If We’re Going After Prices Of Previous Markets, We’re Stuck
It’s Friday desk clearing time for this blogger. “Jeff Tucker, Windermere Real Estate principal economist, said the 2.8 months of inventory in the Regional MLS’ most recent Portland metro sales digest suggested a shift toward something resembling a buyer’s market. Having more listings generally swings the balance of negotiating power in buyers’ favor, Tucker said: ‘If you don’t accept this offer below list price, I can find a similar home down the block for that price.’ Buyers could also extract concessions from sellers like repair work or covering closing costs and fees. Homeowners who took out loans three years ago, Tucker said, are far less likely to sell now and trade their low rate for a much higher one. ‘They get to live in that time capsule until 2051 if they want to,’ the economist said. ‘When we do say ‘a buyer’s market’ with this many listings,’ Tucker said, ‘it doesn’t mean they’re giving them away for free.'”
“Sellers and builders are getting creative to make sure their homes make it off the market. Sellers are even using incentives called ‘concessions’ to their advantage. Stephanie Schrimsher has been a realtor in North Alabama for years. She says the Huntsville market is beginning to cool slightly after a pandemic boom. ‘More concessions are being offered than I’ve ever seen in my almost 2 decades in the industry. Concessions have gone up considerably with most of the production builders here in town,’ Schrimsher told News 19. ‘It comes off the bottom line of their margin, but it costs money to carry that inventory.’ Builders are working hard to make deals. With entire neighborhoods to sell, concessions have become a major tool to close deals quickly.”
“Condo developers in Miami have re-discovered the condo-hotel, and buyers are eating it up. But they may be disappointed with their returns once their units are completed. ‘It’s going to be a bit of a bloodbath of competition,’ said Craig Studnicky, CEO of Aventura-based brokerage firm ISG World. The brokers selling these projects are relying on hotel statistics, which Studnicky and others say is not an accurate comparison. That will become apparent for these owners if they decide to sell. ‘The forecasted income and occupancy rates are overstated and the management expenses are understated,’ he said. ‘All of that results in very little to zero NOI and that’s why they don’t appreciate [in value].’ Studnicky said he won’t sell condo-hotels, which he compared to time-shares. ‘It’s not the wisest place to put your money,’ he said.”
“The storm did millions of dollars in damage to the condo complex on Little Hickory. Ian’s 12-foot storm surge yanked all the greenery out by the roots and carried it away. It sucked the one-story pool house out to sea. Nearly two years later, condo owners have spent roughly $9 million in repairs, fronting about half of that themselves. They’re still waiting on their insurer to come through. Yet more work has gone uncompleted as the board awaits payment from wind carrier American Coastal. Stephen Miller and his wife bought a fourth-floor condo at Dolphin Way about 17 years ago. They closed at $464,000, which was, at the time, the highest price anyone had paid for a Dolphin Way condo. ‘The condo was part of my retirement plan,’ Miller said. But the condos didn’t even pass inspection until December 2023, leaving Miller and others who counted on the income from in-season rentals hard-up.”
“Now, Miller said, their finances are strained after so many assessments and the doubling of their quarterly dues, from $2,450 to $4,895. He’s taken out a line of credit on his business and a home equity line to float the tens of thousands he owed in assessments – and residents anticipate another $60,000 coming due in winter 2025. Jim Boehme and his wife, AnneMarie, own a modest one-bedroom condo in Dolphin Way. He’s watched his neighbors struggle to afford the assessments. Some have put their condos on the market; others wrestle with the decision to sell. While he and AnneMarie are sticking around, the three special assessments that have come due in the past two years pinched when he was forced to sell stocks. ‘I don’t have $54,000 in my checking account,’ Boehme said. ‘Most people don’t.'”
“For real estate agents like Sofia Dheming, it is becoming a bit more of a buyer’s market, which is much better than where we were a few weeks ago. ‘For a little bit we were no one’s market, we were… no market,’ she said. Several housing advocates in the New Orleans area sent a letter to Baton Rouge to get the insurance commissioner’s attention. For real estate agents, it’s heartbreaking to see people leave their recently bought forever homes and be forced to move out of state. Andreanecia Morris, the executive director of HousingNOLA, says if this problem doesn’t let up soon, it could become a bigger issue. ‘We’re going to see a lot of foreclosures, unfortunately. It’s not going to be due to people who cannot pay for their home, but rather people that can’t afford their home because of outside factors.'”
“According to Realtor.com, the number of sellers cutting home prices is at a two-year high. Inventory was notably higher in July, growing by 36.6% — a ninth straight month of growth and is now at a post-pandemic high. The biggest price drops were in Tampa, Charlotte and Phoenix, but all regions of the U.S. experienced price cuts. Realtor.com said sellers are having a hard time with the price cuts as they see comparable homes in their neighborhoods that sold a couple of years ago for higher prices. ‘Telling them that they missed the mark and have to settle for less is never a fun conversation,’ California realtor Sam Fitz-Simon told Realtor.com.”
“Ready Capital, a key lender on the sinking syndicator ship, is selling distressed debt for cents on the dollar. The discount implies the properties many multifamily investors are struggling to buoy are already far underwater. The New York-based lender reported it sold $20 million in loans so far this year and another $450 million are in contract to trade in the third quarter, executives detailed on a Thursday morning earnings call. The loans that cleared sold at 70 cents on the dollars, Chief Financial Officer Andrew Ahlborn said. It expects that the total debt it wants to offload by years’ end —- both the debt in contract and another $130 million in the works — will sell for 50 cents on the dollar. Those loan pools awaiting sale contain both office and multifamily debt. Ahlborn said multifamily is driving the discount. ‘Office has been marked down 25 percent,’ Ahlborn said. ‘Multifamily is a little bit higher.'”
“A recovery in Canada’s housing market looks set to be a drawn-out process, with Toronto’s condo segment fighting an especially heavy malaise. ‘We have a lot of supply to work through in the city,’ says Christopher Bibby, broker with Re/Max Hallmark Bibby Group Realty. ‘If we’re going after prices of previous markets, we’re stuck.’ Recently, Toronto’s condo supply stood 86 per cent higher than at this time last year, while sales tumbled about 25 per cent in the same period, Mr. Bibby says. Mr. Bibby says he’s hearing from some potential sellers who seem out of touch with current market conditions. Many are holding out for aspirational prices. All of the deals he has put together recently are for people who plan to live in the property. ‘Right now, that’s the total of our business. There’s no case at the moment for why a condominium would make a great investment.'”
“In Toronto, Mr. Bibby notes that buyers who have made recent purchases are jittery about whether they overpaid or if the bottom is still to come.He sees signs of that anxiety. In high-rise towers where many identical units were designed for the investor market, units languish, he says. ‘These end users don’t want to live in these 50-storey buildings – mostly tenanted – with one elevator working. The build quality is horrendous, and the floor plans don’t make sense,’ he says. Without strong price appreciation in the near term, many owners are not willing to hold on. For one recent listing, he has set the asking price below the amount the seller paid for the unit in 2021. Mr. Bibby says in tough situations like that, he can only present a clear view of the numbers, then offer advice based on the individual’s finances, patience and risk tolerance. ‘I feel like I’m taking a role almost as a real estate therapist.'”
“Narinder Singh of Brampton, Ont., says he and his wife bought their condo apartment in Etobicoke as an investment for retirement. ‘We worked for decades to save, penny by penny, for our old age,’ said Singh. But since 2020, Singh says the female tenant has paid only intermittently: he produced a ledger showing Deeqa Rafle owes $41,600 in back rent and $5,249.35 in unpaid utilities. In the meantime, she’s still living in Singh’s 32nd-floor apartment steps from Lake Ontario. Singh says the experience with renting has left a lasting impression. He says once his tenant has moved out, he’ll likely sell the apartment — because he would never rent again. ‘I am aware of the housing crisis in the country but if people are here to abuse the law go find your own, I’m not a babysitter, I can’t help you.'”
“Property prices are dropping, fewer sales are taking place, and it is taking longer to sell houses. It took more than six months to sell a Guernsey property in the last quarter – a month more than at the same time last year. The final selling price is nearly 9% below the advertised price, compared with 6.9% in quarter two 2023. The mix-adjusted average purchase price for the local market properties sold in the second quarter of was £587,673. SPF brokers have been getting busier over the last three weeks, and managing director Pierre Blampied said he was hearing from estate agents that they were now busy with viewings. He said they knew it had been a difficult year. ‘Looking at house prices over the last 12 months, we have seen a 10% price correction,’ he said.”
“Another defendant in the SFO’s prosecution of a complex mortgage and investment fraud case can now be named. Christopher Peters has been charged with 23 counts of obtaining credit of $7.3 million by deception (14 as principal offender). He has also been charged with six counts of attempting to obtain a further $2.9 million by deception (all as principal offender), and four counts of obtaining property by deception (two as principal). In March 2024, the District Court at North Shore declined to grant name suppression to Christopher Peters, and in May 2024, the High Court at Auckland dismissed an appeal of that decision. A total of 37 charges have been filed in relation to an alleged mortgage fraud scheme, against Christopher Peters, Robert Peters and two other people who have name suppression, for obtaining credit or property by deception and attempting to obtain credit by deception. One of the unnamed defendants has pleaded guilty to four charges having admitted to providing misleading information to their bank as part of a 2018 loan application and is due to be sentenced in August 2024.”
“Distressed customers are contacting AMP’s call centre seeking to draw down their superannuation to help fund their mortgage repayments, as economic uncertainty and high-interest rates continue to weigh on Australians. ‘If you look at our customer base, there is an element of customers and the community doing it really tough, and you can see that in the arrears showing up in our [loan] book,’ said chief executive Alexis George. ‘You can see it in our call centre, you can hear it in our customers’ voices. People are looking for avenues to draw down their super. We’re in a situation economically, it’s still OK, but there is an element in our community doing it tough.'”
This Post Has 114 Comments
Comments are closed.
‘Stephen Miller and his wife bought a fourth-floor condo at Dolphin Way about 17 years ago. They closed at $464,000, which was, at the time, the highest price anyone had paid for a Dolphin Way condo’
That makes you a winnah! Steve.
‘The condo was part of my retirement plan’
This is in Naples Florida.
At least it was cheaper than renting.
‘Telling them that they missed the mark and have to settle for less is never a fun conversation,’ California realtor Sam Fitz-Simon’
All time high Larry.
Was last weekend’s market volatility storm the warmup act for what’s to come in September?
I recall 2008 was mostly calm outside of when Bear Stearns collapsed in March, which in hindsight was the first domino to fall. In September, the wheels fell off the bus and it caught on fire.
Warren Buffett Is Selling Stocks. Here’s the Hidden Reason Why.
By Jennifer Saibil – Aug 9, 2024 at 6:15AM
Key Points
– Berkshire Hathaway reduced its position in Apple by about half, but it’s still its largest holding.
– He has also reduced his position in Bank of America, his second-largest holding.
– Buffett said earlier this year that he doesn’t mind holding cash under current market conditions.
– 10 stocks we like better than Berkshire Hathaway
…
https://www.fool.com/investing/2024/08/09/warren-buffett-is-selling-stocks-heres-the-hidden/
“Could it be a warning for the markets? It could, because it signals that stocks are overpriced right now. Markets are bound for corrections if valuations become too high. It’s a cycle that plays out over and over again. So while it could be a signal of a coming correction, or even something worse than a correction, it’s not a signal to panic sell or even worry.”
Trump and Harris agree to September debate. Debby heads north with threat of flooding and tornadoes. Mortgage rates plunge.
Markets
DOW 39,360.43 -0.22%
S&P 500 5,313.44 -0.11%
NASDAQ 16,629.08 -0.19%
Fear & Greed Index
The stunning downfall of Bear Stearns and its bridge-playing CEO
Analysis by Matt Egan, CNN Business
7 minute read
Published 11:18 AM EDT, Sun September 30, 2018
decade later jimmy cayne
Getty Images / CNNMoney
Editor’s Note: This story originally published on March 16, 2018.
New York CNN Business —
– Bear Stearns was on fire. And its colorful chairman, Jimmy Cayne, was playing cards.
– Bear Stearns was the first domino to fall in the 2008 financial crisis
Chairman Jimmy Cayne is blamed for missing bad bets
– Risky mortgages, too much debt and poor oversight led to Bear’s collapse
Cayne admits he was inattentive to Bear’s leverage
The smallest investment bank on Wall Street had survived the Great Depression, Black Monday and the September 11 terror attacks. But by March 2008, clients and trading partners were bolting the firm because it had made huge bets on what turned out to be toxic mortgages.
In the span of just weeks, Bear Stearns would run out of cash. On March 16, 2008, it agreed to a government-backed fire sale, and it was acquired by JPMorgan Chase for the unthinkable price of $2 a share.
For Bear, it was the end of an 85-year run as an independent company. The bank would become the first domino to fall in the financial crisis, the worst panic to grip Wall Street since 1929.
“We were the smallest firm,” Paul Friedman, a former senior managing director at Bear Stearns, told CNN. “It was our turn.”
But three days earlier, all that lay ahead. On March 13, Bear Stearns executives in New York were scrambling to line up emergency funding, and the board of directors met by phone to discuss what amounted to a run on the bank.
…
https://www.cnn.com/2018/09/30/investing/bear-stearns-2008-crisis-jimmy-cayne/index.html
Markets
ETFs & Mutual Funds
Investor Behind Record $2.7 Billion Bond Bet Says Recession Near
– Northwestern Mutual Wealth made $2.7 billion June TLT purchase
– CIO Schutte says job market weakening, volatility to continue
By Emily Graffeo
August 8, 2024 at 8:13 AM PDT
Updated on August 8, 2024 at 11:48 AM PDT
Back in June, a mystery investor made a record wager on long-dated Treasuries, creating waves in the ETF market where trading pros seek clues about sentiment on Wall Street. Now the firm behind that bet has revealed itself, and says its recession call is finally coming to fruition.
On Tuesday, Northwestern Mutual Wealth Management’s Brent Schutte said it was his company that poured $2.7 billion into BlackRock’s 20+ Year Treasury Bond exchange-traded fund (ticker TLT) on June 24, an unprecedented inflow for the largest long-bond ETF, which debuted in 2002.
…
https://www.bloomberg.com/news/articles/2024-08-08/mystery-buyer-of-record-bond-etf-bet-says-a-us-recession-is-near
Elite investor Jeremy Grantham warns stocks are poised to crash — and a recession seems inevitable
Theron Mohamed
Aug 9, 2024, 4:46 AM PDT
– Jeremy Grantham said stocks are dangerously expensive and a recession seems highly likely.
– The bubble expert noted that past periods of lofty valuations were followed by painful downturns.
– Grantham said he rang the alarm a couple of years too early, but that’s nothing new for him.
The AI-fueled boom in stocks will end in catastrophe based on how past crazes have played out, and a recession looks assured, Jeremy Grantham warned.
“This is the most vulnerable market there has ever been,” the bubble historian and long-term investment strategist at GMO told the “We Study Billionaires” podcast in an episode released on Thursday.
Grantham underscored that periods of steep price-to-earnings multiples on stocks are consistently followed by painful downturns. He pointed to research by veteran investor John Hussman showing the S&P 500 had surged this year to its most aggressive valuation since 1929.
“It should give you cause for some concern and some caution, and of course the market does not feel concerned or cautious,” Grantham said, speaking before stocks turned lower this month.
The veteran investor noted that mere days after the market peaked in 1929, stocks crashed “colossally,” the global economy cratered, and “everything went to hell immediately” as the Great Depression took hold.
He pointed out that the Japanese asset bubble in the late 1980s, the dot-com bubble at the turn of this century, and the mid-2000s housing bubble were all followed by harsh downturns.
AI and recession
The release of ChatGPT in late 2022 ignited investor interest in artificial intelligence, lighting a fire under Big Tech stocks like Nvidia and Microsoft and pulling the broader market to record highs earlier this year.
But past innovations ranging from railroads to the internet have inflated a “glorious bubble up front” that reliably pops, and that’s likely to be the case with AI too, Grantham said.
Grantham also stood by his long-standing recession call, noting that economic slumps often take longer to materialize than experts predict. He underlined that US unemployment climbed in July “above the level that historically has always predicted a recession.”
“I would strongly bet as a historian — I would just say you’ve always had a recession in these conditions,” he said. “Perhaps this will be an exception. I wouldn’t hold my breath.”
…
https://markets.businessinsider.com/news/stocks/jeremy-grantham-stock-market-outlook-asset-bubble-crash-recession-ai-2024-8
You will own nothing.
“When we do say ‘a buyer’s market’ with this many listings,’ Tucker said, ‘it doesn’t mean they’re giving them away for free.’”
At least not yet. But we’re a patient bunch.
“Concessions have gone up considerably with most of the production builders here in town”
Oh concessions are so 2023. 2024 is about concessions and price reductions. In my neck of the woods most big builders have slashed 50k. I saw a Lennar close a couple weeks back that was 80k below their peak price on that model…..with concessions.
Dang. Did Lennar buy down the rate too?
Can’t be certain about the rate, but last I checked they were still doin the buy downs. But definitely throwing in extras. I’m talking to these guys everyday. Part of my job. But some listing sites will show the listing history and you don’t have to be an insider to see it happening in your area.
Lennar has 3 new developments on old golf courses near me. I was just checking out the floor plans and prices (High $800,000s – Mid $1,400,000s) for its 55+ community that you can easily see from the freeway. What sane 55+ person would reset his/her property tax base right now and take on $400/mo HOA fees?
You sound like you’re neck of the woods is Cali. I can tell you who was (and I emphasize “was”) snapping up the new construction in my neck of woods is retired California money. They sell their So Cal or Bay Area home and come here and think 600k is cheap. But here’s the thing; I don’t see any younger families buying homes like they should be. Can’t afford it. Median household income here is 80k. 580k median just don’t work for locals.
We’ve also been getting people fleeing the Bay Area and Los Angeles.
And many of those 55+ homes have stairs. Million-dollar zero-lot-line for the win! But they do have a “social garden.”
Lennar’s The Farm in Poway was supposed to have a butterfly garden. I’m not seeing it on Lennar’s site. A lot have changes have been made and existing residents aren’t happy about it.
“It’s not going to be due to people who cannot pay for their home, but rather people that can’t afford their home because of outside factors.’”
If you’re a person buying a home and thinking that your mortgage and T&I are your only cost to bear then you deserve the a$$ pounding coming your way.
[A nation of broke-assed dummys.]
Average consumer now carries $6,329 in credit card debt. ‘People are stretched,’ expert says
https://www.cnbc.com/2024/08/08/credit-card-debt-and-delinquencies-are-on-the-rise-reports-finds.html
Americans now owe a record $1.14 trillion on their credit cards, the Federal Reserve Bank of New York reported Tuesday.
The average balance per consumer stands at $6,329, up 4.8% year over year, according to a separate quarterly credit industry insights report from TransUnion.
[A chart appears here …]
Credit card delinquency rates are also higher across the board, the New York Fed and TransUnion found. Over the last year, roughly 9.1% of credit card balances transitioned into delinquency, the New York Fed reported.
Borrowers with revolving debt “are maxing out their credit cards,” said Michele Raneri, vice president and head of U.S. research and consulting at TransUnion, “that’s usually a pretty good indicator that people are stretched.”
Time to ‘reassess’ revenge spending.
[Revenge spending. Lol.]
“Credit card balances briefly fell in 2020 and early 2021 due to pandemic-related factors,” said Ted Rossman, Bankrate’s senior industry analyst, which included government-supplied stimulus checks and fewer opportunities for spending.
“But since early 2021, credit card balances have rocketed upward by 48%, fueled by a post-pandemic boom in services spending as well as high inflation and high interest rates,” he said.
Consumers have showed a remarkable willingness to splurge on travel and entertainment, a recent report by Bankrate also shows, to recapture the experiences they lost during the Covid years.
“Maybe people can reassess that now,” Raneri said.
The surge in “revenge spending” has now lasted several years, she added. “Maybe there is a way to position it that they can check off some of the things that they feel like they missed and get back to normal.”
Credit cards are one of the most expensive ways to borrow money. The average credit card charges more than 20% — near an all-time high.
“With credit card balances at an all-time high and the average credit card rate hovering near record territory, it’s more important than ever to pay down this debt as soon as possible,” Rossman said.
If you’re carrying a balance, try consolidating and paying off high-interest credit cards with a lower interest personal loan or switch to an interest-free balance transfer credit card, he advised.
Paul Krugman muh best economy ever.
“Telling them that they missed the mark and have to settle for less is never a fun conversation,’ California realtor Sam Fitz-Simon told Realtor.com.”
Yeah, but can you please record those conversations and send them our way? That stuff is fantastic popcorn munching fodder!
“…Telling them that they missed the mark and have to settle for less is never a fun conversation…”
There’s a new reality-TV show in here somewhere.
Schedule it back to back with Dr. Phil.
FB’s could always blame their bad real estate investments on the in-laws, ex girlfriends, or the REIConplex agent they met in a strip club.
Could be the most fun since ‘Jerry Springer’ show [1]
[1] From Google
“Tasteless talk shows come and go, but one magazine declared this long-running daytime chat fest “the worst show in the history of television.”
I think the perfect name for it would be, “You’ve Been Schlonged!”
[Get woke, go broke.]
Harley-Davidson Receives Bud Light Treatment At Sturgis Motorcycle Rally
https://www.zerohedge.com/political/harley-davidson-receives-bud-light-treatment-sturgis-motorcycle-rally
Harley-Davidson, America’s most iconic motorcycle brand, is reportedly being ‘Bud-Light’d’ at the 84th annual Sturgis Motorcycle Rally in South Dakota, following filmmaker Robby Starbuck’s anti-woke campaign against the company last month.
“It’s another day at Sturgis Rally and another day of the @harleydavidson tent being a ghost town with very few people walking inside. In a typical year their tent is PACKED,” Starbuck wrote on X on Thursday.
He added, “When we expose wokeness, it’s powerful. Bikers do NOT want wokeness from Harley!”
In late July, Starbucks launched the “It’s time to expose Harley Davidson” campaign following the company’s dive-down woke activism that has absolutely nothing to do with selling motorcycles.
This followed his successful anti-woke campaign against Tractor Supply, which nuked its diversity, equity, and inclusion program, and John Deere, which scaled back on DEI policies.
Vinny Terranova, the owner of Pappy’s Vintage Cycles in Sturgis, told Fox News that ‘woke’ Harley is “branding suicide.”
“A lot of bikers are switching over to Indian,” Terranova said, adding, “They killed Harley. It breaks my heart.”
Riders are not pleased with woke Harley.
They must still be under the thumb of Blackrock owning too many of their shares.
Harkey is already doomed, as its key demographic is old and dying off.
And Harkies and Indians are a luxury, only bought in a good economy. Now is the time to produce basic goods, like chicken breast and Toyota Camrys.
Harkey is already doomed, as its key demographic is old and dying off.
Wonder if the Woke episode was an attempt to generate youth interest know the boomers are on their way out.
“Tucker said: ‘If you don’t accept this offer below list price, I can find a similar home down the block for that price.’ ”
Col. John Henry Thomas: [Thomas has just learned that the war ended several days before] “Major, I’ve just received word that Lee surrendered to Grant three days ago.”
Maj. Sanders, CSA: “Yes, sir.”
Col. John Henry Thomas: “You knew it?”
Maj. Sanders, CSA: “We received the news yesterday.”
Col. John Henry Thomas: “I don’t think you understand, Major, the war is over.”
Maj. Sanders “CSA: NO, sir.”
Col. John Henry Thomas: “Are you telling me that you intend to keep fighting?”
Maj. Sanders, CSA: “Haven’t we just proven it, sir?”
Col. John Henry Thomas: “But why?”
Maj. Sanders, CSA: “Because this is our land, and you’re on it.”
The Undefeated
The forecasted income and occupancy rates are overstated and the management expenses are understated,
I would truly hope no one buying anything expecting an ROI would blindly trust the Revenue and expense numbers coming from the selling entity.
The forecasted income and occupancy rates are overstated and the management expenses are understated,
– NOI = Net Operating Income = (Gross Income – Operating Expenses)
– ROI = Return On Investment
“‘The forecasted income and occupancy rates are overstated and the management expenses are understated,’ he said. ‘All of that results in very little to zero NOI and that’s why they don’t appreciate [in value].’ Studnicky said he won’t sell condo-hotels, which he compared to time-shares. ‘It’s not the wisest place to put your money,’ he said.”
– This sounds like an STR situation, which, judging from ABNB stonk price is just another Fed cheap $ (free $?) bubble casualty.
– NOI: New definition: NO Operating Income! 😂
– ROI also appears to be net zero! (Return OF Investment?)
– The airbnb bust is real, as are all of the other asset bubbles inflated by cheap $ from the Fed and other .gov stooges.
– Enjoyed the boom? 🚀 Now enjoy the bust! 💥 Can’t have one without the other. A lesson not taught, soon learned, but then forgotten during the next boom. 🙃
A reader sent these in:
Rate cuts don’t save labor markets.
My 2c on latest scenes out of Canada…
https://x.com/DonMiami3/status/1821356428591825218
The latest KC Fed Labor Market Index update for August
Trend remains clear & this is my favorite gauge capturing 16 different employment metrics.
https://x.com/DonMiami3/status/1821409290562973764
TRUMP: PRESIDENT SHOULD HAVE SOME SAY ON MONETARY POLICY
https://x.com/DeItaone/status/1821624801389068748
As much as I loathe the Fed, this would be even worse. 👇🏼
This is an economic and monetary policy comment, not a political one.
https://x.com/MauiBoyMacro/status/1821633588695331300
U.S. INFLATION EXPECTED TO HAVE ACCELERATED IN JULY
U.S. inflation was “modestly firmer” in July, but still supportive of an interest rate cut by the Fed in September, Bank of America economists say in a report. “CPI in June surprised to the downside. We expect some of that surprise to reverse in July,” they say. The data is due Wednesday and BofA forcasts monthly headline CPI at 0.3%, compared to a negative 0.1% in June. The annual rate is seen unchanged at 3%. Core CPI is expected to accelerate to 0.2% from 0.1%, leaving the 12-month ex-food and energy gauge stable at 3.3%. BofA forecasts 50-basis point in Fed cuts this year, less than markets are pricing in.
https://x.com/DeItaone/status/1821617577321541731
REDFIN: TOTAL VALUE OF U.S HOMES GAINED $3.1 TRILLION OVER PAST 12 MOS TO REACH $49.6 TRILLION
https://x.com/DeItaone/status/1821525812215980275
Continuing jobless claims hit its highest level since November 2021 amid job seekers having a more difficult time re-entering the workforce
https://x.com/MacroEdgeRes/status/1821565155949580613
Tim Walz Clarifies That He’s Never Been To Iraq, But He Has Been To Downtown Minneapolis Which Is Basically The Same Thing
https://x.com/TheBabylonBee/status/1821623787760083395
This is a Richsession.. yet none understands.
Poor struggle while rich go on vacation
https://x.com/AlessioUrban/status/1821558854175322291
Same ppl who told me to stay broke in mommy’s basement in 2022 are the same ppl bag holding thousands of pre-cons in 2024.
True story.
https://x.com/ManyBeenRinsed/status/1821588440921891061
I thought Montana RE was perpetually red hot?
https://x.com/GayBearRes/status/1821715560054321604
How high home prices are causing a recession in Canada.
🧵
https://x.com/igetredpilled/status/1821692739391779185
Homeowners are just poor people larping as temporarily mildly successful people lol
Proof? $100k assessment is somehow bankrupting people in FL lol
https://x.com/VladTheInflator/status/1821697063203312036
41% of Russell 2000 companies now have negative earnings
This number is up more than 2x since 2006
And is comparable to levels seen during the peak of 2008 Financial Crisis
This is not sustainable
https://x.com/GameofTrades_/status/1821611612706631710
People should indeed think before they post, but arresting people regarding creating online content or even *reposting* that content is gross. 👎
Are ya’ll trying to do a replay of V for Vendetta?
https://x.com/LynAldenContact/status/1821666322628886624
Hows the housing market doing:
Oh….
https://x.com/VladTheInflator/status/1821668754096521569
Paramount to eliminate 15% of its workforce – amounting to around 3,000 employees
https://x.com/MacroEdgeRes/status/1821660306223067643
Some projects are going to foreclosure auction before they are even finished.
With $13.6M outstanding on its loan, the half-finished Ella was sold at a July auction for $5.1M.
2919 Newark St. NW. Washington D. C.
4 story, 31 units
https://x.com/FCNightingale/status/1821660600474493222
Donald Trump says that the Federal Reserve has “gotten a lot wrong,” and “US Presidents should have a say in Fed actions.”
“I think I have a better instinct than, in many cases, people that would be on the Federal Reserve or the chairman,” Trump said.
https://x.com/unusual_whales/status/1821652101212352885
Wells Fargo, $WFC, has confirmed it is being investigated by government authorities over issues in its anti-money laundering and sanctions programs.
https://x.com/unusual_whales/status/1821520987638452613
This house started at $1M in June. It’s over. Cookie cutter scrap metal garbage
https://x.com/LPCapitalChi/status/1698760478506287420
This is what the bulliest of the bulls are predicting for home prices.
Falling prices adjusted for inflation LOL
https://x.com/VladTheInflator/status/1821641157212041467
TRUMP: PRESIDENT SHOULD HAVE SOME SAY ON MONETARY POLICY
This should send Danielle DiMartino Booth into a tizzy. Her pinned tweet is “REQUIRED READING: WHY 1933 SUPREME COURT PRECEDENT DICTATES POWELL CANNOT BE FIRED BY ANY PRESIDENT.” She cites this case in almost every interview she does.
An attorney’s reply to it:
Respectfully, you are way out of your depth here. Relying on Humphrey’s Executor, an FTC commissioner case from the FDR era, tells you nothing about how current constitutional doctrine would apply today to a President firing a Fed Chair.
That case was decided in large part on seperation of powers grounds and found the FTC’s quasi legislative power should be protected from the Executive Branch. But, in the present, we just had a raft of SCt cases (including Loper Bright) that have severely curtailed the quasi legislative power that an agency like the Fed can exercise even under Congressional delegation. No quasi legislative power, then no seperation of powers issue protecting the Fed Chair from the President.
Second, Humphrey’s Executor was a narrow exception to the general rule that the President is the embodiment of the Executive Branch and generally has unfettered power to remove officials. See Myers v. United States, 272 U.S. 52 (1926), which is still good law.
Finally, in Seila Law LLC v. Consumer Financial Protection Bureau, 591 U.S. 197 (2020), the Supreme Court receded from Humphrey’s Executor and held that the single director of the CFPB could not be protected from the President’s sweeping removal power. I’d argue the Fed Chair’s power is hyperdominant and more like the CFPB director paradigm than the FTC commissioner model. Thus, a Fed Chair could very well be removed by the President.
From Selia Law case:
“A decade ago, we declined to extend Congress’s authority to limit the President’s removal power to a new situation, never before confronted by the Court. We do the same today. In our constitutional system, the executive power belongs to the President, and that power generally includes the ability to supervise and remove the agents who wield executive power in his stead. While we have previously upheld limits on the President’s removal authority in certain contexts, we decline to do so when it comes to principal officers who, acting alone, wield significant executive power. The Constitution requires that such officials remain dependent on the President, who in turn is accountable to the people.”
At the moment, the only way the President can affect the Fed is by nominating the Fed governors, confirmed by the Senate. More drastically, Congress could get rid of the Fed tomorrow by repealing the law that established the Fed, but I doubt that will happen.
Rep. Massie Introduces Federal Reserve Board Abolition Act to “End the Fed”
Tim Walz Clarifies That He’s Never Been To Iraq, But He Has Been To Downtown Minneapolis Which Is Basically The Same Thing
I remember going thru Minneapolis in the early 70’s. It was one of the safest cleanest big cities. Certainly much safer than Chicago. (Chiraq)
Angelina Yang thought she knew the Olympic rules — no national flags, no political messages. She was excited to support her compatriot athletes at the Olympics Games in France, where she was living and studying. So the Taiwanese student made what she thought was an uncontroversial sign — the outline of her home island, with the words “jiayou Taiwan” (Go Taiwan) written in Chinese.
But as she unfurled the sign in the stadium stands to watch her team play China in badminton, she was quickly surrounded.
“I was still holding my poster and the security kept talking to his co-worker with his walkie-talkie. After that there was a man, we [think] he’s a Chinese man, he stood in front of me to block the poster.”
The man then ripped it from her hands.
“I was really surprised. And I was really sad and angry at the same time,” Yang said. “We’re not doing anything wrong. Why would we be treated like this?”
Taiwan’s foreign ministry described the incident as violent and against Olympic values of friendship and respect. It has called on French authorities to investigate. In response the International Olympic Committee (IOC) said there were “very clear rules” disallowing banners.
For decades Olympians from Taiwan — formally the Republic of China — have had to compete under the team name “Chinese Taipei.” The rule is strictly enforced by the IOC.
The rules are often attributed to pressure on the IOC from the Chinese Communist party government, which claims Taiwan as Chinese territory it intends to annex. It uses its hefty influence to shrink as much of Taiwan’s international space as it can, whether that’s at the UN or a birdwatching association.
The incident was one of several at the Paris Games to spark anger among Taiwanese people over Olympic rules which restrict the ways they can cheer on their national team.
Fans have tried to be creative. One sign at the badminton finals cheered on “bubble tea land”. Another spelled out “Taiwan” with pictures of food. But on the same day Yang’s sign was grabbed, security were pictured confiscating a towel with “Taiwan” written on it. The design incorporated a video review decision from the 2020 Badminton final in Tokyo, which gave Taiwan the gold medal over China. A man wearing a T-shirt with the same design was told to put on a jacket.
Yang plans to go to the police, and has support from Taiwan’s representative in France, Wu Chih-chung. “When facing the Chinese team, the IOC will treat Taiwan very harshly,” Wu told Taiwan media. Yang said the current rules are “nonsense” and she hopes they can change soon.
“I hope in the Olympic Games we can support our team just like other people can,” she said. “We follow the rules, but why can’t we bring our own poster that’s neutral and non-political? “That’s all I want, and all I hope Taiwanese people can do.”
https://www.taipeitimes.com/News/feat/archives/2024/08/09/2003821971
I haven’t watched any events. I’s sure NBC doesn’t care if little old me doesn’t watch, but if millions of like minded people also don’t watch then they might care. though the PTB are probably ordering advertisers to pay full freight to NBC.
“I haven’t watched any events. I’s sure NBC doesn’t care if little old me doesn’t watch,”
I’m not so little but I haven’t watched any either. Kinda sad because I loved watching the Olympics when I was younger and I never got to see triathletes battling turds in the swimming portion of their event.
I’ve watched a few snippets on YouTube, like that boss Turkeish shooter, and Mondo Duplantis crushing pole vault, but that’s really it.
“I haven’t watched any events.
I haven’t either and I don’t think I am missing much as I can see the few highlights on You Tube.
A private judge, not a Los Angeles jury, will render a verdict in the lawsuit seeking more than $770 million in damages from City National Bank over its alleged role in aiding a Ponzi scheme led by actor Zachary Horwitz.
U.S. District Court Judge Christina Snyder recently ruled in favor of a request by the Los Angeles bank to have the case handled by a “judicial referee,” an alternative form of dispute resolution that is similar to arbitration.
In arbitration, which has been criticized for its use by corporate and sexual harassment defendants to hide findings of wrongdoing, hearings are private and the judgments typically final and not made public. By contrast, hearings before judicial referees are technically open to the public, with the judgments also public and subject to appeal.
However, judicial referees can be an attractive option to defendants facing potentially large verdicts since the positions are typically filled by former judges — the kind of arbiters generally seen as being less likely than juries to return multi-billion dollar runaway verdicts.
“It is far less likely, in general, to inflame the passions of a retired judge who has significant experience in handling cases than it is to a jury who, in a lot of instances, this is their one and only case they are ever sitting on,” said attorney John Nadolenco, managing partner of Mayer Brown’s Los Angeles office.
The lawsuit was filed in February by a court-appointed receiver who is trying to recover losses incurred by investors in a Ponzi scheme led by Horwitz, a small-time actor who claimed he had a business acquiring film rights and licensing them to Netflix and other streaming platforms for foreign distribution.
Horwitz, who appeared in a handful of films under the stage name Zach Avery, had no such deals and forged contracts and emails to dupe investors, who poured more than $700 million into the scheme from 2013-19, when by the end of the year Horwitz had trouble raising money. He was arrested in 2021, pleaded guilty to securities fraud and was sentenced to 20 years in prison, owing some $230 million in restitution.
In the lawsuit, the receiver Michele Vives alleged the bank “substantially assisted” Horwitz by “adding an air of legitimacy” to the scheme and — driven by a desire to earn interest on a line of credit and sell Horwitz other services — “bent the rules” and accepted “incomprehensible explanations” about the sources of the funds and the flow of money in the accounts.
https://www.msn.com/en-us/money/companies/private-judge-not-jury-will-hear-ponzi-case-against-city-national-bank/ar-AA1otRlS
Two San Francisco business owners are reeling after their stores were targeted by thieves overnight Wednesday.
In the Inner Sunset, suspects shattered the window at UC Market, stealing the ATM and ransacking the store. Just two hours later, in the Mission District, thieves in an SUV attempted to rip the security gate off Taqueria Vallarta, though they were unable to break in.
Both owners say they’re exhausted by the relentless break-ins.
Mekonnen Seyoun, owner of UC Market, said that around 2:30 a.m. on Thursday, four people stole his ATM. They also made off with cigarettes and liquor, totaling over $12,000 in stolen goods. On top of that, Seyoun now has to replace the shattered window.
This is the second break-in at UC Market this year, with several occurring last year as well. Seyoun also deals with smaller thefts multiple times a week. “A lot of teenagers come here and take a lot of stuff. First they show you their weapon. Imagine how difficult it is for me to keep working for myself and raising my family,” he said.
https://www.msn.com/en-us/money/smallbusiness/sf-business-owners-struggle-after-overnight-break-ins/ar-AA1ov0dc
“they’re exhausted by the relentless break-ins”
Vote like California, become California.
Vibrant living!
in the Mission District, thieves in an SUV attempted to rip the security gate off Taqueria Vallarta
I was wondering what they would steal, carnitas? Then it crossed my mind: the booze. The place probably has a well stocked bar.
B.C.’s public safety minister and Port Coquitlam’s mayor are among those condemning a video circulating on social media in which an imam calls for violence and death against Jews and Christians.
The video was posted by the Friends of Simon Wiesenthal Center, a non-profit organization that promotes Holocaust education and programs to combat antisemitism.
The post identifies the imam seen in the video as Adnan Abyat, and says he is based in Port Coquitlam. It says Abyat made his remarks in a sermon earlier this month.
https://bc.ctvnews.ca/b-c-officials-condemn-imam-s-calls-for-violence-rcmp-investigating-1.6994363
A condo complex in Jensen Beach was evacuated on Thursday.
According to St. Lucie County officials, the Villa Del Sol Condo Association, located at 11000 S Ocean Drive, was evacuated after one of its two-story buildings was deemed unsafe. In total, the complex has three buildings, but one was not being occupied at the time.
The evacuation comes after the condo’s HOA hired a private structural engineer who found structural damage to the building.
https://www.msn.com/en-us/money/realestate/jensen-beach-condo-evacuated-after-building-deemed-unsafe/ar-AA1ouaJe
‘Average consumer now carries $6,329 in credit card debt. ‘People are stretched,’ expert says”
$6,329 . . . ? Piker !!
I charge that amt. monthly for my PG&E bill.
We had a $1,500 water bill last cycle. Our next one is likely to be high as well as we’re battling broken irrigation lines and valves.
That’s going to be one expensive tomato.
My garden is watered via hose bibs. It’s the 50yo irrigation system that’s breaking.
I paid $87 last month, and I thought that was a lot.
So, when is the LL going to repair the sprinkler system?
Just turn it off and hand water.
We’re on 1.33 acres with macadamia, avocado, citrus, apple, guava and cherimoya trees. Hubby’s already capped off a number of them.
Is it possible to attach a photo here?
https://www.wikihow.com/Insert-Images-with-HTML
…Acorn Patch.webp…
I guess it’s the permissions in wordpress and I can’t change that.
Neighbor’s house for sale. We’re the single story ranch on the left.
In Photo 49 you can see the general 2D shape of the property. Their house should give you an idea about the change in elevation.
I’m not sure it’s a good idea to out yourself so precisely on the internet.
It should be fixed now.
It’s not.
Is this a house you finally bought? I know you were looking.
We still rent.
The Forest Service will let you have as much pure mountain spring water as you want with just a $2500 yearly permit fee. Maybe share a truck with some neighbors and profit!
https://www.yahoo.com/news/forest-orders-arrowhead-bottled-water-181421014.html
The Town of Jupiter Fl will give you a one time break on a water bill for a broken line causing an out of the ordinary large bill. I know because it happened to me. I don’t know how long your billing cycle is but they bill monthly.
City of Poway reduced the bill $300.
So you’re still paying for the water, just not so much of the sewage treatment portion. The town here does that when you tell them you filled a pool. It’s about 50%.
No idea. Hubby dealt with them. Utility bills are his responsibility.
“As of August 2024, the average credit card interest rate in the United States is 24.74%, which is the highest rate LendingTree has recorded since 2019.”
24.74% of $6,329 is $1,566 per year. It doesn’t seem like the average revolvig credit card balance is all that crushing on the representative consumer.
World Federation of Advertisers shuts down GARM project after Elon Musk, Rumble sue over ad boycott (8/8/2024):
“The Global Alliance for Responsible Media has decided to “discontinue activities” after a lawsuit filed against them by Elon Musk’s X and the Rumble platform. The group was under fire for antitrust violations after they had orchestrated ad boycotts of both platforms using their monopoly.
The House Judiciary said this was a “Big win for the First Amendment” and a “Big win for oversight.” The House Committee brought questions about GARM, their monopoly on advertisers, and their use of that monopoly to influence online speech to a hearing.
The World Federation of Advertisers, which organized GARM as part of its efforts to police speech online using ad placement and the withholding of same, said they plan to contest the allegations of boycotting and censorship that were leveled at the group in the suit. They claim to be in compliance.”
https://thepostmillennial.com/breaking-world-federation-of-advertisers-shuts-down-garm-project-after-elon-musk-rumble-sue-over-ad-boycott
I Meme Therefore I Am 🇺🇸
@ImMeme0
BREAKING: Three officials from the electronic voting company Smartmatic have been indicted by a federal grand jury for bribery and money laundering.
Commission on Elections Chairperson Andy Bautista and three former Smartmatic officials—Roger Alejandro Piñate Martinez, Elie Moreno, and Jose Miguel Vasquez—have been indicted by a federal grand jury in Florida for corruption and bribery related to the 2016 Philippine elections.
The indictment alleges that bribes were funneled through slush funds and concealed by fraudulent contracts and loans. The funds were reportedly laundered through various bank accounts across Asia, Europe, and the U.S., including Florida, showcasing the complexity of the money laundering scheme.
Smartmatic, a global election technology provider, has faced criticism and legal challenges, particularly over alleged bribery and corruption in the Philippine elections, raising concerns about its
business practices and ethics.
Smartmatic sued Fox News and Newsmax over their claims that its machines rigged the 2020 election.
DOJ Report:
The co-conspirators allegedly funded the bribes through a slush fund that was created by over-invoicing the cost per voting machine for the 2016 Philippine elections. To conceal and disguise the nature and purpose of the corrupt payments, the co-conspirators used coded language to refer to the slush fund and caused the creation of fraudulent contracts and sham loan agreements to justify transfers. The co-conspirators then allegedly laundered funds related to the bribery scheme through bank accounts located in Asia, Europe, and the United States, including in the Southern District of Florida.
Roger Piñate, pictured on the left, is the president of Smartmatic.
8:01 PM · Aug 8, 2024
·
https://x.com/ImMeme0/status/1821698259217477769
Illegal Alien Crimes
@ImmigrantCrimes
🚨 Kankakee County, IL: Illegal alien Juan Alvizar “was arrested in Bourbonnais on Tuesday and is facing charges of criminal sexual assault of a victim less than 13 years old.”
2:21 PM · Aug 8, 2024
·
https://x.com/ImmigrantCrimes/status/1821612648783564896
‘If you don’t accept this offer below list price, I can find a similar home down the block for that price’
That’s the spirit Jeff! Time to take the gloves off in Portland.
‘Condo developers in Miami have re-discovered the condo-hotel, and buyers are eating it up. But they may be disappointed with their returns once their units are completed. ‘It’s going to be a bit of a bloodbath of competition’
Proof again that every fresh hell will be revisited.
‘While he and AnneMarie are sticking around, the three special assessments that have come due in the past two years pinched when he was forced to sell stocks. ‘I don’t have $54,000 in my checking account…Most people don’t’
There’s a lot of flaws being exposed with this vertical commie urban living money tree utopia right now Jim.
‘it is becoming a bit more of a buyer’s market, which is much better than where we were a few weeks ago. ‘For a little bit we were no one’s market, we were… no market’
Not much has changed insurance wise in a few weeks Sofia except a 9 inch flood in Sarasota. You’ll be fine, having saved all that filthy lucre from the fat years.
‘The New York-based lender reported it sold $20 million in loans so far this year and another $450 million are in contract to trade in the third quarter, executives detailed on a Thursday morning earnings call. The loans that cleared sold at 70 cents on the dollars…It expects that the total debt it wants to offload by years’ end —- both the debt in contract and another $130 million in the works — will sell for 50 cents on the dollar’
How do those 5% cap rates look now Andy?
‘All of the deals he has put together recently are for people who plan to live in the property. ‘Right now, that’s the total of our business. There’s no case at the moment for why a condominium would make a great investment’
And almost every one of the tens of thousands were built exclusively to target investors Chris. Those guys are fooked.
‘In Toronto, Mr. Bibby notes that buyers who have made recent purchases are jittery about whether they overpaid or if the bottom is still to come. He sees signs of that anxiety’
The market needs knife catchers Chris.
‘In high-rise towers where many identical units were designed for the investor market, units languish, he says. ‘These end users don’t want to live in these 50-storey buildings – mostly tenanted – with one elevator working. The build quality is horrendous, and the floor plans don’t make sense,’ he says. Without strong price appreciation in the near term, many owners are not willing to hold on. For one recent listing, he has set the asking price below the amount the seller paid for the unit in 2021. Mr. Bibby says in tough situations like that, he can only present a clear view of the numbers, then offer advice based on the individual’s finances, patience and risk tolerance. ‘I feel like I’m taking a role almost as a real estate therapist’
Holding hands with FBs about to lose everything is why you make the big bucks Chris.
I wonder how long until the forest of cranes returns? I suspect it on’t be for a long time.
‘he and his wife bought their condo apartment in Etobicoke as an investment for retirement. ‘We worked for decades to save, penny by penny, for our old age’…But since 2020, Singh says the female tenant has paid only intermittently: he produced a ledger showing Deeqa Rafle owes $41,600 in back rent and $5,249.35 in unpaid utilities. In the meantime, she’s still living in Singh’s 32nd-floor apartment steps from Lake Ontario. Singh says the experience with renting has left a lasting impression. He says once his tenant has moved out, he’ll likely sell the apartment — because he would never rent again. ‘I am aware of the housing crisis in the country but if people are here to abuse the law go find your own, I’m not a babysitter, I can’t help you’
She’s sitting in yer igloo right now paying nothing Narinder, probably stuffing her pie hole with expensive food!
Why would a tenant who doesn’t pay and can’t be evicted ever move out?
Weather service now confirms 4 Cleveland-area tornadoes; here’s what we know (8/9/2024):
“The National Weather Service has confirmed that at least four tornadoes occurred in the Cleveland area Tuesday, traveling across parts of Cuyahoga, Geauga, Lake, Lorain and Summit counties, hitting multiple cities, leaving property damage, uprooting trees and knocking out power for days.
Late Thursday afternoon, the weather service confirmed two more tornadoes, one in Summit County and crossing into Cuyahoga County, and the other traveling from Lake County to Geauga County. This was in addition to tornadoes confirmed Wednesday for Avon Lake to Rocky River, and Brook Park to Bedford.
Tornadoes aren’t influenced much by rural or urban landscapes, but the reason more rural areas seem to get the weather phenomena is because they occupy more space than a more condensed area like a city.
“It’s just a numbers game,” said Jim Sullivan, a meteorologist with Cleveland’s National Weather Service.
https://www.cleveland.com/news/2024/08/heres-what-we-know-about-tuesdays-two-tornadoes-and-recent-trends.html
Power will be out until the middle of next week. 3,000+ linemen on the scene fixing it. Locals on a scavenger hunt to find ice…
Middle of next week? Ice is *not* going to save them. The best thing is to give up the food in the fridge, shut off the water and go stay in a hotel for the next week. Surely they were keeping half a tank of gas in the car. That will get them 150-200 miles.
“EF-1 tornado”
I had a look at some tornado death statistics a few years ago. A few take-homes:
1) Almost nobody dies in EF-1s or -2s. A few die in EF-3s. If an EF-4 or -5 comes your way, head for shelter and pray.
2) Though tornadoes have been recorded in every state, most deadly (EF-3+) tornadoes hit the more southern reaches of Tornado Alley.
‘The final selling price is nearly 9% below the advertised price, compared with 6.9% in quarter two 2023. The mix-adjusted average purchase price for the local market properties sold in the second quarter of was £587,673. SPF brokers have been getting busier over the last three weeks, and managing director Pierre Blampied said he was hearing from estate agents that they were now busy with viewings. He said they knew it had been a difficult year. ‘Looking at house prices over the last 12 months, we have seen a 10% price correction’
Lookie loos must be tolerated in downturns Pierre.
‘If you look at our customer base, there is an element of customers and the community doing it really tough, and you can see that in the arrears showing up in our [loan] book…You can see it in our call centre, you can hear it in our customers’ voices. People are looking for avenues to draw down their super’
Let’s be clear here Alexis, it’s still a red hotcakes sellers market in Australia.
People are looking for avenues to draw down their super
Translation: they are raiding their retirement savings.
You’re Not Cut Out To Be A Landlord (Peel Region Real Estate Market Update)
Team Sessa Real Estate
12 minutes ago MISSISSAUGA
In this episode we take a look at the current Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate home prices and market trends for week ending July 31, 2024. We also discuss why some people shouldn’t be landlords if they’re not willing to take care of their places or service their tenants.
https://www.youtube.com/watch?v=iMNw7_Yl5As
14 minutes.
At 9 minutes, only 7% of detached Mississauga igloos sold in a week at listing price or above.
NYC building sells at 97% discount: the ponzi scheme ends
Louis Rossmann
2 hours ago
https://www.youtube.com/watch?v=vpV1FS-gRZw
18 minutes.
‘We Have No Choice’: Trump Vows To Start ‘The Largest Mass Deportation In The History Our Country’
During a press briefing at Mar-A-Lago, on Thursday, former President Donald Trump answered reporter questions on immigration.
8 hours ago
https://www.youtube.com/watch?v=D0oNDJKM4y0
3:43.
He’s been promising that for a while, so it’s not new. But I think he’s going to do it.
He’s been promising that for a while, so it’s not new. But I think he’s going to do it.
I think more and more Americans are getting fed up with it. The free lodging and food is an especially giant slap in the face to people with legitimate legal rights to live here.
$2.75M Poway house BOM after 2 months and 4 days pending.
Actually that’s a pretty nice property. The inside decor is a little bland, but the house itself is sort of generic architecture. So I guess a generic interior design is appropriate. Nice outdoor area, big pool, lots of rooms for lots of family, nice landscaping…. I dunno, does it look to be worth that price?
I dunno, does it look to be worth that price?
A similar house sold for $1.866M in 2020.
It was also on the market from 9/14/2022 to 10/20/2022 starting at $2.649M and ending at $2.495M.
SHOCKING UPDATE: Property Tax VALUE FRAUD (Texas)
Real Estate Mindset | 1 hour ago
https://www.youtube.com/watch?v=Leb2GH6y7Pg
NYC building sells at 97% discount: the ponzi scheme ends
Louis Rossmann | 4 hours ago
https://www.youtube.com/watch?v=vpV1FS-gRZw
We bailed on our NYC small business 20 years ago. Had it for 24 years. Saw the writing on the wall; at the end, we were just working to pay the landlord.
Are you expecting Fed rate cuts to buoy stocks?
Cavuto Coast To Coast
August 09, 2024
Economy to pullback ‘much harder than expected,’ no soft landing: Harry Dent
Financial author Harry Dent warns investors this is a time to be extra cautious on ‘Cavuto: Coast to Coast.’
…
https://www.foxbusiness.com/video/6360158747112
Reuters
U.S. Markets
US investors snap up money market funds on fears of a slowdown
By Reuters
August 9, 2024 6:57 AM PDT
Updated 13 hours ago
People walk by the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 9, 2021. REUTERS/Andrew Kelly/File Photo
Aug 9 (Reuters) – U.S. investors shifted heavily into money market funds in the week ending Aug. 7, retreating from riskier assets during a stock market sell-off fueled by fears over an economic slowdown. According to LSEG data, investors poured a massive $47.48 billion into U.S. money market funds in the largest weekly inflow since April 3, while simultaneously offloading $7.39 billion in equities, ending a three-week buying streak.
Last week, a weaker-than-expected U.S. payrolls report and disappointing manufacturing data raised concerns about the economy’s health, fueling a further sell-off in stock markets.
U.S. investors withdrew $2.42 billion from small-cap funds, breaking a streak of three consecutive weeks of net purchases. Meanwhile, U.S. mid-cap and multi-cap funds saw outflows of $400 million and $382 million, respectively, although large-cap funds attracted $1.68 billion in net purchases.
By sector, financials saw a significant outflow of $1.36 billion as investors turned net sellers after three weeks of net purchases. Technology and communication services sectors also experienced notable outflows, totaling $657 million and $521 million, respectively.
…
https://www.reuters.com/markets/us/us-investors-snap-up-money-market-funds-fears-slowdown-2024-08-09/
Federal Reserve
Markets are counting on the Fed to head off recession with sizable interest rate cuts
Published Tue, Aug 6 2024 2:15 PM EDT
Updated Wed, Aug 7 2024 7:45 AM EDT
Jeff Cox
Key Points
– In the market’s eyes, the Fed finds itself either poised to head off recession or doomed to repeat the mistakes of its recent past.
– “No recession today, but one is increasingly inevitable by year-end if the Fed fails to act,” said Steve Blitz, chief U.S. economist at TS Lombard.
– Traders are pricing in a half-point September cut, followed by aggressive easing that could lop 2.25 percentage points off the Fed’s short-term borrowing rate by the end of next year.
…
https://www.cnbc.com/2024/08/06/markets-are-counting-on-the-fed-to-head-off-recession-with-sizeable-interest-rate-cuts.html
Why Fed interest-rate cuts aren’t always good for stocks
It all depends on if a recession is coming or not, says Cicione at TS Lombard
By Joy Wiltermuth
Published: Aug. 9, 2024 at 1:16 p.m. ET
Equities tend to perform poorly if the first Fed rate cut is followed by a recession.
Photo: Win McNamee/Getty Images
Rate cuts from the Federal Reserve would finally give companies reeling from ballooning borrowing costs a break.
But historically, Federal rate cuts haven’t always been positive for the stock market.
…
https://www.marketwatch.com/story/why-fed-interest-rate-cuts-arent-always-good-for-stocks-d45b8e1b
Shopping for a used car right now, since I t-boned a young girl making a turn on a yellow arrow. She said she thought she could. Well, yeah, if no one’s coming 🤦♀️ She ghosted her insurance company, so mine paid out, got more than I paid for it three years ago. Most mad about my daughter, who was with me, becoming freaked out about driving because it happened so fast.
I can’t believe the prices, even for the ancient Toyotas I’ve bought for cash in the past. They seem to be coming down, though slim pickings. This guy’s funny.
(Language)
The Car Market is a Joke … | July 7, 2024
Jack Morgan RLP
https://www.youtube.com/watch?v=MBwagHGLLFQ
Billy Joel – Captain Jack
https://youtu.be/koft_Yschnc?si=K3JphKmnAg8cF536
Is it still a tenet of faith that real estate goes up everywhere and always?
U.S.
Austin Housing Market ‘Distress’ Sees Prices Slashed by Over 30 Percent
Published Aug 08, 2024 at 11:07 AM EDT
Updated Aug 08, 2024 at 1:23 PM EDT
By Giulia Carbonaro
US News Reporter
Austin’s housing market is in “acute distress” as newly built homes continue flooding the market at the same time as sales plummet in the Texas capital, according to a new study by Parcl Labs.
The former pandemic boomtown has been building more homes than most of the country in the past five years, as demand and prices skyrocketed during the health emergency when so many out-of-state Americans wanted to move to the city.
According to Parcl Labs, which analyzed 300 U.S. housing markets to identify high-growth areas with substantial new construction exposure, Austin is among the top five American cities with the biggest growth in the rate of single-family housing stock since 2019 at 6.87 percent.
The list also included Boise City, Idaho (9.51 percent); Lakeland, Florida (8.30 percent); Raleigh, North Carolina (7.80 percent); Jacksonville, Florida (7.17 percent). At the national level, new construction has grown by a much more modest 1.9 percent since 2019, before the pandemic started.
The problem now is that demand for new homes in Austin has plunged significantly compared to the levels recorded in the booming years of the pandemic. While new construction accounted for 40 percent of sales in early 2021, according to Parcl Labs, in June, they accounted for only 9.7 percent—below the national average.
This steep decline has outpaced the drop in new listings: as of June, 21.6 percent of homes listed for sale in Austin were new builds. According to Parcl Labs, this indicates a “demand cooldown” in the Texas capital. By comparison, the U.S. average for new builds is about 10 percent of listings.
Prices for new builds have also dropped in the city. Parcl Labs experts believe that Austin is facing “a reality check” as the market is seeing an average price cut of 7.23 percent on new builds, “with some properties slashed by up to 31.33 percent, indicating very motivated sellers.”
…
https://www.newsweek.com/austin-housing-market-distress-prices-slashed-1936364
“Prices Slashed by Over 30 Percent”
It seems a little surreal, given the steady flood of articles from real estate porcine beauticians claiming that housing increases everywhere and always.