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Buyers Are Making Offers Well Below The Asking Price, And Those Offers Are Getting Accepted

A report from the Rockland County Times in New York. “The housing market has truly exploded in Rockland County. Maria Kriesel, owner of Century 21 in New City, said she is also ‘…seeing some price adjustments which we would not even come close to seeing during the last four years…that tells us that not every house has ten buyers pouncing on it anymore.’ She encourages prospective buyers to go out and purchase homes at higher interest rates. Her reasoning behind taking the blow of the higher interest rates now was that ‘…when the interest rate goes down, you can refinance. Marry the house, date the rate.'”

Syracuse.com in New York. “Destiny USA could face foreclosure after the giant Syracuse shopping mall failed to obtain a one-year extension on more than $430 million in overdue mortgage loans. Kroll Bond Rating Agency reported that Destiny could not make a required $38.9 million payment this summer to lower the balance of the loans to qualify for another one-year extension. Kroll estimated the mall’s value at $710 million when the mortgage loans were made in 2014. Now it’s worth 9% of that.”

From NBC News. “Until now, home sellers traditionally had to pay commissions, who then split that fee with the buyer’s agent upon making a sale. ‘It’s the biggest change probably in the history of real estate,’ said Mike McCann, a realtor in Philadelphia. ‘It has created a lot of fear, a lot of anxiety’ within the industry, he said. ‘People are saving, they’re paying rent, they don’t have the money,’ McCann said of younger buyers looking for their first homes. ‘How are they going to pay the commission? That’s my biggest concern.'”

10 News in California. “‘If you’re a first-time home buyer, you already have down payments, closing costs, and everything else. Now there’s a conversation about paying your agent, and that’s a game changer. A lot of buyers don’t have the extra money to cover agent compensation along with down payment and closing costs,’ said Mike Safiedine, a broker and owner of several RE/MAX locations in San Diego County. As for what to expect in the future — ‘It all depends. If sellers start to view concessions or compensation to the buyer’s agent negatively and become less open-minded, that could hurt prices,’ Safiedine said.”

The San Francisco Chronicle in California. “A massive East Bay mansion, once home to the late real estate developer and former Seattle Seahawks owner Ken Behring, just sold at an auction for under half the asking price. The Behring estate, as the real estate agent’s website dubs it, was listed for about $25 million. After a year on the market with little interest, real estate brokerage Compass Concierge and agent Joujou Chawla held an auction for the property with bidding beginning June 28, the Mercury News reported. The buyer bought the estate in an all-cash deal for $10.8 million, according to county records.”

From KOIN. “As cities across the United States are seeing a homeless crisis, the mayor of San Francisco has issued a new directive to help relocate some people experiencing homelessness, with Oregon being among the top destinations. The city has been offering relocation services since 2005, when it offered bus tickets to help people facing homelessness or drug use disorders relocate to friends and family in other areas under the Journey Home program. Portland Public Safety Commissioner and mayoral candidate Rene Gonzalez shared The San Francisco Standard story and said it should put Oregonians ‘on notice.’ ‘San Francisco’s recent decision to expand its homeless bussing program, coupled with Governor Newsom’s order to clear unsanctioned camps should put all Oregonians on notice: if we stand still, more homeless people will come to Oregon,’ Gonzalez posted.”

The Boston Globe. “As Haitian migrants like sixteen-year-old Stanley Cesaire, stranded in Mexican cities across the border from Texas, anxiously await their turn to enter the United States, one hoped-for destination comes up, again and again: Boston. Many had heard from relatives and friends that Massachusetts was a place of opportunity and warm reception. They had not heard Governor Maura Healey’s plea that they should go somewhere else because Massachusetts, while sympathetic, is full. The administration has started buying airplane and bus tickets for migrants who choose to find housing outside of Massachusetts. It has even instituted a five-day limit on stays at overflow shelters in an effort to force families to find their own housing, though some were given a temporary reprieve from eviction last week.”

Honolulu Civil Beat in Hawaii. “Honolulu Mayor Rick Blangiardi plans to double down on removing homeless people from the street. ‘I’m going to be very aggressive about that, and you’re just going to begin to see it now,’ he said. ‘Counties can determine how they want to enforce trespassing anywhere,’ he said. Blangiardi, just elected to a second four-year term, has high hopes. ‘We’re going to know every one of these people. We’re going to know where they are, where they’re being treated … That is, again, modernizing the city,’ he said. He emphasized that homelessness is an urgent issue in Honolulu, where he said a majority of residents feel unsafe walking by encampments spread out over portions of sidewalk and in parks. ‘Ninety-nine percent of people should not be subordinated the way they’ve been,’ Blangiardi said.”

WFAA in Texas. “DFW saw a 2.2% drop in median home sale prices over last year, with the median sales price dropping from $408,995 in July 2023 to $400,000 in July 2024 – the second-largest drop in the country. Bozeman, Montana saw the largest year-over-year drop in home prices in the country with the median sale price dropping 8.6% from $725,000 to $663,000, according to Remax. Raleigh, North Carolina saw the third-largest year-over-year drop in home prices in the country with the median sale price dropping 1.3% from $445,000 to $439,355.”

“‘We are definitely seeing a major shift in the marketplace where sellers no longer have the advantage that they once had for years. In fact, we are seeing a large number of transactions where buyers are making offers well below the asking price, and those offers are getting accepted,’ said Todd Luong of RE/MAX DFW Associates. ‘It has been a while since I have had multiple offers on my listings. These kinds of competitive situations just aren’t happening as much now in this market.'”

WCHS in West Virginia. “Trading in his designer Dolce & Gabbana T-shirt for a two-piece orange prisoner uniform complete with handcuffs shackled around the waist, a self-proclaimed millionaire and TikTok influencer listened Thursday as a federal prosecutor used his own words and social media videos to convince a judge he was a flight risk and danger to the community. Theodore ‘Teddy’ Miller, 34, of South Charleston, was arrested last Friday by federal authorities on a wire fraud charge. He is accused of claiming to own two Charleston properties he does not own and scamming a man out of $20,000 for an investment in the properties that never occurred.”

“His profanity-filled videos showcase his wealth and luxurious travels across the world as he solicits investors through his website, which redirects them to Miller’s real estate company, Bear Industries. According to its website, Bear Industries is a ‘real estate development company that operates throughout the United States that specializes in rebuilding abandoned and distressed properties into affordable, modern rental property to either be held or sold for a profit.'”

Global News in Canada. “After a devastating flood forced Ryan Handfield and Alex Peters from their Montreal condo 13 months ago, they were ecstatic to learn their home was finally ready for them to move back in. The young couple received the long-awaited call at 2 p.m. last Friday while they were out of town, just as tropical storm Debby’s remnants pounded the city with a record-smashing amount of rain. Five hours later, Handfield and Peters learned their newly renovated basement dwelling was already ruined. ‘No one hopes their first year of marriage will go this way,’ Peters said through tears, adding she was hoping to finally start their life as husband and wife.”

“Some of their fellow owners in the same condominium building allege the borough didn’t do enough — despite several requests for help ahead of Debby’s arrival. The couple had no choice but to move in with Handfield’s mother as they faced a series of hurdles to rebuild their home: insurance coverage, delayed construction and rising condo fees to help cover the costs to rebuild. Now, they are living the same nightmare as they did last summer. ‘The value of the property is next to nothing,’ Handfield said. ‘Who would want to live here?'”

The Globe and Mail. “There is no solving housing unaffordability in Canada until we are clear about when the housing market is healthy, and when it is not. Too often industry and media portray the housing market as ‘strong’ when prices rise, and ‘weak’ when they stall. Such descriptions only make sense if we view housing primarily as an investment, rather than a place to call home. But too many Canadians, especially younger folks, are unable to afford homes whether as owners or renters. So, we should be describing the housing market as strong when prices don’t rise, and weak when they do.”

“A quick review of this summer’s reporting reveals the problem. ‘Canada’s housing market saw some early signs of renewed life,’ reported the Canadian Real Estate Association (CREA) in July. Renewed life, because sales climbed 3.7 per cent and its home price index edged up 0.1 per cent month over month. By August, CREA reported ‘Fledgling Canadian housing market momentum hits pause’ because sales dipped, as did annual average prices. In other words, CREA thinks the housing market is healthy when prices rise. So long as Canada’s cultural addiction to investment in existing residential real estate drains investment from other industries, we can expect our GDP growth per capita to remain near the bottom of OECD countries.”

“So, let’s celebrate that 2023 was a relatively strong year for the housing system. CREA data show that average home prices fell nationally by 4 per cent, with average values now below what they were in 2021. That’s good news. In Ontario, provincial and Toronto real estate prices are now lower than they were in 2021.”

Radio New Zealand. “A neighbour to emergency housing in Rotorua says government plans to continue contracting motels for another year has thwarted the sale of her home. Carolyne Hall, of the lobby group Restore Rotorua, said the sale fell through after the buyer became aware of resource consent applications to extend emergency housing contracts at seven motels in the city. One of them is not far from Hall’s home, which she was selling to move closer to family. ‘We had a fairly good offer which we accepted and less than 24 hours before it was meant to go unconditional, we were handed a cancellation of agreement notice from our lawyer which came through the purchaser’s lawyer.'”

“The buyers did a U-turn when they noticed the resource consent application on the LIM report, Hall said. ‘They got a bit put off by that. Even though I said ‘the government is saying it’s only for a year’, they said ‘hey, they said that last time.’ Since Covid-19 lockdowns first prompted the government to move homeless people into motels to stop the spread of the virus, emergency housing had ballooned to a $1 million-a-day burden on taxpayers. Fenton Street – once dubbed the Golden Mile for its many motels – was now known as Misery Mile.”

“The high numbers in Rotorua resulted in an explosion in crime, police admitted last year, as well as a downturn in domestic tourism. Hall claimed people were being sent to Rotorua to live in the motels, including those with mental health and addiction problems. ‘When you start bringing vulnerable people together then you get people preying on that. It was like a honeypot for gangs at one point.’ There had been reports of deliberately-lit fires, wilful damage to cars, burglaries, a stabbing, littering and domestic disturbances linked to the motels. Hall said residents felt beaten down by the system, after believing emergency housing would be phased out of the city by the end of this year. ‘Their exit plan was to ask for an extension for another year. But how long does this go on for?'”

Channel News Asia. “At the Nancao railway station in China’s east-central city of Zhengzhou, time appears to stand still. It has all the facilities of a train station – escalators, security scanners and platforms. But one thing is missing: Passengers. All day, doors to the high-speed railway station stay shut. Cobwebs cling at corners. A parade square nearly the size of a football field remains vacant. Every half hour, the eerie silence is broken by the hiss of a train as it whizzes through at 350kmh. None of the trains – speeding along the Zhengzhou–Xinzheng Airport intercity railway – stop.”

“The next station Mengzhuang is also not in use, standing quiet and deserted. They are among 26 decommissioned high-speed stations scattered across China – most of which are concentrated in the northern and central parts of the country. Dubbed as ‘ghost’ stations, most were reportedly abandoned after just two years in operation due to their remote locations and low passenger volume.”

“Economist Dan Wang said it is important to first understand the role of the high-speed network in China’s early days of opening up. The high-speed rail was a poster child for China’s infrastructure and the so-called ‘Chinese miracle’, she said, adding the project played a major role in improving the local economy and the welfare of the average Chinese. However, at the height of infrastructure development and expansion, most cities and counties wanted to be part of the network, regardless they had the ability to support it or not. ‘(That) was clearly way above what the market can sustain. As a result, now we’re looking at a lot of wasted investments,’ she said.”

“In 2021, Chinese President Xi Jinping lauded the high-speed rail a success of ‘independent innovation’ and called for greater development. However, China’s economy experienced a downturn that same year on the back of the COVID-19 pandemic. New borrowing rules to prevent a housing market bubble from bursting led to a decline in China’s real estate market, which once accounted for 25 per cent of the country’s gross domestic product. In turn, other infrastructure projects including the high-speed rail network, which relied heavily on local government borrowing and subsidies, were affected.”

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This Post Has 101 Comments

  1. ‘Kroll estimated the mall’s value at $710 million when the mortgage loans were made in 2014. Now it’s worth 9% of that’

    That’s some sound lending right there.

  2. Maria Kriesel, owner of Century 21 in New City, said she is also ‘…seeing some price adjustments which we would not even come close to seeing during the last four years…that tells us that not every house has ten buyers pouncing on it anymore.’

    You keep using that word “adjustment,” NAR dissemblers. I don’t think that word means what you think it means. (H/T to Princess Bride.)

  3. ‘They had not heard Governor Maura Healey’s plea that they should go somewhere else because Massachusetts, while sympathetic, is full. The administration has started buying airplane and bus tickets for migrants who choose to find housing outside of Massachusetts’

    So now these sanctuary cities are busing out illegals and bums! Yer criminalizing crime guvnah. They aren’t paying to ‘find housing’. It’s to GTFO of Boston.

  4. ‘‘Counties can determine how they want to enforce trespassing anywhere,’ he said. Blangiardi, just elected to a second four-year term, has high hopes. ‘We’re going to know every one of these people. We’re going to know where they are, where they’re being treated … That is, again, modernizing the city,’ he said. He emphasized that homelessness is an urgent issue in Honolulu, where he said a majority of residents feel unsafe walking by encampments spread out over portions of sidewalk and in parks. ‘Ninety-nine percent of people should not be subordinated the way they’ve been’

    Good points.

  5. She encourages prospective buyers to go out and purchase homes at higher interest rates. Her reasoning behind taking the blow of the higher interest rates now was that ‘…when the interest rate goes down, you can refinance. Marry the house, date the rate.’”

    Reality check for prospective buyers: Always Be Closing means realtors play fast and loose with the truth. Interest rates can’t and won’t go down in any meaningful way as long as the Fed keeps expanding the money supply, fueling inflation far in excess of our fabricated, Soviet-style official stats indicate. Meanwhile the “cost of living” crisis and rising indebtedness means a diminishing pool of credit-worthy buyers to buy shacks, meaning market forces are putting downward pressure on prices. To sum up, realtors are liars.

  6. ‘Trading in his designer Dolce & Gabbana T-shirt for a two-piece orange prisoner uniform complete with handcuffs shackled around the waist, a self-proclaimed millionaire and TikTok influencer listened Thursday as a federal prosecutor used his own words and social media videos to convince a judge he was a flight risk and danger to the community’

    See Teddy pick up the soap!

  8. Kroll estimated the mall’s value at $710 million when the mortgage loans were made in 2014. Now it’s worth 9% of that.”

    When is the CRE cratering going to start taking down banks & pension funds?

  9. ‘It has created a lot of fear, a lot of anxiety’ within the industry, he said. ‘

    RICO statutes created a lot of fear and anxiety within the mafia.

  10. San Francisco’s recent decision to expand its homeless bussing program, coupled with Governor Newsom’s order to clear unsanctioned camps should put all Oregonians on notice: if we stand still, more homeless people will come to Oregon,’ Gonzalez posted.”

    If there’s a downside to seeing libtard-malgoverned cities swapping bums and addicts with each other, I’m not seeing it.

  11. Now, they are living the same nightmare as they did last summer. ‘The value of the property is next to nothing,’ Handfield said. ‘Who would want to live here?’”

    Welp, at least you weren’t throwing away money on rent, Handfields.

  13. Federal income taxes.

    Antiwar — Gaza Health Ministry: Over 40,000 Killed By Israeli Onslaught (8/15/2024):

    “Gaza’s Health Ministry said Thursday that the number of Palestinians it has recorded killed by the Israeli onslaught has surpassed 40,000, or about 2% of the population. The number is considered a conservative estimate since it doesn’t account for the 10,000 people who are missing and believed to be dead under the rubble.

    The Health Ministry said a total of 40,005 Palestinians had been killed over ten months, including 40 that were killed by Israeli forces in the previous 24 hours. They also said a total of 92,401 Palestinians have been wounded.

    The Health Ministry has identified 32,280 bodies by name, which includes 10,627 children, 5,956 women, and 2,770 elderly people. Gaza’s Media Office has estimated more than 16,000 children have been killed by the Israeli onslaught.”

    https://news.antiwar.com/2024/08/15/gaza-health-ministry-says-over-40000-killed-by-israeli-onslaught/

    More than 16,000 is that a lot?

  16. Forbes Digital Assets
    Bitcoin’s ‘Next Stop’—China Could Be About To Blow Janet Yellen’s $1 Trillion Crypto Price Bombshell Out Of The Water
    Billy Bambrough
    Senior Contributor
    I write about how bitcoin, crypto and blockchain can change the world.
    Aug 17, 2024,07:45am EDT

    Bitcoin and crypto prices have swung wildly this week as iPhone maker Apple announces a game-changing update to its Wallet app.

    The bitcoin price has bounced between $70,000 per bitcoin and $50,000 over the last few weeks as traders brace for a fresh U.S. crypto crackdown.

    Now, as former U.S. president Donald Trump floats a radical plan to pay off the U.S.’s $35 trillion debt pile with bitcoin, one legendary trader has predicted Treasury secretary Janet Yellen’s liquidity bombshell could be blown out of the water by China.

    Yellen “will inject at least $301 billion and a maximum of $1.05 trillion between now and year-end,” Hayes, a cofounder of bitcoin and crypto derivatives pioneer BitMex who went on to set up the Maelstrom investment fund, wrote in a blog post this week.

    “That is going to create a glorious bull market in all types of risk assets, including crypto, all in time for the election.”

    Hayes’ bitcoin price prediction is partly based on the unproven theory Yellen wants to help vice president and Democratic Party 2024 candidate Kamala Harris win the 2024 U.S. presidential election.
    …
    https://www.forbes.com/sites/digital-assets/2024/08/17/bitcoins-next-stop-china-could-be-about-to-blow-janet-yellens-1-trillion-crypto-price-bombshell-out-of-the-water/

    1. Before the Fed can roll out its CBDC slave tokens, it must first eliminate rival counterfeiters in the scam digital currency space. Consider yourselves warned, crypto bros.

      1. “…it must first eliminate rival counterfeiters in the scam digital currency space.”

        Since the value of cryptocurrency is denominated in dollars, wouldn’t a major drop in cryptocurrency values bolster the value of the dollar?

        Or is crypto too small to matter?

        1. If the total cryptocurrency market cap is only $2.2 trillion, how will it work repay $35 trillion in debt with Bitcoin?

          Me confused…

      2. “Consider yourselves warned, crypto bros.”

        They are destroying their old system to roll out CBDC. This plan is DOA.
        Just like plandemics 2-100. They’ve been trying to kill BTC for 15 years but can’t due to it’s complete global decentralization and absolute finite supply. That’s the whole point. It’s not controlled by a central authority. That’s why they had to join the party with the ETFs. Now $1.17 trillion market cap. Number 10 in the world.

        https://companiesmarketcap.com/assets-by-market-cap/

        1. Dutch tulip bulbs had quite the market cap too, once upon a time. And then the mania went ka-BOOM!

  17. A reader sent these in:

    Rite Aid will reportedly close all 183 locations in Ohio after announcing the closure of all Michigan stores

    https://x.com/MacroEdgeRes/status/1824836129939460383

    Vacasa’s recent struggles.

    https://x.com/DonMiami3/status/1824956138225295360

    First time I’ve seen someone bring a bag of sausages as a carry on

    I do have reasons why I think aliens haven’t touched us

    https://x.com/DonMiami3/status/1824617512052346899

    Everyone is so focused on the frozen housing market that most folks have absolutely no idea how bad commercial real estate is; we’re just waiting for the derivatives markets to catch up w/ real world prices:

    https://x.com/RealEJAntoni/status/1824894092901306520

    I asked AI to show me what the Florida housing market looks like right now.

    https://x.com/VladTheInflator/status/1824883027404828828

    Hahahahahahhahahah

    https://x.com/VladTheInflator/status/1824880389741244486

    1. Rite Aid will reportedly close all 183 locations in Ohio after announcing the closure of all Michigan stores

      The problem with all these chain drug stores is that they depend on selling overpriced sundries to break even.

        1. I could see them closing stores with that problem. But every store in the state? I’m sure many are in low crime suburbs.

  18. Following a boom in 2023, EV sales so far this year have been on a worrying downward trend with numerous car companies seeing a reduction in demand as customers evaluate their options.

    This poses a major problem for the Government’s own electric car adoption targets and unless customers make a drastic change in their behaviour soon, they are likely to be missed.

    Adding to the turmoil in the market is the imposition of EU tariffs on Chinese-made electric cars which will only add to the cost of already expensive electric vehicles and could further hinder their adoption in Ireland.

    Professor of Transportation at Trinity College Dublin Brian Caulfield said to keep on track the adoption of electric cars would need to be 25% higher than last year but as it stands “we’re 50% off where we need to be”.

    “We do have a target of 175,000 by the end of next year. I had thought for a long time that that was possible, I don’t anymore. Not at the current trajectory that we’re on,” he said.

    Director General of the Society of the Irish Motor Industry Brian Cooke said there are various reasons as to why there is a slowdown in the electric car market one of which is that the number of “early adopters” is “probably exhausted” and “we’re moving on now to what they call early mass market adoptees and they do need more convincing”.

    “Electric vehicles are still more expensive than combustion engine vehicles.

    “Before grants, the average price of a new electric vehicle in Ireland is about €50,000 which is about €13,000-€14,000 more than a combustion engine car,” he said.

    While the actual ownership costs of electric cars are less, he said it still takes a bigger ask for people to spend that much more money. “What we’re hearing from our members is that they are harder to sell particularly to first-time customers,” he said. “Some of it is range anxiety, we will see that as less and less of a problem over the next three or four years but at the moment it still is there. If you look at most new electric vehicles, they have a range of between 350km and 600km. For most people that would cover 95% of their driving.”

    https://www.msn.com/en-ie/money/companies/electric-car-slowdown-sees-climate-targets-slip-away/ar-AA1oWmEa

    1. The car market in general is collapsing. Yet, I read that MSRPs are going up as much as 10% for the 2025 model year. Yeah, inflation is contained.

  19. In early 2020, Bernie Sanders had just won two back-to-back primaries and progressives appeared on the cusp of conquering the Democratic Party. But after losing that contest to Joe Biden and facing recent setbacks, the movement is recalibrating its ambitions in anticipation of a Kamala Harris victory this fall.

    Gone are the skyscraping demands for Medicare for All and a Green New Deal to transform the health care and energy sectors, which Harris endorsed in her failed 2020 bid and is now backtracking from. Progressives are instead homing in on a more pragmatic and economy-focused agenda that includes a minimum wage hike, child care funding and new Medicare benefits for seniors.

    This year, the Democratic Party more broadly has drifted substantially to the right on immigration while seeking to bolster law enforcement. Some in the party are also de-emphasizing progressive social causes in their campaigns.

    As the electorate’s views have shifted, one senior aide to a Senate Democrat said they have noticed a definite impact on “how Democrats talk about these kinds of things.”

    “You don’t really see a lot of Democrats trying to bear-hug criminal justice reform and policing” reform, this person said. “And you definitely see Democrats [concede] the whole school closure thing during Covid. … And that really set back some kids’ developments. So it’s in the mind, it’s in the psyche.”

    https://www.nbcnews.com/politics/2024-election/progressive-agenda-kamala-harris-2024-election-minimum-wage-child-care-rcna165248

      1. $20 California Minimum Wage: 5,000 to 10,500 Job Losses Even Before It Took Effect
        Share
        06.24.2024

        The recent 25% increase in California’s minimum wage from $16 to $20, for limited-service restaurants (including fast-food restaurants, coffee shops, and juice bars) with at least 60 locations nationwide, has sparked controversy. In late March the Wall Street Journal reported that nearly 10,000 jobs were lost between the signing of the minimum wage law in September 2023 and January 2024 although the law did not take effect until April 1. The job loss figures were repeated by the Hoover Institution and the California Business and Industrial Alliance. Earlier this month a columnist for The Los Angeles Times claimed that these job loss figures are “fake numbers” and a “flagrant misrepresentation of government employment figures.” These criticisms were repeated by other websites.
        …
        https://www.edgewortheconomics.com/insight-CA-minimum-wage-job-losses

    2. They might be back pedaling now, but if they win the White House, Senate the House, expect all that to change. EV mandates, more green energy, medicare for all, more illegals and of course lots and lots of taxes and deficit spending.

    3. “And you definitely see Democrats [concede] the whole school closure thing during Covid”

      The infection fatality rate of CCP Flu for children is statistically ZERO. Democrat Party and the teacher’s unions destroyed an entire generation

  20. Kamala Harris’ ideas for the housing crisis are even worse than Donald Trump says | Opinion

    Last week, I didn’t like it when Donald Trump called Vice President Kamala Harris dumb. And I didn’t like it when he called her a socialist. Presidential campaigns should be about something bigger than grade-school name-calling.

    But now Harris and her boss Joe Biden have proposed a series of policies dumber than those a competent communist would impose. Darned if the facts don’t bear Trump out.

    A few weeks back, Biden proposed national rent control to keep rents from rising by more than 5% a year. Economists have long known that such policies restrict the supply of new housing and result in a shortage of rental apartments at controlled prices and skyrocketing prices on apartments that aren’t subject to the controls. This has been tried countless times and failed just as often.

    Harris wants to expand the folly to home ownership. The problem she has identified is that there aren’t enough homes so prices are rising to the point young couples can’t buy a starter house. She proposes subsidizing demand with $25,000 gifts to help people buy their first home, more if you are the first in your family to buy a home.

    This is a nice thought, but it doesn’t solve the problem that there aren’t enough homes for people to buy. All a subsidy will do is raise prices further – too much money chasing too few houses.

    Now comes Harris with a campaign speech about the economy in which she says, if elected president, she’ll bring price controls to the grocery aisle. The Soviets did this in their communist empire and managed to go years without inflation at the grocery aisle at the cost of lines snaking for blocks to buy what little crappy bread was available.

    Do you know who has price controls for food today? Cuba, Venezuela and Mexico. Is Kamala Harris really saying that the best, the most powerful and most dynamic economy the world has ever seen should throw up its hands and look to Havana for the cure to food price inflation?

    Seriously?

    I thought Trump was a threat, but at least he won’t put me in a bread line.

    https://www.msn.com/en-us/money/realestate/kamala-harris-ideas-for-the-housing-crisis-are-even-worse-than-donald-trump-says-opinion/ar-AA1oXl0j

    2. Last week, I didn’t like it when Donald Trump called Vice President Kamala Harris dumb. And I didn’t like it when he called her a socialist.

      She is dumb, and she is a socialist. Telling the truth and calling things by their proper names are essential in times like these, even if it triggers Real Journalists.

      1. Critics pounced on a resurfaced clip of Vice President Kamala Harris bragging that she’ll have the government “snatch” patents away from drug companies in an effort to lower costs.

        The 2019 video from CSPAN from a campaign event in Iowa featured Harris arguing for the government setting a “fair market.” Companies that don’t comply, she said, would be stripped of their patents if the drug company received any federal funding.

        “For any drug where they fail to play by our rules, and if that drug came about from federal funding for what’s called ‘R and D,’ research and development, I will snatch their patent so that we will take over,” she said. “Yes we can do that! The question is, do you have the will to do it?”

        “I have the will to do it,” the now Democratic nominee for president said.

        https://www.msn.com/en-us/news/politics/is-this-even-legal-critics-slam-kamala-harris-over-vow-to-snatch-patents-after-resurfaced-vid-goes-viral/ar-AA1oYe1R

        1. A Harris regime would surpass even the Biden regime when it comes to government overreach and not-so-creeping tyranny. All of those military-aged criminal migrants flooding in across Biden’s open borders would make willing recruits for a regime protection/internal security force modeled after Lenin’s Chekists or Stalin’s NKVD. Kulaks & patriots, never give up your guns.

    3. “…subsidizing demand with $25,000 gifts to help people buy their first home, more if you are the first in your family to buy a home.
      This is a nice thought, but it doesn’t solve the problem …”

      No. It is not a nice thought. Government price controls are never nice.
      First time buyers and first generational buyer is stealth for ILLEGALS aka newcomers

      1. I agree. These nice thoughts are enforced by a brutal justice department, jack booted thugs and the IRS. This is some soft hands – “I don’t like when he said she’s a dumb socialist.” That’s what she is. We have an election coming up and it has to be pointed out publicly.

        1. She’s also a harlot who slept her way to the top, but unfortunately in many circles that is considered a positive.

          1. Harlot is archaic. She’s a whore. When asked what I think of her, that’s my response.

  21. The Democrats are unintentionally doing their all to make sure that Donald Trump is reelected president of the United States.

    If one breaks down the Democratic approach to the 2024 presidential election, it would seem that the Democrats will do anything to make sure that Donald Trump wins. Obviously, they would claim that all of their actions—including stabbing Joe Biden in the front and back—are designed to bring victory. But the question is whether that’s true. Let’s take a look.

    Anyone with a pulse would bring more excitement to Democrats than Joe Biden would. But in either choosing Harris or having her forced on the party in Joe’s revenge on Pelosi and Obama, they could not have selected a worse candidate. She is not popular by any standard. She comes off as smug. When she talks, she makes every second grader seem like a Nobel laureate.

    She has avoided taking a single question or doing a press conference for nearly a month since her installment by fiat. All of those around her know that if she has to speak extemporaneously, the stock market might drop 800 points, World War III might start, and the English language might sue Harris for acts of violence. She can presently hide behind her teleprompter and the lapdog media can inflate her status, but in the end, she will debate and she will speak in an unscripted manner. And at that time, many Democrats will either choose Trump for the safety of the Republic or simply opt to stay home rather than vote for a thin-skinned ignoramus in heels.

    Nearly every week we learn that our digital overlords have played some tricks with their algorithms, always to the detriment of Trump and advantage of Harris. ChatGPT still doesn’t believe that someone tried to kill Donald Trump. Google would not let you look up the subject. Google let Harris’s people modify news headlines to her benefit. Whenever they are caught with all 20 fingers and toes in the cookie jar, they claim that it was a glitch, a mistake, a one-off event. One has to remember that around 30 percent of each party will vote for its candidate no matter what. The remaining 40 percent, primarily those in around five or six states, can go either way and their voting patterns may determine who wins. The more that they see big tech once again putting its sloppy paw on the scales, the more that they will feel that Donald Trump is getting a raw deal. We saw it in the polls after each legal filing against the former president. Most felt that the legal attacks were political and Trump’s popularity only went up. The digital games get exposed and the public knows that they are getting played.

    There is much that the Democrats could have done to help their cause for keeping the White House. There are Democrats who know more than 300 words. Josh Shapiro would have been a smart VP pick. Big tech could be a little less blatant in its anti-Trump efforts, and the Department of Justice could have left Trump alone. But the Democrats are so obsessed with winning that they are making mistakes at every turn. At this date, Donald Trump is probably not a shoo-in. But the Republicans should remember Napoleon’s advice: “Never interrupt your enemy while he is making a mistake.” And the Democrats can’t stop making them.

    https://townhall.com/columnists/alanjosephbauer/2024/08/18/the-democrats-are-gifting-donald-trump-the-white-house-n2643502

    1. She is not popular by any standard. She comes off as smug. When she talks, she makes every second grader seem like a Nobel laureate.

      The same could be said for Joetato, yet they were able to install him.

      We must not drop our guard.

  22. ‘Fenton Street – once dubbed the Golden Mile for its many motels – was now known as Misery Mile. The high numbers in Rotorua resulted in an explosion in crime, police admitted last year, as well as a downturn in domestic tourism. Hall claimed people were being sent to Rotorua to live in the motels, including those with mental health and addiction problems. ‘When you start bringing vulnerable people together then you get people preying on that. It was like a honeypot for gangs at one point.’ There had been reports of deliberately-lit fires, wilful damage to cars, burglaries, a stabbing, littering and domestic disturbances linked to the motels’

    It’s interesting that all around the world, these bums act worse than animals.

  23. Dutch auction sale is an excellent path to price discovery in a declining market.

    “The Behring estate, as the real estate agent’s website dubs it, was listed for about $25 million. After a year on the market with little interest, real estate brokerage Compass Concierge and agent Joujou Chawla held an auction for the property with bidding beginning June 28, the Mercury News reported. The buyer bought the estate in an all-cash deal for $10.8 million, according to county records.”

  24. I used to read this blog on a semi regular basis. Haven’t been here in years. Nice to check in and see what’s up.

    It’s not ALL bad though. It’s a cliche of course but real estate is local. In my burg – Coeur D’Alene Idaho, things started selling this summer after a year or so of the market being dead. Prices fell 5-10% in that time. This is after nearly doubling between 2020 and 2023. Not the end of the world. I bought my primary home in 2020 during the insanity for $675k. Today I could sell it for $1M with my eyes closed. And $1.1M if I was willing to wait a while. I have no intention of selling, Im not leaving this place any time soon or sell. I have a fixed 3% mortgage. I’d be crazy to give that up.

    Money is still pouring in from California. Which sucks because, well it’s Californians moving in. Blegh. But as a real estate owner and landlord, eh I can live with them I guess. 😀

    Unfortunately this is driving a lot of people out. Especially young people who grew up here who have no hope of ever affording a home. Rents have skyrocketed as well. A decent 2 bedroom apartment is close to $2000 a month. And this is with a massive building boom of apartments in the last 2-3 years. Supply still can’t keep up with demand. They’re talking about forcing developers to create subsidized housing for teachers, cops, etc. supposedly it’s hard to find people to do those jobs. I’m skeptical of these schemes.

    Anyway just giving a different take on things.

    1. Unfortunately this is driving a lot of people out.

      And just where are they going? These BFE communities used to be the refuge of those seeking a low cost of living. Where are they supposed to go? Campeche, Mexico?

      1. Smaller towns in and around the area. Montana too. Not Bozeman though as that place has gone wild with prices too.

        CDA has become a Lake Tahoe-esque area. It’s not BFE anymore in the traditional sense. But plenty of towns still remain where the cost of living is affordable.

      1. For reference, Idaho is the 7th LEAST densely populated state, however, only about 30% of the land is actually available to the public, the rest is set aside in one way or another. Any perception of scarcity is purely artificial. I’m sure it will be fine.

      2. Land close to the lake? Yeah not much if any is left. Is it a bubble? If it is the. It’s been in a bubble for 30 years. People discovered the area and now it’s a place where ultra wealthy people have summer homes. Once upon a time Aspen was an abandoned mining town. Then it wasn’t.

        I’m Not saying CDA is on the scale of Aspen, just using it as an example of how “middle of nowhere” places become crazy expensive areas.

        Hell, L.A. was once a dusty outpost. Things change.

        1. And LA has been hammered by bursting bubbles over and over again. I’m not sure you want to throw yourself in that basket. Any place that has seen prices double without wages doing the same will correct….unless you think “it’s different this time”. Personally I don’t bet against history.

    3. “Anyway just giving a different take on things.”

      I’m missing the difference. Seems like the same situation as many other places… Californians move in, prices and rents go sky high, locals are priced out…

      Next up: Mean reversion

      1. I know that there is an exodus out of California, but are there really enough of them to bid up prices in every BFE town?

        1. This plays out over and again. There’s a flow of money from the bubble that inflates another area. It’s believed it will never stop. Let’s say every lot on a lake is bought by Californian equity locusts. These are people who are used to using their shack as an ATM. Likely used leverage to get in cuz the bigger the shack the more you make.

          Now what? The money flow has stopped. Locals can’t afford it and that has a way of showing up sooner than later.

          1. Exactly. Like I was saying above, there really isn’t anything new going on. If there’s anything that’s different it’s the size of the bubble. But if you cut through the BS there’s nothing new here. Which tells you what about what is about to happen? Actually, everyone should be rooting for a bursting bubble. Because even though many will be hurt, if things remain the same another dam will break. It’s called revolution.

          2. The area I call home is easily up at the top when it comes to being inflated by Cali equity locusts Reno/Carson. Happened last bubble, happened this bubble. And yes, prices doubled here too. Last time we were one of the first to collapse. I think Vegas and Sac were there too. This time I think Austin and Texas has the first to burst wrapped up. But it’s happening real time here now. Builders are starting to slash. I reported a 80k haircut by Lennar on one of their models. Other big builders are slashing too. They’re hiding it real well, though. But I work on the inside and I’m seeing it clear as day. You’re seeing a lot of listings at ‘21 pricing. Lots of listings with where you look at their history you can see the seller has listed it at a price where they’re just trying to get out without paying the realtor out pocket. And yes, it playing out exactly like last time. And everyone I talk to who was here last time around knows it. I’m not talking to many “it’s different this time” folks here. Most are in the “uh-oh….here we go again” crowd.

          3. And please know that when I mentioned the R word earlier I am not a proponent of anything like that. Hate it and wouldn’t wish for it in any shape. It’s just that history shows that unchecked imbalances don’t work out so well.

          4. Don’t get me wrong, I’m not saying that the price increases are natural or sustainable. I’m just wondering if it’s more than just those d*mn Californian equity locusts.

    4. A decent 2 bedroom apartment is close to $2000 a month

      If your supposed equity were cash in the bank, that rent would be mostly covered and you wouldn’t have the mortgage to pay.

  25. Does it make you feel better that the bulk of PCR tests were manufactured in China.

    The evidence shows that the PCR test had a high false positive rate, and the inventor said it should not be used as a diagnosis tool.
    The PCR test is being used to diagnose anything they want to claim is a current panademic.

    Bird flu, Covid, monkey pox, you name it is determined by this fake test.
    Dr Jane Ruby is saying that monkey pox is actually had to get, and that a number of skin lesions that were caused by the Covid Vaccines are being peddled as monkey pox.

    A friend of mine was in the emergency hospital lately in which they claimed he had pneumonia. They claimed they tested for Covid and a number of other viruses that he didn’t have. Than after treating for pneumonia, they said that the recent Chemo treatment he had taken for lung cancer caused the symptoms. Just a example of the current situation with testing.

    The basic of this medical fraud is the PCR machine or test that is the biggest fraud in history that determines any panademic they want to call. It also covers up any vaccine induced symptoms they claim is a new outbreak of whatever they want to declare.
    They created the Covid panademic by the PCR test that they subjected billions to . They claimed that a new novel Covid panademic existed, requiring a countermeasure of a fake expiermental vaccine.
    And in spite of the evidence coming out the PCR had a high false positive rate during Covid, this fake test is the diagnosis tool of choice.
    In spite of overwhelming evidence of the vaccines causing a high amount of death and injury, they won’t take the fake vaccines off market, and they won’t stop using the fake PCR test.
    So, this is a massive fraud, just like Climate Change doomsday we have to get rid of carbons.
    Global governments are in collusion on all these medical frauds and climate change frauds and they aren’t stopping these massive crimes against humanity, that have been launched.

    Doesn’t matter how much evidence comes out , nothing is being done by Global Government to stop this medical fraud and pre planned tyranny.
    Also, the evidence shows that the stupid masks didn’t stop Covid. Again the bulk of masks were manufactured in China. Studies show that toxic chemicals were in the masks and they caused a host of medical side effects.
    Never forget how Dr Fauci said that three masks at once would be more protection, when common sense tells you that would obstruct your air to unhealthy levels.
    Nothing is more sinister than the fraud that the safe and effective Covid fake vaccines kept you from getting Covid, or dying from Covid and that it stopped transmission of Covid.
    For whatever reason a massive medical fraud is being allowed in which the Medical system is fully engaged in this epic medical fraud.
    I don’t see how humanity has any choice but to reject all this medical fraud that has been launched as a weapon against humans .
    And it might be true that the Rockefeller based Medical Monopoly was always a health imposter with perverse money motives in the marketing of chemical based snake oil treatments.

    2. There are still people wearing masks while driving alone in Denver. And these people are allowed to vote.

  26. From the Dumver Post

    Is an end to Colorado’s property tax wars in sight? Maybe — if distrust and frustrations don’t get in the way.

    After years of sparring over property tax rates, leading Colorado Democrats and conservative activists finally see an offramp from the conflict.

    To get there, it will only have taken two special sessions, annual short-term bills at the Capitol, multiple threats of ballot measures and a failed attempt to override the Taxpayer’s Bill of Rights.

    The latest bid for peace materialized Thursday, when Gov. Jared Polis announced he would call the legislature back for another special session — the second since last November — at the end of the month. If state lawmakers pass additional property tax cuts in the multiday session that starts Aug. 26, a conservative group has agreed to withdraw two ballot initiatives filed for the November election that would go much farther, Nick Coltrain and Seth Klamann report.

    I am feeling betrayed. Both issues should be on the ballot. Making a deal with the gooberment will buy a very short amount of time and the benefit to taxpayers will be less. Once those temporary measures expire they will jack up property taxes, guaranteed.

    One of the ballot measures proposes to limit property tax increases to 4%, which while not as small as Prop 13, is better than 10-20%, plus it becomes permanent until repealed by voters. The other one proposes a major tax property tax cut.

    That said, it took the threat of the two ballot measures to get the tax and spend leftists to come to the bargaining table. And since they’re converting the TABOR refund into a welfare transfer payment, the taxpayers will be better off paying less property tax (and hence little to no TABOR refund)

    1. Colorado’s Establishment GOP are the controlled opposition. They bloviate for the cameras and send out fundraising mailers about tax-and-spend Democrats, then always fold like cheap suits after the Dimms make token concessions.

      1. True, but the Dims were happy to do nothing about rising property tax rates until those two props were proposed. Their initial reaction was to shrug and say “sorry, we don’t have a magic wand, so pay up”.

    1. That’s not the first time that boy had a can of whoop@ss opened on him.

      Most men and some women I know would have fought back if they weren’t knocked out like Homey the Clown was not. Nope he assumed the standing fetal position and waited for somebody to bail out his dainty privileged Woke butt after his words and actions wrote a check his @ss couldn’t cover.

  29. Exclusive — Head of Global Investment Firm: Kamala Harris an ‘Economic Illiterate,’ Will Crash Economy

    Sean Moran
    18 Aug 2024

    Scott Bessent, the founder and CEO of Key Square Group, a global macro investment firm, told Breitbart News Saturday that Vice President Kamala Harris is an “economic illiterate” who would crash the economy if elected president.

    Bessent spoke to Breitbart News Saturday host Matthew Boyle as Democrat presidential nominee Harris delivered an economic program on Friday, promising to institute price controls to combat inflation in rent and groceries.

    Bessent said, “It is clear that she is an economic illiterate. She said price ‘gauging’ not ‘gouging’ and she’s just reading some talking points.”

    Bessent noted that the Washington Post‘s editorial board slammed Harris’s economic agenda, the Post wrote:

    “She is beginning hard left and the Washington Post is in a panic because they want her to move to the center rather than show her real character,” the macro investment CEO added.

    On Sunday, Gov. Gretchen Whitmer (D-MI) said Americans were “reading too much” into the specifics of Harris’s economic plan.

    WATCH — Whitmer: People “Reading Too Much” Into Specifics of Harris Price Gouging Plan:

    https://www.breitbart.com/politics/2024/08/18/exclusive-scott-bessent-kamala-harris-economic-illiterate-will-crash-economy/

    1. ‘Whitmer (D-MI) said Americans were “reading too much” into the specifics of Harris’s economic plan’

      That’s a strange thing to say.

      2. A Michigan jury decided the FBI “read too much into” an FBI-fabricated entrapment scheme to entrap some dimwit militia dudes into a stage-managed “plot” to kidnap tyrannical lockdown witch Gov. Gretchen Whitmer.

  30. “She is beginning hard left and the Washington Post is in a panic because they want her to move to the center rather than show her real character,” the macro investment CEO added.

    Wapo & the rest of the globalist scum media are engaged in full-blown “perception management” to conceal both Harris’s epic incompetence as well as her Marxist-Leninist ideology until after the election.

  31. ‘It’s the biggest change probably in the history of real estate…It has created a lot of fear, a lot of anxiety’ within the industry, he said. ‘People are saving, they’re paying rent, they don’t have the money…How are they going to pay the commission? That’s my biggest concern’

    Just last Thursday they could roll all those things and the closing costs into a 3% or even zero down guberment backed loan Mike.

    1. ‘A lot of buyers don’t have the extra money to cover agent compensation along with down payment and closing costs’

      That’s the situation right there. The squawking is all about the UHS going to the poor house. But it’s the current subprime corrupt REIC closing system that seems to be shutting down. At least for now.

      ‘If sellers start to view concessions or compensation to the buyer’s agent negatively and become less open-minded, that could hurt prices’

  32. ‘A massive East Bay mansion, once home to the late real estate developer and former Seattle Seahawks owner Ken Behring, just sold at an auction for under half the asking price’

    All time high Larry.

  33. Colorado jobs data paints a pretty grim picture for Denver employment:

    “IT def tanking these numbers, the tech sector in Denver is dying a painful death right now, as it is pretty much everywhere else. On top of this tech/IT jobs, at least according to WSJ, are the most common “ghost postings” so it may be even more grim than at first glance.”

    “I’m the last one of a team of 15. All work is being done by offshore contractors. They are straight up garbage.Builds are always broken and we are DEFINITELY missing our GA dates later this year.

    They realized this contracting firm sucked so the started using another at the same time ON THE SAME PROJECT. This, of course, caused friction and more chaos. No money was actually saved in this process because they keep trying to throw more contractors at this sh*t show!”

    “Howdy, Cloud Engineer with 5 years experience and in school for AI. The tech sector is f*cked right now, Denver especially. I’ve probably applied to 1200 jobs since January and it’s even worse the last few months. Now I’m not even fielding interviews or meetings with recruiters. If you have any leads please let me know.”

    https://old.reddit.com/r/Denver/comments/1eu8e7b/colorado_jobs_data_paints_a_pretty_grim_picture/

    Applied to 1200 jobs is that a lot?

    1. All work is being done by offshore contractors.

      I’m sure they are all doing meticulous peer reviewing and testing before releasing new versions. Not.

    2. Cloud Engineer with 5 years experience

      Everybody is a cloud engineer these days. What does that even mean? That you create cloud platforms or infrastructure (PaaS/IaaS)? There’s only a handful of firms that do that and if they aren’t hiring, you’re out of luck.

      If you write applications that run on the cloud, well, there are also zillions of coders who can do that and it really isn’t all that different from writing apps that run on Onprem.

  34. ‘the mayor of San Francisco has issued a new directive to help relocate some people experiencing homelessness, with Oregon being among the top destinations. The city has been offering relocation services since 2005’

    Again, remember the faux shock when the Texas guvnah sent a few buses north, and they’ve been doing it for 19 years.

  35. ‘He is accused of claiming to own two Charleston properties he does not own and scamming a man out of $20,000 for an investment in the properties that never occurred’

    This is just the first holding charge for Teddy and they are throwing the book at him.

    ‘His profanity-filled videos showcase his wealth and luxurious travels across the world as he solicits investors through his website, which redirects them to Miller’s real estate company, Bear Industries. According to its website, Bear Industries is a ‘real estate development company that operates throughout the United States that specializes in rebuilding abandoned and distressed properties into affordable, modern rental property to either be held or sold for a profit’

    Allegedly he wasn’t even in real estate. Just using the hype for a ponzi.

  36. ‘Some of their fellow owners in the same condominium building allege the borough didn’t do enough — despite several requests for help ahead of Debby’s arrival. The couple had no choice but to move in with Handfield’s mother as they faced a series of hurdles to rebuild their home: insurance coverage, delayed construction and rising condo fees to help cover the costs to rebuild. Now, they are living the same nightmare as they did last summer. ‘The value of the property is next to nothing,’ Handfield said. ‘Who would want to live here?’

    Yer in one of those commie vertical urban living set ups Ryan. You got schlonged.

  37. ‘So, let’s celebrate that 2023 was a relatively strong year for the housing system. CREA data show that average home prices fell nationally by 4 per cent, with average values now below what they were in 2021. That’s good news. In Ontario, provincial and Toronto real estate prices are now lower than they were in 2021’

    That’s the spirit!

  38. ‘We had a fairly good offer which we accepted and less than 24 hours before it was meant to go unconditional, we were handed a cancellation of agreement notice from our lawyer which came through the purchaser’s lawyer…The buyers did a U-turn when they noticed the resource consent application on the LIM report, Hall said. ‘They got a bit put off by that. Even though I said ‘the government is saying it’s only for a year’, they said ‘hey, they said that last time…Their exit plan was to ask for an extension for another year. But how long does this go on for?’

    I can sense yer wavering Carolyne. But if you can just keep from giving it away, you will be the winnah!

  39. ‘Economist Dan Wang said it is important to first understand the role of the high-speed network in China’s early days of opening up. The high-speed rail was a poster child for China’s infrastructure and the so-called ‘Chinese miracle’, she said, adding the project played a major role in improving the local economy and the welfare of the average Chinese. However, at the height of infrastructure development and expansion, most cities and counties wanted to be part of the network, regardless they had the ability to support it or not. ‘(That) was clearly way above what the market can sustain. As a result, now we’re looking at a lot of wasted investments’

    The globalist scum media told us for decades the Chinese would take over the capitalist world and yer children would speak Mandarin to their overlords.

  42. “no circumstance or event or moment will defeat your spirit’

    Obviously Kamala has a crystal ball and knows none of these kids will be on the on the receiving end of a slobberknocker.

    Trump War Room
    @TrumpWarRoom

    Kamala “Cringe” Harris tells a Pennsylvania football team: “You will be undefeated even if you don’t win every game”
    6:09 PM · Aug 18, 2024
    ·
    https://x.com/TrumpWarRoom/status/1825293861503066318

        1. Tom Luongo via ZH: The Most Dangerous Question Of 2024 – What If Kamala Harris Isn’t An Idiot? I skipped the article and went straight for the comments. They did not disappoint.

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