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People’s Life Savings Have Gone Into Them, And They’ll All Have Whopping Big Mortgages

A report from Florida Today. “Looking only at single-family homes, the $359,450 median selling price in Brevard County was up 1.5% in May from $354,000 the month prior. Since May 2023, the sales price of single-family homes was down 2.6% from a median of $369,000. Condominiums and townhomes decreased by 11.3% in sales price during May to a median of $263,500 from $297,000 in April. Compared to May 2023, the sales price of condominiums and townhomes was down 9.1% from $290,000.”

A press release. “In Tampa, FL, the median monthly homeowners association (HOA) fee jumped 17.2% year over year during the three months ending July 31, according to a new report from Redfin. That’s the steepest increase among the 43 U.S. metropolitan areas Redfin analyzed, and compares with a median increase of 5.7% across those metros. Next came two other Florida metros: Orlando (16.7%) and Fort Lauderdale (16.2%). HOA fees also rose in West Palm Beach (12.8%), Jacksonville (7.6%) and Miami (5.7%).”

“‘Many buildings—even those without amenities—now have HOA dues north of $1,000 a month,’ said Rafael Corrales, a Redfin Premier agent in Miami. ‘And with special assessments getting tacked on, a lot of condo owners who are retired and/or on a fixed income are being forced to sell and relocate because they can’t keep up with the payments.'”

“In Jacksonville, condo sale prices fell 6.6% year over year in July—the biggest decline among the metros Redfin analyzed. It was followed by Tampa, which saw a 4.9% drop. There were also declines in Fort Lauderdale (-4.2%), Miami (-2.2%) and Orlando (-0.5%). ‘Condos are really taking a hit. Prices are hurting,’ said Eric Auciello, a Redfin sales manager in Tampa. ‘Condo fees are skyrocketing due to increased insurance costs. These additional fees have adversely affected the value of many units.'”

Fox Business on California. “Actress Mae West’s former Los Angeles home has hit the market for $6 million. Hidden in the Rustic Canyon neighborhood of Santa Monica, the Mediterranean estate’s layout features a beautifully updated gourmet kitchen and dining area, sophisticated living and formal dining rooms. The home was previously put up for sale by real estate investor John Sauter in late 2022 at $8.3 million and then removed from the market.”

NBC Dallas in Texas. “City leaders have decided on a possible solution to the fiery dispute over an abandoned apartment complex in Princeton. The Princeton Luxury Apartments have been under development for seven years now, but the unfinished buildings have been left to rot since 2023, causing an outcry in the community. The 12-building project was abandoned in 2023 after failing a city inspection, and residents have told NBC 5 it’s become a concerning target for vandalism and an eyesore. ‘The unfinished luxury apartments on Highway 380 have become a symbol of failure and unmet promises,’ said Madeline Awalt. A contractor who worked on the project told city leaders after construction was shut down, the site’s owners still owed builders $6.8 million for the work they completed. ‘We did reach a settlement between all of us but through the financing stuff, no one has been able to get paid,’ said Bryce Delean.”

The Idaho Statesman. “Time is running out for one of Boise’s largest construction projects. Developers are beginning to jettison and shift previously announced plans for a new downtown Boise YMCA, over 400 new apartments and 30,000 square feet of commercial space in response to a looming deadline and high costs. ‘Despite their best efforts, our partners are not prepared to move forward with these projects under (the development agreements),’ said Alexandra Monjar, the development’s project manager for the city’s urban renewal agency, during an Aug. 12 meeting. ‘Both projects are not feasible under the current (development agreements).’ The developer’s financial partner for the 15-story building also recently pulled out, Dean Papé, partner at DeChase said.”

The Denver Gazette. “Amid a homeless crisis plaguing Colorado’s most populated city, a county just south of Denver claims to have found an effective solution to curbing homelessness in its communities. In a campaign to mitigate homelessness, Douglas County officials emphasized one simple message: ‘Handouts don’t help.’ They urged residents, for example, against giving money to homeless people on roadways or sidewalks. From 2022 to 2024, Douglas County witnessed a steep drop in homeless people living on the streets, from 43 to six, according to a recent point-in-time count report conducted by several local third party nonprofits.”

“‘The magic of what’s happening here is that the numbers were so small to start with, so that we could really nip it in the bud,’ Douglas County Commissioner Abe Laydon, the founder and chairman of the Douglas County Homeless Initiative, told The Denver Gazette. The point, Laydon said, was ‘to get on top of that before it became such a bad problem,’ adding that two years ago, ‘it started by reclaiming our public spaces.’ One of the battles Douglas County fought was to reduce panhandlers to zero. ‘When you allow people and encourage people to give out money at intersections, it just increases the problem,’ Laydon said.”

New York Daily News. “We are very glad, as Gov. Kathy Hochul announced yesterday, that provisional CDC data shows that NYC opioid overdose deaths fell 3.1% for the year ending in March 2024 and declined 9% in the rest of the state, as she listed some of the steps being taken to slow this scourge. However, missing from the list is the most effective way to save lives: Giving addicts a safe place to take their drugs just in case they OD. You can’t really police away or disincentivize people from overdosing. To some extent, they can’t help it; many don’t even want to continue abusing substances but cannot stop, burdened by a mix of psychological and chemical dependence. Simply punishing them or trying to push them away from using drugs in certain sites just means they’ll end up doing so elsewhere, perhaps where they’re further from prying eyes and more likely to die.”

“Overdose prevention centers, like the two OnPoint centers that have been chugging along for years in Upper Manhattan. They’ve seen hundreds of overdoses reversed and zero deaths, along with clients directed to in-house treatment and recovery services, all under one roof. This painstaking labor requires and deserves support and funding, and they should receive it without delay. Beyond these centers, we need more people to be trained in and have access to opioid antagonists like naloxone, which Hochul properly highlighted. We commend the City Council for having last year passed a bill to stock naloxone in schools, though there’s still a general dearth of availability in some of the neighborhoods it’s most needed.”

The Daily Hive in Canada. “A piece of Edmonton Oilers history is back on the market, and the price has dropped to a cool $2.4 million. This secluded home, located at 8638 Saskatchewan Drive NW, boasts spectacular views of Hawrelak Park and the river valley and was formerly owned by the first-ever owner of the Edmonton Oilers, Peter Pocklington. The home was first listed on the market in early 2023 for $3.2 million, but the price later fell to $2.9 million. In the last 15 months, the price has fallen by more than $800,000.”

The Henley Standard in the UK. “Waterside properties have dropped in price for the first time in five years, it has been claimed. Although according to the Jackson-Stops annual waterside review, this trend is not expected to last. Nick Leeming, who chairs Jackson-Stops, said: ‘The cyclical nature of the market means that it is likely that a past drop in waterside prices won’t last for long. Their scarcity and kudos are such that by their very location, they will always remain desirable. But what the rebalancing of prices in 2023 does represent is a rare opportunity for buyers to act now and purchase at a good price. We are now far beyond the wild highs in price premiums seen after the coronavirus lockdown, in a time where stability and supply are key drivers in the market moving forwards, levelling out the playing field for all.'”

Daily News Egypt. “Egypt’s Prime Minister Mostafa Madbouly has dismissed concerns about a Real estate bubble in Egypt, stating that the country is not at risk of experiencing such a phenomenon. Addressing the possibility of a real estate bubble and its potential impact on the national economy, Madbouly emphasised that Egypt has not seen a decline in property values. Madbouly added.’Unlike some other countries, we have not seen a sharp drop in prices. Due to the high population growth, the demand for real estate remains high and sustainable.'”

“Madbouly’s comments come following warnings about the possibility of a real estate bubble in the Egyptian market, raised by economic expert Hany Tawfik. Tawfik stated on his official Facebook page, ‘I repeat my warning: when prices diverge from value, this is a bubble destined to burst. When the majority buy real estate not for housing but for quick resale at a profit during the next, higher-priced phases, this is a snowball that will end like a bubble.'”

The Herald Sun in Australia. “Melbourne homebuyers who just want a roof over their head can get apartments today for the same price they would have a decade ago, or even almost $220,000 less. But, experts warn a bargain might come at the cost of long-term growth potential. New PropTrack analysis has revealed Caulfield East, Werribee South and Essendon North were suburbs with the largest falls in their median unit prices, dropping almost 40 per cent. Meanwhile, apartment values have basically frozen for the past 10 years in Docklands and South Yarra. Gary Peer & Associates’ Daniel Peer said first-home buyers should maximise their budgets to enhance long-term property growth. ‘The more you spend, the more your home is going to grow – if you can afford it,’ Mr Peer said.”

Radio New Zealand. “It is a problem that is starting to stink – literally. Hundreds of brand-new homes in the Cardinal West development near the Auckland suburb of Massey have not been hooked up to a permanent sewerage system. Instead, the waste from 341 households was being pumped to temporary tanks before being trucked away. The Cardinal West development was just farmland, said Henderson-Massey local board chairperson Chris Carter. ‘Somehow or other, there was an undertaking by the developer that he would get [wastewater systems] in place. The council said, ‘OK if you don’t get it in place we’ll have a very temporary, holding solution, where we’d put it in big tanks and take it away in trucks.’ Well, that short-term solution is now … at least a year and a half away, and it’s just not good enough.'”

“There had been a number of issues with the temporary system, Carter said. ‘There’s been smell with pumping out the tanks, a little bit of leakage and great big trucks coming down to take the stuff away… There’s 341 houses, in which 301 have got people living in them. And they’ve got these trucks coming very regularly… so there’s noise and there’s some bad smells.. so it’s not a good situation.'”

“Carter – who was Minister of Housing under Helen Clark’s Labour government, when the leaky buildings crisis emerged – said those problems had been caused by developers taking a ‘short cut.’ ‘They thought if builders were free to build houses without restrictions it would all be great, and you’d get houses built. Well, we got leaky homes. You’ve got to have the rules in place, and you’ve got to follow them.’ Houses in the new development were not cheap either, he said. ‘People’s life savings have gone into them – their dream of a home. And they’ll all have whopping big mortgages and this is a really sad situation.'”

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This Post Has 87 Comments

  1. ‘Condos are really taking a hit. Prices are hurting,’ said Eric Auciello, a Redfin sales manager in Tampa. ‘Condo fees are skyrocketing due to increased insurance costs.

    But…but…muh generational wealth!

    1. I was actually looking at townhouses in the St Petersburg area this morning. The HOA fees on a very modest townhome in St. Pete are ranging from about 500-800+$/month. Absolutely nuts.

  2. “‘Many buildings—even those without amenities—now have HOA dues north of $1,000 a month,’
    That’s about what I am paying in rent for amenities. Not paying for “repairs” for 30 years eventually catches up with you I guess.

  3. In a campaign to mitigate homelessness, Douglas County officials emphasized one simple message: ‘Handouts don’t help.’

    Panhandlers in Old Colorado City always wait at an intersection outside a local Safeway. Without exception, the handouts were coming from suburban matrons who wanted to feel good about themselves, but won’t be footing the emergency room bills when addicts OD on fentanyl they purchased thanks to the hausfraus’ “charity.”

    1. “a steep drop in homeless people living on the streets,”

      Those homeless didn’t disappear; they just moved on to an area where motorists are allowed to give them drug money.

      1. Offer to go inside the Safeway store and buy them a small bag of vittles. Got told “forget it then” angrily when a pan handler once asked me for some cash and I offered this instead.

        1. I believe one city tried something similar. They printed small-dollar gift tickets for local delis for people to hand out. The panhandlers refused it and they had to stop the program.

          I’ve seen videos where people hand out food at grateful homeless people at camps. I’m guessing that the panhandlers — having already gotten their breakfast — aren’t really hungry. at least not for food.

    2. Badger your locally elected Sheriff or City Police Chief. I hit them up with emails and pictures along with anecdotes of being accosted in Publix. They finally put up “Do not give money to panhandlers” signs at intersections. Of course some were destroyed or splashed with paint. 🙄

  4. However, missing from the list is the most effective way to save lives: Giving addicts a safe place to take their drugs just in case they OD.

    No matter how much you hate the globalist scum media, it isn’t nearly enough.

    1. “They’ve seen hundreds of overdoses reversed and zero deaths, along with clients directed to in-house treatment and recovery services, all under one roof.”

      I am in favor of this tactic, EXCEPT, these centers need to be located out of the downtown areas. Send a bus out for them, provide their chemical of choice FREE, and let them live in the rehab, away from the productive citizens downtown.

      1. The libertarian approach would be drugs are legal, pure and regulated, not delivered by cartels. You can do them in the privacy of yer own shack. Which means you have to be able to pay fer yer shack and keep it that way.

        I figured out a few months ago, the federal guberment is paying all these bums, monthly. Put an end to that and watch the tents go away. And every one of these bum hotel things that immediately turned into ponzi schemes and foreclosures – mostly federal money.

        1. Do you think the drugs should be free too? All of the panhandling, shoplifting, and gang turf wars are simply drug addicts working for their pay, so to speak. Handing out the drugs for free removes every incentive to commit the crimes. The money saved on law enforcement and ambulance rides alone might be enough to pay for the drugs and the shelters and rehab centers. Locate the rehab away from city centers and suddenly the sidewalks will be clean.

          Every suburb I’ve lived in has a lot of older Class B or C+ office space, small industrial parks and the like. That seems like a great place to put such centers.

          1. I don’t think the guberment should pay cartels for hard drugs. Strange to have to say that. But a libertarian drug policy would produce clean hard drugs cheaply so crime wouldn’t be necessary. Just hold a job.

    2. Here is Christy, just turned 30 and has gaping holes in her flesh and a hand that is about 4 times the size it should be. She will be dead soon. There is nothing humane about the current system and I believe it is deliberate. Unfortunately, Christy is not unusual, there are many many people just like her who cant stop even though they can clearly see that it’s going to kill them. Christy is being murdered and will soon join over 100,000 others who have perished from this evil in the last few years. Their spots will all be filled by invaders. Coincidence?

      https://www.youtube.com/watch?v=c-pxnoRSbRQ

  5. “‘….Many buildings—even those without amenities—now have HOA dues north of $1,000 a month,’ said Rafael Corrales, a Redfin Premier agent in Miami. ‘And with special assessments getting tacked on, a lot of condo owners who are retired and/or on a fixed income are being forced to sell and relocate because they can’t keep up with the payments….’”

    Another Monday, another out-of-control holding costs story.

    Sidebar:

    $1000/mo. HOA dues? What’s going on there? Does this place have a 24×7 on call masseuse or concierge service? Actually, methinks, a large fraction of that $1000 is used to fill up the fuel tanks of someone’s yacht.

    1. Apparently the homeowners insurance crisis is spreading to other countries, especially the ones that have had massive appreciation.

      I expect property taxes in places like the UK, Oz and Kiwiland will soon follow suit, as those immigrant subsidies won’t pay for themselves.

  6. But what the rebalancing of prices in 2023 does represent is a rare opportunity for buyers to act now and purchase at a good price.

    Always Be Closing. Buyers who act on “advice” from the industry of dissemblers known as the NAR richly deserve to get their fool heads handed to them.

  8. New PropTrack analysis has revealed Caulfield East, Werribee South and Essendon North were suburbs with the largest falls in their median unit prices, dropping almost 40 per cent.

    Smell that putrid smell? That’s speculator dreams of effortless wealth dying in the arse.

  9. There’s 341 houses, in which 301 have got people living in them. And they’ve got these trucks coming very regularly… so there’s noise and there’s some bad smells.. so it’s not a good situation.’”

    Gosh, I’m starting to think these developer promises can’t be trusted, especially after FBs have handed over their money.

  10. Today’s wokEness:

    Last week, the parents of 150 students from Stoughton Public Schools, a school district outside of Boston, were informed that a lack of funding and a shortage of buses and drivers have left them without school bus service.

    According to the Boston Herald, the news comes at the same time that the state has started paying for the buses of students of more than 200 migrant families.

    https://www.thegatewaypundit.com/2024/08/students-left-without-bus-service-as-massachusetts-funds/

    The CATCH? YOU MUST BE a NON US CITIZEN, UNDOCUMENTED, REFGUEE, ASYLEES….
    US CITIZENS MAY NOT APPLY!
    AMERICAN CITIZEN NO FUNDS FOR YOU!

    https://www.oregoncitizen.com/the-latest/oregon-resident-us-citizen-no-down-payment-grant-for-you

    1. “Last week, the parents of 150 students from Stoughton Public Schools, a school district outside of Boston, were informed that a lack of funding and a shortage of buses and drivers have left them without school bus service.”

      What else are these sniveling racist U.S. citizen tax payers going to complain about?

  11. You’ve got to have the rules in place, and you’ve got to follow them.’

    YOU have to follow the rules – the politically well connected who distribute the brown envelopes do not. Maybe the sheeple getting fleeced by crooked developers and inspectors will start taking a more active interest in not enabling corrupt malgovernance.

  13. “‘I repeat my warning: when prices diverge from value, this is a bubble destined to burst. When the majority buy real estate not for housing but for quick resale at a profit during the next, higher-priced phases, this is a snowball that will end like a bubble.’”

    Take it from a wise Egyptian: This snowballing bubble is a destined to pop.

  16. SOME PEOPLE CAN’T SELL! | Canada Real Estate

    Angry Mortgage Podcast

    4 hours ago

    1990 All OVER AGAIN, I have seen this before, after the 1989 price Real Estate price correction in Ontario those who bought homes at peak prices experienced in some cases a 25% fall in value, there equity was wiped out & any thought of move up buying was gone, people HAD to stay in those homes. Is it happening again: Looks like it.

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

    8:14.

  17. A reader sent these in:

    Old Man Strength prevailed that day.

    https://x.com/SteveInmanUIC/status/1826736825979043879

    GTA 6 Gameplay about to be insane 😭

    https://x.com/NoCapFights/status/1827145046610923697

    A few months ahead of the US, in case you were wondering.

    https://x.com/DonMiami3/status/1827181029242577133

    Add this one to the Wall of 🖼️

    https://x.com/DonMiami3/status/1827169093461361042

    “Stuck the Fed put on the labor market” – unemployment is up well off of the lows, monetary policy as a tool doesn’t restart labor markets & impacts job openings with a long lag.

    You are thinking of pandemic era recency bias – they are way behind on employment this time. You would expect labor supply to be an issue as job losers/permanent job losers are both well off the lows – but we know this is a small part of the larger reason why unemployment is increasing.

    Monetary policy took nearly 2 years to impact labor this time around on historic bailouts & money creation.

    The largest increases in unemployment arise after cuts (many times several) in past tightening cycles. This time is tracking very similar to the rest, so I completely disagree.

    Canada & RoW provide a nice guide on broader global trends that dismiss much of what you just wrote.

    https://x.com/DonMiami3/status/1827140895902200154

    There are hundreds of small business closing a month (tracked) right now, driving a substantial of job cuts – mom and pop shops and restaurants are particularly weak. Look at the RPI from the NRA as one data point. We don’t even factor the layoff/discharge figure into our data (and neither does the KC Fed).

    The job market is much weaker than 19 and 95 wasn’t an employment-driven pivot.

    https://x.com/MacroEdgeRes/status/1827445468407984426

    The residential construction boom has peaked (for both single and multifamily) – which means it’s time to closely monitor residential construction employment.

    https://x.com/MacroEdgeRes/status/1827447410844447084

    Newton’s Nightmare
    -Print this one and pin it to your wall!
    –(important lessons from history)
    -Bubbles are a constant…
    –because human nature is a constant

    https://x.com/Callum_Thomas/status/1827420740217434347

    Remember that time the government banned Juul pods & started buying people fentanyl?

    We live in the dumbest timeline possible.

    https://x.com/StephenPunwasi/status/1827547039111995564

    The Canadian Warren Buffett, ladies and gentlemen

    https://x.com/Larryjamieson_/status/1827087830629413320

    Revenue passenger miles (RPM) look to be peaking for airlines. When this happens layoffs follow. RPM have peaked and layoffs are about to follow.

    https://x.com/j77324/status/1827492338035253664

    “11% of credit cards are delinquent 90+ days… past surges showed an economy which was already in recession.”

    https://x.com/jessefelder/status/1827492481325494464

    As a working class stiff (head chef)
    Applicants for line cook have returned to precovid levels or higher
    July 23′ 4-6 Applicants inside of 5 days
    July 24′ +60 Applicants inside of 5 days
    Restaurants are getting murdered. Glad I chose my current job very very carefully

    https://x.com/B2Balzer/status/1827724076581835098

    After 9 years of doubling housing costs, middle class tax hikes & the worst economy in the developed world, Trudeau rewards his cabinet with yet another “retreat” at taxpayers’ expense while the bought-and-paid-for media write puff pieces about the how he is “resetting” his hated 9-year-old government.

    https://x.com/PierrePoilievre/status/1827735821560213935

    We’ve got land. We’ve got lots of houses to build. So, that’s exactly what we’re going to do.

    https://x.com/JustinTrudeau/status/1827722574161391971

    Not much change in the weekly price cut tracker for Nashville. Just under 40% of all active listing have a price cut since their list date.

    https://x.com/AustinWhittRE/status/1827784037265478008

    Homes in LA county are not selling with mortgage rates dropping.

    https://x.com/ShaziGoalie/status/1827783480283177102

    Getting peed on during a flight and having the airline rep say “I am not the one who pissed on you” is the most Frontier Airlines thing ever.

    https://x.com/RobertMSterling/status/1827761090354409904

    UK government prepares to deploy asylum seekers across the country.

    Immigrants will be given priority over Britons when it comes to finding housing.

    https://x.com/EuropeInvasionn/status/1827313350268666099

    #VanRE “Aside from the 31 units still owned by the developers, 29 are currently listed for sale on Zolo, including a PH for $21.9M. 21 have been listed with asking prices over $2 million — some of which have had prices reduced already.”

    https://x.com/Hutchyman/status/1827427139576037449

    Median home price is $390k – that’s up 33.1% from just 4 years ago, while mortgage rates have more than doubled:

    https://x.com/RealEJAntoni/status/1827731018205515827

    Wow. This is interesting.

    Dallas will deliver almost the same number of new apartments as NYC in 2024.

    NYC’s population is approximately 6.5x larger than Dallas proper and about 10% larger than the Dallas-Fort Worth metro area.

    https://x.com/aryal1994/status/1827433081147371954

    Housing market is slowing down even more – percent of listings with price drops is at the highest level in at least 4 years while the median days on the market is at the seasonally adjusted highest level in at least 4 years:

    https://x.com/RealEJAntoni/status/1827732659537158568

    Taos county, New Mexico puts requirements on and curbs Airbnb.

    https://x.com/NotoriousAirbnb/status/1827701475570754031

    The #Fed is making a dangerous gamble if they start cutting rates in the face of Stocks, Housing, Cryptos and Gold all at or near ATH, GDP strong, jobless claims and unemployment near historic lows, an expansionary overhang of job openings and #inflation stuck at 3%.

    https://x.com/soldatthetop/status/1827723505263325295

    It’s important to remember that when central bankers discuss inflation, they’re only referring to the rate of change rather than the cumulative amount.

    They have no concern about prices being as high as they are, only that they slow in how much they appreciate from these elevated levels.

    https://x.com/Mayhem4Markets/status/1827319438997111270

    At a party in Toronto last night, the main topic, as usual, was real estate—Toronto’s favourite subject.

    I knew better than to get too deep into the conversation because my knowledge of market history might sound “extreme” to most people. But a friend decided to stir the pot and said,

    “You should ask him why Toronto home prices could drop over 50% and why condos and high-end homes could fall more than 75%.”

    The shock on their faces was predictable, and I heard all the usual arguments I’d seen on X (Twitter).

    No one wanted to hear my take—that the current market is one big Ponzi scheme bound to collapse as Canada heads into a recession.

    Before I walked away, I said, “You don’t have to agree with me, but you’ll soon realize this is the new reality.

    A buyer’s strike is coming, and when it does, you won’t find buyers or willing lenders to purchase your debt-fueled asset.”

    Of course, they thought I was crazy and ignorant.

    In my mind, I know denial is a powerful coping mechanism.

    https://x.com/TheELongWave/status/1827677816457990411

    Eliminate Fed purchases of MBS. Eliminate investment property single family homes. Eliminate Airbnb and rent controls. Raise mortgage rates only to long term averages. Affordability will make a shockingly huge return to normal. NO supply issues.

    https://x.com/JohnRavenda/status/1827607937495257154

    Solving housing affordability crisis.

    There is a common misconception that reducing interest rates makes mortgages more affordable and increases the likelihood of homeownership. However, the opposite is true.

    To address the housing affordability crisis, interest rates should be raised above 15% leading to a significant decrease in house prices and making mortgage rates less attractive. This approach would be more effective in resolving the housing affordability crisis.

    https://x.com/great_martis/status/1827470979746193449

    🔸First Rate Cut – Jan 3, 2001
    – S&P 500 fell ~39% next 448 days
    – Unemployment rose another 2.1%

    🔸First Rate Cut – Sep 18, 2007
    – S&P 500 fell ~54% next 372 days
    – Unemployment rose another 5.3%

    🔸First Rate Cut – Sep 18, 2024
    – ?

    https://x.com/Geiger_Capital/status/1827033405562765542

    Like him or hate him. Support him or fight him. Dare to say he does not crack you up….. I am piss dead at this…😂😂😂 Murder by adjectives

    https://x.com/INArteCarloDoss/status/1827814384816488583

    1. Eliminate Fed purchases of MBS. Eliminate investment property single family homes. Eliminate Airbnb and rent controls. Raise mortgage rates only to long term averages. Affordability will make a shockingly huge return to normal. NO supply issues.

      THIS!

      1. I still believe that AirBnB should be decided as a local zoning issue. A beach town is very different from a bedroom suburb. But maybe there should be a cap on the number? Or limit it to primary residences.

        2. A beach town is very different from a bedroom suburb.

          Having had to take care of a house in one of these neighborhoods overrun with Airbnbs, get a f’n hotel!

        3. AirBnB should be clearly reclassified as what it is. A hotel (a bed and no breakfast)

          you want to run a hotel in a residential area. Fine
          you meet fire codes, sewage codes, construction codes, zoning rules etc, etc and you pay taxes and utilities as a commercial building not residential since that’s what you are operating.

          Those rules already exist. Problem solved.

          1. Require all AirB&B’s to be all ADA compliant too: ramps, large bathrooms, elevators for 2nd floors.

    2. UK government prepares to deploy asylum seekers across the country.

      Immigrants will be given priority over Britons when it comes to finding housing.

      Replacement theory in action.

    3. “They have no concern about prices being as high as they are, only that they slow in how much they appreciate from these elevated levels”

      Paul Krugman muh best economy ever.

  18. Sour grapes as fine wine business becomes embroiled in row with investors

    A leading London wine merchant is embroiled in a spat with a US celebrity chef over claims it is refusing to repay cash he ploughed into its investment scheme.

    Eddie Gallagher, who hosts a food show on Amazon Prime, claims that the UK merchant Oeno was failing to sell $7,500 (£5,700) worth of wine he owned through the company despite repeated requests to liquidate his account and sell the produce.

    The row comes amid a crisis for fine wines after a supply glut sent prices plunging, leaving merchants struggling to offload bottles for their investment clients.

    Gallagher, known as Chef Eddie G, claims that after seven months of attempting to get his money back from Oeno he believed he might have lost all of it.

    “It’s always an excuse,” he said. “They say there is no market for the wine, the economy is bad and other investors are coming in. It’s one excuse after another. I wish I’d never gotten involved in this company.”

    Fine wine prices measured by the Liv-Ex Fine Wine 100 Index – the long-established index which tracks the world’s 100 most traded wines – have fallen by more than 20pc from their peak in late 2022.

    This is known as a bear market and leads to pessimism and fear among investors.

    The value of Domaine Leflaive Puligny-Montrachet Premier Cru Les Pucelles 2020, for example, has fallen more than 60pc from £1,300 to £493 per bottle and the most expensive wine, Romanee-Conti Grand Cru 2019, has nearly halved from more than £32,000 a bottle to £17,500.

    Robbie Stevens, head of broking at Liv-Ex, said fine wine operated in a cyclical market and prices were on a downward cycle.

    “Wine had a pretty good run of things between Brexit and the lifting of Covid restrictions and what that caused in the wine market was a lot of speculation and a lot of investment,” he said.

    https://www.msn.com/en-us/money/markets/sour-grapes-as-fine-wine-business-becomes-embroiled-in-row-with-investors/ar-AA1pqP49

  19. Prime Minister Justin Trudeau’s inner circle is not planning a major reset in the face of persistent headwinds for the incumbent government and will instead focus on the issues they’ve already prioritized, with housing and cost of living topping the list, according to two government officials.

    The challenge for the Liberals now is that their position with the electorate has stabilized at a distant second to the Conservatives, said Dan Arnold, who was previously the research and advertising director in the Prime Minister’s Office and is now with the firm Pollara Strategic Insights.

    “They’ve got a lot of ground to make up,” he said. “They’re not sinking in quicksand any more, it’s up to their waist, and now they’ve got to pull themselves out.”

    https://www.theglobeandmail.com/politics/article-trudeau-cabinet-meeting-halifax/

  20. Democrats hope to win over moderates using conservative values

    Limited government. Protecting your personal freedoms.

    Congressional candidate Monica Tranel says these themes are winning her favor with voters in the western Republican-leaning district of cherry red libertarian Montana.

    Except, Tranel, a 58-year-old lawyer, is a Democrat. And she’s talking to conservative voters about abortion.

    As Democrats continue to campaign on the charged issue, many are emphasizing liberty and limited government − values historically touted by more conservative politicians.

    Vice President Kamala Harris, who last month took over the top of the ticket for Democrats following President Joe Biden’s decision to exit the race, called her presidential campaign “a fight for freedom.” And her running mate, Minnesota Gov. Tim Walz, has doubled down on this message.

    “In Minnesota, we respect our neighbors and the personal choices they make,” Walz told the Chicago crowd at the Democratic national convention.

    “And even if we wouldn’t make those same choices for ourselves,” he continued, “we’ve got a golden rule: Mind your own damn business.”

    Since his debut with the Harris campaign, Walz has sought to differentiate Democrats’ ideas of “freedom.”

    “Some of us are old enough to remember when it was Republicans who were talking about freedom,” Walz said at a rally in Philadelphia earlier this month. “It turns out now what they meant was the government should be free to invade your doctor’s office.”

    https://www.msn.com/en-us/news/other/democrats-hope-to-win-over-moderates-using-conservative-values/ar-AA1poPV8

    1. The comment section is surprisingly even-handed… for msn. I don’t think we had nearly this amount of conservative engagement in 2020.

    2. I used to be very much against abortion but my mind has changed. It’s a good thing that Democrats murder their progeny in the womb. Democrats have no business reproducing and the fewer Democrats in the world, the better

      1. “It’s a good thing that Democrats murder their progeny in the womb.”

        A good point. A wee bit of Darwinism at work.

      2. sorry people. i dated women who have had abortions, and read a lot, but the one thing they will always leave out, is she got PG by a deadbeat loser….some one who is not man enough to be a father and if she carries the fetus to birth will still have to deal with this loser forever. ……………..Plus backing it up to 15 weeks is ok since the multi million dollar technology we have can most likely bring it to. term, not like the old days where 26 weeks was still questionable.

  21. “Mass deportation now!” is a catchphrase for the Trump presidential campaign, as the Republican nominee proposes a crackdown on immigration that would oust thousands of undocumented people.

    Often citing a deportation operation enacted by former President Dwight Eisenhower in the 1950s, former President Donald Trump has repeatedly vowed in campaign rallies that he plans to not only go back to the tough immigration policies of his first term in office, but expand them greatly.

    “We’re going to have the largest deportation,” Trump said at a June campaign rally in Racine, Wisconsin. “We have no choice.”

    The crowd responded with a chant: “Send them back. Send them back. Send them back.”

    https://nevadacurrent.com/2024/08/26/trump-promises-mass-deportations-of-undocumented-people-how-would-that-work/

    1. From the article:

      “Polls have found Americans are split on the idea of mass deportations but Republicans are more supportive.

      A recent CBS News poll that found nearly 6 in 10 voters favor a new government agency that would deport all undocumented immigrants. Of those voters, one-third were Democrats and 9 in 10 were Republicans.”

      60% is not “split.” That’s a landslide. And that question was asking about new government agency. I wonder what the split would be if the question simply asked about a wall or just closing the border.

  22. The August 19th editorial, “The Rugby realty conversion is a rare bright spot among Downtown’s woes” misses the mark.

    The editorial espouses a keen plan to convert office space for 226 residential units by using city’s 10-year tax abatement program. The city can ill-afford reducing the tax liability/​revenue while tapping the state taxpayers for $10 million in state redevelopment assistance capital grants.

    With a recent glut of recent apartment construction and stagnant population growth, where will the tenants be found to fill the converted office buildings? What are the incentives to move downtown absent of a supermarket, scarce parking, homeless encampments, public urination, aggressive panhandling and crime?

    Gary J. English

    Little River, S.C.

    https://www.msn.com/en-us/money/realestate/no-incentives/ar-AA1poo7p

    1. I don’t know why anyway is talking up this new endorsement. Tulsi is practically unknown to anyone outside cable news and the Twitterati. Plus she’s been anti Dem for months now; this is no surprise.

      If I were DJT I wouldn’t even bother trying to convince undecided voters and instead go after people who normally don’t vote.

          2. I don’t watch TV but follow a number of Twitter accounts for financial and housing information.

      2. talking up this new endorsement

        Because this election isn’t about Democrat vs. Republican. It’s Marxist Globalist vs Nationalist.

  25. Thomas Massie
    @RepThomasMassie

    This is all she can say out loud for now. What you need to understand is her handlers who pulled the coup on Biden want to ban civilian ownership of all guns. Disarming the general public is necessary to their goal of suppressing all other individual liberties.

    Quote
    Vice President Kamala Harris
    @VP
    ·
    Aug 25
    Congress must renew the assault weapons ban.

    6:40 AM · Aug 26, 2024
    ·
    https://x.com/RepThomasMassie/status/1828019557736370682

  27. Trump Campaign Opposes Harris’s Attempt to Abruptly Change September 10 Debate Rules

    Wendell Husebø
    26 Aug 2024

    The Trump campaign on Monday opposed the Harris campaign’s sudden attempt to change the September 10 debate rules on ABC News from muted to unmuted microphones.

    Harris wants an unmuted mic to save her from word salads, one person familiar with Harris’s negotiations told Politico Playbook. More is here on Harris’s word salads.

    The dispute goes back to when President Joe Biden was still in the race. Both candidates agreed on two debates (CNN on June 27 and ABC on September 10), with Biden insisting that microphones must “be muted throughout the debate except for the candidate whose turn it is to speak,” CNN reported on June 15.

    After the Trump and Harris campaign both agreed to keep the September debate in place, the Harris campaign requested on Sunday that ABC News and other networks unmute candidates’ microphones, CNN reported, an idea the Trump campaign opposed in a statement to Playbook.

    “Enough with the games. We accepted the ABC debate under the exact same terms as the CNN debate,” senior adviser for Trump Jason Miller told Playbook on Sunday night. “The Harris camp, after having already agreed to the CNN rules, asked for a seated debate, with notes, and opening statements. We said no changes to the agreed upon rules.”

    “If Kamala Harris isn’t smart enough to repeat the messaging points her handlers want her to memorize, that’s their problem,” he added. “This seems to be a pattern for the Harris campaign. They won’t allow Harris to do interviews, they won’t allow her to do press conferences, and now they want to give her a cheat-sheet for the debate.”

    https://www.breitbart.com/politics/2024/08/26/trump-campaign-opposes-harriss-attempt-abruptly-change-september-10-debate-rules/

    1. seated debate, with notes

      Sometimes the VP debate is seated, but I’ve never seen a seated Presidential debate, at least not as the only debate. The rumor is that Harris wanted the microphones live so she could do here I’M SPEAKING crap. And she wants to sit down because Trump is almost a foot taller than her. And she wants notes because she can’t remember anything.

      1. The optics were much better for Trump with muted mics. He appeared reserved while Biden flailed.

  28. https:// nitter.poast.org/ VladTheInflator/ status/ 1827758853775392911#m:

    The Boomer Generation was the largest in US history being born from 1946 – 1964.

    This places the oldest boomers at 78 years old.

    The median age of death in the US is 77.5 according to the CDC.

    Which means we have a tidal wave of deaths the likes of which the US has never seen starting.

    Nearly 80% of baby boomers own their homes.

    In fact, they own 4 out of every 10 homes in the US.

    This will create a biblical wave if inventory with no actual production.

    1. “…This will create a biblical wave if inventory with no actual production….”

      Not to mention [dependent on state] tax / ongoing holding cost implications.

      1. This is a good example of why I’m not impressed by puddle watching. People have been saying that for over 20 years. People that could also punctuate. Biblical I tells ya!

  30. From the Colorado Sun:

    https://coloradosun.com/2024/08/26/colorado-special-session-property-taxes-bumpy-ride/

    It’s increasingly uncertain if the deal Polis struck to cut taxes and prevent a pair of November ballot measures will survive. Many lawmakers aren’t happy about being called back to the Capitol to approve a deal they never agreed to.

    Gov. Polis must understand that the probability of the ballot measures passing is quite high, if not a slum dunk, hence his panic in calling a special session.

    The state lawmakers are clearly more arrogant and smug and expect the measures to fail. They don’t want to make any deal, they just want to spend the money. Any deal that impacts that is a non starter for them. But unless they vote for Polis’s proposal, the measures stay on the ballot and if they pass then property taxes could be cut by about 30% and future annual increases would be capped at 4%.

  31. ‘sales price of single-family homes was down 2.6% from a median of $369,000. Condominiums and townhomes decreased by 11.3% in sales price during May to a median of $263,500 from $297,000 in April. Compared to May 2023, the sales price of condominiums and townhomes was down 9.1% from $290,000’

    The order of decline is exactly what one would expect. These are UHS numbers that are coming in regularly on south Florida.

  32. So what price is an appraiser going to use? Seeing this on a recently sold property:

    08/26/2024 Status: Closed,Close Price,Buyer Agent,Buyer Office,Buyer Agency Comp,Buyer Agency Comp Type $1,732,000

    07/24/2024 Status: Pending $1,679,900

    07/18/2024 First entry $1,679,900

  33. ‘City leaders have decided on a possible solution to the fiery dispute over an abandoned apartment complex in Princeton. The Princeton Luxury Apartments have been under development for seven years now, but the unfinished buildings have been left to rot since 2023’

    https://en.wikipedia.org/wiki/Princeton%2C_Texas

    ‘Members of the Princeton Independent School District and the Princeton Lions Club have teamed up annually to hold the Princeton Onion Festival. It is a major festival for the town that began in 2005’

  34. ‘Despite their best efforts, our partners are not prepared to move forward with these projects under (the development agreements)…Both projects are not feasible under the current (development agreements).’ The developer’s financial partner for the 15-story building also recently pulled out’

    So you got no money Dean.

  35. ‘The magic of what’s happening here is that the numbers were so small to start with, so that we could really nip it in the bud,’ Douglas County Commissioner Abe Laydon, the founder and chairman of the Douglas County Homeless Initiative, told The Denver Gazette. The point, Laydon said, was ‘to get on top of that before it became such a bad problem,’ adding that two years ago, ‘it started by reclaiming our public spaces.’ One of the battles Douglas County fought was to reduce panhandlers to zero. ‘When you allow people and encourage people to give out money at intersections, it just increases the problem’

    This is just common sense.

  36. ‘You can’t really police away or disincentivize people from overdosing. To some extent, they can’t help it’

    Ban narcan!

  37. ‘The cyclical nature of the market means that it is likely that a past drop in waterside prices won’t last for long. Their scarcity and kudos are such that by their very location, they will always remain desirable. But what the rebalancing of prices in 2023 does represent is a rare opportunity for buyers to act now and purchase at a good price. We are now far beyond the wild highs in price premiums seen after the coronavirus lockdown, in a time where stability and supply are key drivers in the market moving forwards, levelling out the playing field for all’

    Yer really groveling there Nick.

  38. This painting went from $180,000 to $10,000 in 2 years – is the Art Market Tanking?

    Christopher West Presents

    1 day ago

    The New York Times recently reported that the value of paintings by once hot young artists are falling through the floor.

    Here’s a look at why this happens.

    https://www.youtube.com/watch?v=hUMrDhdIJ98

    12:41.

    1. This painting went from $180,000 to $10,000 in 2 years
      I am no art expert, but after seeing the first 2 painting that sold for slightly over $10,000 I would say they were over priced by about $10,000.

      1. $180,000 to $10,000

        Meh. Hunter’s went from $500,000 to $1.49, to cover the cost of paint from Michaels.

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