone are the days that buyers are saying, ‘Oh, well, we’ll just take what you give us.’ So the good part for many of our buyers is that they are now able to make a reasonable offer on a property —market value, not above market value — and even asked for some closing costs’
That’s the spirit!
‘They will make you believe that they are very successful businesspeople, but they will take every single penny you have’
Yer greedy a$$ got schlonged Terry, but not what’s coming to these suckers:
‘Construction has begun on a 527-home project in east Modesto, the city’s largest by far in the past decade-plus. The developer had estimated prices starting ‘in the high $400,000 range’…A 9-foot-tall sound wall will run along the tracks, which also carry freight trains’
A 9-foot-tall sound wall will run along the tracks, which also carry freight trains
Good luck with that.
‘It began to hit me. Why would I buy a condo that, clearly, cannot sell at current market prices? Further, why would I look elsewhere, and buy a comparable unit that probably also cannot sell at current prices? My landlord had understandably bought a new condo back when rates were low, and value was appreciating’
He was a knife catcher.
‘Like so many other investors in the current Toronto market, it would be difficult to mentally reconcile this kind of loss’
I’ve hear stamping yer little feet helps in this process.
‘Clearly, both my landlord and I have been slow to settle into this very new reality. But this isn’t just my condo – it’s the Toronto condo market in 2024. ‘In a year, everything has turned on its head…Typically in Toronto, people rent in their 20s and 30s. Then they look to buy, on the understanding that their home will appreciate – because for over 25 years, they did. We’ve never seen a situation like this…But as people begin to realize that home values don’t always appreciate, they could make the conclusion that they are better off renting’
First of all Pino, you guys crash more often that Hong Kong, so don’t give me that never seen crapola. But yer statement shows how really deluded K-dns are. They believed and many still be believe that an igloo is a guberment guaranteed money tree that will never die.
‘will come off their fixed home loan rate, and they are dreading it. They are currently paying around $500 a week, which is set to double to over $1000 at the start of next year…Ms Russell said she was relieved they did because they couldn’t afford to enter the current market. ‘We own and we were lucky enough to get into the market when we did and smart enough to fix our loan,’ she said’
‘Ms Russell isn’t alone in facing down mortgage stress. Financial comparison website Finder said borrowers who took out a two-year fixed-rate loan in 2021 at a near rock-bottom 2.21 per cent rate could see their repayments on an average home loan of $580,247 skyrocket by $1776. ‘We are like ‘oh my god! What are we going to do?’ Ms Russell said. If the rates stay the same — and there are fears they could increase even further — their mortgage will double overnight in January, which is less than six months away. The couple has two young children to support. ‘We’ve always felt so lucky not to have to pay more, but coming up in January, yeah, we are just hoping interest rates go down,’ she admitted’
The article mentioned cutting down on groceries as a remedy Danielle and Blake. You should know up front: winnahs! don’t eat.
Sounds like they should start getting some boxes. so they are ready in January.
Every Seller Seems To Have A “Luxury” Unit (GTA Condo Real Estate Market Update)
Team Sessa Real Estate
9 minutes ago TORONTO
In this episode we take a look at the current GTA Condo Markets – Toronto, York Region & Peel Region for week ending July 24, 2024. We also discuss why it’s important to take these property descriptions with a massive grain of salt.
https://www.youtube.com/watch?v=cQOLS1mEZIE
11:23.
Live the car free life in the fifteen minute city? Oh, wait…
KDVR — RTD: Stolen copper wire keeps disrupting rail service (7/29/2024):
“The public is asked to stay vigilant for suspicious behavior near RTD tracks, where copper wire thefts have been causing issues across the transit system.
RTD reported five cases of stolen copper wire in the last week alone, most of it along the R Line between Peoria Station in Aurora and Lincoln Station in Lone Tree, according to a release on Monday afternoon.
RTD said the thefts are happening overnight near track signals, switches and rail crossings and reflect a nationwide trend as thieves take advantage of the demand for copper. The thefts are causing problems like train delays and stuck crossing arms.”
https://kdvr.com/news/local/rtd-stolen-copper-wire-keeps-disrupting-rail-service/
Do you live in one of the places in the US where home prices are falling the fastest?
Would you be willing to buy a house in one of these falling knife zones? 🗡️🔪
Real Estate
Here are the places in the US where home prices are falling fast
By Social Links for Mary K. Jacob
Published July 31, 2024, 4:01 p.m. ET
The once-booming tech haven of Austin, Texas, is now leading the pack in the fastest-falling home prices across the nation, according to a new report.
Thanks to sky-high mortgage rates and cooling demand, Austin’s property values took a 3.5% nosedive over the past year, outpacing the top 100 markets in the US.
Austin’s recent years of skyrocketing property values were fueled by a booming tech industry and attractive low state taxes. However, those glory days seem to be fading.
CoreLogic’s latest report paints a picture of a nationwide cooling in the housing market, with Austin being the most dramatic example.
…
https://nypost.com/2024/07/31/real-estate/here-are-the-places-in-the-us-where-home-prices-are-falling-fast/
Thanks to sky-high mortgage rates and cooling demand, Austin’s property values took a 3.5% nosedive over the past year
What? Sky high mortgage rates? don’t think so.
3.5% nosedive? Nose dive at 3.5%, really? Maybe at 35% but not 3.5%. That is a rounding error.
Is the economy in your area still red hot cakes?
Businesses
Mass Layoffs Hit California as Businesses Fail, Organization Leaves State
Published Jul 30, 2024 at 1:02 PM EDT
Updated Jul 30, 2024 at 2:39 PM EDT
By Suzanne Blake
Reporter, Consumer & Social Trends
California is facing mass layoffs as more businesses leave the state.
More than 1,000 jobs were lost in the Bay Area recently, with hundreds being attributed to the departure of the Oakland Athletics, a Major League Baseball team, from the area.
Moxion Power, a green energy tech company, also announced major cuts, and Vintage Wine Estates is going bankrupt.
Altogether, the area’s WARN letters show that about 1,071 workers are set to lose their jobs in the Bay Area.
As the Oakland A’s sets off to Sacramento and Las Vegas, 591 Bay Area workers are expected to be out of a job by October. That includes 415 layoffs under the Athletics Investment Group and 176 job cuts by Bay Area Sports Catering, which served concessions for the MLB team.
“The Oakland A’s franchise encapsulated itself with this moneyball approach where they could find players at a discount and win games,” Kevin Thompson, a former Oakland A’s player and finance expert, told Newsweek. “The product Oakland has put in the field for the past few decades has been paltry at best, and the fans deserve better.”
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https://www.newsweek.com/mass-layoffs-hit-california-businesses-fail-baseball-wine-1932143