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It’s Not Surprising At All To See Vendors Having To Give Some Ground To Secure A Sale

A report from the Review Journal in Nevada. “Close to 60 percent of the homes for sale in the Las Vegas Valley have been on the market for more than a month, according to Redfin. Shay Stein, a Redfin real estate agent based in the valley, said overall the market could be described as ‘stagnant,’ adding that there is a disconnect between home sellers and home buyers right now. ‘There are more listings hitting the market, but a lot of them aren’t in good condition or they’re not in a desirable neighborhood, and sellers are pricing unrealistically high,’ she said. ‘A lot of sellers are willing to let their home sit on the market until they get the price they want, and a lot of buyers aren’t willing to pay sky-high prices when mortgage rates are still high.’ Around two-thirds of the homes for sale in the U.S. have been on the market for more than a month, which is a whopping 60 percent increase from June of last year, according to Redfin.”

A press release. “‘In addition to seeing inventory levels rise to heights not seen since before the pandemic, buyers are also seeing sellers cut prices on a much larger share of homes than last year,’ said Realtor.com® Senior Economist Ralph McLaughlin. ‘These are signs that the housing market is healing from an unhealthy state and becoming more balanced.’ While all 50 of the top metros saw share of listings with price cuts increase year-over-year, the metros that saw the most include Denver (32.4%), Austin (31.4%), and Tampa (30.6%).”

CBS News Miami in Florida. “Years after the Surfside collapse, South Florida is in a condo crisis. Upcoming safety deadlines are pressuring condo owners to pay more than they can afford. ‘I am being forced out,’ exclaimed Sue Casey. Casey said she has lived in her Hollywood condo at Carriage Hills for the last 12 years. Casey showed CBS News Miami a letter from May on behalf of the condo association that revealed she has a lien placed on her property, which could be foreclosed on because she has yet to pay more than $20,000 for the special assessment and late fees. She said the proposed payment plan exceeded her fixed income, explaining that she had ‘no wiggle room’ on where to put a roof over her head. Casey added that she’s trying to sell her condo, even though she’s unsure where she will live after she’s out.”

“The special assessment handed down at Carriage Hills pushed Casey to put her retirement home on the market, hoping for a miracle before a potential sale. ‘People out there need help and are probably in worse shape than me,’ Casey said as she began to tear up. ‘So, you know, I can’t be too give me about this, but if there was anything that anybody could do for me, you know, you have my 100% attention.'”

The Union Tribune in California. “San Diego’s home price gains were stopped in their tracks for the first time this year in June. Any slowdown in June is rare because it is typically referred to as the ‘summer buying season.’ Mark Goldman, a real estate analyst with C2 Financial Corp., said there is a strong case to be made that home prices are at their peak or, at least, that the pace of growth will slow. He didn’t think the market would crash, or even that prices would change much, but it was hard to ignore the key indicators. ‘I used to tell my students, ‘The signs are everywhere,’ he said of increased for sale signs. ‘When the market is red hot, properties aren’t available for open houses. Now you are seeing three to four signs when you go to the market on Sunday, when you didn’t see any before. My point is that that starts happening when the inventory starts backing up.'”

The Westside Current in California. “The Weingart Center, a local nonprofit agency that helps the unhoused population find permanent housing, is under scrutiny following its latest social media post. The post, which boasts about relocating a homeless woman and her dog from Florida to Los Angeles, has ignited a fiery backlash among local residents and raised serious questions about the organization’s approach to addressing the city’s homelessness crisis. One commenter questioned, ‘That’s great for Jamie, but why is someone from Florida getting housing before one of the many living on our streets?'”

“The Weingart Foundation has provided conflicting information about the facility’s operations. Promotional materials promised a site not serving as an acute care mental health or substance treatment center, yet the website lists services including substance abuse support and mental health care. This contradiction has left residents like Jacobs alarmed about the potential for on-site drug use. ‘So, people are going to be moved in who have drug problems and allowed to use drugs inside the facility? That’s crazy,’ local resident Bob Jacobs added.”

KRON in California. “Mayor London Breed issued a ‘Journey Home’ executive directive on Thursday vowing to prioritize ‘relocation support’ that will move more people experiencing homelessness, or suffering from drug addiction, out of San Francisco. The directive requires all city departments and staff to offer relocation services before providing any other city services, including housing and shelter. The mayor said, ‘While we will always lead with compassion and we have made significant expansions in housing and shelter, we cannot solve everyone’s individual housing and behavioral health needs. We’ve made significant progress in housing many long-time San Franciscans who became homeless, but we are seeing an increase in people in our data who are coming from elsewhere. Today’s order will ensure that all our city departments are leveraging our relocation programs to address this growing trend.'”

The Boston Globe. “The intersection of Massachusetts Avenue and Melnea Cass Boulevard has been ground zero in the city’s homelessness and opioid crises for years. The city has repeatedly attempted to clean up the area, but the vices these blocks are known for always return. For Tasha Reed, a 37-year-old who grew up in Dedham, the toughest part about living on the streets is the uncertainty. There is random violence, yes, but one of her main concerns is figuring out a way to score drugs to get high. ‘Not knowing what’s going to happen, it’s scary,’ she said. ‘I’ve done a lot of stuff I never thought I would to get high.'”

“‘The drug dealing at Mass. and Cass is still occurring,’ said Steve Fox, chair of the South End Forum, an umbrella group for civic and business organizations throughout the neighborhood. ‘That’s the marketplace.’ Fox pointed to a raft of recent complaints in the South End, ranging from homeless encampments in Southwest Corridor Park, to human feces in a dog park, to a man passed out in an alley off Northampton Street who needed to be revived with Narcan. ‘It’s now moved into the neighborhoods,’ Fox said of the quality of life problems that accompany the drug market. ‘It hasn’t gone away.'”

The New York Post. “A new migrant shelter will open next month at a former college dorm building in the Bronx’s swanky Riverdale section — angering some local residents who fear the ‘neighborhood will be destroyed.’ As furniture was being moved inside the facility on Wednesday local residents fumed over the soon-to-be shelter. ‘I can tell you all the people in my building are pissed off,’ added neighborhood resident Gerri, 71. ‘A lot of people are talking about leaving, but it’s probably mostly talk. I can’t leave so I’m just going to hope for the best.’ ‘The neighborhood will be destroyed, I have to get out,’ said Nicole L., a US resident of 30 years after spending her first 43 in the former Soviet Union. ‘I see a lot of people moving away from New York City. I think it is probably for these reasons.'”

Arlington Now in Virginia. “The demise of an anticipated development project at a busy Columbia Pike intersection has left a social and economic void in South Arlington. It has also left many fingers pointing at an unnamed grocery tenant — which evidence suggests may have been an Amazon Fresh — for its role in the project’s failure. Once home to thriving local businesses, Fillmore Gardens Shopping Center lost almost all its commercial tenants following the approval of a new apartment building back in March 2022. With promises of 247 units of housing, a ground-floor grocery store and valuable community benefits, the project was meant to strengthen an existing hub of activity on the Pike.”‘

“But then came the delays. The crumbling retail bays and loss of commercial vibrancy at the intersection of Columbia Pike and S. Walter Reed Drive remain a sore subject in the neighborhood. Doubts about the future and demands for accountability abound. ‘This has been an absolutely devastating blow to Penrose and our community and our neighborhood culture here,’ Alex Sakes, president of the Penrose Neighborhood Association, told ARLnow. ‘Everybody in this neighborhood… is totally devastated by this, and beyond frustrated.’ Sol Schott, owner of Acme Pie Co., bristles when asked about the mostly vacant strip mall down the street from his business. ‘It’s just ridiculous,’ he said. ‘It’s the small businesses, and the mom-and-pop places that are just trying to make a living, that are getting screwed by their poor planning.'”

The Real Deal on Texas. “A storm’s brewing for Cyclone Investment Group. Two of the multifamily investor’s San Antonio properties, The Grove and Westlake Villas, have been scheduled for August foreclosure sales, according to Bexar County records. The properties include 600 apartments purchased for $70.5 million, or $117,500 per unit, just two years ago. Cyclone had planned on a standard value-add play, according to a fundraising memo circulated to potential investors around the time of the acquisition. The firm felt the previous landlords, a ‘social impact investing firm,’ were keeping rents between $300 and $450 below those at comparable properties.”

“Cyclone planned to spend about $10,000 per unit at the 1980s-vintage apartments, while raising rents by 4 percent each year. After three years, it would sell or refinance at an implied value of $107.7 million, leading to $31 million in net proceeds, the memo concluded. Those plans did not come to fruition. San Antonio’s rents fell 1.3 percent last year and are expected to fall 3 percent this year, according to MRI ApartmentData. A glut of new supply has significantly challenged landlords’ abilities to increase rents. Now, both apartments are scheduled for foreclosure, and Cyclone appears to be facing wider issues. The company’s website is expired, and several representatives did not return requests for comment. Last August, the firm was sued for negligence at apartments it owned in New Jersey, where conditions grew so bad that one building racked up 235 violations and was condemned, forcing tenants to move out with almost no notice.”

The Globe and Mail in Canada. “A Toronto condominium developer that moved in residents before it obtained occupancy permits is facing new calls for accountability over alleged construction deficiencies. Residents of the 11-storey building at 859 The Queensway have reported flooding on the top floors and the ground floors, water spraying through an electrified exit sign, as well as failing mechanical systems such as air conditioning and automated garage doors. None of the allegations have been proven in court, and First Avenue did not respond to requests for comment.”

“The claim filed by Richard K. MacGregor of Miller Thomson, alleges, for instance, that the mechanical penthouse on the building was not waterproofed as was outlined in the architectural drawings: ‘Bare concrete walls have been left exposed, and have cracks due to shrinkage. The cracks now allow water penetration on windy days, and because no waterproofing was installed, constant cleanup and potential water ingress damage has been incurred.’ The condo included the City of Toronto as a defendant in the claims as ‘a result of failures by the City of Toronto to identify building code deficiencies prior to closure of building permits and/or occupancies.'”

“‘The AC broke down multiple times – I lost count after the fifth time – and one time it was down for a whole weekend, which was during a heat wave, obviously with a newborn they are at higher risk,’ said Melanie Lima-Robeiro, whose child isn’t yet a year old. Some of the owners are on a group chat that fills with new issues every week. ‘One gentleman on the 11th floor, he had a crazy flood that ruined his drywall and his washroom,’ she said. ‘A lot of the stuff is similar, it gets you thinking where is this building going to be in five years?’ said Ms. Lima-Robeiro. ‘My husband said, ‘We’re the little man and they are wealthy, so they don’t really care.’ It’s hard to fight against them.'”

The Journal in Ireland. “Families who are waiting to move into a new affordable housing estate in north Dublin are facing major delays in getting the keys to their new homes, with no date in sight for when they will be able to move in. A total of 52 new homes are part of the long-awaited estate at Hayestown in Rush. Part of the government’s affordable housing scheme, it is being jointly delivered by developer Manley Construction and Fingal County Council. Some of the families were told that the houses would be ready in January but, over six months on, they still have no date for when they can move in. ‘It’s been chaotic. We’re just waiting in limbo and paying rent when we could be paying the mortgage,’ would-be resident and communications manager Aisling Shanley told The Journal.”

“They were required to pay a €5,000 deposit to the developer. ‘They said they’d keep us posted but they haven’t kept us posted,’ Shanley said. ‘Before that they were pushing and pushing for mortgage approval [from buyers] and we got them that from our side.’ Kate Byrne, another person who has secured a home in Hayestown, said she feels like they have gotten a ‘raw deal’ over the homes. She called it a ‘madness reflective of the overheated and badly managed’ housing market. She and her three children have been ‘living in each others’ pockets’ while being forced to stay with her own parents as they await the completion of the homes.”

From Sun Live. “CoreLogic’s updated, hedonic Home Value Index (HVI) showed a 0.5% fall in values across New Zealand in July – the fifth monthly fall in a row – taking the total decline from February’s ‘mini peak’ to 2.5%. The median value across all stock nationally now sits at $827,515, with the fall from February’s figure ($848,713) equating to around $21,200. Values remain about 16% below the boom-time peak of $982,918 in January 2022, although they’re still approximately 19% higher than the pre-Covid level.”

“‘In an environment where economic growth is subdued and unemployment rising – with a knock-on sentiment effect even for those that are employed – it’s logical to expect that the housing market would reflect this,’ says CoreLogic NZ chief property economist Kelvin Davidson. ‘In addition, the stock of listings available on the market remains at multi-year highs, giving credit-approved buyers the power when it comes to negotiating a deal and agreeing a price. In that context, it’s not surprising at all to see that transactions are taking longer and vendors are having to give some ground to secure a sale.'”

“The renewed weakness in Auckland’s property market has filtered to all of the key areas, with falls in values across the board in July. Even after the recent up-and-down patterns in Wellington’s market in the past 6-9 months, the bigger picture is still one of the most striking in the country; with values remaining 18-21% lower than the peaks of the post-Covid upswing. ‘No doubt some savvy buyers will be eyeing up opportunities for property bargains around the wider Wellington area, given that values remain significantly below the previous peaks. That said, planned reductions in public service employment remain a compelling reason for caution about the Wellington market in coming months. All parts of NZ are currently looking at elevated levels of listings, putting pricing power in favour buyers.'”

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This Post Has 131 Comments

  1. ‘People out there need help and are probably in worse shape than me,’ Casey said as she began to tear up. ‘So, you know, I can’t be too give me about this, but if there was anything that anybody could do for me, you know, you have my 100% attention’

    Better get some boxes Sue.

    1. I strongly suspect that the Florida legislature will come through for these seniors. I don’t think the lawmakers realized just how many people it would affect, and by how much. My guess is that they will either extend the deadline for making repairs, or revise the rules to apply to buildings that are four floors or higher instead of three floors.

      Hollywood condo at Carriage Hills

      These look like three story condos. Just exempting three stories will exempt an awful lot of older condos, since those can be built without elevators.

  2. ‘The mayor said, ‘While we will always lead with compassion and we have made significant expansions in housing and shelter, we cannot solve everyone’s individual housing and behavioral health needs’

    Sure you can London, just tax all those rich techies. You are criminalizing poverty dammit!

    ‘In a controversial push to get San Francisco’s unhoused population out of town, Mayor London Breed has put out an executive order to buy bus tickets for the homeless population as the city’s shelters are near capacity.’

    https://www.msn.com/en-us/news/us/sf-mayor-london-breed-directs-city-staff-to-offer-homeless-bus-tickets-before-housing/ar-BB1r2X1p

    Bus tickets? Now you are acting like the Texas guvnah!

    1. “The goal is to reunite people with family and support in the communities they came from.”

      LOL. Yeah, right, that’s the goal.

      1. Hey, haven’t you read the story of the Prodigal Son? Surely a fatted calf is waiting to be butchered and joyous celebrations will ensure as wayward homeless junkies are reunited with their loving families and the communities that have pined for them in their absence.

    2. we are seeing an increase in people in our data who are coming from elsewhere. Today’s order will ensure that all our city departments are leveraging our relocation programs to address this growing trend.

      Well, I’m glad that’s straightened out.

    3. Does London not know that the “ticket out of town” strategy is how these homeless got to CA in the first place? We already know what the obvious but unsavory truth is. Either lock these people into rehab shelters until they become productive members of society, which is expensive, or give them all the drugs they want — for free — until, er, they solve their own problem.

      Either strategy is better than the current strategy, which is to make life miserable for everyone else indefinitely.

  3. ‘The Weingart Foundation has provided conflicting information about the facility’s operations. Promotional materials promised a site not serving as an acute care mental health or substance treatment center, yet the website lists services including substance abuse support and mental health care. This contradiction has left residents like Jacobs alarmed about the potential for on-site drug use. ‘So, people are going to be moved in who have drug problems and allowed to use drugs inside the facility? That’s crazy’

    It’s almost like they are trying to destroy yer sh$thole Bob. And using yer taxes to do it.

    1. Rates & Bonds
      US recession scare fuels searing rally in bonds, yield curve flip in view
      By Davide Barbuscia
      August 2, 2024 12:47 PM PDT
      Updated 17 hours ago
      The American flag flies over the U.S. Treasury building in Washington, U.S., January 20, 2023.
      REUTERS/Jim Bourg/

      NEW YORK, Aug 2 (Reuters) – A sharp repricing in U.S. interest rate cut expectations could give more fuel to a searing bond rally triggered by weakening economic data, as investors grapple with the possibility the Federal Reserve may need to loosen its tight grip on the economy much faster than anticipated to avoid a recession.
      Earlier this week investors were assessing whether the U.S. central bank may have been too late in shifting to a less restrictive posture when it held borrowing costs steady at its July rate-setting meeting. That changed to drastically late during the week, as manufacturing data on Thursday and weak employment data on Friday sparked recession fears and a sharp repricing of monetary policy for the rest of this year.

      “The rising unemployment rate says the Fed has fallen behind the curve,” said Tony Farren, managing director at Mischler Financial Group.
      Traders in futures contracts tied to the Fed’s overnight policy rate were betting on about 120 basis points in interest rate cuts for the rest of this year, nearly double what was priced in prior to the Fed’s meeting on Wednesday. Treasury yields, which move inversely to prices, dropped sharply with two-year yields hitting their lowest since March last year and benchmark 10-year yields at their lowest since December.

      The 2/10 yield curve, which has been continuously inverted for more than two years, was at minus 9 basis points – the closest it has been to turning positive since the inversion started. In the last four recessions, that curve had turned positive a few months before the economy started contracting.
      Data on Friday showed the unemployment rate rose to 4.3%, marking an unexpected deterioration in the labor market that had so far shown surprising resilience during the Fed’s aggressive rate-hike campaign. The two-tenths of a percentage point rise in the jobless rate triggered the so-called Sahm rule, a historically accurate early indicator of recession, according to analysts.
      …
      https://www.reuters.com/markets/rates-bonds/us-recession-scare-fuels-searing-rally-bonds-yield-curve-flip-view-2024-08-02/

      1. “In the last four recessions, that curve had turned positive a few months before the economy started contracting.”

        Now they tell us!

    2. US Stocks:
      Correction Territory
      Wall Street’s Year of Calm Snaps
      Markets
      Flight From Stocks Accelerates as Fear Grows Fed Too Slow to Cut

      – Japanese stocks enter correction, leading broad Asia selloff

      – Gold gained more than 3% this week to approach record high

      By Tania Chen and John Cheng
      August 2, 2024 at 12:12 AM PDT

      The flight out of global equities is becoming a stampede as increasing signs of a US economic slowdown spur a pivot toward the haven assets of Treasuries and gold.

      Shares tumbled across Asia Friday, with a broad Japanese gauge posting its worst day since 2016, as they tracked declines globally. Chipmakers joined the US tech selloff, with key producer SK Hynix Inc. tumbling 10%. All in, traders are taking money off the table before a potentially crucial nonfarm payrolls report due at the start of the US session.
      …
      https://www.bloomberg.com/news/articles/2024-08-02/flight-from-stocks-accelerates-as-fear-grows-fed-too-slow-to-cut

      1. Financial Times
        Berkshire Hathaway Inc
        Warren Buffett’s Berkshire Hathaway halves stake in Apple
        Cash holdings hit a record high as billionaire investor dumps $76bn of stocks
        Warren Buffett signalled to shareholders earlier this year that Apple would remain one Berkshire Hathaway’s major holdings
        Eric Platt in New York
        37 minutes ago

        Warren Buffett’s Berkshire Hathaway has slashed its stake in iPhone maker Apple in half as part of a selling spree in which the billionaire investor dumped $76bn of stocks.

        The company cut its position in Apple by more than $50bn to $84.2bn in the second quarter, according to filings published on Saturday.

        The data suggested that Berkshire had sold roughly 390mn Apple shares, or about half of its stake, according to calculations by the Financial Times.

        The stock sales pushed Berkshire’s cash holdings to a record high of $277bn, up $88bn from the previous quarter.

        Late last year Buffett began to pare back Berkshire’s stake in Apple, and quickened the pace of stock sales in early 2024. In May, he signalled to shareholders that he believed Apple would remain one of the conglomerate’s major holdings, listing it among core long-term investments including Coca-Cola and American Express.
        …

        1. ‘In May, he signalled to shareholders that he believed Apple would remain one of the conglomerate’s major holdings’

          Unca warren was a lion.

          1. I doubt he lying. Even at half its original volume, Apple might still be a “major” stake, just less major.

            And anyway, it was coming time to sell some Apple anyway. I guess they’re still raking in profits, but I don’t know of any new products coming that would skyrocket their stock in the short/medium term. So, play it safe and take some profits.

      2. Warning: Warren Buffet is selling stocks. A lot
        Senad Karaahmetovic
        Published 08/03/2024, 09:47 AM

        Warren Buffett’s Berkshire Hathaway was aggressively cutting his exposure to equities in the second quarter, new filings showed.

        The company’s financial statements indicated that a net amount of $75.5 billion worth of stocks were sold in the three months through June.

        Buffett was seen selling nearly half of its stake in Apple during the second quarter, a move which contributed to an increase in Berkshire’s cash reserves to $276.94 billion.

        His Berkshire reported operating earnings for the second quarter of $11.6 billion.

        The recent sales include Berkshire’s systematic reduction of its investment in Bank of America, previously the firm’s second-largest stock holding after Apple. Berkshire cut its stake in the bank to 12.15%, which was valued at over $35 billion as of the market close on Friday.

        This sell-off occurred after Bank of America shares experienced a 75% surge from a low in late October up to the point when Berkshire initiated the sale in July.

        At Berkshire’s annual meeting in May, Buffett highlighted the difficulty in deploying the company’s cash, emphasizing a preference for investments with minimal risk and high return potential.

        Berkshire’s quarterly filing also revealed that after cutting its Apple investment by 13% in the first quarter, the company proceeded to sell about 49% of its remaining Apple stock in the second quarter.

        The news that Buffett sold $75.5 billion worth of shares in Q2 comes at a delicate time for the U.S. stock market, which experienced a massive selloff on Friday after a softer-than-expected jobs report.
        …
        https://www.investing.com/news/stock-market-news/warning-warren-buffet-is-selling-stocks-a-lot-3553497

      1. A viral chart suggests a recession is coming after the Fed cuts interest rates — but don’t panic yet
        The Fed is gearing up to cut rates soon, and that’s making some people nervous
        By Gordon Gottsegen
        Published: Aug. 3, 2024 at 7:02 a.m. ET
        A recession is a sustained decline in economic activity.
        Photo: MarketWatch photo illustration/iStockphoto
        Referenced Symbols

        DJIA -1.51%
        SPX -1.84%
        COMP -2.43%

        During the Federal Reserve policy meeting on Wednesday, Chair Jerome Powell signaled that an interest rate cut was “on the table” for September. This would mark the first rate cut since the Fed began hiking rates in 2022 to combat inflation and it has left them at elevated levels for the past year.

        The U.S. stock market rallied on the news with the Dow (DJIA.-1.51%)
        closing up 0.2% on Wednesday. The S&P 500 (SPX -1.84%) closed up 1.6% that day, and the Nasdaq (COMP -2.43%) was up 2.6%. Meanwhile, consumers breathed a sigh of relief knowing that credit card rates, auto loan rates and mortgage rates could be going down soon.
        …
        https://www.marketwatch.com/story/a-viral-chart-suggests-a-recession-is-coming-after-the-fed-cuts-interest-rates-but-dont-panic-yet-52bd9794

    5. Markets
      2 recession indicators with perfect track records show the US just entered a downturn — opening the door for stocks to plummet as the Fed gets set to cut rates
      William Edwards
      Aug 3, 2024, 1:31 AM PDT
      paris stock exchange traders
      REUTERS

      – The US economy may have entered a recession as the unemployment rate rose to 4.3% in July.

      – The recent rise in unemployment triggered the Sahm Rule, a recession indicator.

      – Investors are worrying amid the downbeat data. The S&P 500 fell 1.8% on Friday.

      The US economy may have just entered a recession.

      According to data from the Bureau of Labor Statistics released Friday, the unemployment rate rose to 4.3% in July, up from 4.1% in June and from recent lows of 3.4% in April 2023.

      The increase officially triggered the Sahm Rule — a recession indicator developed by former Fed economist Claudia Sahm — which says that the US economy is in a downturn when the three-month moving average of the unemployment rate rises by 0.5% from its 12-month low.

      The gauge has a perfect track record through at least the last nine recessions.

      Despite the Sahm Rule’s impressive history, it is sometimes criticized because it fails to account for rising labor participation, which can raise the unemployment rate. Labor participation is indeed rising right now.

      However, one job market indicator that isn’t influenced by participation rates — year-over-year growth in unemployed persons — also suggests that the US economy is in recessionary territory. The number of unemployed people has now grown by 14.5% year-over-year. Over at least the last 11 instances that this has happened, the economy has been in recession.
      unemployed persons year-over-year growth

      It’s important to keep in mind that just because these indicators have done a good job sounding the alarm about a downturn in the past doesn’t mean that this time will be the same.
      …
      https://www.businessinsider.com/stock-market-crash-recession-indicators-jobs-report-unemploymnet-rate-sp500-2024-8

    6. Finance·investing
      Bill Gross says don’t buy the dip as stocks crash while Warren Buffett’s moves hint at ‘sell signal’
      BY Jason Ma
      August 3, 2024 at 12:03 PM PDT
      Bill Gross, co-founder of Pacific Investment Management Co.
      Patrick T. Fallon—Bloomberg via Getty Images

      “Bond King” Bill Gross offered a bearish view of the stock market, just as the “Oracle of Omaha” Warren Buffett also signaled less optimism.
      …
      https://fortune.com/2024/08/03/stock-market-crash-bill-gross-dont-buy-the-dip-warren-buffett-berkshire-hathaway-sell-signal/

    7. Nvidia Has Plunged 26% in 6 Weeks — but History Suggests an 80% Drop May Be in Order
      By Sean Williams – Aug 2, 2024 at 4:51AM

      Key Points

      – At its peak, artificial intelligence (AI) titan Nvidia added more than $3 trillion in market cap.

      – Investors have, without fail, overestimated the adoption and utility of every perceived-to-be game-changing technology or trend for three decades.
      …
      https://www.fool.com/investing/2024/08/02/nvidia-has-plunged-26-in-6-weeks-history-80-drop/

  5. ‘Cyclone planned to spend about $10,000 per unit at the 1980s-vintage apartments, while raising rents by 4 percent each year. After three years, it would sell or refinance at an implied value of $107.7 million, leading to $31 million in net proceeds, the memo concluded. Those plans did not come to fruition. San Antonio’s rents fell 1.3 percent last year and are expected to fall 3 percent this year, according to MRI ApartmentData. A glut of new supply has significantly challenged landlords’ abilities to increase rents. Now, both apartments are scheduled for foreclosure’

    I sounded off the first time I read apartment loans were being given based on proformas that used rent increases forevah. That was bat sh$t crazy enough, but the low rates at the time guaranteed too may airboxes would be built. Then Jerry broke it off in yer a$$. I love a prefect storm in the mornin!

    1. I sounded off the first time I read apartment loans were being given based on proformas that used rent increases forevah.
      Did plenty of Proformas in my career. “Yes boss and what number would you like the Net income to be.”

      1. Lenders were making giant loans to novice run syndicates based on made up numbers. And they are walking away every day. Sound lending!

    2. Here’s your problem: After three years, it would sell or refinance

      The value-add apts do one of three things:

      1. Rent out at a self-sustaining rent increase, enough to pay carrying costs and pay back rental-backed bonds.
      2. Wait for appreciation and sell, pocketing the equity.
      3. If the property doesn’t appreciate quickly enough to make a sale worthwhile, refinance at the same rate and keep the rent going until there is sufficient appreciation to sell.

      Well, oops:

      1. Rents are stable, or even going down. Without a rent increase, the property can’t pay its rental-backed bonds.
      2. They bought in mid-2022, market peak, so there is no appreciation, in fact appreciation is negative. So they can’t sell.
      3. Interest rates have skyrocketed in the past two years, so they can’t afford the new payments on a refinance.

      They’re screwed.

  6. The 2020 election was stolen.

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

    1. Since Butler, I’ve started to read a lot of Twitter/X, and already I can feel it starting to damage me. The DNC campaign is bombarding everything. However, the identity onslaught appears to have peaked, and now it’s time to go to issues and GOTV efforts.

      The newest flap is that T challenged K to a debate on Fox on September 4. She refused, and basically states that she’s entitled to take Joe’s old spot on September 10 on ABC, a DNC-friendly network. They are now both calling each other cowards. 🍿🍿

      Of course, T has survived dozens of debates against a dozen opponents. He’s also survived hostile interviews in hostile venues, not to mention hostile world leaders. K was in one debate and she was destroyed by another woman. I think T should show up on the 4th, AND show up on the 10th, and hell, just show up at K’s rallies every week for a quickie until the election. Even if she gets the questions in advance and friendly formats, she can’t sustain multiple debates.

      2. on ABC, a DNC-friendly network

        After how he was treated by an ABC activist at the NABJ conference, I don’t blame him for ditching them. And that’s before you consider his defamation suit against ABC and Clinton-hack Stephanopoulos.

  7. If you thought Iraq and Afghanistan were expensive, wait until you see how much the new war in Iran is gonna cost.

    Jerusalem Post — US Senator Graham calls for military force against Iran over Hezbollah threats (8/1/2024):

    “Any escalation by Hezbollah against Israel that leads to a major confrontation should be viewed as an attack carried out and executed by Iran, according to a resolution South Carolina Republican Senator Lindsey Graham introduced on Wednesday.

    According to the resolution, the Senate “asserts that efforts to deter Hezbollah and the Islamic Republic of Iran are most credible when the President keeps all options on the table, including military force.”

    https://m.jpost.com/middle-east/iran-news/article-812801

    White, Christian, American males, it’s time to go die for Israel.

    Be a good little Shabbos Goyim and go die for Israel.

    1. Christians, you are nothing more than cannon fodder, and now it’s time for you to die ☠️

      Antiwar — Biden Tells Netanyahu The US Will Defend Israel, Pledges New Military Deployments (8/1/2024):

      “The President reaffirmed his commitment to Israel’s security against all threats from Iran, including its proxy terrorist groups Hamas, Hezbollah, and the Houthis,” the White House said in a readout of the Biden-Netanyahu call.

      Biden also said the US was deploying more military assets to the region. “The President discussed efforts to support Israel’s defense against threats, including against ballistic missiles and drones, to include new defensive US military deployments,” the readout said. The White House said Vice President Kamala Harris was also on the call.”

      https://news.antiwar.com/2024/08/01/biden-tells-netanyahu-the-us-will-defend-israel-pledges-new-military-deployments/

        1. The way enlistments are down they might have to send some black lesbians to “secure the realm”.

          1. Oh the irony: the blue-haired future cat ladies who voted for Biden cuz “muh body, muh choice” get drafted to fight the next neocon war.

  8. ‘When the market is red hot, properties aren’t available for open houses. Now you are seeing three to four signs when you go to the market on Sunday, when you didn’t see any before. My point is that that starts happening when the inventory starts backing up.’

    I wonder if the professor can explain why people buy houses when prices and rents are falling. Wouldn’t it make sense to stand by and stand back?

    1. The new fee arrangement for buyers’ agents starts August 17th. I wonder how many buyers have or are willing to pay that expected 3% in cash.

  9. ‘So, you know, I can’t be too give me about this, but if there was anything that anybody could do for me, you know, you have my 100% attention.’”

    Charity begins at home, Casey. Taxpayers should be under no obligation to help FBs who find themselves in similar straits thanks to deferred maintenance and other extend-and-pretend dodges.

  10. “A new migrant shelter will open next month at a former college dorm building in the Bronx’s swanky Riverdale section — angering some local residents who fear the ‘neighborhood will be destroyed.’

    How’s that vote for the Party of Soros working out for ya, local residents?

  11. “Cyclone planned to spend about $10,000 per unit at the 1980s-vintage apartments, while raising rents by 4 percent each year. After three years, it would sell or refinance at an implied value of $107.7 million, leading to $31 million in net proceeds, the memo concluded. Those plans did not come to fruition.

    I love the smell of burning private equity locusts and CRE speculator scum in the morning. It smells like…victory.

  12. Todays sad news.

    As you know, Steven’s voice is an instrument like no other. He has spent months tirelessly working on getting his voice to where it was before his injury,” the band said Friday. “We’ve seen him struggling despite having the best medical team by his side. Sadly, it is clear, that a full recovery from his vocal injury is not possible. We have made a heartbreaking and difficult, but necessary, decision — as a band of brothers — to retire from the touring stage.”

    https://www.yahoo.com/entertainment/aerosmith-retires-road-heartbreaking-difficult-215656737.html

    2. Nobody wants to listen to anything Aerosmith recorded while sober.

      When the band got clean, they should have broken up, established their legacy and left it there, instead of continuing to release all the power ballad dreck of the 80’s and 90’s that nobody, NOBODY, ever wanted.

      1. I have the same opinion of Queen. They should have stopped when they lost Freddie. But Brian and Roger seem to like hawking the same 50-year-old songs with interchangeable lead singers.

        Bassist John Deacon had the right idea. He was so devastated after Freddie that he only played bass twice more — once at the Memorial concert, and again in studio when they were recording instrumentation for some posthumous Freddie vocals. Then John went recluse and I can’t say I blame him.

    3. They’ve tried several times to arrange a farewell tour, but time and health has caught up with them. Time to just sit back and collect the royalties.

  14. The Fed has been forced to acknowledge the obvious: its relentless expansion of the money supply is causing the smart money to ditch their debauched, soon to be worthless Yellen and Powell bux for physical precious metals. The crypto bros and the private equity border collies that are leading these lambs to the slaughter have touted crypto as a safe haven to a dollar collapse, but as overleveraged crypto baggies stampede for the exits, precious metals look set to reclaim their traditional, 5,000-year role as safe havens from government economic mismanagement and currency debasement.

    https://www.forbes.com/sites/digital-assets/2024/06/03/sudden-us-dollar-collapse-fear-predicted-to-trigger-a-157-trillion-etf-bitcoin-price-gold-flip-as-countries-go-dual-currency/

  15. A reader sent these in:

    If the Fed re-launches MBS purchasing programs that will be the ‘end’ of any sort of American homeownership dream for 95% of the population. The industry will support them in doing this by the way. You will have 2,200 sqft homes in Sioux Falls costing $850,000… call it ‘project Canada’. Canada has zero solutions from politicians on solving their ‘affordability’ crisis… the ‘shortage crisis’ continues to be the biggest industry lie in 2 decades just as ‘subprime was contained.’

    https://x.com/DonMiami3/status/1710698835859653004

    The culprit. 👇🏼

    https://x.com/MauiBoyMacro/status/1819032895987880195

    🌞💰Once worth $10 billion, SunPower Corporation near-bankrupt Bay Area tech company threatens 290 layoffs

    https://x.com/dailyjobcuts/status/1819198027971645646

    Miami

    https://x.com/SallyMayweather/status/1818597653422264781

    Spain’s Valencia region, one of Europe’s most popular beach destinations, is cracking down on short-term vacation rentals as officials nationwide grapple with growing anger over mass tourism

    https://x.com/CityLab/status/1819205744249495951

    12-month inventory shift:

    U.S. —> +37%

    Florida —> +70%

    https://x.com/ResidentialClub/status/1819197907892871471

    50% of Canadians are concerned about paying their mortgage or rent.

    62% are cutting spending to make ends meet.

    49% are worried about losing their job.

    Official gov’t numbers are fake, things are way worse in the real world.

    Watch Andrew Bell get red pilled (again).

    https://x.com/igetredpilled/status/1819162322474357167

    If you think AirBnB is doing bad, imagine millions of Applebee’s waitresses turned housing gurus

    https://x.com/VladTheInflator/status/1819166506770747638

    An analysis found nearly 11k short term rentals in Houston. Those properties drew more than 60k emergency calls in 1 year. 🤯“The # of @HoustonPolice calls & resources is astounding on these properties – way too many,” said Council Member @salliealcorn
    .
    https://x.com/jjsheedy/status/1819145068038726007

    The Greenbrier Hotel, a large resort in West Virginia, has been announced for auction because of default

    https://x.com/MacroEdgeRes/status/1819544466652647919

    1 in 4 sellers cut home prices as inventory grows, per Zillow

    https://x.com/unusual_whales/status/1819357986084794716

    AheMN:

    https://x.com/MrAwsumb/status/1819557273993154891

    The unemployment rate of 4.3% was boosted 0.2% by people on temporary layoff which increased by 249,000. This is mostly due to Hurricane Beryl, so expect the unemp rate to slide back to ~4.1% next month.

    https://x.com/zerohedge/status/1819360118565216736

    The bad news is properties are unaffordable because greedy speculators drove up the prices for years.

    The good news is a very large number of them learned that it didn’t pay off and won’t be doing it again anytime soon.

    https://x.com/JonFlynnREstats/status/1819426468809601426

    “Annihilated in Ajax”

    📍 Ajax, ON 🇨🇦

    $355k Loss on an Ajax Townhome.

    In 2022, ON THE DAY THIS TOWNHOME WAS LISTED, aggressive buyers bid a whopping $380k over asking.

    For whatever reason the owners decided to sell, finally capitulating in May selling for a heartbreaking $355k loss. 💔💸

    https://x.com/ShaziGoalie/status/1819407822385566100

    How’s the outbidding families for homes business working out

    https://x.com/VladTheInflator/status/1819556942161031366

    2. For whatever reason the owners decided to sell, finally capitulating in May selling for a heartbreaking $355k loss.

      Heartbreaking? Au contraire. FBs who massively overpaid for shacks priced out the prudent and responsible – seeing FOMO idiots and greedy speculators meet their financial Waterloo is the furthest thing from “heartbreaking” – it’s rather exhilarating to see sanity start to reimpose itself on the central bankers’ asset bubbles & Ponzi markets.

    3. An analysis found nearly 11k short term rentals in Houston. Those properties drew more than 60k emergency calls in 1 year.

      What else would those STR’s be used for, besides wild parties? Does anyone actually go on vacation to Houston, other than to visit family?

      1. ‘Does anyone actually go on vacation to Houston’

        A good point and nobody does because it’s a dreadful place. What it does have is a bunch of hoodlums.

        1. Totally correct, Ben. The hoodlum problem is thanks to FedGov under Bush the Shrub. Hurricane Katrina in 2006, they sent all the NoLa scum to Houston. Cleaned-up up NoLa a bit, but destroyed Houston. Thank you FEMA.
          –Geezer

      2. Filming rap videos, random “influencer” trash, about what you should expect when the products of low investment parenting are given sail fones.

    4. A couple years ago looked into taking a road trip to the Greenbriar, but not at $500/night!! With taxes and fees, a three-night stay would have cost an ounce of gold. No wonder it’s foreclosing.

    5. SunPower Corporation near-bankrupt Bay Area tech company

      How are solar panels tech?! Do they come with an app?!

  16. “CoreLogic’s updated, hedonic Home Value Index (HVI) showed a 0.5% fall in values across New Zealand in July – the fifth monthly fall in a row – taking the total decline from February’s ‘mini peak’ to 2.5%.

    As New Zealand’s “died suddenly” toll continues to mount while its scamdemic-era housing bubble is bursting, former PM Jacinda Ardern, self-proclaimed “single source of truth,” has been conspicuously silent since buggering off to ‘Murica.

    https://www.youtube.com/watch?v=ENEUktOrQV8

    1. She followed her WEF orders and is now enjoying her reward. Probably not as satisfying as being PM. Those people crave power over others.

      1. Goldman Sachs errand boy Barrack Obama increased his net worth by $70 million by toadying for Wall Street during his “public service.” How’d that “hope ‘n change” work out for the Millennial dupes who voted for him en masse?

          1. The Establishment GOP are the controlled opposition. The people who work hard, play by the rules, and pay the bills will have no voice in the system until the last of the RINO and neocon sell-outs have been bilged from the Republican Party and replaced with senators and congressmen who will represent their constituents instead of The Cabal.

          2. “who will represent their constituents instead of The Cabal”

            There is one, and his name is Thomas Massie.

  17. Casey said she has lived in her Hollywood condo at Carriage Hills for the last 12 years. Casey showed CBS News Miami a letter from May on behalf of the condo association that revealed she has a lien placed on her property, which could be foreclosed on because she has yet to pay more than $20,000 for the special assessment and late fees.
    Ignoring the late fee component and assuming all $20K is the special assessment the monthly increase, if it had been done over the prior 12 years would be less than $140 a month. One of the dangers of kicking the can down the road.

    1. Citizen! Per The Narrative, Casey is a victim. Pointing out her personal culpability in failing to plan for a rainy day or address the deferred maintenance issue detracts from her status as “helpless victim of circumstances.” Your social credit score will be downgraded automatically using a new AI review process.

  18. Old conventional wisdom: bitter renters are throwing away their money.
    New conventional wisdom: As Housing Bubble 2.0 bursts, renters who had the means to buy, but chose not to, are being recognized as savvy geniuses who will be ideally positioned to swoop in and snap up shacks at firesale prices as trillions in fictitious Yellen Bux “value” grows money wings and flies off to whatever afterlife awaits debauched fiat currencies.

    https://www.cnbc.com/2024/08/03/ramit-sethi-youre-not-throwing-away-money-on-rent.html

  20. Angela Carini, the female Italian Olympics boxer who was pummeled by a dude pretending to be a woman, has apologized for her post fight behavior. I wonder what sort of threats she received from Clown World?

    You’ve come a long way, baby!

      1. The Cabal’s plan to install our next “selected, not elected” president is coming into focus. First, the DNC was ordered to bilge the fraudulently installed senile pedo by threatening 25th Amendment proceedings – an open and shut case – if Biden didn’t shuffle off quietly. Once Kamala was the anointed front runner, notwithstanding her unpopularity, suddenly the globalist scum media released polls showing her popularity with the electorate had suddenly, inexplicably soared. Next, she picks a Tribe VP. Once Steal 2.0 is executed, Kamala is sworn is as president. At that point, The Cabal informs its DNC and Deep State henchmen that she needs to step aside for “family reasons” or some such thing, elevating Shapiro to the status of our next “selected, not elected” president and cardboard cutout for our real, unelected rulers. Remember, you heard it here first.

        1. The Cabal should have come up with a better top-of-ticket. I’ve just watched some pollster videos and they all say that the VP pick isn’t nearly the boost everyone thinks it is.

          It’s all going to come down to PA, which is a powder keg. T wants to debate in PA, and he wants to go back to Butler to finish what he started, which is only going to get even more votes. I’m just hoping that RNC concentrates their GOTV/counting efforts there.

      3. Shapiro is now having to answer for some pro-Israel paper/thesis he wrote years ago. He can’t disavow it or he’ll lose the A I pack vote. He can’t confirm it or they’ll lose Michigan. The chatter made a big deal that Shapiro canceled some fund-raising events this weekend, but that doesn’t mean he’s the pick. It could just be the interview. Evidently some video was leaked the indicated he was the pick, but that could have been a deliberate trial balloon.

        Let’s see what Obama decides on this weekend. I’m still convinced that Obama offered his endorsement in exchange for choosing the VP. It’s possible they will just take the safe route and junk him for Kelly, who has his own issues. The other picks are Beshear in KY, but he’s an unknown who won’t even bring in his own state. And then there’s Mayor Pete, who will maybe deliver the town of South Bend, assuming no planes fall on the place.

        1. Shapiro’s IDF service might play well with the globalist oligarchs who provide 99% of the funding for the Democrat Party, but it’s going to be problematic with the unhinged pro-Palestinian radical-left wing of the party that is trying to wrest greater control of Democrat patronage and graft rackets from the crony capitalist Old Guard epitomized by corrupt insider trader extraordinaire Nancy Pelosi and AIPAC stooge Chuck Schumer.

          https://www.timesofisrael.com/shapiro-seeks-to-downplay-his-time-as-idf-volunteer-after-college-op-ed-resurfaces/

    1. Under “environmental factors” is the fine print: Fire risk is “extreme.” Which means insurance costs on a $1.6M house will be astronomical. Good luck unloading that alligator, FBs!

      1. Check out the place on the map. This property looks to be very difficult to evacuate. It’s on a dead-end road with several switchbacks just to get to a main road, all surrounded by conifers. Only one way in and out. I wouldn’t want to be there even in good weather.

  24. “Go Time” in the UK? LOLZ

    BRITAIN BURNING: Riots and Protests in 35 Towns and Cities as PM Keir Starmer Announces Police Crackdown (8/3/2024):

    “The UK is sliding into chaos in the wake of the July 29 stabbing of three innocent young girls in Southport as Brits protest in 35 towns and cities across the Kingdom, as new Prime Minister Keir Starmer (Labour) called the protestors “thugs” that were “clearly driven by far-right hatred”

    https://www.thegatewaypundit.com/2024/08/britain-burning-riots-protests-35-towns-cities-as/

    Numerous video clips on link.

    1. The UK is sliding into chaos in the wake of the July 29 stabbing of three innocent young girls in Southport

      More than 3 were stabbed, the others survived.

      The new narrative is that being infuriated about this makes one a nahtsee.

      1. The white working class in the UK has been sh*t on by the elites since time immemorial. This has been building up for a long time.

  25. ‘said overall the market could be described as ‘stagnant,’ adding that there is a disconnect between home sellers and home buyers right now. ‘There are more listings hitting the market, but a lot of them aren’t in good condition or they’re not in a desirable neighborhood, and sellers are pricing unrealistically high’

    A good tactic to talk sellers outta that tree Shay. Heap shame on their shacks and attitudes!

  26. ‘We’ve made significant progress in housing many long-time San Franciscans who became homeless, but we are seeing an increase in people in our data who are coming from elsewhere’

    San Francisco first London.

  27. Would you pay $8400 a month on a mortgage if you could rent a comparable property for around $4000?

    There is no possibility I would do so…none, nada, nyet.

      1. Price history
        Today
        Aug 1, 2024
        2 days on Realtor.com
        Listed
        SanDiegoMLS
        $1,299,000
        +48%
        $714/sqft

        Jul 31, 2018
        132 days after listed
        Sold
        SanDiegoMLS
        $681,000
        +3%
        $410/sqft

        Jun 29, 2018
        Listed
        SanDiegoMLS
        $659,000
        +21%
        $397/sqft

        Dec 12, 2005
        Sold
        Public Record
        $521,000
        $314/sqft

        Mar 5, 1987
        Sold
        Public Record
        $143,500
        $86/sqft

        Aug 17, 1984
        Sold
        Public Record
        $119,000

        1. Don’t trust relitter maths. The list price of $1,299,000 is actually 90.7% higher than the 2018 sale price of $681,000. I wonder how the place almost doubled in value over 6 years? Must be somehow due to the pandemic.

        2. Never trust a house where the main photograph is not of the front elevation. For this listing, the main photo is an obviously Millenial Gray renovated kitchen, which is a yellow flag.

          Oh, wait, it’s one half of a duplex??!? I’d rather go Oil City.

          1. “Oh, wait, it’s one half of a duplex??!?”

            We raised our kids in a similar model home nearby. To add insult to injury, the original model was a three bedroom with large master bedroom. Put it a wall right in the middle of it and…presto / chango…four bedroom!

  28. ‘The drug dealing at Mass. and Cass is still occurring…That’s the marketplace.’ Fox pointed to a raft of recent complaints in the South End, ranging from homeless encampments in Southwest Corridor Park, to human feces in a dog park, to a man passed out in an alley off Northampton Street who needed to be revived with Narcan. ‘It’s now moved into the neighborhoods,’ Fox said of the quality of life problems ‘

    Gosh Steve, I hope no one overpaid prior to such an environment!

    1. Perhaps they do, but for now there Free Sh!t Army is real and is paying out. When that goes kaput they will reevaluate.

  30. ‘Once home to thriving local businesses, Fillmore Gardens Shopping Center lost almost all its commercial tenants following the approval of a new apartment building back in March 2022. With promises of 247 units of housing, a ground-floor grocery store and valuable community benefits, the project was meant to strengthen an existing hub of activity on the Pike…But then came the delays…‘This has been an absolutely devastating blow to Penrose and our community and our neighborhood culture here…Everybody in this neighborhood… is totally devastated by this, and beyond frustrated…It’s just ridiculous,’ he said. ‘It’s the small businesses, and the mom-and-pop places that are just trying to make a living, that are getting screwed by their poor planning’

    Central planning!

  31. ‘Bare concrete walls have been left exposed, and have cracks due to shrinkage. The cracks now allow water penetration on windy days, and because no waterproofing was installed, constant cleanup and potential water ingress damage has been incurred’

    It’s still cheaper than renting.

    ‘The condo included the City of Toronto as a defendant in the claims as ‘a result of failures by the City of Toronto to identify building code deficiencies prior to closure of building permits and/or occupancies’

    It’s probably just a one time thing.

    1. ‘Over the past 18 months, there has been considerable land movement putting the utilities serving the area and your property at risk,’ the letter said. ‘SCE will continue to serve your community as long as it is safe to do so.’

      ‘It’s like a domino effect,’ Portuguese Bend resident, Mike Hong, 65, told The Los Angeles Times. ‘This could be devastating for us, financially and emotionally.’

      Hong is worried it won’t just be electric next, but potentially water and he doesn’t know how his family would survive without it.

      ‘When the water goes out then it’s game over,’ he said.

  34. ‘The AC broke down multiple times – I lost count after the fifth time – and one time it was down for a whole weekend, which was during a heat wave, obviously with a newborn they are at higher risk,’ said Melanie Lima-Robeiro, whose child isn’t yet a year old. Some of the owners are on a group chat that fills with new issues every week. ‘One gentleman on the 11th floor, he had a crazy flood that ruined his drywall and his washroom,’ she said. ‘A lot of the stuff is similar, it gets you thinking where is this building going to be in five years?’ said Ms. Lima-Robeiro. ‘My husband said, ‘We’re the little man and they are wealthy, so they don’t really care.’ It’s hard to fight against them’

    Yer husband is right Melanie, just roll over like a dog. And it is still way cheaper than renting!

  36. ‘It’s been chaotic. We’re just waiting in limbo and paying rent when we could be paying the mortgage’…They were required to pay a €5,000 deposit to the developer…‘They said they’d keep us posted but they haven’t kept us posted…Before that they were pushing and pushing for mortgage approval [from buyers] and we got them that from our side’…said she feels like they have gotten a ‘raw deal’ over the homes. She called it a ‘madness reflective of the overheated and badly managed’ housing market. She and her three children have been ‘living in each others’ pockets’ while being forced to stay with her own parents as they await the completion of the homes’

    Aisling, Kate, I can see yer a little down right now. But make no mistake, you are the winnahs! here.

  37. ‘In addition, the stock of listings available on the market remains at multi-year highs, giving credit-approved buyers the power when it comes to negotiating a deal and agreeing a price. In that context, it’s not surprising at all to see that transactions are taking longer and vendors are having to give some ground to secure a sale’

    It’s a serprise to the people who act on corelogic forecasts Kelvin.

  38. Back in January, the REIC shills at the local Colorado Springs fishwrap were assuring the gullible and stupid that we would see a Spring Miracle Revival. Instead we’ve seen inventory crack 4,000, with 1100 of those “price reduced” (and still sitting unsold). Now June and July have come and gone, and foot traffic has all but dried up at local open houses. By the Fall, I suspect event the most sanguine of the FBs are going to be realizing they bought into a bursting housing bubble.

    https://gazette.com/business/colorado-springs-housing-market-slogs-through-tough-2023-optimism-grows-for-2024-rebound/article_181ca0b4-aa77-11ee-b07d-4b20c71ff1e2.html

  42. Is California deliberately driving away leading corporations and many of its wealthiest citizens, or is the Calexit accidental?

    1. Business
      Chevron is moving its headquarters from California to Texas
      By Carlos Castañeda
      Updated on: August 2, 2024 / 6:29 PM PDT / CBS San Francisco

      Chevron Corporation announced Friday it would relocate its headquarters from San Ramon to Houston, Texas before the end of the year.

      The oil giant has often been at odds with California state regulators and politicians over fossil fuels and climate change. Last year, the state sued U.S. oil companies including Chevron, the nation’s second-largest, claiming they deceived the public about the risks of fossil fuels.

      Chevron CEO Mike Wirth said the company differs from California on energy policy and regulation, leading it to depart from its California home of more than 140 years

      “We believe California has a number of policies that raise costs, that hurt consumers, that discourage investment and ultimately we think that’s not good for the economy in California and for consumers,” Wirth told the Wall Street Journal.

      Chevron has operated its headquarters from San Ramon, about 34 miles east of San Francisco in Contra Costa County, since 2002. It moved to the East Bay from its previous headquarters in San Francisco, where it had been located since 1879 with the incorporation of the Pacific Coast Oil Company.

      Chevron will now be headquartered in Houston, where it already has several thousand employees. In 2022, Chevron sold its sprawling San Ramon campus and began moving workers to its Houston offices, saying at the time it would keep its headquarters in California.

      The company issued a statement today saying the headquarters relocation would be completed before the end of 2024, “to co-locate with other senior leaders and enable better collaboration and engagement with executives, employees, and business partners.”

      “There will be minimal immediate relocation impacts to other employees currently based in San Ramon,” said Chevron in a statement published on its website. “The company expects all corporate functions to migrate to Houston over the next five years. Positions in support of the company’s California operations will remain in San Ramon.”

      Relocation follows Elon Musk announcement

      The move follows other companies that have recently relocated their operations from California to Texas or announced plans for a move. Last month, Elon Musk announced he would move the headquarters of both his social media company X and space telecommunications firm SpaceX to Texas in response to a new California law banning school districts from requiring parents to be notified if their child asks to change their gender identification. Musk had previously moved his Tesla headquarters from Palo Alto, California to Austin, Texas in 2021.

      Other companies that moved to Texas from California in recent years include Oracle, Hewlett Packard Enterprise, Charles Schwab, and Toyota Motor North America, which moved from Torrance to Plano, Texas, near Dallas. A report earlier this year from the Federal Reserve Bank of Dallas says Texas is ranked No. 1 for net job gains from businesses relocating to the state from 2010 to 2019, with most of those jobs coming from California. More than 25,000 businesses and 281,000 jobs came to Texas, compared to some 18,000 businesses and 179,000 jobs that left the state, according to the report.

      Texas Gov. Greg Abbott hailed Chevron’s decision to relocate in a social media post.

      “WELCOME HOME Chevron! Texas is your true home. Drill baby drill,” Abbott said.

      Houston Mayor John Whitmire’s office said on X that the move is “Great for Houston!”

      A move “foreshadowed” by Chevron

      A spokesperson for California Gov. Gavin Newsom’s office told CBS News that Chevron’s headquarters relocation was expected.

      “This announcement is the logical culmination of a long process that has repeatedly been foreshadowed by Chevron,” the spokesperson said. “We’re proud of California’s place as the leading creator of clean energy jobs — a critical part of our diverse, innovative, and vibrant economy.”
      …
      https://www.cbsnews.com/sanfrancisco/news/chevron-moving-its-headquarters-from-california-to-texas/

    2. More people moving out of California than any other state
      An aerial view of homes in a housing development on September 08, 2023 in Santa Clarita, California.
      (Getty Images) (Getty images )
      by: Jonathan Williams
      Posted: May 30, 2024 / 04:49 PM PDT
      Updated: May 30, 2024 / 04:49 PM PDT

      According to a survey by ConsumerAffairs, California ranks as the No. 1 state people are moving from, ahead of New York, New Jersey and Illinois.

      The report revealed California saw roughly 17,000 people move out of the state, while only just over 7,000 people moved in, making it the leading state in outbound migration. In comparison, New York, which is second on the list, experienced significantly fewer moves.

      Fleeing California: Moving company says exodus continued in 2023

      The ConsumerAffairs team analyzed data from over 143,000 users from January 2023 to March 2024, indicating North Carolina saw the largest increase in movers.

      The states with the most significant inbound migration numbers were primarily located in the Southern U.S., with South Carolina, Florida, Tennessee and Texas seeing notable increases.

      More Californians are searching for out-of-state homes, Redfin study says

      “I’d say if you’re optimizing for kombucha consumed per hour a day, go to LA,” Michael Basch, the founder and general partner at Oklahoma-based Atento Capital, told ConsumerAffairs. “I think if you want to start a family, if you want quality of life, if you want a nice community or if you want to make a difference, those are all things I think we win over those markets.”
      …
      https://ktla.com/news/local-news/more-people-moving-out-of-california-than-any-other-state/

      1. I vaguely remember in elementary school a fossil digging field trip at a SoCal Chevron property. Does that ring a bell for anyone who grew up here?

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