You Can Probably Put In A Cheeky Offer And It Might Get Accepted Because It Is A Buyer’s Market
It’s Friday desk clearing time for this blogger. “The share of languishing listings has been accelerating thanks to a bump in more houses being offered for sale at the same time that demand has waned. Dawn Brenengen of Trailwood Realty in Raleigh, North Carolina, comments with an anecdote of how she once had to turn down her best friend who wanted to list her place for $30,000 more than it was worth. ‘She was hoping that some sucker would just walk by and decide they couldn’t live without buying it,’ she writes. ‘You can price your house to sell or not,’ Doug Campbell, a Tampa-area agent, wrote. He gave a big shoutout to sellers who overvalue their properties, thereby ‘making it much easier for buyers to recognize that properly priced houses really are good deals.'”
“In a red-hot South Florida housing market, condos built in 1994 or earlier are just not moving as owners – hit with these massive costs – are trying to dump them – and finding resistance from buyers. ‘Now with anything older than 30 years in condos, buyers are a little bit more concerned about the reserves and maintenance that may have been deferred and what may come up in the future,’ said Monica Steinmuller, a real estate agent in Key Biscayne. The condo market in South Florida has been over-valued for years some would argue, because maintenance costs were being deferred. Now that assessments and reserves are part of the equation, those costs are very much part of any sale, Steinmuller said. ‘The negotiation is much more in-depth now than it was before,’ she said.”
“At Ocean Village Condominium, Carlos Mendia – the association president – said this choke point between safety and money was bound to happen. He said the Legislature may need to consider pushing back the requirements or providing some type of financing or even tax relief. ‘They have to do something because there are going to be people hurting out there,’ he said. ‘And they are not going to allow real estate prices to go down.'”
“‘This has been really hard because we’re not even a year in,’ said Laci Booker. She says within weeks of moving in April 2023 it became obvious that corrective work needed for the home would go far beyond what’s found during a typical blue-tape walk-through. ‘I never would have expected to have to be dealing with something like this,’ Booker said fighting back tears. For Laci and her family , their dream home quickly turned into a nightmare. When we reached out to the builder, Pulte confirmed repair work started in January; saying four months later, ‘The city of Seguin has conducted its own inspection, and we have resolved all issues that were identified during that inspection.’ Laci said, ‘I want Pulte to take this house back and let me get far, far away from them.'”
“Not even Midwestern manners can disguise Wisconsinites’ anger over how high housing prices have climbed. Wisconsin is the unhappy winner of the biggest price jump among the presidential battleground states. Prices are up here at double the U.S. average. ‘A few years ago, it was really realistic to afford to buy something while making $50,000,’ said John Johnson, a Marquette University Law School research fellow studying local politics, housing and demographic trends. ‘Not anymore.’ A protracted house hunt was enough to make Nahona Moore, 28, plan to change her lifelong record of voting for Democrats. Moore, a self-employed makeup artist living on the border of Milwaukee and Wauwatosa, said she blamed both Biden and Harris for ‘not making anything better.’ She added: ‘When Trump was still president, if we were making what we make now, we would be set.'”
“A Putnam County man was sentenced to prison Monday after fraudulently obtaining a home mortgage by falsifying documents and being untruthful with federal investigators. Jason Trador, 46, of Scott Depot, was sentenced to one year and six months in prison to be followed by three years of supervised release time for overvaluing property on a loan application, making a false statement to federal investigators and making three false statements to the U.S. Department of Housing and Urban Development, according to a news release from the U.S. Attorney’s Office for the Southern District of West Virginia. The news release said in 2018, Trador secured a home mortgage insured by the Federal Housing Administration totaling $223,870 from Victorian Finance, his employer at the time.”
“A Virginia man was sentenced to more than four years in prison for a 15-year scheme where he issued millions of dollars in fraudulent loans for his own benefit. The actions of James Stevens, 47, of Weems, led to a $2.3 million loss to the bank where he was employed as a commercial lender. He also stole nearly $100,000 from a bank customer. Beginning in 2008, and continuing through 2023, Stevens exploited his position to issue numerous fraudulent loans in the names of other individuals. Stevens would often create false documentation to support the loan applications using the personal information of multiple bank customers in the process. Stevens would then use the proceeds of these loans to make payments on other previously-issued fraudulent loans, to pay himself or to pay others.”
“According to the U.S. Attorney’s Office for the Northern District of California, 52-year-old Tjoman Buditaslim pled guilty in federal court to wire fraud conspiracy Wednesday. Three others have also pled guilty to the scheme, in which 102 home mortgages worth more than $55 million were originated based on false and fraudulent loan application information. The Daly City resident also admitted that many of the mortgages were insured by the Federal Housing Administration and that the agency lost more than $486,000 to keep some of the loans from going into foreclosure.”
“‘These defendants used their professional knowledge of the mortgage industry to perpetrate a fraud on unsophisticated home buyers, funneling these victims into loans for which they were not qualified,’ U.S. Attorney Ismail Ramsey said in a statement. ‘My office is committed to protecting all victims of fraud, whether federal agencies, Northern California residents, or—as happened here—both.'”
“The county of Los Angeles has tentatively agreed to buy the Gas Company Tower, a prominent office skyscraper in downtown Los Angeles, for $215 million in a foreclosure sale. The price is a deep discount from its appraised value of $632 million in 2020, underscoring how much downtown office values have fallen in recent years. ‘Because we are seeing once-in-a-generation price reductions for commercial real estate in the downtown area, as responsible stewards of public funds, the County is doing its due diligence and evaluating the possibility of acquiring property in the Civic Center area, such as the Gas Company Tower,’ the statement said. The 52-story tower at 555 W. 5th St. was widely considered one of the city’s most prestigious office buildings when it was completed in 1991.”
“Earlier this summer, Swiss bank UBS’ real estate investment arm opted to auction off a Midtown Manhattan office rather than go through the effort of finding a buyer. Wednesday, the building at 135 West 50th St. found its buyer — the sole, undisclosed bidder in the auction, which scored the property for an eye-watering discount. In 2006, UBS Realty Investors bought the 920K SF building for $332M. The bidder spent just $8.5M to scoop it up, a 97.5% haircut from the previous price. ‘What’s shocking is how fast the valuations dropped now that we’ve seemingly reached bottom, or close to it,’ David Sturner, whose family’s firm sold the building to UBS, told the Times. In the second quarter, commercial foreclosures occurred at the highest rate since 2015. At the same time, $94B of commercial real estate debt is in distress, with another $201B at risk.”
“Maeve Ellis had given up on finding an apartment with friends while studying at the University of Toronto for the past couple of years. This year, though, when she restarted the hunt for a shared apartment, she found a distinctly different market. It only took one viewing and application before she locked down a three-bedroom unit with two friends near her school for $2,400 a month – well below current market rates. Toronto rental agent Sundeep Bahl said the people who own these condo units face very high interest rates and a sluggish real estate market for small condos, leaving them desperate to fill the apartments they’re struggling to sell.”
“‘At newer buildings, a lot of landlords will accept students because they really want to fill the units,’ said Mr. Bahl, who added that some owners are facing mortgage costs and condo fees above $4,000 a month. ‘Just like it’s a buyer’s market right now, it’s a tenant’s market in the same sense.’ Mr. Bahl said savvy renters, especially those looking for condo units in larger cities, can consider playing hardball and negotiating rent down with desperate owners. ‘Students need to be made aware that there are a lot more options than they’re led to believe in the market,’ Mr. Bahl said.”
“A well-supplied Ontario housing market throughout the spring and early summer meant that potential home buyers benefitted from increased choice and more negotiating power on prices. As a result, more and more properties — including this Guelph townhouse — were sold well below their original prices, and even struggled to finalize a sale despite multiple price reductions. The townhouse first sold for $765,000 in October 2023. Just six months later, the home was re-listed for $789,900, but failed to attract any buyers. In July, the home was re-listed twice, once for $699,900, and another time for $749,000. The townhouse eventually sold for $720,000, representing a $45,000 loss when compared to its price less than a year earlier.”
“Many other properties throughout Ontario have sold well below their listing prices this year, including a three-bedroom home in Toronto’s Silverthorn neighbourhood, which sold in June at a loss of $207,500, and a Mississauga condo which sold at a $125,000 loss after 10 failed to attempts to sell.”
“German Chancellor Olaf Scholz is launching a fresh bid to tackle a property crisis as the country braces for recession and elections that could bolster the far right. The meeting will address the housing shortage in Europe’s most populous country, one exacerbated by the failure of major developers and a crash in investment and financing as real estate prices slumped. ‘The housing shortage can lead to populists increasingly taking up the issue with supposedly simple answers,’ warned the Iris Schoeberl, president of the German Property Federation.”
“A Perth building company with more than 230 unfinished homes on its books has failed to get its building contractor registration renewed, leaving customers facing further uncertainty. It was revealed earlier this month that more than 230 houses on the company’s books were unfinished, with some projects in progress for more than four years overdue. Dozens of customers have been left in distress, including single mother Cindy Richardson, who said she was working two jobs to pay rent on top of the mortgage and rates for a home with no roof or second floor which was long past its scheduled completion date. Fellow customer Richard has been building in Orelia with Nicheliving and said he’s felt misled by the company for more than two years. ‘I think [the deregistration] is wonderful news but it’s also late, it’s too late, things should have happened much sooner,’ he told ABC Radio Perth.”
“Mortgage broker Vijay Gounder has seen plenty of incentives for new build properties being offered to his clients. He said simply discounting properties could pull down values for nearby homes in the same subdivision, whereas something like a cash back after purchase wouldn’t. Gounder said in a soft market, some developers would rather get homes sold than have them sitting empty, especially because easier loan-to-value ratio lending rules define a new build as no older than six months and bought direct from the developer. ‘When it comes up to the six months mark, then you see developers start to, I guess, panic and start offering these crazy incentives to make sure that those properties are sold because obviously they’re holding costs as well.'”
“Fletcher Living announced in July, it will offer a $10,000 grant toward deposits for people who buy the company’s homes in Auckland or Canterbury. CoreLogic chief property economist Kelvin Davidson has been watching for new construction and said it’s quieter than it used to be. Davidson said new builds aren’t the only option. ‘If you can find something there, you probably don’t necessarily need to look at a new build. You might choose to get the equivalent existing property. You can probably put in a cheeky offer and it might get accepted because it is a buyer’s market. So yeah, the the new build sector is in a downturn at the moment.'”
“A Chinese property developer is giving back homebuyers the deposit they paid for apartments in a project it was unable to finish as part of a housing return programme coordinated by the local authorities, official media reported. The refund coordinated by the government of the city of Nanjing is believed to be the first such case in China, the New Beijing News reported this week, and could set a precedent for other cities and developers to resolve the problem of unfinished homes that has dogged the real estate sector.”
“Zhang Dawei, chief analyst at property agency Centaline, said the refund programme will likely make it more difficult to guarantee the delivery of unfinished homes. ‘The vast majority of local governments and developers are unable to refund the owners of unfinished developments on a large scale, and Nanjing’s practice can hardly serve as an example,’ Zhang said.”
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‘This has been really hard because we’re not even a year in,’ said Laci Booker. She says within weeks of moving in April 2023 it became obvious that corrective work needed for the home would go far beyond what’s found during a typical blue-tape walk-through. ‘I never would have expected to have to be dealing with something like this,’ Booker said fighting back tears. For Laci and her family , their dream home quickly turned into a nightmare. When we reached out to the builder, Pulte confirmed repair work started in January; saying four months later, ‘The city of Seguin has conducted its own inspection, and we have resolved all issues that were identified during that inspection.’ Laci said, ‘I want Pulte to take this house back and let me get far, far away from them’
Seguin is a sh$thole in Texas. And Laci wants to just give it away!
“ Laci said, ‘I want Pulte to take this house back and let me get far, far away from them.’”
Since it’s Friday Desk Clearing Day
hold my beer: I got this one
• Relax, Laci, it was better than renting
• At least you got to paint the walls
• Generational Wealth
• They broke it off in yer arse
• How are those 5% cap rates now?
did I miss any!? oh . . right.
• Better start packing boxes
Here’s what’ll get ya thru the weekend Laci; Ignore that mounting pressure in your backside. Load up on alcohol, binge watch some Barbara Corcoran vids and pretend everything is gonna be just fine.
‘These defendants used their professional knowledge of the mortgage industry to perpetrate a fraud on unsophisticated home buyers, funneling these victims into loans for which they were not qualified’
All three of the mortgage fraud articles above involved people working for a mortgage originator. Senator running deer heap angry!
Senator Running Deer’s so-faux anger never seems to translate into effective action to curb predatory lending or systemic abuses in the financial system.
** “Senator Running Deer’s so-faux anger never seems to translate into effective action to curb predatory lending or systemic abuses in the financial system.”
I’ve noticed the same thing over the years. like o’bammy, and most democrats, they blah blah blah and nothing effective gets done.
” Told by an idiot. full of sound & fury. signifying nothing.”
‘Now with anything older than 30 years in condos, buyers are a little bit more concerned about the reserves and maintenance that may have been deferred and what may come up in the future,’ said Monica Steinmuller, a real estate agent in Key Biscayne.
Sounds to me like buyers are a LOT more concerned, Monica, and with good reason. Remember, coffee is for closers.
‘said the people who own these condo units face very high interest rates and a sluggish real estate market for small condos, leaving them desperate to fill the apartments they’re struggling to sell…‘At newer buildings, a lot of landlords will accept students because they really want to fill the units,’ said Mr. Bahl, who added that some owners are facing mortgage costs and condo fees above $4,000 a month. ‘Just like it’s a buyer’s market right now, it’s a tenant’s market in the same sense.’ Mr. Bahl said savvy renters, especially those looking for condo units in larger cities, can consider playing hardball and negotiating rent down with desperate owners. ‘Students need to be made aware that there are a lot more options than they’re led to believe in the market’
That’s the spirit Sundeep, hammer those airbox gamblers while they are down!
Do you have the feeling that now might be a good time to liquidate your risk asset HODLings and hide the proceeds under your mattress?
LIVE UPDATES
Jobs report for July: Employment growth slows as just 114,000 jobs added in month
Follow MarketWatch’s coverage of the July employment report.
Last Updated:
Aug. 2, 2024 at 8:46 AM EDT
Related reads
U.S. adds 114,000 jobs as unemployment rate reaches 4.3%.
Slump goes on: Manufacturing contracts for fourth month in a row, ISM finds
Jobless claims jump to nearly one-year high of 249,000
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14 min ago
The ‘Sahm rule’ is officially triggered
By Steve Goldstein
The Sahm rule that is designed to signal the start of a recession has officially been triggered.
It reached 0.5%, as in, the three-month moving average of the unemployment rate is now 0.5% above the low in the last 12 months.
22 min ago
July jobs report: U.S. adds weak 114,000 new jobs and unemployment hits nearly 3-year high
By Jeffry Bartash
The U.S. created a tepid 114,000 new jobs in July and signaled a slowdown in hiring since the spring, as the weight of high interest rates pressed down on the economy.
The meager increase in jobs last month is the latest evidence of a gradual erosion in arguably what was the strongest labor market ever. It could also be a sign of a deterioration in the economy.
26 min ago
Stocks hate the number, bonds love it
By Steve Goldstein
Stock futures, already in the red on economic fears as well as some poorly received results, turned much lower in wake of the numbers showing 114,000 new jobs with an unemployment rate of 4.3%.
The Dow contract, down 297 points shortly before the payrolls data, screeched 494 points lower.
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30 min ago
July jobs report snapshot: 114,000 new jobs, 4.3% unemployment
By Jeffry Bartash
U.S. economy adds 114,000 new jobs in July, way below 185,000 forecast
U.S. unemployment rate rises to 4.3% in July from 4.1%
57 min ago
Citi forecasts jobless rate to increase
By Steve Goldstein
Even more pessimistic than Goldman’s outlook is Citi’s: the bank forecasts a 150,000 payrolls increase, and crucially, the unemployment rate to rise to 4.2%.
“A rise to 4.2% as we expect would come close to triggering the ‘Sahm rule’ and extend the [bond market] rally. A fall to 4.0% would ease recession concerns and reverse some of the more aggressive pricing.”
…
https://www.marketwatch.com/livecoverage/jobs-report-for-july-employment-growth-seen-slowing-with-hurricane-providing-a-drag
“This sucker could go down” — George W. Bush
It’ll be interesting to see if pendings become BOM.
Already happening.
“Jobs report for July: Employment growth slows as just 114,000 jobs added in month”
– Fed rate changes hit the economy with a lag. Respect the lag.
– The AI Bubble (TM) was added by Wall St. at the last minute after The Everything Bubble (TM) began to deflate in order to keep investors buying and stonks rising. This, of course, only extended The Everything Bubble in time. However, asset bubbles always burst, and the bust is proportional to the preceding boom.
– The Fed enables the boom by market machinations, including, but not limited to: manipulation, intervention, interest rate and other financial repression, debt monetization, etc. Always followed by the bust that they “never saw coming.”
– Recall the past two most recent bubbles: the dot com bubble and housing bubble 1.0. These didn’t end well either, even with the Fed cutting, since investors “suddenly” became risk-averse.
– Now we have the past two bubbles combined with all of the other bubbles (AI, bonds, etc.), which all appear to be bursting at approximately at the same time. Oh dear!
https://wallpapercave.com/wp/wp7351908.jpg
“Many people are gullible, and we can expect this to continue.” – P. T. Barnum
“No man ever went broke overestimating the ignorance of the American public.” – P. T. Barnum
“There is a fool born every minute” – P. T. Barnum
” You can fool most of the people most of the time.” – P. T. Barnum
” Nothing draws a crowd quite like a crowd.” – P. T. Barnum
“They’re keeping the rates down so that everything else doesn’t go down,” Trump said in response to a reporter’s request to address a potential rate hike by the Federal Reserve in September. “We have a very false economy,” – Donald Trump – 9/5/16
“At some point the rates are going to have to change,” Trump, who was campaigning in Ohio on Monday, added. “The only thing that is strong is the artificial stock market,” – Donald Trump – 9/5/16
“I abandoned free market principles to save the free market system.” – George W. Bush, on CNN, December 16, 2008
‘It became necessary to destroy the town to save it” as reported by Peter Arnett, Tet Offensive, 1968
“The conventional view serves to protect us from the painful job of thinking.” – John Kenneth Galbraith
“Genius is a rising stock market.” – John Kenneth Galbraith
“Then the sh*t hit the fan.” – John Kenneth Galbraith, A Life in Our Times
“The speculative episode always ends not with a whimper but with a bang.” – John Kenneth Galbraith, A Short History of Financial Euphoria
“Once a boom is well started, it cannot be arrested. It can only be collapsed.” — John Kenneth Galbraith
“As a dog returns to its vomit,
so fools repeat their folly.” – Proverbs 26:11
“Those who cannot remember the past are condemned to repeat it.” – George Santayana
Paul Krugman muh best economy ever?
Lions and Tigers and Bears, Oh My! – “The Wizard of Oz” (1939)
401K views · 7 years ago
https://m.youtube.com/watch?v=-HrfbV16-FQ
Financial Times
Equities
Global stocks slump deepens after disappointing US jobs data
Traders bet Federal Reserve will now have to cut rates more rapidly this year
A man wipes his sweat as he walks in front of an electronic screen displaying a graph showing the movements of Japan’s Nikkei index
Tokyo’s Topix benchmark tumbled 6%, hit by worries about the impact of a rising yen on Japanese corporate profits
Leo Lewis in Tokyo and Arjun Neil Alim in Hong Kong and George Steer in Londonan hour ago
A global stock slump deepened on Friday, as a sharp slowdown in US hiring piled pressure on an equity market already reeling from a steep sell-off in semiconductor shares.
US stocks were set for substantial losses on Friday after the latest in a string of underwhelming tech earnings and data showing the world’s biggest economy added 114,000 jobs in July, far fewer than the 175,000 expected, while unemployment jumped above forecasts.
Futures pointed to a 2.5 per cent drop for the Nasdaq at the Wall Street open and a 1.8 per cent fall for the S&P 500, extending the previous day’s decline which was exacerbated by weak manufacturing and employment data in the US.
US bond yields plunged following the jobs data as investors flocked to the safety of Treasuries and bet that the Federal Reserve — which held interest rates steady on Wednesday — will be forced to respond to a weakening economy with rapid cuts in borrowing costs.
The US 10-year yield sank 0.18 percentage points to 3.79 per cent, the lowest since December. Investors now expect the Fed to lower borrowing costs by a full percentage point by the end of the year, implying it will have to deliver an extra-large half-point cut at one of its three remaining meetings.
“Tech stocks can’t just get more expensive forever, interest rates have started falling at last in most regions and the turn in the cycle in Japan is a seismic event,” said Neil Birrell, chief investment officer at Premier Miton Investors, who called the rout “an inflection point”.
“Investors will be repositioning, but it won’t be linear, volatility will be a major factor,” he added.
…
Do you get the feeling that cryptobois live on another planet when you read their explanations of why crypto is so valuable?
Bitcoin price dips below $64k: faces 20% drop risk
Kitco Media
By Jordan Finneseth
Published
Aug 01, 2024 – 8:05 AM
Updated
Aug 01, 2024 – 8:27 AM
Kitco News
The Leading News Source in Precious Metals
(Kitco News) – Bitcoin (BTC) continued to face bearish pressure overnight as the top crypto bounced off a low of $63,530 in the early hours on Thursday, retesting the lower end of the range it has been trading in since July 15.
The weakness follows the Fed’s decision on Wednesday to hold rates steady – a move that was widely expected – and comes despite comments from Fed Chair Jerome Powell alluding to the possibility of a rate cut coming in September.
“Cryptocurrencies continued to sag, failing to support gains in the stock market, returning the crypto market cap to $2.30trn levels seen a week ago,” said Alex Kuptsikevich, senior market analyst at FxPro. “The market formed another lower local peak, a sequence that has been in place since March.”
“A move towards the lower end of the sloping range suggests the potential for another 20% decline,” he warned. “This is a pessimistic, non-mainstream scenario given Bitcoin’s historically strong performance in these months post-halving and the good risk appetite in stocks and commodities.”
“Bitcoin was down to $63.7K on Thursday morning, once again near the 50-day moving average, which remains a tactical support line,” Kuptsikevich said. “If the decline develops, dynamics around the $63K and $61K levels, near where the 50 and 200-day moving averages are, will be important. A failure of this support will open the way to $55K, which is quite frightening.”
“Bitcoin ended July up 4.4% to $64,600. In terms of seasonality, August is considered one of the two worst months for BTC,” he concluded. “Over the past 13 years, Bitcoin has ended the month up only five times and down eight times. The average decline was 15.4% and the average rise was 26%.”
The fact that crypto prices have trended lower following the interest rate announcement from the Fed while stocks and precious metals climbed higher left many crypto traders searching for a reason why, and while Kuptsikevich’s observations about seasonality play a role, Karan Bharadwaj, CEO of Arithmic, noted that Bitcoin miners are also responsible for some of the weakness.
“The Federal Reserve maintaining interest rates and Mt. Gox selling off its Bitcoin is no longer new to investors,” Bharadwaj said in a note to Kitco Crypto. “These factors are locked in and the FUD sentiment for them has waned.”
“What is important to look at now is Bitcoin’s miner revenue metric,” he said. “It has been over 100 days since the halving and historically, Bitcoin tends to increase as miner revenue bottoms. With mining hashrates now at all-time highs, sustained price levels for BTC are more likely.”
…
https://www.kitco.com/news/article/2024-08-01/bitcoin-price-dips-below-64k-faces-20-drop-risk
The crypto cult’s “success” is predicated on their success in persuading new converts to buy into these scam digital gambling tokens. When all the crypto baggies realize at roughly the same time that no more Greater Fools will be coming along, the wipeout of fake “value” from these imaginary “currencies’ is going to be epic. Got popcorn?
Crypto is valuable because it will be even more valuable in the future. The reasoning of every tulip trader.
Stock markets
Fear of US recession rattles global markets as tech shares fall
Europe’s main indices all decline on Friday as Japanese equities suffer worst day since 2020
Business live – latest updates
Graeme Wearden and Jasper Jolly
Fri 2 Aug 2024 07.56 EDT
Last modified on Fri 2 Aug 2024 09.20 EDT
Stock markets in Europe, Asia and New York have been rattled by fears of a US economic slump, as technology shares were hit by underwhelming earnings.
Concerns that the US could be sliding towards recession spurred a global sell-off, as confidence was hit by a poor employment report on Friday, following weakness in the US manufacturing sector and disappointing results from Intel.
…
https://www.theguardian.com/business/article/2024/aug/02/fear-of-us-recession-rattles-global-markets-as-tech-shares-fall
Tech
Intel shares plunge 22.6% in premarket trading, Nvidia down 4.4% as global chip stocks fall
Published Fri, Aug 2 20244:38 AM EDT
Updated 2 Hours Ago
Arjun Kharpal
WATCH LIVE
Key Points
– Global semiconductor stocks fell Friday after a lackluster set of results from U.S. chip firm Intel sent its shares cratering, and a global market sell-off weighed on tech names.
– Intel shares fell more than 20% in premarket trading in the U.S. on Friday, after the company reported a big miss on earnings in the June quarter and said it would lay off more than 15% of its employees.
– Asian names including Samsung and TSMC closed lower, with European chip firms such as ASML also dropping.
In this article
INTC-8.27 (-28.47%)
Pat Gelsinger, chief executive officer of Intel Corp., speaks during the Computex conference in Taipei, Taiwan, on Monday, June 4, 2024. Gelsinger took the stage at the Computex show in Taiwan to talk about new products he expects will help turn back the tide of share losses to peers, including AI leader Nvidia Corp.
Photographer: Annabelle Chih/Bloomberg via Getty Images
Global semiconductor stocks fell Friday after a lackluster set of results from U.S. chip firm Intel sent its shares cratering, and a global market sell-off weighed on some of the biggest names in the tech sector.
shares fell 22.55% at 7:51 a.m. ET in premarket trading in the U.S. on Friday, after the company reported a big miss on earnings in the June quarter and said it would lay off more than 15% of its employees as part of a $10 billion cost-reduction plan.
A number of major U.S. chip names also dropped on Friday in U.S. premarket trade, with Nvidia trading around 4.38% lower at 7:51 a.m. ET. Adding pressure to the stock is a report from The Information that Nvidia is the subject of a U.S. Department of Justice antitrust investigation.
The DOJ is looking at complaints that the chip giant allegedly abused its market dominance in artificial intelligence chips, The Information reported.
In response, a spokesperson for Nvidia said that the company “wins on merit.”
“We compete based on decades of investment and innovation, scrupulously adhering to all laws, making NVIDIA openly available in every cloud and on-prem for every enterprise, and ensuring that customers can choose whatever solution is best for them,” the spokesperson said.
The spokesperson added that Nvidia is “happy to provide any information regulators need.”
…
https://www.cnbc.com/2024/08/02/intel-share-plunge-drags-down-global-chip-stocks-from-tsmc-to-samsung.html
The Motley Fool
Free Article
Instead of Buying the Dip on “Magnificent Seven” Stocks Like Nvidia and Tesla, Consider These 3 Growth Stocks
By Daniel Foelber, Scott Levine, and Lee Samaha – Jul 31, 2024 at 6:45AM
Key Points
– Rocket Lab is a leading provider of launch services for governments and private companies.
– This advanced materials stock is the future of the aerospace industry.
– Enphase’s encouraging guidance is a sign the worst could be over.
The best growth stocks aren’t always the ones that are capturing the spotlight.
The S&P 500 and Nasdaq Composite are still up big on the year. But a pullback in mega-cap growth stocks, including the “Magnificent Seven,” has sent the major indexes down.
Tesla is in the negative year to date, while Nvidia is down over 10% in the last month. Despite the sell-off in these popular names, there could be even better stocks out there to buy now.
Here’s why these three fool.com think Rocket Lab (RKLB -5.34%), Hexcel (HXL -2.67%), and Enphase Energy (ENPH -4.72%) are three growth stocks that are worth a closer look.
…
https://www.fool.com/investing/2024/07/31/buy-dip-nvidia-tesla-growth-stocks-investing/
Did the bull herd collectively decide to run off the nearest cliff? Wha happened to mah summer.rally?
Market Extra
The Dow dropped nearly 500 points. Is bad news on the economy no longer good news for stocks?
Selloff may just mark a ‘buy the rumor, sell the fact’ reaction to Fed rate-cut signal: strategist
By William Watts
Last Updated: Aug. 2, 2024 at 5:56 a.m. ET
First Published: Aug. 1, 2024 at 3:55 p.m. ET
It’s a down day on Wall Street.
Photo: Angela Weiss/Agence France-Presse/Getty Images
Referenced Symbols
TMUBMUSD10Y 3.824%
DJIA.-1.96%
COMP.-3.17%
SPX -2.47%
RUT.-4.05%
META.-3.59%
AMZN -11.94%
A run of weaker-than-expected economic data got part of the blame for a Thursday selloff that has the Dow Jones Industrial Average on track for its biggest one-day fall since May.
In other words, bad news about the economy was bad news for stocks. That may sound logical, but it also seems to resolutely turn on its head the relationship between disappointing economic data and the stock market that’s prevailed for much of the 2024 rally.
…
https://www.marketwatch.com/story/the-dow-is-dropping-is-bad-news-on-the-economy-no-longer-good-news-for-stocks-b0c6611c
Finally the gooberment can no longer gaslight us with the falsehood that the economy is strong. Mr. Market has noticed and is suddenly very afraid.
Will the Fed cut rates, ignoring inflationary pressures of doing so, to prop up the economy?
One thing is certain, if Steal 2.0 is pulled off I will seriously start stacking silver, as inflation will get even worse, though we will be told that it’s still under 4%.
“Will the Fed cut rates”
What the pigmen want, the pigmen will get. Are you forgetting that it’s illegal for rich people to loose money in this country?
The People Who Matter do NOT lose money, ever. Unemployment could hit 20% and they will ALWAYS get more money (get, not earn).
There can’t not be bailouts. There has to be. Every PIG, every one of those soft hands Parasite Class, WILL be made whole, and then some.
If Steal 2.0 is pulled off, it will already be too late to stack silver.
That said, a new recession might drop the price of silver, as silver is dominated more by industrial demand than by monetary value. In a recession, nobody builds anything so there’s little demand for silver. That would be a good time to stack.
In a stable, non inflationary economy, I would agree. But the gooberment is borrowing $4T every year, and I expect it to get worse under a Harris admin, which means a lot of inflation. The stagflation we are already experiencing will get worse.
Financial Times
Equities
Global stock sell-off deepens after disappointing US jobs data
Nasdaq falls into correction as traders bet Federal Reserve will have to cut rates more rapidly this year
The Nasdaq Composite index fell 2.4% on Friday after the latest underwhelming tech earnings and US labour market data
Nicholas Megaw, Jennifer Hughes and Kate Duguid in New York, George Steer in London, Leo Lewis in Tokyo and Arjun Neil Alim in Hong Kong
4 hours ago
A global stock sell-off deepened on Friday, with the Nasdaq falling into a correction, as a sharp slowdown in US hiring piled pressure on an equity market already reeling from a steep downturn in semiconductor shares.
A sharp slowdown in US hiring sparked fears the Federal Reserve risked falling behind the curve in combating a slowing economy,
Data showed the world’s biggest economy added 114,000 jobs in July, far fewer than the 175,000 that were expected.
The Nasdaq Composite index closed 2.4 per cent lower, down 3.4 per cent for the week. Since its all-time high on July 11, the Nasdaq has declined more than 10 per cent — the popular definition of a correction.
Underwhelming earnings updates hit several large tech companies hard. Intel shares plunged 26 per cent after the US chipmaker revealed plans to cut 15,000 jobs. Amazon shares fell 8.8 per cent after its profit outlook, released late on Thursday, fell short of Wall Street estimates.
“These are classic risk-off dynamics,” said Stuart Kaiser, head of US equity trading strategy at Citi. “We can argue whether the exact magnitude is correct, but directionally speaking, the moves we’re seeing are consistent with disappointing economic data and sentiment under pressure from earnings.”
The benchmark S&P 500 ended 1.8 per cent lower and down 2.1 per cent over the past five days, its worst weekly loss since mid-April.
US bond yields tumbled following the jobs data as investors flocked to the safety of Treasuries and bet that the Federal Reserve — which held interest rates steady on Wednesday — would be forced to respond to a weakening economy with rapid cuts in borrowing costs.
“The Fed rolled the dice one more time on Wednesday and they’ve been proved wrong,” said Steven Blitz, chief US economist at TS Lombard.
The US 10-year yield sank 0.16 percentage points to 3.82 per cent, its lowest since December.
…
The Fed’s Ponzi markets are cratering this morning. Will BlackRock Jay panic and cut interest rates despite surging inflation? Precious metals are signaling NO CONFIDENCE in these Keynesian fraudsters and their deranged money printing.
https://www.kitco.com/price/precious-metals
‘They have to do something because there are going to be people hurting out there,’ he said. ‘And they are not going to allow real estate prices to go down.’”
Regret to inform you, Carlos, but Mr. Market, not “hurting people” or their notional representatives, dictates condo & shack prices.
“The county of Los Angeles has tentatively agreed to buy the Gas Company Tower, a prominent office skyscraper in downtown Los Angeles, for $215 million in a foreclosure sale. The price is a deep discount from its appraised value of $632 million in 2020,
So the tax value of this property goes from $632 MM to $0.0 million.
I don’t know how the cities are gonna pay their bills
In 2006, UBS Realty Investors bought the 920K SF building for $332M. The bidder spent just $8.5M to scoop it up, a 97.5% haircut from the previous price.
So the taxable value went from essentially $332 MM to 8.5MM.
I don’t know how the cities are gonna pay their bills
I don’t know how the cities are gonna pay their bills
Simple. Homeowners are low-hanging fruit for the tax man.
I don’t know how the cities are gonna pay their bills
Prop 13 will keep any draconian tax increases in LA in check.
What will cities like LA do? They will curtail basic services at first, that is how they always start. The street sweeping machines will be parked, parks will be neglected. etc. After that, there will be layoffs. People who thought they were fireproof will suddenly find themselves dejobbed, and discover they have no marketable skills and that they were incredibly overpaid. They might not even be able to get a burger flipper job.
“…People who thought they were fireproof…”
Those same folks need to be prepared for the shock that their cushy promised pensions are now underfunded.
Side effect: Less brand new F-150’s on the road.
Where did all the money go? {stay tuned}
their cushy promised pensions are now underfunded
Some are in really bad shape, like Colorado’s PERA. An analyst suggested a $2B cash injection, which won’t happen, not unless the Feds pay for it, which isn’t out of the question if Steal 2.0 happens.
Cap’t obvious here, You don’t got no yob ? learn to speak the new language of ‘Merica ! learn to say – Si-se puede, America is rapidly reverting back to the plantation era. 2% OWNERS AND 98% GROVELING FOR ANYTHING THE OWNERS DECODE YOU ARE GOING TO RECIEVE!
“reverting back to the plantation era”
Neo-feudalism is the way.
The pigmen pigs will own EVERYTHING, because pigmen gonna pig.
Stevens would often create false documentation to support the loan applications using the personal information of multiple bank customers in the process.
And he only got four years? The systemic fraud will continue unabated as long as fraudsters like Stevens get slap-on-the-wrist penalties.
‘The housing shortage can lead to populists increasingly taking up the issue with supposedly simple answers,’ warned the Iris Schoeberl, president of the German Property Federation.”
The answers are simple, Iris. Globalist Quisling governments serve only the interests of a corrupt and venal .1% in the financier oligarchy who have an implacable hatred for Heritage European populations and formerly sovereign nations. Anyone who doesn’t want to become a serf on the globalists’ incorporated neoliberal plantation better start voting for those reviled “far right” parties instead of traitors who have accepted their 30 pieces of silver from their supranational puppetmasters.
those reviled “far right” parties
Who are basically socialists opposed to mass migration. Even Hungary’s Orban is for socialized healthcare. Hungary also has special housing subsidies for families with 3 or more children and its VAT is a whopping 27%.
VAT is a whopping 27%.
Holy smokes. I’ve also heard Hungary is anti-gun rights and anti-home schooling.
I’ve been there. They are socialists, big time. One third of the population is still very commie, with a capital C. But unlike the commies in western Europe they are very nationalist. And they remember well how hostile nations have tried to destroy them, especially those of the aloha snackbar variety, which is why they don’t want any “refugees”.
In 2006, UBS Realty Investors bought the 920K SF building for $332M. The bidder spent just $8.5M to scoop it up, a 97.5% haircut from the previous price.
Frozen Soup Mogul Larry could not be reached for comment.
Toronto rental agent Sundeep Bahl said the people who own these condo units face very high interest rates and a sluggish real estate market for small condos, leaving them desperate to fill the apartments they’re struggling to sell.”
How do speculator scum go bankrupt? Slowly, then all at once (H/T to Hemingway).
“Many other properties throughout Ontario have sold well below their listing prices this year, including a three-bedroom home in Toronto’s Silverthorn neighbourhood, which sold in June at a loss of $207,500, and a Mississauga condo which sold at a $125,000 loss after 10 failed to attempts to sell.”
Few things are more satisfying than watching the scamdemic-era FOMO buyers get their heads handed to them.
It would be a darn shame if the Fed’s asset bubbles & Ponzi markets imploded just in time for the November elections. Let’s see the Biden regime & globalist scum media spin their “greatest recovery ever” Narrative while Tech Bubble 2.0 is bursting.
https://finance.yahoo.com/news/intel-stock-plunges-as-company-announces-cost-cutting-plan-to-slash-jobs-suspend-dividend-201247381.html
I expect the Plunge Protection Team to be deployed … will the Fed now cut rates?
will the Fed now cut rates?
Powell has to wait until September to crash the stock market in October, at which point MSM will scream now is not the time for a change in administrations.
That could really backfire on them. Of course they are working on Steal 2.0 and I worry that they will pull it off again, even though very few actually like Harris.
But a stock market crash could get some people off the fence as they watch their 401Ks crater. This is kind of why I think the Plunge Protection Team could be deployed, armed with interest rate cuts? Granted, the PPT can only buy time, but if the Orange Man wins then the crater could happen on his watch.
My understanding is that, in a recession, interest rate cuts trigger a crash as the market realizes The Fed is too late.
#EndTheFed
Steal 2.0
This worries me too. The RNC seems to be asleep at the wheel when it comes to drafting volunteers to help on that particular front. Their candidate can fill a 10,000 arena with a day’s notice; surely there would be some willing volunteers in attendance.
The RNC seems to be asleep at the wheel when it comes to drafting volunteers to help on that particular front.
Under Ronna’s leadership, yes. Under the new leadership, hopefully not.
Mr. Bahl said savvy renters, especially those looking for condo units in larger cities, can consider playing hardball and negotiating rent down with desperate owners.
Time to put in the boot, renters, as greed turns to fear and desperate speculator scum scramble for tenants to offset the accelerating holding costs and loss of value from their alligators. As a creditworthy renter, I wanna be wooed, landlords – give me a good reason why I should grace your depreciating shacks and condos with my presence.
Every day that I can still convert my debauched, soon-to-be-worthless Yellen Bux into God’s money – physical gold & silver – is a good day.
https://www.marketwatch.com/story/gold-keeps-hitting-fresh-record-highs-heres-what-could-lift-it-closer-to-3-000-5575b736?mod=bonds
“….The condo market in South Florida has been over-valued for years some would argue, because maintenance costs were being deferred…”
Another Friday, another out-of-control holding costs story.
In Florida, at what point do condo prices go negative?
In Florida, at what point do condo prices go negative?
I remember last bubble condos at $12K. Of course, you had the required golf course membership fee.
FWIW last bubble the guy in charged of selling foreclosed property in a TBTF bank I worked at told me several times that there were certain properties he wouldn’t take if given to him because of the holding cost
Just noticed on the news that hurricane “Debby” is hitting full force into Florida.
Those beach front condos could go ‘underwater’ in the literal sense.
No worries. The HOA will simply charge each owner with a special assessment on top of the one already issued to increase reserves.
Shouldn’t be a problem. Nothing to see here. Move along….
Are sellers losing their grip on the housing market as buyers refuse to pay 2022 prices at 2024 interest rates?
Business Insider
Sellers are ‘losing their grip’ on the housing market as home prices cool, research firm says
jsor@businessinsider.com (Jennifer Sor)
Tue, Jul 30, 2024, 11:20 AM PDT
2 min read
A home with a for-sale sign outside saying, “New price.”
AP Photo/Elise Amendola
– Sellers are quickly “losing their grip” on the housing market, Capital Economics said.
– That’s because home prices are cooling, thanks to more inventory staying on the market.
– Still, the research firm forecast a 5% surge in home prices by the end of the year.
Sellers are losing their advantage in the US housing market.
That’s because higher levels of inventory are starting to weigh on home prices, the research firm Capital Economics said. It’s starting to reverse a trend that’s persisted for the past few years, with tight inventory pushing home prices to record highs.
…
https://finance.yahoo.com/news/sellers-losing-grip-housing-market-182041156.html
So many listings coming onto the market in my neck of the West at or below ‘21 prices. For the sites that give you the history you can see the folks who bought 21 thru 22 taking a mighty schlonging. The big builders on average here have slashed 50k of new homes and that’s price, not incentives. Incentives make that number higher. I’ve seen some 80k price cuts with Lennar.
“You gotta pump those numbers up. Those are rookie numbers in this racket”
Home goods sales are at 2008 financial crisis levels, Wayfair CEO says
The home furnishing industry was one of the hardest hit during the Great Recession
By Rocio Fabbro
Published Yesterday
…
https://qz.com/wayfair-q2-2024-home-goods-financial-crisis-1851610659
People are broke, plain and simple.
Some interesting stats from Business Insider
The average debt in America is $104,215 across mortgages, auto loans, student loans, and credit cards.
Debt peaks between ages 40 and 49 among consumers with excellent credit scores.
The largest percentages of the average consumer debt balance are mortgages
Bottom Line: Not only is Joe Average broke, but how does he propose to pay off $104,215?
Me thinks it is never going to happen. Joe Average can’t do math and has no self discipline.
The downward slide continues….
The consumer economy of Denver and the metro Front Range is HELOC’s and cash out refi’s.
Median household incomes haven’t supported used (or new) house prices in almost a decade.
All those vacant storefronts on Broadway in South Denver? The HELOC money is gone, and now too, are your customers.
At least they got alot of likes on InstaGram while they were spending it. Priorities…
A reader sent these in:
Wayfair CEO Niraj Shah likened the slowdown in the home goods category to the 2008 financial crisis as the company reported misses on the top and bottom lines.
https://x.com/MacroEdgeRes/status/1819046423440347153
Don’t say the line!
https://x.com/DonMiami3/status/1819034666378412496
That’s around 19,000 people losing their jobs.
https://x.com/NorthmanTrader/status/1819103750524751935
That’s around 19,000 people losing their jobs.
Intel
Multiple people were arrested during a recent undercover sex-trafficking sting operation at this year’s Comic-Con convention in San Diego.
The targeted sting operation from July 25-27, which coincided with the Comic-Con Convention in San Diego, resulted in 14 arrests, authorities said.
Law-enforcement officials said 10 potential sex-trafficking victims — including a 16-year-old girl — were saved from offering “services” as part of a joint investigation by the multi-agency San Diego Human Trafficking Task Force, California Attorney General Rob Bonta confirmed Tuesday.
The arrested individuals now face charges for soliciting, which in California is a misdemeanor punishable by fine or up to six months in jail for a first offense.
https://www.msn.com/en-us/news/crime/14-arrested-in-sex-trafficking-sting-operation-at-san-diegos-comic-con-event/ar-BB1r2Qxo
which in California is a misdemeanor punishable by fine or up to six months in jail for a first offense
Pedos welcome!
This week’s reader comments: Time to abolish the IMF and UK royal family
Re: Let’s abolish the colonial IMF on its 80th birthday
The abolishment of the IMF is long overdue! It’s about time the world realised that neoliberal economics only ever benefited the elite, oligarchs and corporations. Hope the world comes to its senses. –Robert Mawson
I fully agree, it has never accomplished any of its goals; a complete waste of money. –Rick Baldwin
Re: King Charles’ property empire earns £334,000 from housing benefit
Not my king. Maybe the Labour government could have spent that money on getting kids and families out of poverty. –Freckles
One rule for them and another for me and you. –Paul Roberts
Labour Party, we want a republic. The royal family must be gotten rid of, their assets seized and used for public funding. –Rachelle Corker
I am not a subject! I do not pledge any kind of allegiance to this farce! I demand he returns the crown land to common land. It doesn’t belong to him. His family stole it and bequeathed it to him. Other countries want their stolen diamonds and artefacts back too. –Nell
https://www.opendemocracy.net/en/abolish-royals-king-charles-housing-benefit-imf-reader-comments/
Does the prospect of higher-for-longer inflation take a resumption of Quantitative Easing off the table as a bailout option?
“their dream home quickly turned into a nightmare.”
Make it STAAAAAAAAAAAAAAAAAAHHHHHHHHHHPPPPPPP!
My “dream” home would come with ALL expenses covered.
Dow, S&P 500 Eye Worst Day Since 2022 as Stocks Tumble
The VIX is skyrocketing today
avatar
Laura McCandless
Deputy Editor
Aug 2, 2024 at 12:07 PM
Stocks are taking a nosedive today, to put it lightly, amid recession fears and disappointing jobs data. The Dow Jones Industrial Average (DJI) is down 986 points at last glance, on track for its worst day since 2022, while the Nasdaq Composite Index’s (IXIC) 530-point fall has it dropping into correction territory. The S&P 500 Index (SPX) is also headed for its worst daily percentage loss since late 2022, while Wall Street’s “fear gauge,” the Cboe Volatility Index (VIX) is skyrocketing, up 54.5% at last look and headed for its best day since November 2021.
…
https://www.schaeffersresearch.com/content/ezines/2024/08/02/dow-s-p-500-eye-worst-day-since-2022-as-stocks-tumble
Do you remember how the headline US stock market indexes tumbled week after week when the Tech Stock Bubble 1.0 popped in the early 2000s?
I do. I remember being amazed at how long it could take for a bubble to deflate.
‘You can price your house to sell or not’…He gave a big shoutout to sellers who overvalue their properties, thereby ‘making it much easier for buyers to recognize that properly priced houses really are good deals’
Mocking stubborn would-be movers Doug, nice tactic!
Posting this here because Oxide used this forum to relentlessly advocate for the kielbasa. Woman reports DNA integration of kielbasa: Caveat: not independently verified.
https://x.com/EricawithaC13/status/1819191379232231518?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1819191379232231518%7Ctwgr%5E8701d6bd2d269b062a4e0e2f1e3ec764bf236708%7Ctwcon%5Es1_&ref_url=http%3A%2F%2Fwww.godlikeproductions.com%2Fforum1%2Fmessage5773356%2Fpg1
The next shoe to drop is going to be germline integration of kielbasa genetic material and permanent corruption of the chromosomes of the genetic lineage.
here is a internet tip, you can delete everything past the number 518 , start at the ? and delete it
germline integration
😬
https://nitter.poast.org/Kevin_McKernan/status/1819448383633084616#m:
Few flags. She mentions Mito, Heart, Lung and liver. Those are very difficult to biopsy for sequencing. Most IRBs wont allow you to survey these tissues for a non CLIA certified R&D exploration as you can harm the patient with invasive biopsies like this.
Mito integrations are hard to call as the vaccines have Mito-Spike sequences on the 3′ end and it could be false positives if they are using ILMN sequencing. Mito is also heteroplasmic so you need deep PacBio sequencing to nail mito heteroplasmic integration events and they cant be mito regions that are in the vaccine.
From another source on Telegram: It’s a bit of a concern. We have had a lot of trouble from the vaccine injury accounts up to half of them are fake. The story as presented there is highly unlikely and the more incredible the story the more it needs supporting by evidence. This is the opposite.
That source can be found @Jikkyleaks and https://www.arkmedic.info.
I never advocated for the mRNA.
Like the DNA versions are any better. J&J’s jab only accounted for 2.8% of doses administered in the US. Of course you’re going to hear more about Pfizer and Moderna. That’s what 97.2% of the population took!
‘The county of Los Angeles has tentatively agreed to buy the Gas Company Tower, a prominent office skyscraper in downtown Los Angeles, for $215 million in a foreclosure sale. The price is a deep discount from its appraised value of $632 million in 2020, underscoring how much downtown office values have fallen in recent years. ‘Because we are seeing once-in-a-generation price reductions for commercial real estate in the downtown area, as responsible stewards of public funds, the County is doing its due diligence and evaluating the possibility of acquiring property in the Civic Center area, such as the Gas Company Tower,’ the statement said. The 52-story tower at 555 W. 5th St. was widely considered one of the city’s most prestigious office buildings when it was completed in 1991’
Good luck bailing out yer downtown sh$thole LA. It’s likely to cut into the bum budget.
‘Earlier this summer, Swiss bank UBS’ real estate investment arm opted to auction off a Midtown Manhattan office rather than go through the effort of finding a buyer. Wednesday, the building at 135 West 50th St. found its buyer — the sole, undisclosed bidder in the auction, which scored the property for an eye-watering discount. In 2006, UBS Realty Investors bought the 920K SF building for $332M. The bidder spent just $8.5M to scoop it up, a 97.5% haircut from the previous price’
It has a ground lease and they got fooked on that too, but are we there yet?
‘What’s shocking is how fast the valuations dropped now that we’ve seemingly reached bottom, or close to it,’ David Sturner, whose family’s firm sold the building to UBS, told the Times’
You schlonged em good Dave, keep up the good work!
‘Dozens of customers have been left in distress, including single mother Cindy Richardson, who said she was working two jobs to pay rent on top of the mortgage and rates for a home with no roof or second floor which was long past its scheduled completion date. Fellow customer Richard has been building in Orelia with Nicheliving and said he’s felt misled by the company for more than two years. ‘I think [the deregistration] is wonderful news but it’s also late, it’s too late, things should have happened much sooner’
Dick, Cindy, yer at a defining point in yer lives. Do you have what it takes to be a winnah!?
The New York Times supports men beating women, got it.
New York Times — Olympic Officials Defend Algerian’s Eligibility in Boxing Controversy (8/2/2024):
“Olympic officials on Friday tried urgently to rebut what they described as widespread “misinformation” that had turned a 46-second Olympic boxing match at the Paris Games into a forum for fierce debates and complicated questions about biology and competitive advantage in women’s sports.”
Misinformation? NYT go f* yourself.
“Even as he defended Khelif, Mr. Adams acknowledged a lack of scientific, political and social consensus about how to resolve eligibility issues across women’s sports.
“It’s not a black-and-white issue,” he said, referring to the topic as “a minefield.”
At the same time, he cautioned, “If we start acting on every issue, every allegation, that comes up, then we start having the kind of witch hunts that we’re having now.”
https://archive.is/7pYGA
Citing genetic deformity as a defense of beating women? Got it, New York Times. Because Marxists gonna Marx.
‘He said simply discounting properties could pull down values for nearby homes in the same subdivision, whereas something like a cash back after purchase wouldn’t’
Openly discussing market manipulation.
‘Gounder said in a soft market, some developers would rather get homes sold than have them sitting empty, especially because easier loan-to-value ratio lending rules define a new build as no older than six months and bought direct from the developer. ‘When it comes up to the six months mark, then you see developers start to, I guess, panic and start offering these crazy incentives to make sure that those properties are sold because obviously they’re holding costs as well’
So yer giving it away Vijay.
“Fletcher Living announced in July, it will offer a $10,000 grant toward deposits for people who buy the company’s homes in Auckland or Canterbury. CoreLogic chief property economist Kelvin Davidson has been watching for new construction and said it’s quieter than it used to be. Davidson said new builds aren’t the only option. ‘If you can find something there, you probably don’t necessarily need to look at a new build. You might choose to get the equivalent existing property. You can probably put in a cheeky offer and it might get accepted because it is a buyer’s market. So yeah, the the new build sector is in a downturn at the moment.’
‘The refund coordinated by the government of the city of Nanjing is believed to be the first such case in China, the New Beijing News reported this week, and could set a precedent for other cities and developers to resolve the problem of unfinished homes that has dogged the real estate sector’
via GIPHY
‘Zhang Dawei, chief analyst at property agency Centaline, said the refund programme will likely make it more difficult to guarantee the delivery of unfinished homes. ‘The vast majority of local governments and developers are unable to refund the owners of unfinished developments on a large scale, and Nanjing’s practice can hardly serve as an example’
It’s the New Beijing News Zhang, never heard of them.
Do Blackstone carpet baggers profit at the expense of ordinary Californians who just need a place to live in?
Local News
Blackstone raised rents double the market average in San Diego, report says
The Private Equity Stakeholder Project and Alliance of Californians for Community Empowerment put together the report.
Author: Kelly Hessedal
Published: 12:30 PM PDT August 2, 2024
Updated: 2:34 PM PDT August 2, 2024
SAN DIEGO — A new report released Thursday accused the company Blackstone of contributing to the affordable housing crisis in San Diego.
The Private Equity Stakeholder Project and Alliance of Californians for Community Empowerment put together the report titled “Helter Shelter: How Blackstone Contributes To and Profits from California’s Broken Housing System.”
…
https://www.cbs8.com/article/news/local/blackstone-raised-rents-double-the-market-average/509-aad0689c-5d73-4b25-9f4f-1ea1147df66c
Rent drives up California’s cost of living
Avatar photo by Lynn La
August 2, 2024
University of California, Berkeley students search for apartments in Berkeley on March 29, 2022. Photo by Eric Risberg, AP Photo
UC Berkeley students search for apartments in Berkeley on March 29, 2022.
Photo by Eric Risberg, AP Photo
Many landlords in California can only raise the rent a certain amount. Thursday, they — and their tenants — found out how high.
A 2019 law caps how much landlords can bump up rent, starting each Aug. 1: Either by 5% plus inflation, or by 10% (whichever is lower). In California, the average median rent is $2,850 a month, 33% higher than the national average, according to real estate company Zillow.
Inflation rates vary for different regions, depending on their consumer price index. In most counties, rent increases will be capped for the next year at 8.8%, including in a few Bay Area counties, such as San Francisco and Alameda. In other places, rents can go higher: Some Los Angeles County residents could see their rent climb by 8.9%, while rent for those in San Bernardino could rise by 9.3%.
There are a handful of exceptions. Tenants living in newer buildings, for example, or some single-family homes may see higher rent increases. Affordable housing units that received government subsidies were also exempt when the law first passed, but in April a state committee closed that loophole, and imposed rent caps for certain low-income housing.
Some cities also set their own rent restrictions, such as Los Angeles, which can supersede the statewide cap.
Similar to last year, inflation rates are below 5%, meaning rent caps across the state remain less than 10%. But there was one exception in 2023: In San Diego County, inflation was 5.3%, resulting in a 10% rent cap.
…
https://calmatters.org/newsletter/california-cost-of-living-rent-increases/
Clutch those pearls harder, Washington Post. Clutch ’em.
Washington Post — Half of Americans call volume of immigrants a ‘critical threat,’ poll finds (8/2/2024):
“Americans’ concerns about immigration have risen sharply this year, with half of Americans saying that the large number of immigrants and refugees entering the country is a “critical threat” to U.S. interests, up from 42 percent last fall to the highest level since 2010, according to a poll by the Chicago Council on Global Affairs.
The poll found that most Americans support two proposals laid out by former president Donald Trump: using U.S. troops to stop immigrants from coming into the United States from Mexico and expanding a wall on that border.
The Chicago Council poll comes as Trump tries to paint Vice President Harris, the Democrats’ likely nominee for president, as responsible for illegal border crossings that have happened since President Biden took office. Harris was asked by Biden to oversee efforts to stem migration from Central America.
The Trump campaign’s first television ad of the general election attacks Harris for failing to prevent millions of illegal border crossings, claiming this led to fentanyl deaths, crime and terrorism risks.
A late July Wall Street Journal poll found that voters thought Trump would handle immigration better than Harris by 53 percent to 40 percent.”
https://archive.is/Y3AtP
Build the wall, deport them ALL. Suck it, globalists…
“Trump would handle immigration better than Harris by 53 percent to 40 percent.”
I’d love to hear Ka Ma La defend her position on immigration without a teleprompter.
Celebratory greeting of returned U.S. hostages goes awry for Kamala Harris on tarmac at air base
By Jeff Mordock – The Washington Times – Friday, August 2, 2024
In her first unscripted remarks since becoming the presumptive Democratic nominee, Ms. Harris uttered a word salad about diplomacy.
“This is just an extraordinary testament to the importance of having a president who understands the power of diplomacy and understands the strength that rests in understanding the significance of diplomacy,” she said.
“Trump would handle immigration better than Harris by 53 percent to 40 percent.”
Seriously, 53 to 40. How is it not: 93-7.
She could be for death camps and that 40% would support her.
Hundreds Of Thousands Of Dollars Going Missing (Peel Region Real Estate Market Update)
Team Sessa Real Estate
33 minutes ago MISSISSAUGA
In this episode we take a look at the current Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate home prices and market trends for week ending July247, 2024. We also discuss why it’s important to be cautious about things because scams can be very deceiving.
https://www.youtube.com/watch?v=o1HViKUaKxA
11 minutes.
Greg Price
@greg_price11
Lmfao there is a 100% they were supposed to schedule this post for next week but some dumb staffer for the Mayor of Philadelphia accidentally just revealed that Kamala Harris is picking Shapiro as her VP
Cherelle Parker
@PeopleforParker
·
9h
Proud to be back with so many leaders from across our region supporting @KamalaHarris for President and @JoshShapiroPA for VP! We are One CITY, One REGION, and ONE Commonwealth United! @PADems @PhillyDems @Joanna4PA @PADemsChair @IBEW98 @RepHarris @PALaborers
4:38 PM · Aug 2, 2024
·
https://x.com/greg_price11/status/1819472944243888342
but some dumb staffer for the Mayor of Philadelphia accidentally just revealed that Kamala Harris is picking Shapiro as her VP
DEI hire?
If true, Harris is married to a Jewish guy, has a VP that is Jewish and yet appears to be mostly anti-Isreal.
If true, Harris is married to a Jewish guy, has a VP that is Jewish and yet appears to be mostly anti-Isreal.
100% clown world
While Newsom brags about California’s economy, unemployment data tells a different story
Avatar photo
by Dan Walters
August 2, 2024
Prospective employers and job seekers interact during during a job fair in the West Hollywood section of Los Angeles on Sept. 22, 2021. Photo by Marcio Jose Sanchez, AP Photo
Gov. Gavin Newsom tirelessly touts the size and strength of California’s economy, often contrasting it with those of other states.
When, for example, the monthly employment report was issued in June, Newsom bragged on X, formerly Twitter, that “California continues to lead the nation’s economy & create good jobs throughout the state. Just this year, the state created over 107,000 jobs — more than doubling … the same time period last year.”
Actually the report, based on May data, was not that positive.
While the state’s 5.2% unemployment rate was slightly lower than April’s rate, it was still the highest of any state. In June it was still unchanged and remains the nation’s highest, albeit tied with Nevada. It also was markedly higher than the jobless rates in Florida (3.3%) and Texas (4%), two red states that Newsom often disparages.
The recent reports on California’s job picture are nothing new. California has consistently had unemployment rates at or near the nation’s highest ever since the COVID-19 pandemic faded away.
About 3 million Californians lost their jobs during the pandemic, thanks largely to Newsom’s orders to shut down businesses. The state’s recovery has been sluggish vis-a-vis those of other states. There are still more than a million California workers without jobs.
California’s mediocre economic recovery has had many effects, one being an immense budget deficit. The Newsom administration’s 2022 projection of a fast recovery and a cornucopia of state revenues turned out to be wildly inaccurate, leading to a wide gap between income and outgo.
…
https://calmatters.org/commentary/2024/08/newsom-california-economy-unemployment-picture/