We’re All Holding The Bag

1. There’s more FBs at the New Zealand link.

2. ‘the purchase price is now at a point that an overwhelming share of new condo owners are burning cash because the rent they can charge is not enough to cover their mortgage payments and other expenses. For example, in the Toronto region, the asking price of a preconstruction condo has nearly doubled from 2017 through this year to around $1,345 per square foot, according to data from Altus. That puts the price of a 550-square foot condo at $740,000’

   There’s thousands of these shoe-boxes for sale and thousands on the way. And UHS will tell you nobody wants them. They were built for ‘investors’, not ‘end-users’.

3. CRATER

   1. Home Depot expects sales to weaken as consumers grow more cautious (8/13/2024):

      “In an interview with CNBC, Chief Financial Officer Richard McPhail said Home Depot has contended with consumers who have a “deferral mindset” since the middle of 2023. Interest rates have caused them to put off buying and selling homes and borrowing money for bigger projects, such as a kitchen renovation.

      Yet over the past quarter, he said surveys of customers and home professionals like contractors have captured another challenge: a more cautious consumer.

      “Pros tell us that, for the first time, their customers aren’t just deferring because of higher financing costs,” he said. “They’re deferring because of a sense of greater uncertainty in the economy.”

      https://www.cnbc.com/2024/08/13/home-depot-hd-q2-2024-earnings.html

      Paul Kugman muh best economy ever?

   2. Meanwhile…

      The price of silver has risen 64% since late 2018.
      The price of gold has DOUBLED since late 2018.

      1. Gold has closed above $2500 for the first time, I believe. $2506.20 🥇

4. Is California real estate still red hot cakes?

   1. California Condo Prices Plunge in San Francisco, Worth Less Than Decade Ago
      Published Aug 13, 2024 at 6:21 AM EDT
      Updated Aug 13, 2024 at 6:58 AM EDT
      By Giulia Carbonaro
      US News Reporter

      Despite recent signs that San Francisco is on a path to economic recovery, condos in the city are yet to make a comeback, as several sellers are still slashing their asking prices to try to attract reluctant buyers.

      As of Tuesday morning, there were a total of 687 condos listed for sale on real estate marketplace Zillow in San Francisco. Of these, 87 had price reduction—over 12 percent of all listings. Vacation rental investor Rohin Dhar, who often shares Zillow listings with dramatic price cuts on social media, wrote on X, formerly Twitter, about a one-bedroom condo unit in downtown San Francisco; it was recently sold for $680,000, down from the sum of $825,000 it fetched when it was purchased in 2015.

      “As condo prices have declined in downtown San Francisco, one bedroom condos have been hit particularly hard,” Dhar wrote on the social-media platform. “Are you generally just better off renting than buying a one bedroom apartment?”
      …
      https://www.newsweek.com/california-condo-prices-plunge-san-francisco-worth-less-decade-ago-1938380

      1. “Despite recent signs that San Francisco is on a path to economic recovery,…”

         Can you have a recovery with no recession?

      2. ‘What I’m telling buyers is, now is a good time because the longer a home sits, the greater the opportunity to propose a better offer.’”

         RE agent sez: “What I’m telling buyers is, now is a good time because
         __________ _____________ ____________ ___________ .”

         RE agent next month sez: “What I’m telling buyers is, now is a good time because ___________ ____________ _________________ .”

         RE agent next year sez: “What I’m telling buyers is, now is a good time because _____________ _______________ ________________ .”

         RE agents cemetery headstone reads:

         What I’m telling buyers is
         NOW IS A GOOD TIME
         BECAUSE

5. This last Corona virus lasted longer than the other times I got it, intermittent nausea and headaches, fever etc. I didn’t get vaccines except way in the beginning when I really didn’t know how incompetent everyone had become. Positive I got it flying which I think I’m done with.

   1. I had a cold like that… in Spring of 2018.

6. That included fleecing untold numbers of marks via a get-rich-quick scheme that prosecutors allege only served to enrich one person: Miller.”

   Every time a real estate speculator gets fleeced, an angel gets its wings.

7. ‘We’re all holding the bag,’ Miller said. A few folks, like Djapounova, told us subcontractors are threatening to put a lien on their home if they don’t pay the invoices they say Anchor Tiny Homes didn’t pay.”

   Good on ya, Mate! Hold firm. Now load up that Ute & get crackin’!
   Oh, hold on: this is the States, not Oz, home of the disappearing contractor. Ah well. No worries.

   Croikey!

   1. I want to know whose idea it was to pay $200K+ for a TINY HOME as and ADU. The term “tiny home” applies only up to 500 sq ft. I guess most of the money went to permitting and extending electrical and sewer service to the ADU?

      1. There is a company near here in TN that will sell you the complete materials kit and plans for a 2BR tiny home for around 13k. This includes milled to spec lumber and trusses. All you have to do is grade and assemble. If you were to buy it all wholesale uncut it would be even less. I’ll let you all do the math on how big a rip off those CA tiny homes are. It’s all a giant scam.

8. Denver will shatter last year’s record number of evictions as crisis outstrips available rental assistance money

   geez what a loser to interview. the 56-year-old sat on her porch two weeks ago lighting up cigarette after cigarette, Hallberg fell behind on her $2,530 monthly rent

   Umm you dont need all that stuff, that never enters into the conversation, live smaller

   https://www.denverpost.com/2024/08/11/denver-eviction-rental-assistance-high-housing-prices/

9. From WTOP (DC news radio)

   “Police investigating break-in at Trump campaign office in Virginia”

   “Law enforcement officers are investigating a break-in late Sunday at former President Donald Trump’s campaign office in Ashburn, Virginia…

   …Investigators say they have surveillance video that shows the burglary suspect inside the campaign office wearing dark clothing, a dark cap and a backpack.

   “It is rare to have the office of any political campaign or party broken into,” Loudoun County Sheriff Mike Chapman said in a statement. We are determined to identify the suspect, investigate why it happened, and determine what may have been taken as well as what may have been left behind.”
   ————

   That’s actually kinda funny. Let’s make a who-dunnit movie out of it, with K. Harris playing the part of deep throat.

   ———————————-
   In other news:

   This is what CNN has to say about last night’s Spaces conversation on X:

   —–
   Former President Donald Trump spoke with Tesla CEO and X owner Elon Musk in a live conversation on the platform for over two hours on Monday night. Technical difficulties derailed the start of the interview by more than 40 minutes, creating a public stumble for the Trump campaign as it looks to regain momentum in the race. The former president eventually fielded friendly questions from Musk while slamming Vice President Kamala Harris’ stances on the economy and immigration. A CNN fact check found that Trump made at least 20 false claims during the conversation. Meanwhile, Democrats are gearing up for their national convention in Chicago next week, where Harris will formally accept her party’s nomination for president on Thursday night.
   —–

   🙄

   1. ” A CNN fact check found that Trump made at least 20 false claims during the conversation. Meanwhile, Democrats are gearing up for their national convention in Chicago next week,”

      A week long convention where CNN fact checkers will find 0 false claims.

      1. I think we’re to the point where the media lies simply don’t move the voters anymore. Here is what I think will decide this election:

         1. Florida: Although Republicans outnumber Democrats, there is an abortion initiative on the ballot, which might affect turnout. We can only hope that the Rs and Independents are smart enough to split the top of the ticket between the Pres and the initiatives.
         2. Running mate: Vance’s “weird” comments won’t move the needle at all. Childless cat ladies already hate Trump with a passion. However, if Walz manages to stay on the ticket (jury is still out on this), the stolen valor issue might sway the military families in Pennsylvania and even Virginia.
         3. Debates: The attacks on Kamala’s basement campaign are landing. She’s been forced to talk to the press… a little bit. The pressure is on. She won’t survive more than one debate. At the same time, Trump can’t afford any slip-ups either. If he remains calm, Kamala is toast. As for VP, Vance will wipe the floors with Walz and use the leftover to clean the toilet.
         4. Young men’s vote. Young men are finally reclaiming their testosterone from the Alphabet People. Trump made a big splash on X, but few know about his conversation with streamer Adin Ross on Kick(?), which had ~580K viewers and millions of subsequent views. Also, one more act of bada$$ery will solidify the black vote. Trump’s pending sentencing might set off some fireworks. Also, in October Trump is going back to Butler, which is a nice little reminder of Trump’s strength.
         5. Protests at the DNC convention. Things have been quiet on this front, but that could erupt, especially if Iran attacks Israel.
         6. More illegal immigrant stories: more white women killed or r@ped, another caravan, more stories of illegals overrunning cities will bring more focus on the border.
         7. Ground game: Rumor is that the RNC is assembling a crowd of poll-watchers and hopefully some GOTV, but I’ll believe it when I see it. That might be enough to swing Michigan or Arizona.

         1. Records: Everyone’s lives were better under Trump. Harris is more of the same, if not worse.

10. “Spending, the border and inflation are going to destroy us”

    Yes it will.

    Those posts on a recent thread about illegal immigration to Ireland were disturbing, to say the least.

    The NGO’s facilitating that criminal invasion should be treated like an invading army.

    Names, addresses. Justice will not be achieved in the legal system. Hunt them down and kill them all ☠️

11. Irish woman confronted by foreign paramilitary security while out walking through proposed migrant camp for “refugees”.

    https://x.com/Mick_O_Keeffe/status/1823082554054074804?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1823082554054074804%7Ctwgr%5E6bcd6188d6fe5e6b0f8c5698db94b5776fd85e5f%7Ctwcon%5Es1_&ref_url=http%3A%2F%2Fwww.godlikeproductions.com%2Fforum1%2Fmessage5782019%2Fpg1

    If you have Irish ancestry, contact your closest embassy and ask them why foreign military is providing security for “refugee” camps in Ireland. If you know anyone who is Irish or has Irish ancestry, please send them this link and inform them they should be asking for an explanation from the government as to who these people are and what they are doing in the country.

    1. Ireland has had worthless globalist governments that serve only their bankster and oligarch patrons since 2008.

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

    2. +1

       Ireland was never a colonizing nation. They lived under the bootheel of the British for centuries.

       Call it what it is: a deliberate replacement of the white European Christian population.

    3. Niall McConnell from Donegal of Síol na hÉireann will be live streaming on the housing and refugee crisis in Ireland at 1:45 EST/11:45 PST.

       https://www.youtube.com/watch?v=dQTKTgZSK74

       If you have any interest in what is going to in Ireland, subscribe to his channel.

    4. They allowed themselves to be disarmed.

       1. While firearms are much more strictly regulated in Ireland than in the US, most people can legally own firearms in Ireland. In the rural areas many people will have shotguns and 22s.

          1. Practically useless in an environment involving well-armed assailants (criminals or political police).

12. Another Tuesday, another out-of-control holding costs story.

    https://www.marketwatch.com/articles/its-not-the-40-million-home-but-the-insurance-thats-giving-luxury-buyers-sticker-shock-828243bc

    Some tidbits:

    “While insurance has gotten more expensive everywhere, areas that are prone to wildfires, hurricanes and floods, particularly in California and Florida have been especially hard hit.” “We’ve experienced increases as high as 800%,”

    “In Los Angeles, it took three separate policies to cover a $28.5 million home, at an annual cost of $300,000”

13. ‘How much money can I keep throwing into this?’ Chico said. ‘I’m retired like many in this community. This is a retirement dream. A retirement usually means fixed income.’

    No one could’ve foreseen that salt air could’ve corroded beachside structures.

    1. Didn’t they just figure out how to make Roman concrete? That stuff lasts literally thousands of years, and retains strength even in the Mediterranean Sea.

       1. [An interesting read …]

          Archaeologists are unlocking the secrets of Maya lime plasters and mortars.

          https://arstechnica.com/science/2023/04/archaeologists-are-unlocking-the-secrets-of-maya-lime-plasters-and-mortars/

          There is a rich body of scientific research investigating the secrets behind the remarkable durability of ancient Roman concrete. But ancient Maya masons had their own secrets when it came to making the lime plasters, mortars, and stuccos used to build their magnificent structures, many of which still stand today. A team of Spanish scientists has analyzed samples of Maya plasters from Honduras and confirmed that the Maya added plant extracts to improve the plasters’ performance, according to a new paper published in the journal Science Advances.

          As we’ve reported previously, like today’s Portland cement (a basic ingredient of modern concrete), ancient Roman concrete was basically a mix of a semi-liquid mortar and aggregate. Portland cement is typically made by heating limestone and clay (as well as sandstone, ash, chalk, and iron) in a kiln. The resulting clinker is then ground into a fine powder, with just a touch of added gypsum—the better to achieve a smooth, flat surface. But the aggregate used to make Roman concrete was made up of fist-sized pieces of stone or bricks.

          Mayan lime plaster draws on similar ancient knowledge, according to Carlos Rodriguez-Navarro and his colleagues at the University of Granada. The use of lime plaster dates back to around 10,000 to 12,000 BCE, and the manufacturing process typically involved the calcination of carbonate rocks like limestone to produce quicklime, which was then slaked to create portlandite. It seems the Maya independently developed their own lime pyrotechnology around 1100 BCE, and the plasters, mortars, and stuccos they produced exhibit impressive resistance to granular disintegration, fracturing, or scaling, despite more than 1,200 years of exposure in a hot and humid tropical environment.

          Ars Video
          How The Callisto Protocol’s Gameplay Was Perfected Months Before Release

          Further Reading
          Ancient Roman concrete could self-heal thanks to “hot mixing” with quicklime
          With regard to Roman concrete, in 2017, scientists analyzed the concrete from the ruins of sea walls along Italy’s Mediterranean coast, which have stood for two millennia despite the harsh marine environment. That analysis revealed that the recipe involved a combination of rare crystals and a porous mineral. So exposure to seawater generated chemical reactions inside the concrete, causing aluminum tobermorite crystals to form out of phillipsite, a common mineral found in volcanic ash. The crystals bound to the rocks, preventing the formation and propagation of cracks that would have otherwise weakened the structures.

          In 2021, archaeologists analyzed samples of the ancient concrete used to build a 2,000-year-old mausoleum along the Appian Way in Rome, widely considered one of the best-preserved monuments on the famous road. They discovered that the tomb’s mortar was similar to the walls of the Markets of Trajan: volcanic tephra from the Pozzolane Rosse pyroclastic flow, binding together large chunks of brick and lava aggregate. However, the tephra used in the tomb’s mortar contained much more potassium-rich leucite. The potassium in the mortar dissolved in turn and effectively reconfigured the binding phase.

          Further Reading
          Noblewoman’s tomb reveals new secrets of ancient Rome’s highly durable concrete
          And earlier this year, archaeologists analyzed samples taken from the concrete walls of the Privernum archaeological site near Rome and found that the Romans employed “hot mixing” with quicklime, among other strategies, to give the material self-healing functionality. When cracks begin to form in the concrete, they are more likely to move through the lime clasts. The clasts can then react with water, producing a solution saturated with calcium. That solution can either recrystallize as calcium carbonate to fill the cracks or react with the pozzolanic components to strengthen the composite material.

          The Mayans had their own secret recipes to make long-lasting building materials. Past research has suggested that various cultures, including the Maya, added natural organic ingredients to lime plasters and mortars, such as plant extracts, sticky rice, fruit juices, oils, animal fats—even blood and beer. A 16th-century chronicle, on the Yucatan, for instance, mentions that the higher part of a Mayan building “was a mortar roof, lime-washed and very strong, as it is currently made there with some sort of water coming from a tree bark.” Certain carbohydrates have been found in samples of Maya plasters and stuccos that match the carbs present in bark sap from Chukum and Jiote trees common to the region.

          Prior experiments using traditional plaster-making recipes used by modern Maya masons (passed down through generations) revealed that these kinds of additives seem to improve the workability of the plaster mix and reduce drying cracks. “However, these effects alone cannot fully explain why ancient Maya lime plasters are so durable, despite lacking [with a few exceptions] hydraulic components such as ancient Roman mortars and concretes,” Rodriguez-Navarro et al. wrote.

          To investigate further, the team collected samples from Maya structures in different areas of the Copan archaeological site in Honduras, including a temple structure at the highest part of the royal Acropolis called the Rosalila. Built over the remains of five previous versions of the temple, the structure is known for its excellent state of preservation and its elaborate stucco decorations rife with mythological imagery.

          Rodriguez-Navarro et al. used field-emission scaling electron microscopy, X-ray diffraction, and polarized light microscopy, among other methods, to study the samples collected at Copan, all dated between 540 and 850 CE. They found that many of the samples’ crystalline structure had been infused with organic particles at various size scales, much like cement contains calcite biominerals to make the cement tougher and more plastic.

          The team also asked modern local Maya masons to help them draw sap from the bark of Chukum and Jiote trees, which they then used to make their own lime plasters, mixing in the sap extracts during slaking. They found that, once set, the resulting lime plaster had a similar crystalline structure to the Copan samples and showed improved plasticity, toughness, and weather-resistant properties similar to calcite biominerals found in modern cement, sea urchin spines, and mollusk shells. While the authors couldn’t definitively rule out the possibility of pozzolanic reactions (like those shown to occur in Roman concrete) contributing to the durability of Maya lime plaster samples, they concluded it was highly unlikely.

          “Apparently, by serendipity, or more likely by trial and error, the Maya masons formulated biomimetic lime plasters with superior properties and durability,” the authors concluded. “It is intriguing, however, that some studied ancient Copan plasters do not include organics, while others do. We can only hypothesize that for specific purposes where a more elaborate plaster or finishing surface was required, organics were added by ancient Maya masons (e.g., in substrates for mural painting, stucco masks, or floors), whereas in coarser plaster elements, no organics were added, likely to make the process less complex and/or labor intensive.”

14. ‘This is a really bad deal,’ said condo owner Dan Percell. ‘It’s bad for the homeowners, it leaves us vulnerable.’

    You’re about to get vulnered good & hard, Dan.

15. Subramanya says she paid $32,000 for designs and permits that stalled. ‘I just want my money back,’ she said. ‘I’m so pissed off.’

    Who knew that tolerating and enabling systemic corruption could ever come back to bite you.

16. “Now that the July doldrums of the Arizona housing market have passed, real estate experts are looking forward to stronger sales.

    Stop lying, REIC shills. Those “doldrums” haven’t passed, which the data for August will confirm. And those “experts” are trying desperately to facilitate Always Be Closing.

17. ‘The real estate industry is in deep shit; the office market’s in deep shit because [Federal Reserve Chair Jerome Powell] raised them and hasn’t lowered them yet, which is stupid.’”

    No, enabling speculators to binge on cheap credit is what was stupid, John. BlackRock Jay will cave on interest rates the instant the Fed’s Ponzi markets & asset bubbles start to crater under the weight of their debt, fraud, and mark-to-fantasy accounting.

18. “… Miller promised potential clients they’d get at least a 20 percent return on their money as he fixed up distressed properties and rented them out.”

    Twenty-percent return. Lol. No red flag to be found here, not a one.

    A nation of dummys. Lol.

    1. His strategy was easy, and virtually risk-free, as the feds say Miller promised potential clients they’d get at least a 20 percent return on their money as he fixed up distressed properties and rented them out.”

       To the greedy idiots who got fleeced by this scam artist: if could be the sole point of your life is to serve as a warning to others.

    2. Our national devolution into IDIOCRACY is officially complete.

       https://www.youtube.com/watch?v=sP2tUW0HDHA

19. One thing, and one thing only, is levitating the Fed’s asset bubbles & Ponzi markets: the inexorable expansion of the money supply, which steals value from every honestly-earned dollar in existence.

    https://fred.stlouisfed.org/series/M2SL

    1. If Trump wins, he very well could be the next Hoover.

20. ‘Two or three years passed, and then it became clear that this was the new normal and things were changing and these loans had to be dealt with in some manner,’ he said.”

    This HBB lowbrow interprets this to mean lenders are running out of road for can-kicking.

21. For those who have already bought investment properties, the purchase price is now at a point that an overwhelming share of new condo owners are burning cash because the rent they can charge is not enough to cover their mortgage payments and other expenses.

    Die, speculator scum. Just die already.

    1. Die, speculator scum. Just die already.
       👍🏻 So tempted to plaster that phrase all over the interwebs.

       1. With a parenthetical “not literally.”

          1. Good advice. I don’t look good in stripes (or orange.)

22. Tiffany Aiesha Henyard has been in the news a lot but she is nothing compared to this person …

    https://en.wikipedia.org/wiki/Rita_Crundwell

    [a snip …]

    Rita A. Crundwell (née Humphrey; born January 10, 1953) is the former Comptroller and Treasurer of Dixon, Illinois, from 1983 to 2012. She is the admitted operator of what is believed to be the largest municipal fraud in U.S. history. She was fired in April 2012 after the discovery that she had embezzled $53.7 million from the city of Dixon for over 22 years to support her championship American Quarter Horse breeding operation, as well as a lavish lifestyle away from work. Crundwell pleaded guilty to her crimes and was sentenced to 19 and a half years in prison.

    [a most interesting snip …]

    However, by the onset of the Great Recession, some grew suspicious that Crundwell was stealing money. But the city’s outside auditors, Clifton Gunderson (now CliftonLarsonAllen after merging with LarsonAllen in 2012) and local accountant Samuel Card presumed that Crundwell was honest and signed off on her annual financial statements without concern. For small U.S. cities similar to Dixon, lack of sufficient outside audits was a recurring problem, as third-party auditors could give at best limited attention. For most of her tenure as comptroller, Crundwell had nearly complete control over the city’s accounts, while few city employees had access to the city’s financial statements.

    ” … local accountant Samuel Card presumed that Crundwell was honest and signed off on her annual financial statements without concern.”

    “… Crundwell had nearly complete control over the city’s accounts, while few city employees had access to the city’s financial statements.”

    Lol.

    1. “…Rita A. Crundwell…” “..She was fired in April 2012 after the discovery that she had embezzled $53.7 million from the city of Dixon…”

       $53.7 million. Is that a lot?

       Makes you wonder how many other embezzlement scams both little and large are currently operating.

       Could partially explain why so many municipalities are always so close to going broke.

       This one is probably the tip of an iceberg in a sea of icebergs….

23. Many methods of mass destruction by the One World Order Dictorship
    ENTITIES.

    One World Order fake news with censorship of dispute. Ongoing false narratives to defraud the populations into compliance with weapons of mass destruction.

    Invasion of global borders , and replacement by AI and robots.

    Monopolies destroying all competition for end game control of all resources and consumption of humanity.

    Gain of function creating bio weapons with forced counter measures of fake killer vaccines, lockdowns, masks, etc.

    Governments transfer of power by TREATY to unelected UN and WHO to dictate Global Health Policy to override all rights, freedoms and Constitutional protections , based on manufactured global emergencies.

    These Entities are frauders, looters and parasites , that have a end game plan of controlling all resources and consumption and subjecting humans to enslavement, no rights, you will own nothing and eat bugs. False narratives that are nothing but fraud to justify this destruction of humanity, for the One World dictorship.

    People have been seriously brainwashed by the fraud of the manufactured fraud narratives, that is a weapon of mass destruction of prior systems for this Great Reset dictorship.

    So, many levels of attack to assault humanity, so they can take over the World, and depopulation is part of the plan.

    These Entities are so confident that their partnerships with captive governments will pervail, that they don’t even care if you know their end game plan.
    And, they would like you to think they are saving the earth, and saving humans, but the opposite is true.
    How do you like the world since the One World Order went operative in their warfare of destruction of life for their forced dictorship, control of all resources and consumption, and forced depopulation.

    It’s pretty shocking how psychopathic, genocidal and destructive these Entities are , and they are the biggest threat to life and earth.

24. A reader sent these in:

    Available single family inventory up 41% year/year – sunbelt inventory boom starting to show up in the national data now. On pace for pre-pandemic levels by EO25/26.

    https://x.com/DonMiami3/status/1823032943377608893

    I Will Fix Things If You Vote Me Into Office,’ Says Woman Currently In Office

    https://x.com/TheBabylonBee/status/1823031599111274743

    Kamala Harris Distances Herself From Kamala Harris

    https://x.com/TheBabylonBee/status/1821913690548883786

    Everyday American is still being told the labor market is cyclically tight & they can’t land a job at Lowe’s.

    Study the lag.

    https://x.com/DonMiami3/status/1823090669470003496

    Tableau is leaving its Seattle Fremont HQ as Salesforce opts not to renew the 110,000 sq. ft. lease. The move marks the end of an era for the data visualization firm.

    https://x.com/dedkatbouns/status/1822994050850697264

    Canada has more real estate companies; developers, rental/leasing, projects going insolvent now than during the financial crisis.

    20 real estate companies file for bankruptcy or creditor proposals every single month in 2024.

    This doesn’t account for companies that are in receivership in which the real estate sector accounting for 55% of.

    https://x.com/KirkLubimov/status/1822998629516497377

    Canadian Real Estate Markets See Supply Soar As Investors Exit: RBC

    https://x.com/BetterDwelling/status/1823048783266984000

    Canada is on track to reach about 240 real estate insolvencies this year, which would be higher than in 2009 after the financial crisis. This doesn’t include the plethora of projects that have been forced into receivership.

    https://x.com/SteveSaretsky/status/1823018965251010620

    CONSTRUCTION IN CANADA NOSEDIVES IN JUNE

    How much are Canadians paying for “housing acceleration” again?

    https://x.com/Tablesalt13/status/1822981338745508132

    More than 300 Canadians filing for bankruptcy each day as insolvency filings hit four-year high, per the Toronto Star.

    https://x.com/unusual_whales/status/1823004512572883270

    1. I Will Fix Things If You Vote Me Into Office,’ Says Woman Currently In Office

       I just back from the grocery $tore.

       There is a lot that needs to be fixed.

    2. Tableau is leaving its Seattle Fremont HQ

       Never heard of them. There are a lot if “analytics” vendors out there. Most of them sell worthless “tools”.

25. A panel of the British Columbia Securities Commission has found a cryptocurrency trading platform and its owner lied to customers and diverted about $13-million in assets to gambling and personal accounts.

    The commission says the company operating under the name ezBtc and incorporated by then-B.C. resident David Smillie told customers their bitcoins would be held in “cold storage,” a more secure method of keeping digital assets offline.

    Instead, the panel found about a third of all the crypto assets that customers deposited with the platform between 2016 and 2019 were diverted to gambling sites or to Mr. Smillie’s personal accounts on other crypto trading platforms.

    The commission says in a statement issued Monday that it hired a forensic data analytics firm to determine what happened to the cryptocurrency, and some of it was “quickly transferred” either to Mr. Smillie’s accounts or two gambling websites.

    It says the panel found that Mr. Smillie directed the affairs of ezBtc, and by authorizing the company’s misconduct, he committed the same misconduct as the platform.

    https://www.theglobeandmail.com/business/article-bc-securities-commission-finds-13-million-in-fraud-by-crypto-trading/

26. There is a Rudyard Kipling poem about a landowner who is frustrated by a tenant who keeps poaching his game. He decides not to prosecute his tenant’s flagrant lawbreaking after he reflects on the many generations of this man’s family who have seen all the other landowners of this patch come and go, from the present reaching back to Roman times.

    His dead are in the churchyard—thirty generations laid.

    Their names were old in history when Domesday Book was made;

    And the passion and the piety and prowess of his line

    Have seeded, rooted, fruited in some land the Law calls mine.

    I thought of this poem when I saw a viral video of a former member of parliament disputing the very existence of the English ethnicity. The former Labour MP Sion Simon called out the talking head across from him on a news show for contrasting English anti-immigration rioters with Muslim pro-Palestine rioters: “It’s not legitimate to distinguish between Muslims and English. It’s not legitimate to say ‘ethnic English’ versus ‘Muslims.’ We don’t talk like that in this country anymore.” When the man struggled to understand what was offensive about his factual description, Simon prodded him, “What’s ‘ethnically English’ mean?”

    https://www.theamericanconservative.com/unfree-britain-cracks-down-on-protests/

    1. The Brits are well ahead of us when it comes to replacement. It will be only a few decades before heritage Brits are a small minority in their homeland.

27. I almost feel like its 1938 or 1939 and a invasion is in process by Germany, but this time its on a global scale.
    Its like they have studied all historical revolutions , communist and facism dictorship , rigged economic systems , on how to take over the Globe.

    This narrative that they are saving the world from Climate Change disaster by zero carbon policy within the next 20 years is the biggest hoax fraud in history. Fake killer vaccine counter measures is the biggest crime against humanity that I have ever witnessed.
    In the last 35 years the enemy changed laws to shield themself from liabilty from their crime against humanity.

    So, they can be fraudulent without liability, they can force killer vaccines without liability, they can monopolize control of resources, and infiltrate global governments to partner in their sinister One World Order dictorship.

    They have to destroy the prior systems first, as Lenin, Stalin, Mao and others did . When they destroy the previous systems by their weapons of mass destruction, than they control all life on planet.
    The end game is that humanity and all resources will be controlled by them and the world will be enslaved, hacked, 24/7 surveillance, mass genocide, and deprivation of resources needed for
    sustainable life for humans, plants and animals.

    And, they don’t even care at this point if their sinister plans are exposed because they think nothing can stop them now.

    They offer nothing to humanity but enslavement, death, and a very deprived existence, with no rights or freedoms for billions of people.
    Its so shocking that its hard to believe.

    1. And, they don’t even care at this point if their sinister plans are exposed because they think nothing can stop them now.

       The opening and closing ceremonies at the recent Olympics are proof of that. After offending half the world they thumbed their noses at the rabble.

28. Emigration is now greater than immigration to Sweden

    Published 10 August 2024

    – By Editorial Staff

    The government announces that Sweden is experiencing net emigration for the first time in over 50 years and boasts that the number of residence permits granted continues to fall.

    “According to the Swedish Migration Agency’s forecast, Sweden looks set to receive the lowest number of asylum seekers since 1997“, it says in a press release, emphasizing that although the number of asylum applications in the EU remains at a high level, Sweden stands out and is instead receiving fewer and fewer applications.

    “Until week 30 this year, a total of 5,600 asylum applications have been registered. This is a decrease of 27% compared to the same period last year“, they note.

    – The government’s efforts are paying off. The number of asylum applications is at a historically low level, asylum-related residence permits continue to decrease and for the first time in 50 years Sweden has net emigration. This trend towards sustainable immigration is essential if we are to strengthen integration and reduce exclusion“, says Minister for Migration Maria Malmer Stenergard.

    The government mentions, among other things, that emigration among people born in Iraq, Somalia and Syria has increased sharply and that “in 2023, the net immigration figures for people born in these countries were negative“.

    “According to preliminary statistics from Statistics Sweden, Sweden has a negative net immigration until May this year. The government’s efforts to improve population registration are believed to be contributing to this outcome“, it further claims.

    https://nordictimes.com/the-nordics/sweden/emigration-is-now-greater-than-immigration-to-sweden/

    1. The government mentions, among other things, that emigration among people born in Iraq, Somalia and Syria has increased sharply

       That’s a start. Next step … send them all home.

29. [I ran across this …]

    Q: What is a PIF?

    https://www.msn.com/en-us/money/personalfinance/found-a-pif-on-your-receipt-heres-where-that-money-is-going/ar-BB1qVqKQ?ocid=BingNewsSerp

    Public Improvement Fees. Those three words appear on a lot of receipts, but it turns out many people aren’t sure what they are or what they fund.

    “I was curious about, you know, what that is? What does that go to? What does it mean? And really, what kind of information I could get? No one in the store could really answer my question,” Holly Teska said. “So naturally, what I do, I went and made a TikTok about it, see if other people would have the same experience.”

    Teska lives in the Belmar area of Lakewood. Her post about a shopping trip to Target there and the Public Improvements Fees (PIFs) on her receipt is her most viewed post. In her case, the PIF was 2.5% per item.

    She had never heard of PIFs but knows all about them now and noticed that Target isn’t alone in charging them.
    “Now that I live in this area of Belmar, I’ve noticed that they do add it to almost all the businesses,” Teska said. “There’s a Whole Foods here, I’ve noticed that they have this, they have this fee, too.”

    Steve On Your Side wondered how widespread the PIFs were around the Denver metro area. So for the first time ever, Steve went undercover shopping at a couple of different Target stores.

    He found PIFs added to his bill at a store at River Point in Sheridan. The 1% fee added an extra 2 cents to his Coke. At the Colorado Mills Mall, the PIF tacked an extra 3 cents onto his beverage purchase.

    So what is a PIF?

    “A public improvement fee is just like a tax. But it’s not a tax. It’s a privately imposed fee, which is imposed through a covenant,” said Jeff Peshut, who is an assistant professor at Metro State University of Denver and a real estate lawyer.

    “The goal is to help finance improvements on the property. It’s another financing vehicle for the developer.”

    Covenants are imposed against properties by the developer and typically retailers, restaurants, or service providers who lease space on the property are obligated to pay it, Peshut explained.

    In some cases, it helps pay off debts. In other cases, it pays for stuff like roads and parking lots. To truly understand that financing method, you need to understand another acronym.

    “The name of the game is OPM,” Peshut said.

    “The goal of developers is to use as much other people’s money, or OPM, and as little of their own as possible to develop the property,” Preshut said.

    Steve On Your Side wanted to know where developers are getting other people’s money through PIFs, but quickly found there was no master list of where PIFs are charged in Colorado. We decided to make our own. You can check it out below.

    “You can check with the clerk and recorder’s office and look up. But I mean, that’s a science project, right?” Preshut said.

    Some cities post their PIFs, but usually, you don’t find out until after you’ve paid. And even then, understanding the math at the bottom of the bill can be tough.

    “Most developments will publish or post somewhere on their property that this property charges public improvement fees, but those are usually pretty discreet. You know, there’s not a big billboard as you pull up to the property.

    “The other place that you could find out about them, is many municipalities have a page on their website, where they specifically state that here are projects in our jurisdiction that charge public improvement fees,” Preshut said.

    “If we’re going to be taxed and fee-d on all of our purchases, I think it’s only right that we all know what it goes to,” Teska said.

30. Illegal Alien Crimes
    @ImmigrantCrimes

    Greene County, AR: Last month, Jose Rodriguez-Cruz plead guilty to Sexual Assault on a girl as young as 10.

    In court documents, an investigator stated that they were “unable to verify the potential defendant’s true identity and citizenship.”

    And a motion by the defendant’s attorney sought to have evidence of his illegal status excluded during the trial.

    11:22 AM · Aug 12, 2024

    https://x.com/ImmigrantCrimes/status/1823017203404312783

31. Who Owns America? Oligarchs Have Bought Up the American Dream
    by John & Nisha Whitehead | The Rutherford Institute

    August 13th 2024, 1:41 pm

    “We the people” have become the new, permanent underclass in America.

    While the Deep State keeps the nation divided and distracted by a presidential election whose outcome is foregone (the police state’s stranglehold on power will ensure the continuation of endless wars and out-of-control spending, while disregarding the citizenry’s fundamental rights and the rule of law), America is literally being bought and sold right out from under us.

    We’re losing more and more of our land every year to corporations and foreign interests. Foreign ownership of U.S. agricultural land has increased by 66% since 2010. In 2021,

    We’re losing more and more of our businesses every year to foreign corporations and interests. Although China owns a small fraction of foreign-owned U.S. land at 380,000 acres (less than the state of Rhode Island), Chinese companies and investors are also buying up major food companies, commercial and residential real estate, and other businesses.

    We’re digging ourselves deeper and deeper into debt, both as a nation and as a populace. Basically, the U.S. government is funding its existence with a credit card, spending money it doesn’t have on programs it can’t afford. The bulk of that debt has been amassed over the past two decades, thanks in large part to the fiscal shenanigans of four presidents, 10 sessions of Congress and two wars.

    The Fourth Estate has been taken over by media conglomerates that prioritize profit over principle. Independent news agencies, which were supposed to act as bulwarks against government propaganda, have been subsumed by a global corporate takeover of newspapers, television and radio. Consequently, a handful of corporations now control most of the media industry and, thus, the information dished out to the public. Likewise, with Facebook and Google having appointed themselves the arbiters of disinformation, we now find ourselves grappling with new levels of corporate censorship by entities with a history of colluding with the government to keep the citizenry mindless, muzzled and in the dark.

    Most critically of all, however, the U.S. government, long ago sold to the highest bidders, has become little more than a shell company, a front for corporate interests. Nowhere is this state of affairs more evident than in the manufactured spectacle that is the presidential election. As for members of Congress, long before they’re elected, they are trained to dance to the tune of their wealthy benefactors, so much so that they spend two-thirds of their time in office raising money. As Reuters reports, “It also means that lawmakers often spend more time listening to the concerns of the wealthy than anyone else.”

    In the oligarchy that is the American police state, it clearly doesn’t matter who wins the White House, because they all work for the same boss: a Corporate State that has gone global.

    So much for living the American dream.

    https://www.infowars.com/posts/who-owns-america-oligarchs-have-bought-up-the-american-dream/

    Or IMHO they jail or kill anyone trying to get to the White House who isn’t on board.

32. “A report from WTPV in Florida. “WPTV has obtained new information that gives us a closer look at what prompted St. Lucie County inspectors to evacuate a Jensen Beach condo complex last week over safety concerns.”

    ‘They would just tap them a little bit with a hammer and the concrete would just fall overexposing raw rebar that was very badly corroded.”

    Saw that on he local news, surprised it wasn’t on the national news before this.

    1. It only makes national news if it pancakes. I’m happy they caught this building in time, and people are safe.

       1. “It only makes national news if it pancakes.”

          That’s what I was saying, I’m surprised it didn;t.

33. 260% Increase in Bank Sales, Calgary is TOAST!

    Jon Flynn Real Estate Stats

    1 hour ago

    Global Bankruptcies are surging and it’s no Different in Canada. News reports show increased real estate and business bankruptcies in most first world economies and the data shows it’s only getting worse in Canada. Over investment in Calgary are leaving landlords and investors desperate to rent their units and are offering free rent and bonuses to get them filled.

    https://www.youtube.com/watch?v=gro_n64wSRs

    13:24. The Calgary rental situation starts at 9:40.

34. ‘Some heated conversations, understandably so,’ homeowner Eric Johnson said. ‘They would just tap them a little bit with a hammer and the concrete would just fall overexposing raw rebar that was very badly corroded. A lot of people still don’t know exactly what’s exactly going on. A lot of people are angry because this is their investment, their asset, this is their house, their home, everything all tied into one’

    All the eggs in one basket. Sound lending!

    ‘But residents still have one big question. ‘How much more is this going to cost me?…Chico said she doesn’t know how much more she can take. ‘How much money can I keep throwing into this?’ Chico said. ‘I’m retired like many in this community. This is a retirement dream. A retirement usually means fixed income.’ It’s a dream that homeowners say may be put on hold. ‘If I can stick it out until it’s repaired, maybe the value will come back but right now, good luck’

    I can tell you what a winnah! would do Christine. Sell everything you have, give it to them, go into more debt. But what evah you do, don’t give it away!

35. ‘They haven’t made an insurance payment since February,’ said condo owner Michael Courtney. ‘So where has $48,000 a month went for the last five or six months. The previous management company came in, and said in a couple of weeks we’re going to be out of here, and by the way, you all are in debt. You haven’t paid your insurance in months,’ Dan said. Pegasus Management tells FOX 26 they just took over on June 1 and asked homeowners last month for a pay increase, but homeowners voted it down. ‘Well, we’re going to ask everybody to pay an extra $500 a month on top of their maintenance fee,’ said condo owner Carole Lane. ‘That’s a mortgage payment. Everybody said no.’ ‘We’re finding out we’re victims of somebody else’s mismanagement’

    Another peril of commie urban living airbox hell: you get fooked by somebody supposedly working for you.

36. Image file for Jeff — That’s Gonna Be A Change Order Edition:

    https://ibb.co/wYqRLcf

    And an expensive one, too. 107 foot trench, dug by hand. Second time flooding in two weeks. Because it’s a corporate customer and the sprinkler system is controlled from corporate hq back east. Nobody local with this customer can control it.

    1. Dug by hand?

       Damn, no wonder your apprentices want to talk on their phones. 🙂

    2. There isn’t a manual shut off valve?

37. ‘says subcontractors told her that ATH stopped paying them. ‘That’s when I lost it,’ she said, ‘Because when we were invoiced, we paid [ATH] right away’

    They saw you coming a mile away Katie. But we’ve seen big banks fail to audit progress payments recently.

    ‘Katie says she questioned Anchored Tiny Homes, but it stopped communicating’

    The phones go first Katie. They still have phones, you just don’t know the number.

    ‘I just feel so cheated…I don’t know where my money went’…Alan Miller in Oakland faces a similar bind. ‘We basically had a large plywood box in our backyard. And nothing more’

    If they were to build this shed before yer a$$ pounding Alan, you still would have had a very expensive large plywood box in yer backyard.

    ‘Down in Cupertino, Girija Subramanya explains what she has to show for her money: ‘Nothing. Zero.’ Subramanya says she paid $32,000 for designs and permits that stalled. ‘I just want my money back,’ she said. ‘I’m so pissed off.’ NBC Bay Area talked with other homeowners in Newark, Redwood City, Pleasant Hill, Saratoga, San Jose, and Hayward who tell similar stories. ‘We’re all holding the bag,’ Miller said. A few folks, like Djapounova, told us subcontractors are threatening to put a lien on their home if they don’t pay the invoices they say Anchor Tiny Homes didn’t pay’

    Now you got a law suit on yer hands.

38. ‘overall are still ‘stagnant’ and he’s waiting for signs of a new trend. ‘For example, I’ve got a single-family listing at 29th Ave. and Bell priced at $395,000,’ Schmidt said. ‘A couple months back it would have flown off the shelf. Recently I’ve had only two showings and no activity’

    That’s interesting Kelly cuz Tina says red hotcakes.

    ‘What I’m telling buyers is, now is a good time because the longer a home sits, the greater the opportunity to propose a better offer’

    Now yer talking my language Kelly, low-ball them til it hurts!

39. ‘Here’s Teddy shooting a machine gun in Vietnam! Here’s Teddy scuba diving in the Philippines! Here’s Teddy and his bride in matching Gucci outerwear at the Louvre!’

    Here’s Teddy picking up the soap!

40. ‘three years on from the move, Ms Cahill Lambert said she was still dealing with defects in her apartment’s bathrooms and balcony. She said after ventilation problems were identified in her apartment’s bathroom, she was advised to keep the window and door open while showering. ‘Which is just lovely having a shower and so forth, particularly in the middle of winter…Then it was identified there were lots of problems in the 320-odd apartments that are in our building complex and so a major project was undertaken to identify the defects. To date, we’re knocking on the door of about $400,000 going out to lawyers and other professionals’

    It’s still way cheaper than renting Anne.

41. ‘A group of neighbours are frustrated after buying homes off the plans they claim were delivered behind schedule, unfinished and with additional costs…‘I have tried literally everything to get these guys to finish my house but they are not ready to budge’…the delays in construction created a financial strain on his family. When he finally moved into his home, in November 2023, he said there were still issues with the property. Dimasuhid is also being asked to pay the $36,500 infrastructure growth charge to Watercare. He said the IGC wasn’t mentioned to him before he signed the contract. ‘It’s supposed to be the developer who pays that because we’ve contracted them to do the work. As of now, I can’t pay that, it’s too much. I don’t have that kind of money’

    This was FB Tuesday.

    ‘Claire Cherry, 37, bought a home off the plans in July 2022. She moved into her home in December 2023 and upon contacting Watercare discovered she needed to pay the IGC. The developer had never mentioned the fee, she said. Cherry said she hasn’t been able to contact Mani since March, and that the ordeal has been ‘extremely stressful.’ ‘It’s been a really disappointing experience, and I think there’s a lot of loopholes that he’s been able to play in,’ she said. Her home also hasn’t received a code compliance certificate due to the outstanding IGC costs. ‘It’s turning into a bit of a nightmare if I’m honest’

    I love a good perfect storm/nightmare Claire.

42. Don’t Get Fooled By “Distressed Properties” (Toronto Real Estate Market Update)

    Team Sessa Real Estate

    9 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 Aug 7, 2024. We also discuss why you should be careful clicking on ads that state they have exclusive distressed listings. Oftentimes, it’s just for the purposes of gaining a new contact and not necessarily for the fact that you’ll have exclusive access to distressed properties.

    https://www.youtube.com/watch?v=kh5UqfTlREE

    9:36.

    1. He doesn’t even cover the downtown condo market anymore.

43. Are you missing the bond rally?

    1. Financial Times
       Corporate bonds
       Investors return to bonds as recession fears stalk markets
       More than $66bn has poured into fixed income funds since start of July
       The US Treasury Building in Washington
       US Treasuries and other highly rated debt staged a powerful rally during last week’s equity rout
       Kate Duguid and Harriet Clarfelt in New York yesterday

       Investors are piling back into bonds as recession replaces inflation as markets’ main fear, and fixed income proves its worth as a hedge against the recent stock market chaos.

       US Treasuries and other highly rated debt staged a powerful rally during last week’s equity rout, pulling yields to their lowest level in more than a year. While the sharpest moves subsequently reversed, fund managers say they underscored the appeal of bonds in an environment where growth is slowing, inflation is falling, and the Federal Reserve — along with other major central banks — is expected to deliver multiple cuts in interest rates by the end of the year.

       Investors have poured $8.9bn into US government and corporate bond funds in August, building on inflows of $57.4bn in July, which marked the highest monthly figure since January and the second-biggest since mid-2021, according to flow tracker EPFR. High-grade corporate debt has seen 10 weeks of positive flows, the longest streak in four years.
       …

    2. Bonds Could Be Poised to Outperform Stocks in Next Decade
       Ben Hernandez
       August 12, 2024

       Whether it’s due to a correction or potential recession, the stock market is certainly experiencing a heavy dosage of volatility. Given this, it’s an ideal time to add bonds, especially if they are poised to outperform stocks over the next 10 years.

       The stock market, propelled by the hype around big tech stocks centralized on the artificial intelligence theme, could be reaching exorbitant levels. Vanguard is forecasting that bond returns could outpace stocks in the next decade.

       “Vanguard recently forecast annual U.S. stock returns over the next decade of 3.4% to 5.4%. By contrast, Vanguard’s outlook for U.S. bonds is a rosier 4.6% to 5.6%, according to the firm’s midyear outlook published last month,” a Barron’s article noted.

       Vanguard posits that the cyclically adjusted price-to-earnings ratio or the Shiller P/E has been rising above its long-term average for the last 10 years. At some point, market physics will take effect. And what comes up must subsequently fall. That could lead to lackluster returns the next 10 years relative to the previous 10.
       …
       https://www.etftrends.com/fixed-income-channel/bonds-could-poised-outperform-stocks-next-decade/

    3. Barron’s
       LIVE UPDATES
       Stock Market News: Dow Set to Open Down After CPI Inflation Data
       S&P 500 and Nasdaq Composite futures are also falling in premarket trading Wednesday.
       Last Updated:
       Aug. 14, 2024 at 9:01 AM EDT
       Live Coverage Feed

       24 min ago
       Stock Futures Fall, Bonds Rise as Inflation Drops
       By Connor Smith

       Stock futures were down slightly even though consumer price inflation cooled in July.

       Dow Jones Industrial Average futures were down 0.1%. S&P 500 futures were down 0.1%. Nasdaq 100 futures were up 0.1%.The 2-year yield was up to 3.985%. The 10-year yield at 3.85%.

       The consumer price index for July rose at a 2.9% annual rate in July, compared with expectations for 3%, according to FactSet. This could be a case of “buy the rumor, sell the news.”

       While the report is encouraging, traders are already widely expecting an interest-rate cut in September. Data on economic growth, including retail sales and initial jobless claims tomorrow, will likely move the needle now that Wall Street is more worried about the economy than inflation
       …
       https://www.barrons.com/livecoverage/stock-market-today-081424/card/stock-futures-fall-bonds-rise-as-inflation-drops

    4. Financial Times
       Opinion Chinese economy
       China’s bond market is sending a signal policymakers can’t ignore
       The country’s central bank is concerned about anaemic domestic demand
       Robin Harding
       James Ferguson illustration of a red dragon as a downward graph.
       © James Ferguson
       Robin Harding yesterday

       There is a bubble in the Chinese government bond market — or so, at least, the People’s Bank of China would fervently like to believe. A bubble would be a worrying risk to financial stability. The existence of such a risk, however, is far more palatable than the plausible alternative: that bond markets are sending out an increasingly dire signal of concern about the prospects for China’s economy, the danger of deflation and the need for a change of course.

       Over the past few weeks, the PBoC has been engaged in a strange mirror image of the quantitative easing campaigns conducted by many global central banks. Where others tried to push down long-term bond yields to stimulate their economies, the PBoC is battling to hold them up.

       China’s 10-year yield dipped briefly below 2.1 per cent last week, after sliding all year, before PBoC action pushed it back up again. The authorities have gone so far as to name and shame a group of rural banks for buying government bonds — a most unusual sin, like punishing a child for tidying their bedroom.
       …

44. Dr Fauci claims he has taken 6 Covid shots, and a couple weeks ago he had his third bout with getting Covid 19.

    If you believe these fraudsters took any expiermental injections at all, than your just stupid.

    1. Yup, I’ve wondered that same thing…….lots of talk and that” about it

45. Heat Of The Moment · Asia

    https://youtu.be/nvdYll1euGU?si=MldPCv5AHgifvpC9

46. Are rents falling in your area?

    1. Local News
       Here’s where rents are starting to fall in San Diego County
       An increase in supply is forcing landlords to lower rent and offer concessions.
       Author: Steve Price
       Published: 5:57 PM PDT August 13, 2024
       Updated: 5:57 PM PDT August 13, 2024

       SAN DIEGO — Jordan Bryant is moving out of his Vista Apartment complex. After three years of rent increases, he’s been priced out.

       “This was economical when we first moved in here, around $1,800,” he said, pointing to his building. “Now they want $2,700.”

       Jordan said he hasn’t found any great deals apartment hunting so, for now, he’s moving in with family. But according to a new rental market report from Zillow, his luck might be about to change.
       …
       https://www.cbs8.com/article/news/local/rents-start-to-drop-parts-of-san-diego-county/509-957d57ae-ddd8-4f80-878f-11bdd77644c6

       1. “This was economical when we first moved in here, around $1,800,” he said, pointing to his building. “Now they want $2,700.”

          That’s a 50 percent increase, if you are keeping score.

          ‘Jordan said he hasn’t found any great deals apartment hunting so, for now, he’s moving in with family.’

          Moved in with family, just like the rest of a generation of 20-somethings who just need a place to live in, at least those who didn’t move away. Makes me wonder who is paying the ridiculously overpriced rents on so many California rental units.

    2. Are rents falling in your area?
       My lease was renewed at the same cost as last year.
       A friend had hers increase a little less than 2%. North Carolina

47. How can you tell if your city is in an unsustainable real estate bubble?

    One possible indication is if home prices are impossibly unaffordable.

    1. These cities have ‘impossibly unaffordable’ housing, report finds
       While the U.S. is well-represented on the least-affordable list, Americans looking for more affordable housing options are in luck: Nine of the 10 most affordable cities are in the U.S.
       Sara Chernikoff
       USA TODAY

       Across the globe, people living in major cities are struggling to find affordable housing options. A recent report from Chapman University and the Frontier Centre for Public Policy in Canada identified which cities are “impossibly unaffordable” for the average resident.

       Researchers analyzed the average incomes with average home prices of nearly 100 major cities in eight countries. Within the U.S., San Jose, California is the least affordable housing market. California is home to four of the 10 least-affordable housing markets in the world, including Los Angeles, San Francisco, and San Diego.
       …
       https://www.usatoday.com/story/money/2024/06/26/impossibly-unaffordable-housing-cities/74195450007/

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