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We’re Seeing People Who Are Living Off Packets Of Two-Minute Noodles For Their Family To Get By

A report from KOB 4. “Kelsey Norris and her family have been in their Albuquerque home for five years, and she’s grateful they were able to purchase it before the pandemic hit in 2020. They’ve started to think about upgrading, but the market hasn’t looked great. ‘Honestly, the house that we’re in is a little small for us, it would be nice to move into a larger house, but we’re priced out right now at this point,’ she said. Thousands of New Mexicans are in the same catch-22, and they have been for years. But Shelley Padilla with Realty One of New Mexico said things may be looking up. ‘When there’s more on the market, sometimes the prices will maybe sometimes drop a little bit. We are noticing a little bit in dropping in the list price,’ said Shelley. She claims there are about 1,000 more homes on the market in the metro than this time last year.”

The Review Journal in Nevada. “Notices of mortgage defaults in the Las Vegas Valley have been on the rise this year, according to a new report from UNLV. Nicholas Irwin, the research director at the Lied Center for Real Estate at UNLV, said the number of defaults has been rising steadily since January 2022. ‘This could be a symptom of a lot of people starting to fall behind on their mortgages,’ he said. ‘They were using a lot of their leftover money from COVID and some of the various federal efforts and people who were maybe trying to string a lot of this together are just not able to do that.'”

“The study also provided a heat map to where notices of default were centered. In 2022, they were largely centered around North Las Vegas. However, Irwin noted that hot pockets have risen all over the city in 2024, including in the northwest, southwest, central and eastern parts of the valley. ‘This has very much spread across the entire valley,’ he said. Last year was the worst year for real estate sales in the Las Vegas Valley since 2008, according to MLS statistics obtained by the Las Vegas Realtors.”

Silicon Valley in California. “New defaults for delinquent homeowners association dues have engulfed a troubled downtown San Jose housing tower that faces multiple legal entanglements. Litigation and real estate woes have engulfed the western high-rise of a two-tower residential complex at 188 West St. James Street. In April, nine condominium units were auctioned for a jaw-dropping average price of $31,900 in an effort by a homeowner’s association to recoup unpaid maintenance fees. An entity operating as FPP MB — affiliated with China-based real estate firm Z&L Properties — developed the housing towers, which together contain 600-plus units. Each tower has about 303 residential units. The condos in the tower beset by legal and delinquency woes are all being offered for sale.”

“In the latest battle over the towers, the 188 West St. James Homeowner Association has filed default notices against the owner of the western tower. The developer is on the hook for the payments for condos that are completed but unsold. Delinquencies have arisen for an estimated 24 condos in the western tower, the county records show. The FPP MB affiliate is also involved in a legal war arising from the auction of the nine condos in April.If the current bout of defaults proceeds, the HOA might again attempt to auction off the units.”

The Mercury News in California. “For many would-be homebuyers, a house that’s sat on the market for over 30 days in early summer raises a red flag. But a month may be a new normal in the Bay Area. Across Alameda, Contra Costa, San Francisco, San Mateo and Santa Clara counties, about 53% of active home listings in June 2024 were ‘stale,’ sitting on the market for 30 days or more without going under contract, a 6.5% increase from last June, according to Redfin. Nationally, the number of aging listings was 64.7% in June— almost 9% higher than 2023.”

“If there are fewer homes, why aren’t buyers rushing to make offers? Blame sellers. In anticipation of higher demand, homesellers are pricing their properties too high relative to what the market can support, real estate experts say. Higher prices combined with high interest rates means larger mortgage payments. As a result, homebuyers unwilling to swallow larger payments are leaving inventory on the market for longer periods of time in hopes that sellers will reduce their prices. Those who absolutely have to sell — such as people relocating to other states — may decide to lower their price and take a $40,000 to $50,000 loss, said Alex Khodadad, a real estate agent based in Contra Costa County and the East Bay.”

WFLA in Florida. “In Sarasota, about 500 people were rescued from flooded homes and taken to higher ground Monday, according to police. Many of these residents told News Channel 8 they’ve never seen the waters rise this high. ‘We’ve lived here for 46 years, and this is the first time we’ve flooded like this,’ Barbara Kronenberg said. ‘We’ve never had water in the road, ever. Even my fence is under the water, that’s never happened.’ Alfred Dewitt walked through his home knee deep in water trying to see what could be salvaged. ‘Well, our freezer is at that end and it’s floating,’ he said. ‘See our nice little laundry room, washer and dryer, nice stuff, it’s gone.'”

The Philadelphia Inquirer in Pennsylvania. “Juan Serrat is one of an increasing number of ‘concession surfers’ — renters looking to repeatedly cash in on incentives doled out by landlords, especially in hypercompetitive environments like Northern Liberties and nearby neighborhoods on the Delaware River, where thousands of new apartments have recently come online. ‘There is a little bit of a market inefficiency that is advantageous’ for renters, Serrat said. ‘I’m going to have to kind of ride that wave to find the next building.’ The surge in multifamily construction means Philadelphia developers and landlords are reckoning with a rental glut for the first time in decades. Rent increases have slowed and, at the high end of the market, reversed as concessions mask the fact that tenants are harder to attract at asking prices.”

“‘I fall in the category of never having given a concession before this year in my life,’ said Gary Jonas, founder of the HOW Group, which develops and owns rental buildings across the city. Now his company is offering, in some cases, two months of free rent for the first year’s lease. According to CoStar Analytics, the citywide vacancy rate passed 10% this year. Brenda Nguyen, an associate director at CoStar predicted most of the increased supply would be absorbed organically within a few years, but some new developments that pegged their financing to steadily increasing rents could be in trouble. ‘Say your financial assumptions were based on 5% rent growth. Instead, you’re seeing 1% rent growth,’ she said. ‘It’s not widespread, but I’ve heard about it happening. People who weren’t more diligent with their financing.'”

From Bisnow. “A wave of new construction coming to the market in the Sun Belt has left multifamily owners nervous as pandemic-era migration stabilizes. ‘For me, the key takeaway is that [we are] in the midst of clearly record levels of new supply coming into our market,’ Memphis, Tennessee-based Mid-America Apartment Communities CEO Eric Bolton said during a call with investors last week. ‘And we feel like we’re in the worst of the storm right now.’ In the second quarter, 119,400 units completed construction, bringing the year-to-date figure to a record 460,200 units — up 26% year-over-year, according to CBRE. A RealPage report estimates that as many as 670,000 apartments could be delivered by the end of this year, passing previous records by about 50%. The cities getting the most of those apartments are Dallas, Phoenix and Austin, with more than 30,000 units each, according to RealPage.”

“Colorado-based UDR, which has a Sun Belt portfolio representing 25% of its NOI, saw its FFO fall 5% year-over-year from 63 cents to 60 cents per share, just meeting its guidance. ‘Our Sun Belt markets … continue to lag our coastal markets,’ UDR Senior Vice President Michael Lacy said on a conference call. ‘Year-to-date performance was in line with our original expectations through the beginning of June, at which time we began to see some pricing deterioration due to elevated new supply and the concessions that came with it.’ Faced with the same issue, AvalonBay Communities executives said they are offering two or three months of concessions in their expansion markets like Austin and Charlotte.”

From Reuters. “Mortgage financing firms Fannie Mae and Freddie Mac are set to impose stricter rules for commercial property lenders and brokers, following a budding regulatory crackdown on fraud in the multi-trillion dollar market, the Wall Street Journal reported on Monday. Lenders would have to independently verify financial information related to borrowers for apartment complexes and other multifamily properties, the report said, citing people familiar with the preliminary plans. Additionally, lenders could face tougher requirements for confirming whether a property borrower has adequate cash and verifying their source of funds, according to the report.”

The Toronto Star in Canada. “In one month home prices in the GTA declined by almost five per cent in July as ample new listings and fewer buyers put pressure on sellers to lower their prices on top of a typically quiet summer market. Prices dropped for all property types with townhomes and semi-detached seeing the greatest price drops at 3.4 per cent and 3.3 per cent, respectively. ‘Buyers have a lot of negotiating power right now. As more buyers take advantage of more affordable mortgage payments in the months ahead, they will benefit from the substantial build-up in inventory,’ said TRREB market analyst Jason Mercer. On the supply side, buyers are benefitting from ample choice with the annual growth of new listings at 18.5 per cent, outstripping the number of sales. The sales-to-new listings ratio was 33 per cent indicating a buyer’s market.”

The Globe and Mail. “For the past couple of weeks, the share value of the S&P 500′s bellwether tech stocks has been falling. On Monday that panic evolved into pandemonium. Global markets tumbled, but Big Tech tumbled more. At one point, the AI standard-bearer Nvidia was down more than 7 per cent and the Magnificent Seven lost more than US$500-billion in market capitalization. The question of why this is happening now is interesting: It looks like the generative AI bubble is finally bursting. I wrote in April this year that generative AI technologies look like money pits with significant social costs attached: this prediction seems increasingly on point. Investors are less and less confident that generative AI technologies will provide the necessary returns on the huge investments made.”

“Several analyst and investor reports have come out recently making similar points. First, David Cahn at the venture capital firm Sequoia argued that generative AI needs to generate US$600-billion in revenues to pay back current infrastructure spending – and we’re nowhere near this. Then, Jim Covello, Head of Global Equity Research at Goldman Sachs, argued that, in light of future expected infrastructure investment, generative AI needs to find a ‘$1-trillion problem’ it will solve. It’s still not clear what this could be. Finally, the hedge fund Elliott Management has stated that Nvidia is in an AI ‘bubble land’ and that many AI technologies ‘are never going to actually work’ or ‘will take up too much energy’ – undermining the hype around generative AI. All of this highlights the problem of collectively putting too much money into one technological bet when it doesn’t offer a clear case for doing so.”

“All bubbles are driven in part by a self-fulfilling fear of missing out. Investors know that a bubble is a bubble, but they have to participate because they still make money. The past couple of years have been very good to investors in the stock market, especially those investing in the so-called ‘hyperscalers’ whose infrastructure investments underpin generative AI – for example, Alphabet, Amazon, Microsoft, and Nvidia. But it now looks like these corporations and others investing billions in data centres would be better known as ‘hype-scalers’: they’ve driven up expectations and investment but with little to show for it up to now. Generative AI technologies are currently underpriced or free. As Mr. Cahn at Sequoia noted, going forward firms will need to start generating revenues from their technologies, which means charging for them. Customers are unlikely to pay for technologies with ambivalent functionality – to say the least – and investors are coming around to this perspective.”

ABC News in Australia. “Financial services consultant Andy Barrow used to be a home owner in the nation’s most expensive city. It seemed as if he was one of the lucky ones, with many would-be buyers struggling to get into Sydney’s hot housing market in recent years. But Mr Barrow did not feel so fortunate as he lay awake most nights, feeling stressed about how he and his wife would continue to pay off their mortgage. Tired of feeling so helpless, the couple made the decision to sell their house in northern Sydney last year, abandoning the idea of home ownership. Mr Barrow and his partner are now renting on the New South Wales Central Coast.”

“‘It’s a massive relief,’ he told the ABC. ‘From four hours sleep a night — wringing my hands and worrying about the future — [to] the present — waking up refreshed [and] uninterrupted — it’s a big change.’ When the couple bought their place in northern Sydney in 2020, interest rates were at record lows and they found the repayments ‘doable.’ But two years later, Mr Barrow and his wife stopped working full-time, just as the Reserve Bank started lifting interest rates aggressively. It sent their repayments surging from about $5,500 to $8,500 per month. Mr Barrow is one of many Australians who have sold their homes within a few years of their purchase. The number of homes that have been resold in less than three years has jumped to 16 per cent, its highest level in at least a decade, according to figures from CoreLogic.”

“This year’s increase in short-term resales may also be indicative of mortgage hardship, with owners like Mr Barrow choosing to sell their homes before falling too far behind on their repayments. ANZ customer fairness adviser Evelyn Halls observed these numbers were ‘not quite reflecting the true amount of financial stress in the community.’ One reason for this is financially stressed Australians are choosing to default on their other bills before missing their home loan repayments. These missed payments do not show up in the narrowly defined mortgage arrears data, but are still a clear indicator of financial distress.”

“‘People are falling behind on council rates, utility bills — like their electricity, gas and water bills — telephone bills, other debts like credit cards and personal loans,’ Matthew Martin, legal director of Mortgage Stress Victoria, said. ‘We’re seeing people who are foregoing healthy diets, living off packets of two-minute noodles for their family to get by.'”

South China Morning Post. “Mao Zhenhua is the founder of China Chengxin Credit Rating Group and co-director of Renmin University’s Institute of Economic Research. He is a regular commentator on China’s economy, has been a professor at the University of Hong Kong’s Business School since 2022, and was among the first to warn about the underlying pressure on China’s property prices. The property market in China has been in crisis after a series of defaults by developer Evergrande in 2021. You first noted the potential consequences of their liquidity problems 10 years prior. How do you assess the downturn’s impact on China’s economy now?”

“Real estate has become the most intense issue affecting China’s economy. In the past, China’s real estate was a focus of investment for all of society. Real estate prices were rising continuously, and it was commonly accepted that every adult should have his own house, which is a unique belief. In this context, more middle-class families kept purchasing – even those not qualified to buy a house. This pushed property prices to new highs in a very short period of time around 2017, a sign a bubble was about to burst.”

“I noticed that Evergrande started to offer 20 per cent discounts as a selling strategy as early as 2016. It was widely believed this was an individual case limited to Evergrande, as this private developer faced liquidity issues due to excessive debt and a lack of bank support for its loans. On the contrary, I believed the cause was something much bigger. This was a sales problem for the whole industry – prices had peaked and would start on a downward trajectory. I was the first to urge that attention be paid to the downward trend in real estate prices. I also called on our regulators to perform more stress testing, especially on the banking sector. The banking sector believed that it had sufficient collateral, such as land. But the banks did not carry out sufficient stress tests on the total debt repayment capacity of the Chinese real estate industry.”

“Because of insufficient stress testing, I also believed that the problems of Evergrande could soon spread to other real estate companies. Policies were only adjusted about one year later, when many real estate companies were on the verge of bankruptcy. In 2021, I drew the conclusion that in China – like many other parts of the world – we do not need so many large real estate companies. The Chinese real estate industry was in oversupply.”

“The amount of land that Chinese real estate developers have acquired is astronomical. If the land sold to developers were to be developed according to their previous plans, it is doubtful that the Chinese market would have enough demand for it. We must abandon the idea that real estate construction must be the main contributor to the economy. It will take a long time to digest the supply that has accumulated. The era of large real estate companies is over. Of course, we’ll see some upgrades in cities or renovations, but the era of large-scale construction is over.”

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This Post Has 87 Comments

  1. ‘Mortgage financing firms Fannie Mae and Freddie Mac are set to impose stricter rules for commercial property lenders and brokers, following a budding regulatory crackdown on fraud in the multi-trillion dollar market, the Wall Street Journal reported on Monday. Lenders would have to independently verify financial information related to borrowers for apartment complexes and other multifamily properties, the report said, citing people familiar with the preliminary plans. Additionally, lenders could face tougher requirements for confirming whether a property borrower has adequate cash and verifying their source of funds’

    Shut that barn door fannie and freddie!

  2. ‘We’re seeing people who are foregoing healthy diets, living off packets of two-minute noodles for their family to get by’

    That’s yer problem right there Matt. You can’t expect to eat and still be a winnah!

    1. C’mon, Matt! Nature provides a bounty of protein sources! Roadkill, robbing birds’ nests, setting snares for squirrels, midnight raids on Koi ponds – it’s all there for the taking!

      1. Roadkill

        Via ZH — Plot Twist: RFK Jr Says He Put A Dead Bear In Central Park, Staged Accident Scene

  3. ‘some new developments that pegged their financing to steadily increasing rents could be in trouble. ‘Say your financial assumptions were based on 5% rent growth. Instead, you’re seeing 1% rent growth,’ she said. ‘It’s not widespread, but I’ve heard about it happening. People who weren’t more diligent with their financing’

    Airbox gamblers are tossing the keys like never before Brenda. Not only was the lending a joke, they obviously had no skin in the game.

    1. Pshaw, Ben “Alex” Jones, you nay-saying fear-monger Putin groupie. Such worthies as Yellen the Felon & Fauxahontus have assured us that the loose lending that caused the 2008 financial crisis is a thing of the past. Old Yellen has even assured us there will be no new financial crisis “in our time.” So as long as this vile mendacious hag is still with us, it’s all good! Did you BTFD in stawks yesterday???

    2. I remember HBB talking about this 15 years ago, back when those rental-backed securities were developed.

  4. ‘Those who absolutely have to sell — such as people relocating to other states — may decide to lower their price and take a $40,000 to $50,000 loss, said Alex Khodadad, a real estate agent based in Contra Costa County and the East Bay’

    Sacré Bleu!

  5. Keir Starmer is emptying all the prisons to make room for the native English who want to live in an England where little girls get stabbed to death.

    Globalists gonna globe.

    1. I dunno after being a paralegal and realizing most of our clients were functionally illiterate, It made no sense to me we should allow prisoners any early realese unless they spoke fluent English. teach them to get up and be ready for class or work, be a father to their offspring’s

      1. Their plan is to collapse society and replace it with an Orwellian dictatorship. They have no incentive to rehabilitate anyone.

        The UK is the testbed. They have no Bill or Rights and are currently ruled by Marxists.

        2. Back in the 60’s, in Northern England, my school pal showed me a small

          safe behind a bookshelf. It was unlocked and he pulled out a 9mm Luger

          that his dad had brought back from WW2, a coveted handgun in it’s day.

          A few years ago, I asked him on the phone if he still had it. ” Oh no, he

          said, they called in all the firearms”………..sad.

    2. Correction: don’t get stabbed.

      The censorship is just getting started, too. Soon it will be illegal to even discuss that stabbing or other events.

      2. Soon it will be illegal to even discuss that stabbing or other events

        They don’t have a first amendment (or a second amendment), so not surprising.

      1. The thing about riots, is that the PTB know that all they need to do is be patient and that the rioters and protestors will tire and go home. That’s how it worked with the Yellow Vest protests.

        As we have heard before, the only way out is by shooting.

        1. Organic rioters and protestors go home. Professional rioters and protestors work until they retire… and even after.

      1. Remember also that in the 2008-2009 financial crisis, the stock market started unraveling in September 2008 but didn’t bottom out until March 2009.

  7. ‘There is a little bit of a market inefficiency that is advantageous’ for renters, Serrat said. ‘I’m going to have to kind of ride that wave to find the next building.’

    That’s the spirit, Serrat!

      1. My cronies & I used to think we were living the high life, drinking Boones Farm Strawberry Hill & smoking Swisher Sweet cigars. Then I turned 13.

  9. Brenda Nguyen, an associate director at CoStar predicted most of the increased supply would be absorbed organically within a few years, but some new developments that pegged their financing to steadily increasing rents could be in trouble.

    Sounds like “investors” whose future profits were predicated on gouging tenants are getting pegged, all right. Squeal it out, speculator scum!

  10. ‘Say your financial assumptions were based on 5% rent growth. Instead, you’re seeing 1% rent growth,’ she said. ‘It’s not widespread, but I’ve heard about it happening. People who weren’t more diligent with their financing.’”

    So I’m just a low-brow on the HBB, not an economics major like AOC – but as the “cost of living” crisis bites deeper, and millions of Gen-Zs and Millennials move back in with mom & dad or couch-surf rather than pay unaffordable rents, could that mean we’ll be seeing rent deflation? Cuz that would be calamitous for overleveraged CRE speculator scum.

    1. No worries, the millions of invaders will snap up those now vacant rentals with government vouchers.

        1. Plus they are still coming, despite the regime’s claims to have clamped down. At least they aren’t flying them in for now.

    2. The zillow (I know) estimate for my rental just went down about $600, and it was higher than that a few weeks ago. Now it’s only $100 more than what we pay.

  11. “‘It’s a massive relief,’ he told the ABC. ‘From four hours sleep a night — wringing my hands and worrying about the future — [to] the present — waking up refreshed [and] uninterrupted — it’s a big change.’

    I think most of us bitter renters lie awake at night due to our vicarious anxiety for the FBs who bought into a bursting housing bubble.

    1. FWIW, I have heard many tales of woe from renters who would tell me that the rent kept going up and they couldn’t afford it.

      As for the FB’s, they’ll just surrender the properties to the lender, especially those who put next to nothing down. Yeah, their credit will get dinged, but by the time prices have dropped significantly they will be ready to jump back in the pool.

      1. FWIW, I have heard many tales of woe from renters who would tell me that the rent kept going up and they couldn’t afford it.

        The game is rotten whether you play or not.

  12. Real estate prices were rising continuously, and it was commonly accepted that every adult should have his own house, which is a unique belief. In this context, more middle-class families kept purchasing – even those not qualified to buy a house.

    Welp, good thing capable stewards of our financial system such as Old Yellen & Fauxahontus exerted firm oversight to ensure so such systemic risks and unsustainable speculative asset bubbles built up in our own housing market or financial system.

    Oh, wait….

  15. ** “One reason for this is financially stressed Australians are choosing to default on their other bills before missing their home loan repayments.”

    interesting. If I recall correctly, back in 2008-ish, debtors in the U.S. were choosing car payments over house payments.

  18. A reader sent these in:

    LUCID LOST $328,000 ON EVERY CAR IT SOLD THIS QUARTER

    https://x.com/gurgavin/status/1820555364284125462

    SunPower Corporation, one of America’s largest solar companies, has filed bankruptcy

    https://x.com/MacroEdgeRes/status/1820637791564521816

    Dell Technologies to reportedly lay off thousands of employees – with estimates as high as 12,500

    https://x.com/MacroEdgeRes/status/1820601589360701528

    The Nikkei has recovered all of its historic losses from yesterday and added more now net up on the week

    https://x.com/pennycheck/status/1820623730113904826

    What’s happening now is not because of a Fed error.

    It’s driven by the popping of a bubble and its knock on impacts on other positions.

    If anything it suggests the error was the Fed didn’t tighten fast enough earlier to prevent such a bubble from emerging.

    https://x.com/BobEUnlimited/status/1820425771552477646

    WHARTON’S JEREMY SIEGEL CALLING FOR A 75BP EMERGENCY CUT

    https://x.com/DeItaone/status/1820419350668497396

    You mean Wisdomtree’s Jeremy Siegel.

    https://x.com/RudyHavenstein/status/1820458584347447516

    Guys there is no emergency cut.

    https://x.com/FedGuy12/status/1820424563441934363

    In the history of modern finance, no single indicator has done a better job of predicting when the next global recession will start than when the Bank of Japan starts raising rates. Foolproof!

    https://x.com/PeterBerezinBCA/status/1770124942962528268

    1. Guys there is no emergency cut.

      Why would there be an emergency rate cut? Plummeting mortgage and bond rates mean there’s already been a de facto rate cut.

      1. Because pigmen gotta pig, that’s why.

        Pigs demand unlimited Wall Street casino chips at an interest rate and a quantity unavailable to the little people because they’re the People Who Matter, and you’re not.

  19. Florida Keys, Florida – Tropical Storm Debby landed in Florida on Monday bringing high winds, pouring rain – and 25 tightly wrapped packages of cocaine worth more than $1 million.

    In addition to bringing cocaine, Debby has killed at least four people, knocked out power for hundreds of thousands of people, and could produce more life-threatening storm surges as well as catastrophic flooding.

    The Keys, a string of islands stretching off the state’s southern tip, are located in close proximity to a number of Caribbean countries that serve as a transit hub for cocaine being trafficked from South America to Europe and North America, including into Florida.

    https://www.msn.com/en-us/weather/topstories/tropical-storm-debby-blows-pouring-rain-and-1-million-of-cocaine-onto-florida-beach/ar-AA1oijCk

  20. irst responders spent the day going door to door checking on residents near the Pinecraft community along Bahia Vista Street.

    Sarasota Police said hundreds of people had to be rescued and brought to higher ground as a result of significant flooding.

    Residents along Courtland Street helped neighbors impacted by floodwaters retrieve personal belongings from their homes. Elderly residents were rescued by kayaks and small boats.

    Sandra Rees, who has lived in the area for 32 years, only recalls seeing significant flooding once before when she first moved to the area, but never this bad. She considers herself incredibly lucky to have not been impacted, but felt devastated for her community.

    She admits she never thought this storm would have such a devastating impact.

    “You just expect it to be a normal storm and then all of a sudden, people are losing their homes and their lives and their livelihood and everything they have,” Robinson said. “My neighbor and our friend, we went into his house and it was waist deep in his kids’ rooms and his room. He tried to put as much stuff up as he could, but there was so much that wasn’t salvageable. I am pretty sure the whole house is going to be just unusable, unlivable, which is horrifying because that is our next-door neighbor, that could have been us.”

    https://www.msn.com/en-us/news/us/it-is-heartbreaking-flooding-from-hurricane-debby-impacts-sarasota-residents/ar-AA1oihdT

      1. Not many places get that much rain in one day. There was some Florida sh$thole that got 22 inches in 24 hours last spring.

    2. TBH this sounds like normal SOP for a hurricane. There are always people who didn’t prep, and were stranded or flooded out.

  21. Sarasota saw record rainfall on Sunday as Hurricane Debby roared past the Gulf Coast, leaving flooding and storm surge in its wake.

    According to FOX 13 Meteorologist Paul Dellegatto, Sarasota received 9.52″ of rain on Sunday, marking an all-time record for daily rainfall in August, shattering the old record of 8.12″ set on August 26, 2017.

    Lorena Rodrijuez and her family from Miami tried to get out of the Airbnb they were renting off Bahia Vista in Sarasota, but the water was rising too quickly.

    “We woke up around 5 a.m. and the water was up on our feet. A rescuer passed by, and they got us out through the window. They couldn’t open the door, because the water pressure was too high, and we had to come up, and the water is still coming up,” said Rodrijuez.

    John Grove has lived in Sarasota for a couple of years, and he described what it’s like seeing the water rescues.

    “It’s unreal,” he said. “I fish in this creek that is flooding right now. For years. It’s got an eight-foot bank, so you never thought that water would come above it. It’s just incomprehensible.”

    https://www.yahoo.com/news/sarasota-residents-evacuated-homes-record-123322611.html

  22. Sarasota, Fl, almost all the water rescues happened in the pinecraft area, within a few thousand feet of the usually docile Philpi creek…..it roared out of it’s banks ,swallowed hundreds of cars , and overran houses built too close to the creek and to the ground, up to 4 feet ,in many spots…
    Pinecraft happens to be ground zero for the Amish winter, wonderland, thousands of Amish from all over gather there ,for the winter months.
    many of the houses are bought for cash, by the Amish, they have barrels of it, and are going to need that for clean-up or rebuilding .
    The second big surprise for any affected homeowners will be for those who failed to buy the add -on flood insurances, private companies won’t cover that , after all .Pinecraft is like 5 miles from the beaches, who would have expected that ?
    Think a lot of the Amish have their own private Insurance pools , as many shun Insurances ,of any kind…..Hope so

  23. Toronto Real Estate Price Fall in July, Mortgage Rates Down in August

    Mark Mitchell – Mortgage Broker London Ontario

    1 hour ago CANADA

    Toronto’s real estate prices fell all across the board in July, with the highest amount of active listings available for the previous 10 Julys. However, with the cost of borrowing falling, the TRREB is expecting an upsurge in sales in the coming months.

    https://www.youtube.com/watch?v=7DQMeT5wK7I

    8 minutes.

  24. Your taxes are paying for this (8/5/2024):

    “Israeli Finance Minister Bezalel Smotrich said Monday that it might be “moral and justified” for Israel to starve to death two million Palestinians in the Gaza Strip but said it couldn’t due to international pressure.

    “We are bringing in aid because there is no choice,” Smotrich said at a conference hosted by Israel Hayom, according to The Times of Israel. “We can’t, in the current global reality, manage a war. Nobody will let us cause 2 million civilians to die of hunger even though it might be justified and moral until our hostages are returned.”

    https://news.antiwar.com/2024/08/05/smotrich-it-may-be-moral-and-justified-for-israel-to-starve-2-million-palestinians-to-death-in-gaza/

  25. The Government Has Made Billions from this PONZI

    Jon Flynn Real Estate Stats

    32 minutes ago

    It’s been a volatile week so far with stocks down, bitcoin down, and everything else including real estate. Vacant new listings are up 50% from a decade ago as investors try to unload their overpriced real estate. I go through the July data from across the country to see how each place made out.

    https://www.youtube.com/watch?v=bl_e2BcjcfA

    20:32. K-da.

  26. “‘…I fall in the category of never having given a concession before this year in my life,’ said Gary Jonas, founder of the HOW Group, which develops and owns rental buildings across the city. Now his company is offering, in some cases, two months of free rent for the first year’s lease….”

    No worries Gary, you’ll get use to it.

    Think of your concessions as having your car stuck in a sand dune and your bailing out with Dixie cups….

  27. ‘Honestly, the house that we’re in is a little small for us, it would be nice to move into a larger house, but we’re priced out right now at this point’

    Let me guess Kelsey, you couldn’t afford yer own shack today. There’s a pattern here!

    ‘When there’s more on the market, sometimes the prices will maybe sometimes drop a little bit. We are noticing a little bit in dropping in the list price’…She claims there are about 1,000 more homes on the market in the metro than this time last year’

    You’ll be singing a different tune in about 6 months Shelley.

  28. ‘The developer is on the hook for the payments for condos that are completed but unsold. Delinquencies have arisen for an estimated 24 condos in the western tower’

    Finished and never been sold, 24 of them. This has been going on for over a year.

  29. ‘The surge in multifamily construction means Philadelphia developers and landlords are reckoning with a rental glut for the first time in decades’

    Jeebus this is a lie and the Inquirer should know better. That same paper has reported the tales of woe from airbox developers since at least 2016, especially downtown.

  30. ‘Year-to-date performance was in line with our original expectations through the beginning of June, at which time we began to see some pricing deterioration due to elevated new supply and the concessions that came with it’

    Run until you hit the wall Mike, that’s why you make the big bucks.

  31. ‘The sales-to-new listings ratio was 33 per cent indicating a buyer’s market’

    They can’t hide behind that fig leaf anymore, 75% of the igloos up there are in a buyers market.

  32. ‘the hedge fund Elliott Management has stated that Nvidia is in an AI ‘bubble land’ and that many AI technologies ‘are never going to actually work’ or ‘will take up too much energy’

    I finally watched an ad on this last night. It was how for free! and a limited time you could create a video using a topic and basic settings. I’ve seen those videos and they are garbage. I also used to see several search articles made the same way and quickly learned to spot them and avoid them. They say nothing, you feel cheated for having taken the time to read it.

    1. “will take up too much energy”

      Electricity comes out of the wall. It doesn’t come from burning coal or natural gas.

    2. and that many AI technologies ‘are never going to actually work’

      Like self driving cars. About all the tech can reliably do is keep your in the lane on the freeway.

  33. ‘I noticed that Evergrande started to offer 20 per cent discounts as a selling strategy as early as 2016’

    https://www.bloomberg.com › news › articles › 2021-10-22 › evergrande-pays-bond-interest-due-saturday-local-media-says
    Evergrande Staves Off Default With Last-Minute Bond Payment
    Oct 22, 2021 The 30-day grace period for Evergrande’s next dollar coupon payment ends on Oct. 29. The company needs to pay interest on another four dollar notes this year and has a hefty wall of maturing …

    https://www.news.com.au › finance › economy › world-economy › how-evergrande-keeps-avoiding-default-with-unexplained-lastminute-moves › news-story › 3b2851469ea3ca7903485c23bdaa8fe3
    How Evergrande keeps avoiding default with unexplained, last-minute moves

    https://www.caixinglobal.com › 2021-10-23 › evergrande-staves-off-default-with-last-minute-bond-payment-101790514.html
    Evergrande Staves Off Default With Last-Minute Bond Payment
    The 30-day grace period for Evergrande’s next dollar coupon payment ends Oct. 29. The company needs to pay interest on four more dollar notes this year and has a hefty wall of maturing debt in 2022 as $7.4 billion comes due in onshore and offshore bonds. A spokesperson for Evergrande, Asia’s largest issuer of junk-rated debt, declined to …

    https://www.bloomberg.com › news › videos › 2021-10-22 › evergrande-avoids-default-with-last-minute-bond-payment
    Evergrande Avoids Default With Last-Minute Bond Payment
    Oct 22, 2021October 21st, 2021, 10:33 PM PDT. China Evergrande Group avoids default by paying a bond coupon before the weekend’s deadline. According to Bloomberg sources, the firm has wired the $83.5 …
    https://www.straitstimes.com › business › property › evergrande-pays-interest-on-offshore-bond-due-saturday-local-media-say
    Evergrande avoids default with last-minute payment
    Evergrande has a hefty wall of maturing debt next year, with some US$7.4 billion coming due in onshore and offshore bonds. It needs to pay interest on another four United States dollar notes this …

    Teetering on the brink of collapse, the Chinese real estate titan Evergrande somehow keeps avoiding the worst with last-minute moves. 5 min read November 11, 2021 – 3:25PM

    https://www.reuters.com › world › china › china-evergrande-inches-close-default-deadline-investors-wait-2021-09-21
    Evergrande domestic debt deal calms immediate contagion concern
    Evergrande is scrambling to avoid defaulting on a number of bonds with payments due this week and its main unit, Hengda Real Estate Group, said on Wednesday it had “resolved” one coupon payment …

  34. I live in Sarasota and am in the process of trying to find a new rental house as our landlord is taking the house back. I wonder what this flooding disaster is going to do the rental market. The arial views of the flooded areas is just devastating.

  35. Power Of Sales Are Growing Fast (Toronto Real Estate Market Update)

    Team Sessa Real Estate

    27 minutes ago

    In this episode we take a look at the current Toronto Real Estate Market specifically the detached home prices and market trends for week ending July 31, 2024. We also discuss how some people are making their situations much worse by not connecting with their lender during financial difficulties to see what could be possible.

    https://www.youtube.com/watch?v=CJ-TdMvWa2Y

    13:22.

  36. Home Sellers Are Very Worried Right Now | Another Slow Month

    Honest real estate talk 🇨🇦

    1 hour ago

    Real estate sales down more than 10% in just 1 month. Housing market continues to slow down since the spring market. We are officially in a buyer’s market right now. All major cities around Toronto are sitting below 40% Sales to new listings ratio.
    Months of inventory of homes is over 4 months, a lot of home listings are sitting on the market longer than 30 days.
    Tough time to be a home seller right now but it’s great news for buyers

    From Halton to Toronto to Durham, see all the important real estate stats here without any bias.

    https://www.youtube.com/watch?v=dZ4v4N2Vthw

    5 minutes.

  37. Finance·economy
    How an obscure Japanese yen trade sparked a global market meltdown—and why the worst could be yet to come
    BY Leo Schwartz
    August 6, 2024 at 11:29 AM PDT
    Kazuo Ueda, governor of the Bank of Japan.
    Akio Kon—Getty Images

    As global stock markets plunged on Monday, financial analysts pointed to an esoteric trade involving the Japanese yen as a key factor for the decline. Markets have since rebounded but, with volatility surging and investors feeling skittish, there are fears that the unwinding of the yen-based “carry trade”—which describes profiting off interest rate spreads across different currencies—could drive further losses.

    The popularity of the Japanese carry trade is easy to understand. While central banks such as the Federal Reserve increased interest rates in the face of inflation, the Bank of Japan kept its interest rate near zero—or even lower—to incentivize economic growth. As a result, investors such as hedge funds would borrow the yen on the cheap to move into assets with higher growth potential, such as U.S. Treasuries, stocks, and other currencies. “It’s one of these trades that was a no-brainer for a lot of people,” said Chester Ntonifor, a foreign exchange strategist for BCA Research, in an interview with Fortune.

    That all changed in late July when the Bank of Japan increased its interest rate to 0.25% amid concern about the yen falling against the U.S. dollar. Suddenly, with the yen rising in strength, many investors were forced to exit their positions, including through potential margin calls and liquidations. “It’s a classic case of up the staircase and down the elevator shaft,” Scotiabank chief currency strategist Shaun Osborne told Fortune. “When everyone tries to get out the door at the same time, it becomes very crowded and gets ugly.”
    …
    https://fortune.com/2024/08/06/japan-carry-trade-yen-explainer-stock-market-wall-street/

    1. Markets
      ‘Sell the first rate cut’: Bank of America’s top global strategist warns stocks could be in for trouble as the economy heads toward a hard landing and the Fed gets set to slash rates
      William Edwards Aug 6, 2024, 1:24 PM ET
      stock market traders
      Spencer Platt/Getty Images

      – Bank of America’s Michael Hartnett advises selling stocks at the first Federal Reserve rate cut.

      – Hartnett’s analysis of past rate-cutting cycles shows stocks fall during hard-landing cuts.

      – Recession risks have been underappreciated by investors, Hartnett said.
      …
      https://www.businessinsider.com/fed-rate-cuts-investing-strategy-stock-market-sp500-bank-america-2024-8

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