It’s All About Money, Money, Money
A weekend topic starting with First Coast News. “Florida regulators will soon weigh in on a 14% average rate hike proposed by Citizens Property Insurance, which could impact more than a million policyholders. ‘I remember I was around $1,000 a year, but now I’m well over $3,000 now,” says Al Landgraff, a homeowner in Safety Harbor, who like many in the state has seen firsthand insurance costs continue to rise. ‘There’s not much you can do. You pretty much have to pay it. Again, there’s not a lot of choices,’ Landgraff added. He and his wife are making the choice to move to South Carolina with hopes of retiring soon. ‘It’s a little more rural but compared to the cost of living here, it’s nothing. We’d love to stay here, but if we’re going to retire it’s not here,’ Landgraff added.”
The Review Journal in Nevada. “The Las Vegas Valley saw the biggest year-over-year jump in investor purchases of homes in the entire country, according to Redfin. Investor purchases were up 27 percent year-over-year in the second quarter, the highest in the U.S. (tied with San Jose, California), Redfin said. Redfin defines an investor purchase as one made by a company. A Lied Center for Real Estate at UNLV study from last year found corporate investors own approximately 14 percent of all residential single-family housing stock in the valley, and 25 percent of North Las Vegas specifically. ‘Investors could be attracted to Las Vegas because rents there are increasing more than the national median,’ said Redfin Economics Research lead Chen Zhao. ‘In addition, Las Vegas is a tourist destination, so short-term rentals are another reason for investors to want to buy there.'”
From Bloomberg. “Landlords for offices, apartment complexes and other commercial real estate have $1.5 trillion of debt due by the end of next year, and about a quarter of that borrowing could be hard to refinance, according to Jones Lang LaSalle Inc. Many US owners of the assets known as multifamily bought their properties using three-year floating rate loans during the easy money era. Interest rate increases since then have eaten up much of their rental income, making it a challenge to secure additional equity. ‘A large portion of the multifamily world is underwater at the moment,’ said Catie McKee, director and head of commercial-mortgage backed securities trading at Taconic Capital Advisors. ‘A lot of the equity is gone, but it’s an asset class that is pretty resilient over time. It’s underwritable, it just needs a capital infusion.'”
The Associated Press. “For years, Fartun Weli has been frustrated with the way low-income Somali Muslims in Minnesota have been targeted by shady home sellers edging their way into the community — by exploiting a principle of Islam meant to protect the poor. Weli says many are refugee immigrants who know little about the formal homebuying process and often have little or bad credit. Even when they qualify for traditional mortgages, they’re uncomfortable with the typical financing options because Islamic law forbids interest on loans. In comes a private seller who offers them seemingly low-priced homes without interest. In such sales, the two sides agree on a price outright, with a sizeable down payment and monthly installments. The seller claims there’s no interest payment because no banks are involved. But no banks also mean no appraisals, allowing the seller to inflate prices with no questions asked on the condition of the home.”
“Typically, the seller legally owns the home until the entire loan is paid off and all the seller’s conditions are met, while the buyer takes on ownership responsibilities like paying the property taxes, fixing it up to livable standards and all ongoing maintenance. ‘This is a community that has been scammed, there are so many of them that just folded quietly’ said Weli, who leads Isuroon, a community nonprofit that supports Somali refugee immigrant women and their families resettling in Minnesota. ‘There’s something about being an immigrant and being a refugee. You plan things so well and you strive. This homeownership thing, it’s the ultimate destination. It’s part of feeling completely safe.'”
From Realtor.com. “The U.S. Treasury Department has issued a new rule that aims to prevent nefarious actors from using residential real estate deals for money laundering. The final rule issued on Wednesday will require real estate professionals to report the true identity of all-cash homebuyers who use shell companies or other legal entities to purchase residential property in the U.S. The purpose of the new rule is to prevent illicit actors such as drug cartels, international criminals, or sanctioned foreign oligarchs from laundering money through the housing market using anonymous transactions. Similar reporting rules already apply to banks and other mortgage lenders. The new reporting rule for all-cash real estate deals will take effect on Dec. 1, 2025, while the new rule for investment advisers kicks in on Jan. 1, 2026.”
“In one recent case, the Justice Department seized a mansion in the upscale Holmby Hills section of Los Angeles that prosecutors say was purchased for the family of a former Armenian government minister as a bribe. Last month, the DOJ finalized a civil forfeiture settlement that gives the U.S. possession of the mansion. The property is currently listed for $39.7 million. A similar rule has applied since 2016 to cash deals above a certain threshold in Miami and Manhattan, which are popular markets for wealthy foreign buyers. Several other major cities have also been added under so-called geographic targeting orders since then.”
The Oaklandside. “Over the past several years, dozens of tiny-home companies have sprung up in California and beyond. Many pitch ADUs and mobile homes to property owners. Others have designed short-term shelters for unhoused residents. These companies hawk their products to local governments and compete with each other for contracts. California is home to 28% of the country’s homeless population, more than any other state. Its numbers grew about 35% between 2017 and 2023 as housing prices skyrocketed. Meanwhile, Oakland’s homeless population has virtually doubled since 2017 — now at an estimated 5,490. One Oakland-based company that launched in 2022 to sell shipping-container shelters at a steep price has become the subject of the ongoing FBI probe in the city.”
“Has the proliferation of tiny homes helped ease the housing and homelessness crises? Opinions and results are mixed. The recent embrace of ADUs in California has also inspired the creation of new companies, which often make homeless housing as well. The state and local governments have made it easier for homeowners to build accessory units, promoting ADUs as a cheaper and less controversial method of increasing housing stock. ‘That’s why all of these companies are here, it’s the ADU laws,’ said Elizabeth Funk, CEO of Dignity Moves, speaking to The Oaklandside in Sacramento. ‘You can buy one of these things on Amazon.'”
KUTV in Utah. “A Salt Lake man said he is so fed up with the rising crime in his neighborhood that he’s ready to form an armed neighborhood watch. Despite efforts by Salt Lake Police to crack down on crime citywide, he believes it’s not enough — especially in his community. That man, Jason Seaton, lives in the Poplar Grove area. He said that his once peaceful neighborhood has become a hotspot for illegal activity, often involving drugs right in front of his home. ‘They’re just letting it happen,’ Seaton said. According to Seaton, he’s constantly calling law enforcement about dangerous incidents near his house. ‘Homeless people have been breaking into homes, have been stealing things from people’s houses, actually tearing down the door, going inside and emptying the house,’ he said. ‘If Governor Cox is going to say, ‘Well, we don’t want to manage a state like California,’ well, then get hot. Don’t manage a state like California. Come up with a plan.'”
The Christian Post. “Mayor Mike Coffman of Aurora, Colorado, said the Biden-Harris border policies are to blame for the criminal gang problem that has shone a negative spotlight on his largely safe community. Although Coffman stressed that the criminal element affiliated with the Venezuelan gang Tren de Aragua in Aurora is largely isolated to specific apartment complexes and the problem doesn’t affect the vast majority of the city’s over 400,000 residents, he blames the federal government, in conjunction with nonprofit organizations, that decided to house a large number of Venezuelan migrants in low-income apartments in his city.”
“‘The city of Aurora took a position early on that we were not going to participate in the migrant crisis. We were not going to provide taxpayer support, and we were not even going to be a conduit for federal dollars to come in to provide assistance,’ Coffman said in an interview with Fox31 Denver on Thursday. ‘This is not our problem; this is a problem created by the federal government at the border with bad policy. So, the federal government needs to solve this problem, not the city of Aurora. These people did not go there on their own; somebody put them there.’ In response to the governor’s claims that the criminal activity was the makings of the councilwoman’s ‘imagination,’ resident Cindy Romero told Fox News: ‘Polis wouldn’t last five minutes on that property.'”
The Canadian Press. “Prime Minister Justin Trudeau announced on Monday that his government is bringing back stricter rules to stem the flow of low-wage temporary foreign workers, and he urged businesses to hire and train Canadian workers. ‘Two years ago, in the aftermath of the pandemic and facing severe labour shortages, we adjusted the program for temporary foreign workers. That’s what the business community needed,’ Trudeau said at the Liberal cabinet retreat in Halifax. ‘But today’s economy is very different from it was two years ago. Inflation has started to come down. Employment is higher. We no longer need as many temporary foreign workers.'”
“While the loosening of rules happened under his watch, Trudeau did once staunchly criticize a similar rise in temporary foreign workers under the Harper government. In 2014, he wrote an op-ed calling for the temporary foreign worker program to be scaled back dramatically and refocused to its ‘original purpose’ of filling jobs when no Canadian workers can be found. ‘I believe it is wrong for Canada to follow the path of countries who exploit large numbers of guest workers, who have no realistic prospect of citizenship,’ Trudeau wrote in the Toronto Star. ‘It is bad for our economy in that it depresses wages for all Canadians, but it’s even worse for our country. It puts pressure on our commitment to diversity, and creates more opportunities for division and rancour.'”
CBC News in Canada. “A controversial homeless shelter located just steps from an elementary school in Montreal’s Saint-Henri neighbourhood is underscoring the problems with social cohabitation in multiple communities across the city. They say they’ve witnessed open drug use, aggressive behaviour and sexual conduct from frequenters of the day centre, including when children are around. The back door of the centre borders a park used by Victor-Rousselot elementary school. In February, a worker found a dead body in the daycare’s playground. Myrlène Sauveur, the director of a daycare in downtown Montreal, says parents have also been harassed by users of the shelter and some children have had nightmares from what they’ve seen. She says the daycare educates children about those experiencing homelessness, but ‘a child isn’t there to understand someone who … takes drugs, a naked person who screams at them and scares them,’ she said.”
Agence France-Presse. “Vivienne Vetter is furious at what she says is an unchecked flood of refugees into her German city of Solingen, blaming it for a deadly knife rampage by a Syrian man. Vetter, who is originally from Poland but has lived in Germany for two decades, expressed anger at recently arrived migrants in Solingen who she said ‘don’t learn German.’ ‘They take away childcare places, take away daycare places, take away money, take away flats,’ the 26-year-old who works in the elder care sector told AFP, adding she herself was struggling to find an affordable apartment. ‘If they would integrate, I wouldn’t have a problem with it,’ she adding, noting she lives just minutes’ walk from the scene of the attack.”
The Telegraph. “Björn Höcke struts into Apolda’s town square to a rock star’s welcome. He grabs a microphone and launches into a tirade against the folly of war with Russia, asylum seekers, energy reforms and the erosion of cultural values. But ending German military support for Ukraine is the theme that keeps cropping up – and the one that gets some of the most raucous cheers from the crowd. ‘Domestic policy decides how we live, but foreign policy decides if we live,’ Mr Höcke, the leader of the far-Right AfD in Germany’s eastern state of Thuringia, shouts. ‘What is happening in German foreign policy should be questioned: this country is on the brink of war with Russia, this country is on the brink of atomic war with Russia. Friends, we as Germans, we as Thuringians, we as voters say – no more war!'”
“‘I’ve got nothing against immigrants but I am voting for the AfD,’ disclosed one 68-year-old, who gave her name as Frau Hesse, in Erfurt’s Nordpark. ‘There’s too much immigration. My daughter found it very hard to find an apartment when she moved here.'”
The Globe and Mail. “What are the trademark sounds and sights of Rome? In the era of mass tourism, I no longer associate the city with the tinkle of water in its glorious fountains. Instead, I think of the clatter of wheeled suitcases as they are dragged along cobblestone streets. And the sights? I see lockboxes everywhere, many attached to the lovely, elegantly decayed wooden doors in the historic centre. They contain the keys to the ubiquitous Airbnb apartments and those of other short-term rental businesses. I am not the only European resident of a popular city who is growing weary of the mob scene. The long, hot summer of 2024 in southern Europe may be remembered as the summer when several cities got fed up with the type of mass tourism that, at one point, turned Airbnb into a US$100-billion company.”
“Rome, in my view, is becoming the new Venice, Florence or Barcelona, where the locals are leaving in droves because they can’t afford to stay put; or they succumb to greed and list their apartments on Airbnb as they flee to the suburbs. Historic centres are being hollowed-out, losing their character and their utility for everyday life. My artist friend Chiara Rapaccini finds living in Monti, the once authentic Roman village-like neighbourhood near the Colosseum, virtually unbearable. As Airbnbs take over her street, and noisy, late-night bars crammed with tourists open below her apartment, she often finds herself dragging a mattress into her kitchen at the back of her place to escape the noise. ‘It’s all about money, money, money, not preservation. More tourism, more alcohol, more Airbnbs. I am so sad about this,’ she told me.”
Yahoo Finance. “A homeless man in Western Australia has asked a judge to send him to jail for up to two years because he can’t find any suitable housing. David Ambrosius started a fire while he was sleeping in an abandoned motor inn last year in Geraldton, but the blaze grew so large that firefighters were called in. The court case has highlighted the lengths some people are going to put a roof over their heads amid Australia’s housing crisis. According to the latest figures from the Australian Institute of Health and Welfare, 7,636 Aussies were sleeping on the street, 24,291 people were in supported accommodation for the homeless, 16,597 people were in temporary housing, 22,137 people were in boarding houses, and 47,895 people were living in ‘severely’ crowded dwellings. According to the ABC, he added that if he was sent to prison then he could get employment skills and have more time to find somewhere suitable to live. ‘If I’m released, I’ll be reoffending,’ he said. ‘I’ll be in the same circumstances and will need to re-offend.'”
“It’s no secret that Australia is in the midst of a housing crisis that’s spurred on by record property and rental prices, a lack of supply, immigration, planning laws, and a bunch of other factors. ‘On one hand, we have disinvested in social housing and other forms of housing that are affordable,’ a report from the University of Queensland said. ‘And on the other, there has been a lot done at the policy level to ensure housing is a commodity to be speculated. Not simply a means for people to live, housing is a vehicle through which to become wealthy. For the lucky ones, anyway.'”
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Will the Fed forego removing the punchbowl this cycle?
GameStop has ended a $250 million credit facility. The stock is on pace for its biggest gain since June.
The videogame retailer and original meme stock’s shares were soaring Thursday
By James Rogers
Published: Aug. 29, 2024 at 1:49 p.m. ET
GameStop has voluntarily terminated a $250 million credit agreement that the videogame retailer entered in 2021, according to an SEC filing.
Photo: Getty Images
Referenced Symbols
GameStop Corp. shares were up 11.7% Thursday — putting the videogame retailer’s stock on pace for its biggest gain since June 13, when it rose 14.4%, Dow Jones Market Data show.
The stock was also set to snap a three-day losing streak. In an SEC filing Tuesday, GameStop said it had voluntarily terminated a $250 million credit agreement that the company entered in November 2021. Wells Fargo is the administrative agent and collateral agent for the agreement, which had a maturity date in November 2026.
…
https://www.marketwatch.com/story/gamestop-has-ended-a-250-million-credit-facility-the-stock-is-on-pace-for-its-biggest-gain-since-june-d47edac3
US News
US dollar crisis coming soon, to crash economy and send consumer prices soaring, says Peter Schiff
Reuters
Synopsis
Ever since the US Federal Reserve began acting up and began initiating regular interest rate hikes in order to combat inflation in the markets, there are serious concerns around stability of prices. Meanwhile, Peter Schiff, a popular economist at Euro Pacific Asset Management, expressed his doubts about the Fed’s strategy shift in the future, that could put the US dollar in crisis, suggest reports.
By The Feed
Aug 30, 2024, 07:35:00 PM IST
The US dollar crisis could end up being a massive issue in the US markets, if adequate measures are not taking by the Fed in advance. The Fed’s forthcoming strategy shift could bring about some major changes to the US dollar index, according to chief economist and global strategist at Euro Pacific Asset Management, Peter Schiff.
…
https://m.economictimes.com/news/international/us/us-dollar-crisis-coming-soon-to-crash-economy-and-send-consumer-prices-soaring-says-peter-schiff/
A Lied Center for Real Estate at UNLV study from last year found corporate investors own approximately 14 percent of all residential single-family housing stock in the valley, and 25 percent of North Las Vegas specifically.
It’s criminal that private equity locusts and corporations with access to unlimited Yellen Bux are allowed to compete with legitimate home buyers in the residential housing market. Homes are for living in, not speculation.
Meanwhile, the owner of a rental house down the street from me sold his shack to a corporation, which booted out the single mom & her three daughters who lived there, rehabbed the house, and are now looking for new tenants. Don’t know what rent they’re asking, but no takers after two months of sitting vacant.
“Homes are for living in, not speculation.”
Hear hear.
” . . . rehabbed the house, and are now looking for new tenants. Don’t know what rent they’re asking, but no takers after two months of sitting vacant.”
any luck checking address on Zillow? interesting to note price difference, if public.
I don’t know what the previous renter paid. She lived there for at least five years, and was a good neighbor.
You will own nothing.
“This is not our problem; this is a problem created by the federal government at the border with bad policy”
You are being replaced.
And the people replacing you have names and addresses.
Which way, White man?
Globalist scum media and mouthpieces like Robert Reich are calling for the arrest of Elon Musk due to his failure to censor non-Narrative Compliant free speech. Once the Democrat-Bolsheviks annul the 1st and 2nd Amendments, it’s Game Over for what remains of liberty in “Our Democracy.”
https://x.com/micsolana/status/1830058942313193970
If you think you hate globalist sc*m journalists, you will NEVER hate them enough.
Down in Mexico, problem journalists get taken care of, permanently.
And this will be happening here, soon. New York Times, Washington Post, Guardian, you’ve been warned.
Globalist scum media: You will own nothing and be happy. The vaccines are safe and effective. Joe Biden was our most popular president ever with 81 million votes. Diversity is our strength.
Also globalist scum media: Why are all the young people getting their news from TikTok?
“this is the third time in two weeks the guardian has requested the arrest of elon musk for refusing to censor political speech”
What is Robert Reich’s home address (or addresses)? LOLZ.
4chan knows…
Historic centres are being hollowed-out, losing their character and their utility for everyday life.
“Every record has been destroyed or falsified, every book rewritten, every picture has been repainted, every statue and street building has been renamed, every date has been altered. And the process is continuing day by day and minute by minute. History has stopped. Nothing exists except an endless present in which the Party is always right.”
― George Orwell, 1984
Pandering to the Free Sh*t Army is going to bankrupt this country and financially devastate the people who work hard, play by the rules, and pay the bills. Forward, Soviet!
https://economicprism.com/harris-wants-your-retirement-account/
The garbage legacy media has a new Narrative talking point: You will own nothing is a GOOD thing!
https://x.com/WallStreetSilv/status/1830231311279350106
Caskets?!?!
another reason not to to live in Sandy Franny Siskoe
https://www.yahoo.com/sports/ricky-pearsall-49ers-first-round-pick-in-stable-condition-after-shooting-in-san-francisco-robbery-attempt-235941170.html
It takes a special kind of stupid to go out wearing a Rolex in any city with a Soros DA.
Police identified the suspect as a 17-year-old male resident of Tracy, California, about 63 miles (101 kilometers) east of San Francisco, who also was transported to San Francisco General. His condition was not immediately disclosed.
A gun allegedly belonging to the suspect was recovered and investigators believe he acted alone, Scott said.
Homie may have acted alone, but the entire San Francisco political and judicial establishments were his accessories and enablers.
San Francisco will place the blame on Ricky for the perpetrator getting wounded.
https://apnews.com/article/ricky-pearsall-shot-robbery-san-francisco-49ers-3afececadc18b6b10d2df411a27c7d43
Can’t wait to see that 49ers injury report.
Sunday, September 1, 2024
Player Position Updated Injury Injury Status
Ricky Pearsall WR Sunday, September 1 Gun Shot Questionable for Week 1 vs. N.Y. Jets
Tuesday, August 27, 2024
Player Position Updated Injury Injury Status
Dre Greenlaw LB Tue, Aug 27 Achilles Physically Unable to
Perform. Expected Return – Week 5
Kalia Davis DT Tue, Aug 27 Knee IR. Injured Reserve. Expected Return – Week 10
Talanoa Hufanga SAF Tue, Aug 27 Knee – ACL Questionable for Week 1 vs. N.Y. Jets
You will eat ze bugs.
https://www.telegraph.co.uk/news/2024/08/28/government-backed-research-centre-public-insects-lab-grown/
Retiring to SC into a rural area ? and not the coastline ,that draws 90% or so of out-of state retirees…..
Be sure and take into consideration , stay above what we call the “Gnat-line” ,those little bitty bugs that get in your eyes , and everything else …The top third ,or so of SC is more red clay ,and not sandy ,so a lot less pesky flying critters ,and less mosqitoes ,too……believe me , in the hot humid summers, that’s a big plus ..
Retiring to SC into a rural area ? and not the coastline ,that draws 90% or so of out-of state retirees…..
Be sure and take into consideration , stay above what we call the “Gnat-line” ,those little bitty bugs that get in your eyes , and everything else …The top third ,or so of SC is more red clay ,and not sandy ,so a lot less pesky flying critters ,and less mosqitoes ,too……believe me , in the hot humid summers, that’s a big plus ..
Dementia Joe is on permanent vacation, while Comrade Kamala is lying low after her disastrous CNN interview. So who is running the country?
https://x.com/saras76/status/1830006162491650409
Expect much clutching of pearls & hyperventilating from the globalist scum media as Germany’s treasonous globalist Quisling parties lose more ground to “far right” nationalists.
https://www.dw.com/en/far-right-german-party-wins-first-state-election-since-wwii-exit-polls/live-70102882
Does this party call itself “far right”? Or is that a label applied by its detractors?
And as a historical aside– in Germany in the period 1920-1945, did the Nazi party call itself the Nazi party?
“a label applied by its detractors?”
Translation: anything a fraction of an inch to the right of Marxist globalism.
Globalists gonna globe.
A reader sent these in:
If this continues, the BOJ will have to raise rates soon. 👇🏼
Remind me again, what happened the last time they tried to raise rates?
https://x.com/MauiBoyMacro/status/1829306808416325701
Always painful to watch the RE industry ‘experts’ go on TV and attempt to create a frenzy on the hope of rate cuts driving a 2020 style buyer mania. What evidence do they have to support this? None.
Hasn’t happened in Canada.
https://x.com/DonMiami3/status/1811782027835830510
China is considering allowing homeowners to refinance as much as $5.4 trillion in mortgages to lower borrowing costs for millions of families and boost consumption.
https://x.com/business/status/1829455044065800682
Close to 60% of the homes for sale in the Las Vegas Valley have been on the market for more than a month, according to a new report.
https://x.com/reviewjournal/status/1829647817230397470
“Explosive 🇺🇸 Investigation Reveals Toronto as Command Center for Global Triad-Run Money Laundering Network, Tied to Fentanyl Crisis and TD Bank.”
https://x.com/ShaziGoalie/status/1829576999704117377
Goldman Sachs to Lay Off Over 1,300 Workers
https://x.com/MacroEdgeRes/status/1829596410108658144
Surprised to learn that Phoenix has the most industrial real estate in pipeline.
https://x.com/MosesSternstein/status/1829598513589862437
Canadian Government Spending Now 80% of GDP Growth
https://x.com/BetterDwelling/status/1829597114370085009
Buyer who purchased at the peak wants to leave CMHC holding the bag.
https://x.com/daniel_foch/status/1829319063761289438
Housing supply is surging as a record number of buyers get cold feet amid sky-high prices, per Redfin.
US housing supply rose a record 14% in July.
https://x.com/unusual_whales/status/1829535045172044274
“Young skilled workers in Ontario face homelessness despite doing everything ‘right'”
https://x.com/ShaziGoalie/status/1829655690677535049
Canada’s GDP per capita is now FALLING at 2% annually.
We’ve had ZERO economic growth in more than 6 years.
https://x.com/MPelletierCIO/status/1829536007911608661
A massive glut of condominium apartments in Toronto threatens to sink the housing market.
Condominiums were gobbled up by aggressive, highly levered speculators as a way of participating in the housing boom with minimal capital outlay…
https://x.com/hmacbe/status/1829571393891029330
Pembroke Pines condo complex deemed structurally unsafe to hit the market
Residents had to evacuate all buildings.
Heron Pond, a 304-unit complex at 8400 Southwest First Street.
https://x.com/FCNightingale/status/1829583813153832986
Seattle downtown is now 2nd only to San Francisco for risk of office loan foreclosures according to a recent analysis by Kaplan Group
Nearly 33% of downtown office inventory is either vacant or available to sublease.
3M SF on sublease market.
https://x.com/FCNightingale/status/1829572176208642497
A record number of buyers backed out of purchase deals in July due to high costs and economic worries, per Redfin.
https://x.com/unusual_whales/status/1829516169683874062
Rents in Toronto have fallen below their pre-pandemic lows
If youre a tenant, shop around.
If youre a cashflow neg. investor who is up for mortgage renewal soon, youre in trouble. Even selling is hard.
https://x.com/Tablesalt13/status/1829246619885424931
💸 Financial Struggles for Canadians:
Big 6 🇨🇦 Banks wrote off $3.49B in loans in Q3 2024 (+48%⬆️YoY)
🔹Higher than COVID Peak: $2.6B in Q3 2020
🔹Double the 2008 Crisis Peak: $1.5B in Q4 2008
🔹Minimal Risk for Banks: Significant ACL reserves set aside
🔹Dark Clouds: $4.32B in PCL (Q3 2024) signals economic challenges ahead
https://x.com/HanifBayat/status/1829175244436967615
“Do institutional investors drive up single-family rents more than smaller investors?”
Honestly? No one should care whether the investor is institutional or small. The question is whether a subset of EITHER colludes illegally through mechanisms like #Realpage to manipulate prices?
And the answer is almost certainly, “Yes, a subset of institutional investors colluded illegally using Realpage.”
https://x.com/profplum99/status/1829200135454445710
Crazy stats. This county has over 2600 condos currently on the market for sale
Give this a look:
https://x.com/StealthQE4/status/1829313507013063000
87% of residential rental investors have regrets about their investments. Common issues include dealing with bad tenants (51%) and severe property damage caused by tenants (52%), per Clever Real Estate.
https://x.com/unusual_whales/status/1829138682210599039
When you lie on your resume, but still get the job.
https://x.com/SteveInmanUIC/status/1829643482014892191
Total motor vehicles assembled in the U.S. decreased in July to a seasonally adjusted annual rate of 117,000 units, the lowest since September 2021. The July total was 9% below the previous month’s pace and 20.8% below the year-earlier rate
https://x.com/stlouisfed/status/1829685631951237257
He said the magic words
https://x.com/GayBearRes/status/1829547509817208953
Yes, I trust their forecasts…
https://x.com/SPYSTSignals/status/1829625815161778474
A shortage of young men in the workforce could weigh on housing, Social Security, and growth for years to come, per BI.
Around 7.2 million men have dropped out of the workforce completely, per BI.
https://x.com/unusual_whales/status/1829546368979079397
Airbnb at $500/night: “provide a “starter kit” which only includes one roll of toilet paper for a stay of 4 people.”
No wonder ppl are going to back to hotels.
https://x.com/NotoriousAirbnb/status/1829371737349500962
US pending home sales are lower than when
*checks notes*
The entire country was shut down and we had 20% unemployment and everyone thought they were going to die
https://x.com/texasrunnerDFW/status/1829161077449621984
It appears a deflationary-like mindset has taken control over some home shoppers. Builders report reasonable traffic levels, but many prospective buyers are saying, “I know rates are coming down, so I’ll wait”
https://x.com/AliWolfEcon/status/1828911913746800780
one of the most annoying airbnb’s across the street from me (bought with a home equity loan against the people’s primary residence in LA in the winter of 2020 of course) put a For Sale sign out front today!!! they were bragging about how much $$$ they were making!
https://x.com/julie_bush/status/1828683790677688398
they listed it for $20k less than they paid in April 2021
https://x.com/julie_bush/status/1829021205736894874
If you look at Zillow the amount of Airbnb on them is astounding
https://x.com/akg69420/status/1829007740301390064
Crazy because you look at many places in December 2019 and their prices are the same as December 2010.
Then, suddenly, 100% increase in 4 years
https://x.com/NipseyHoussle/status/1828861255387373789
Local mom and pop landlords trying to fight the increasing vacancy rates
https://x.com/NipseyHoussle/status/1828777829590589830
Unreal first sentence
https://x.com/metalgearobama/status/1829674118834503996
July is when restaurants are supposed to exceed expectations to survive the fall…
63% of operators reported same-store sales declines, with 79% of casual dining and 74% of family dining seeing reduced traffic. Even quickservice wasn’t spared, as 59% noted traffic drops.
https://x.com/dedkatbouns/status/1829676235708121521
The guy who sued NAR happens to have a new startup…what a coincidence!
https://x.com/GayBearRes/status/1829576346697122238
The joys of hosting
https://x.com/GayBearRes/status/1829501515125473555
“I think we’ve reached a point where it’s fraying the bonds of society,” said Glenn Kelman, the chief executive of the real estate firm Redfin.”
https://x.com/GayBearRes/status/1829488525143912538
Austin, TX ranks #5 in a list of US Cities with the most people moving OUT
This is the first time in YEARS that a Texas city has made the top 10 list
https://x.com/texasrunnerDFW/status/1829890655956733968
The pandemic ‘airline’ employment boom is over.
Maximum employment with stalling migration & falling job openings + U1/U3/U6 up puts us in something that is not 1995.
https://x.com/DonMiami3/status/1829897290649051199
Canada’s GDP per capita is now FALLING at 2% annually.
While a million hostile foreigners are welcomed every year with open arms.
the one about “my condo has been on the market for 400 days and it’s not selling, I’ve tried everything”
have you tried lowering the price? of course not
Dear clueless home sellers, if your house isn’t selling it’s priced too high. end of story.
When buying an AirBNB, remember it’s all about location. Does it have water access? Views? A cute name like ‘The Black Pearl’?
The one by itself on the end is The Pearl, if you look close the rental sign is still attached. There used to be houses in the middle. The weird looking concrete box is the septic tank, it used to be under ground.
https://www.youtube.com/watch?v=ZW56ysxAdZI
Here is a cool video of the last house before the pearl being moved back. Should be good, right? Nope, as of the last storm the berm they made for it is gone and water is flowing around the house already.
https://www.youtube.com/watch?v=FRJ7iLynT1U
If you are into doom pr0n, there is another town near by with the same problem. The previous videos are of Rodanthe but here is Buxton:
https://www.youtube.com/watch?v=NHKTvJqwiMA
The blocking of social media platform X in Brazil divided users and politicians over the legitimacy of the ban, and many Brazilians on Saturday had difficulty and doubts over navigating other social media in its absence
“I’ve got the feeling that I have no idea what’s happening in the world right now. Bizarre,” entertainment writer and heavy X user Chico Barney wrote on Threads.
https://www.theglobeandmail.com/business/article-on-the-first-day-without-x-many-brazilians-say-they-feel-disconnected/
‘I’ve got the feeling that I have no idea what’s happening in the world right now. Bizarre’
You have a research machine that scientist and scholars would have dreamed of 20 years ago Chico, if you can puddle watch. But yer helpless with out one website.
Americans with federal student loans will soon have to start paying them back again — for real this time.
A repayment grace period rolled out by President Joe Biden is set to conclude at the end of September, smack in the middle of a contentious presidential election. The policy has been shielding borrowers from the worst repercussions of missed payments for the past year. Its end will likely squeeze millions of wallets across the US, given more than 40 million Americans have federal student debt.
Scott Buchanan, executive director of the interest group Student Loan Servicing Alliance, said he expects to see delinquency rates rise much the way they do for recent graduates, who typically begin paying their debt back six months after leaving school.
“What I worry about most is that through a long payment pause and this on-ramp, we haven’t encouraged people to become engaged on their loans,” Buchanan said. “A lot of people just have thrown up their hands and said: ‘Well, listen, I’ll wait until they really, really make me pay — and then I’ll think about it.’”
https://www.msn.com/en-us/money/personalfinance/student-loan-leniency-is-ending-soon-here-s-what-you-need-to-know/ar-AA1pLXBQ
“A lot of people just have thrown up their hands and said: ‘Well, listen, I’ll wait until they really, really make me pay — and then I’ll think about it.’”
The intelligent borrowers have been making principal payments while the federal government has been paying the interest.
while the federal government has been paying the interest
That ended a while ago.
Now it’ll be reported to the credit agencies.
The S&P 500 SPX is up about 18% so far this year when you include reinvested dividends. The Nasdaq Composite Index COMP is up about 17%. The Vanguard Total World Stock index fund VT has earned 14% since Jan. 1, and the Invesco S&P 500 Equal Weight index fund RSP, which tracks the average of all the top 500 U.S. stocks, has risen 11%.
Your Social Security dollars? They’re up by about 1.2%.
Labor Day seems as good a time as any to remind America’s 161 million paid workers how contemptuously the government treats our hard-earned dollars when it comes to our onerous payroll taxes.
First, Uncle Sam levies a hefty and basically regressive 15.3% tax on every dollar you earn, hiding half of it from view by claiming your employer pays that part. Guess what he pays it out of? Your wages, that’s what.
Then Uncle Sam blows the entire stack on low-earning U.S. Treasury bonds.
Finally, he turns around and expresses absolute astonishment that one of the world’s worst-run pension funds is going to run out of money in about a decade.
https://finance.yahoo.com/news/social-security-return-investment-joke-123800090.html
Well kudos to the author for highlighting the ridiculous SS tax rate, though the 15.3% number actually includes the Disability Insurance and Medicare deductions as well.
But the complaints about the trust fund investment policy are just more of the usual Monday morning quarterbacking and whining. For one thing, investing a sum of money in government bonds is not normally considered “blowing a stack”. Sure, in retrospect, the fund could have earned a lot more by investing in stocks. But there would be a number of problems with that policy. First of all, any time there was a stock market crash there would have been even more finger-pointing and whining and calls for bailouts. Secondly, investing SS funds in stocks would have just caused stocks to rise even faster, even sooner, lowering returns for subsequent investors. Thirdly, a larger SS fund would simply mean that the WWII set would have demanded and voted for even more ridiculously lavish pensions, nullifying the benefits for the younger generations.
But the biggest problem with the Social Security Trust Fund as usual goes completely unmentioned. Namely, the fund only has about 10% of the money needed for projected future payouts. How did this happen? No, the money was not spent on wars or pork barrel projects. Despite frequent claims to the contrary, NO MONEY HAS EVER BEEN TAKEN from the Social Security fund for general government purposes. So why is the fund so low? I know the answer, but I want someone else to say it. Google “Ida May Fuller” if you need a hint.
“I know the answer, but I want someone else to say it.”
The demographics have been skewed by medical technology leading to people living much longer than previously anticipated. In addition, drug addicts and the morbidly obese, two examples of self abuse by those who likely never contributed much if anything into the fund, but will draw benefits throughout their lifetime. Lastly, many of the mid-west, factory workers were deemed disabled when their unemployment ran dry, a casualty of the off-shoring of manufacturing. I could go on, ad nauseam.
Nope, nope and nope.
1) SSA’s own website says that changes in life expectancy are not a major factor in SS finances.
2) Drug addicts/ morbidly obese, if they aren’t employed and paying SS taxes, don’t accrue much in the way of benefits, and also have shorter life expectancies for they benefits they do get.
3) The Disability Income trust fund is separate from the SS retirement trust fund.
Try again.
“Try again.”
I could go on, ad nauseam. 🙂
Social Security
The answer is in the name of the thing. Socialism.
“But the biggest problem with the Social Security Trust Fund as usual goes completely unmentioned.”
The titanic amount of money that slops the medical trough is barely checked for fraud by investigators, and senators from both sides of the aisle are quick to apply the brakes out of fear that dependency voters could be cut-off.
How one company’s plan to help the planet went off the rails
SANSÃO MUTHEMBA, Mozambique — The simple stoves were being shipped out across Africa by the millions, and few people here saw the downside. The stoves were free. They were pitched as an upgrade to the charcoal grill and wood campfire cooking methods in the area. And they promised solutions to the massive problems of deforestation and smoke pollution.
But as the stoves were handed out in this part of Mozambique in 2021, Victoria Jose Arriscado said she was struck by how cheap they looked — just a few metal parts atop clay bricks and mud.
When she used it, her home filled with smoke, and her eyes teared up.
“This is clearly not the best they could do,” Arriscado, 43, remembered thinking.
Arriscado and others had received the stoves as part of a program run by D.C.-based C-Quest Capital, a producer of carbon credits — specialized investments that some of the world’s largest companies buy to offset their planet-warming emissions. The company distributes stoves that it says are more efficient than traditional campfires, reducing the amount of wood burned and protecting users’ lungs. The company calculates the reduction in emissions, turns that into a commodity, and sells it to companies, which then claim their operations are contributing less to climate change.
C-Quest’s program in Mozambique — marketed as a climate solution that also produces a better life for impoverished Africans — failed to deliver on either pledge, according to an investigation by The Washington Post.
The inquiry shows how, in this area of Mozambique, the pressure to produce carbon credits at a low cost led the company to cut corners in a way that ultimately backfired on the people it was trying to help.
A mustachioed Australian raised on a dairy farm, Newcombe is an outsize figure in the industry. He sat until last year on the board of directors at Verra. He had connections from his time at Goldman Sachs and the World Bank, where he helped popularize the idea of carbon credits. In public speeches, he told stories of his time in rural areas, seeing forests denuded, seeing women performing backbreaking labor hauling wood and then leaning over fires that were the equivalent of “two packs of cigarettes per day.”
https://www.msn.com/en-us/news/us/how-one-company-s-plan-to-help-the-planet-went-off-the-rails/ar-AA1pNkoE
And we wonder why they turn to the ChiComs and Russians. Somehow, we think they should be happy to listen to us lecture them on climate and rainbow issues.
The three Republicans running to unseat U.S. Sen. Elizabeth Warren railed against her attempts to cancel student loan debt, criticized local efforts to manage an influx of migrants into Massachusetts, and bashed a wind energy project during a debate Friday evening.
Attorney John Deaton, Quincy City Councilor Ian Cain, and industrial engineer Bob Antonellis are set to face off Tuesday in the state’s U.S. Senate Republican primary, with the winner going on to challenge Warren in November.
n Massachusetts that has overwhelmed state-run shelters and is set to cost taxpayers more than $1 billion during each of the next several fiscal years.
Cain said he is the “only candidate to have put out a policy piece about” the state’s right-to-shelter law, a decades-old statute that guarantees temporary housing to pregnant women and families with children.
“The first thing that we would do is make sure that cities, states, and towns across the country cannot designate themselves as sanctuary status,” he said. “When you don’t have any power to make changes to the right-to-shelter law, because there aren’t enough members of the Legislature who are willing to take this courageous move, then you have to start making noise at the local level.”
https://www.msn.com/en-us/news/politics/republicans-looking-to-challenge-warren-sound-off-on-migrants-wind-energy-student-loan-debt/ar-AA1pMjLE
Donald Trump supporter Elon Musk called tech investor and Democrat Vinod Khosla “deranged” on X over the latter’s distaste for the former president.
Kamala Harris supporter and chief executive of the cloud-computing company Box, Aaron Levie, suggested investor David Sacks must be high on cough syrup for supporting Trump.
Green tech investors who admired Musk are calling him a traitor to the cause for siding with Trump.
An extraordinary public war of words is brewing in Silicon Valley as some of the biggest names in technology take shots at former friends and colleagues in the run-up to the presidential election.
This kind of infighting has been rare in previous presidential elections as the tech industry has historically leaned left. During this election, a small and influential group of leaders—including Musk—have opened their wallets to support Trump and have become increasingly vocal about switching party lines, triggering backlash from others who have historically kept quiet about their politics.
The political divide is souring business relationships and testing old friendships.
Industry executives backing Trump reacted with skepticism on social media. Some sought to play up independent presidential candidate Robert Kennedy Jr.’s endorsement of Trump.
“Dream team,” Sacks tweeted with a picture of the two men shaking hands.
“One of those dreams when you took NyQuil,” Box CEO Levie shot back.
“You swooned because a nominee who never got a single vote and won’t do an interview read the word ‘founder’ from a teleprompter. Sit down,” Sacks retorted.
https://www.msn.com/en-us/money/companies/clash-of-the-tech-titans-silicon-valley-fractures-over-harris-vs-trump/ar-AA1pMzpl
Mark Cuban Pushes Social Media Poll to Attack Trump, it Backfires
Warner Todd Huston
1 Sep 2024
On Friday, billionaire Dallas Mavericks minority owner and hardcore left-winger Mark Cuban pushed out a poll to his 8.8 million followers in an effort to attack Donald Trump. But it seems likely he didn’t expect the outcome he got.
In his poll, Cuban asked, “Who’s persona and character would you like to see young children grow up to have?”
He gave his followers the choice of “Donald Trump” and “Kamala Harris.”
Unfortunately for Cuban, a Harris supporter, Donald Trump won this poll, and not by just a little, either. Trump’s lead was double that of Harris.
Mark Cuban
@mcuban
Who’s persona and character would you like to see young children grow up to have:
Kamala Harris
31.1%
Donald Trump
68.9%
804,173 votes
·
Final results
8:27 PM · Aug 30, 2024
https://x.com/mcuban/status/1829677319054897617
Heckova job, “Zimbabwe Ben” Bernanke, Yellen the Felon, & BlackRock Jay.
https://x.com/NorthmanTrader/status/1829596155279524199
Gold Star Families Issue Blistering Statement to Kamala For ‘Politicizing’ Trump’s Arlington Visit
by Jamie White
September 1st 2024, 2:06 pm
The Gold Star families set the record straight, claiming Trump had entered Section 60 of the cemetery at their invitation.
“President Trump was invited by us, the Gold Star families, to attend the solemn ceremonies commemorating the three-year anniversary of our children’s deaths,” said the relatives’ joint statement. “He was there to honor their sacrifice, yet Vice President Harris has disgracefully twisted this sacred moment into a political ploy.”
https://www.infowars.com/breaking-news/
This is gonna be tough to spin.
Trump supporters, Gold Star families flood Harris’ X account after Arlington attack: admin ‘killed my son’
By Emma Colton Fox News
Published September 1, 2024 12:35pm EDT
The Trump campaign, the 45th president and Gold Star families launched a scathing defense attack against Vice President Kamala Harris over Labor Day weekend, after the Democratic nominee claimed that Trump had “disrespected sacred ground” at Arlington National Cemetery.
“You should be ashamed and embarrassed [about] your lack of empathy and decency as a human being,” Darren Hoover, the father of Marine Staff Sgt. Taylor Hoover, said in a video shared by Trump and directed at Harris. “You are only in this for the power and prestige. You don’t care for our military or the citizens of this country.
https://www.foxnews.com/politics/trump-supporters-gold-star-families-flood-harris-x-account-after-arlington-attack-admin-killed-my-son
‘We’d love to stay here, but if we’re going to retire it’s not here’
Florida and Arizona used to be cheap places to retire.
‘A large portion of the multifamily world is underwater at the moment…A lot of the equity is gone, but it’s an asset class that is pretty resilient over time. It’s underwritable, it just needs a capital infusion’
Yer asking these guys to write a big check Catie. They were expecting to receive a big check.
‘The U.S. Treasury Department has issued a new rule that aims to prevent nefarious actors from using residential real estate deals for money laundering. The final rule issued on Wednesday will require real estate professionals to report the true identity of all-cash homebuyers who use shell companies or other legal entities to purchase residential property in the U.S…the new rule for investment advisers kicks in on Jan. 1, 2026’
‘A similar rule has applied since 2016 to cash deals above a certain threshold in Miami and Manhattan, which are popular markets for wealthy foreign buyers. Several other major cities have also been added under so-called geographic targeting orders since then’
2016? These guys move lightning fast to shut down money laundering.
‘The recent embrace of ADUs in California has also inspired the creation of new companies, which often make homeless housing as well. The state and local governments have made it easier for homeowners to build accessory units, promoting ADUs as a cheaper and less controversial method of increasing housing stock. ‘That’s why all of these companies are here, it’s the ADU laws…You can buy one of these things on Amazon’
What really got the CA REIC excited Beth was when guberment loans got approved for these tree house type things. Sure you have to set up an HOA for every Tuff Shed, but there’s gold under that El Camino!
I built one when I was 10 years old. No HOA required.
Could you borrow against it to finance a Disney vacation?
Alas, in those days I wasn’t allowed to “borrow”. Besides, I needed my 25
Alas, in those days I wasn’t allowed to “borrow”. Besides, I needed my 25c allowance for an occasional ice cream cone.
‘Homeless people have been breaking into homes, have been stealing things from people’s houses, actually tearing down the door, going inside and emptying the house,’ he said. ‘If Governor Cox is going to say, ‘Well, we don’t want to manage a state like California,’ well, then get hot. Don’t manage a state like California. Come up with a plan’
The idea that newscum could be presidente was always a joke.
‘‘The city of Aurora took a position early on that we were not going to participate in the migrant crisis. We were not going to provide taxpayer support, and we were not even going to be a conduit for federal dollars to come in to provide assistance’
This is an important point. What he’s talking about with ‘conduit’ is the guberment gravy they have been laddling out to pay for this fiasco.
‘This is not our problem; this is a problem created by the federal government at the border with bad policy. So, the federal government needs to solve this problem, not the city of Aurora. These people did not go there on their own; somebody put them there’
Herding bums and illegals between these sh$tholes had been going on for at least two decades.
‘We no longer need as many temporary foreign workers’…In 2014, he wrote an op-ed calling for the temporary foreign worker program to be scaled back dramatically and refocused to its ‘original purpose’ of filling jobs when no Canadian workers can be found. ‘I believe it is wrong for Canada to follow the path of countries who exploit large numbers of guest workers, who have no realistic prospect of citizenship,’ Trudeau wrote in the Toronto Star. ‘It is bad for our economy in that it depresses wages for all Canadians, but it’s even worse for our country. It puts pressure on our commitment to diversity, and creates more opportunities for division and rancour’
This is the most hated man in Canada, that’s saying something.
‘They say they’ve witnessed open drug use, aggressive behaviour and sexual conduct from frequenters of the day centre, including when children are around…In February, a worker found a dead body in the daycare’s playground…says parents have also been harassed by users of the shelter and some children have had nightmares from what they’ve seen…‘a child isn’t there to understand someone who … takes drugs, a naked person who screams at them and scares them’
Nightmares. These is going to be a point in hopefully the not too distant future when the question will be, what were these people thinking?
I Meme Therefore I Am 🇺🇸
@ImMeme0
“Polis wouldn’t last five minutes on this property,” says an Aurora resident who escaped from an apartment complex overrun by a Venezuelan gang. The resident SLAMS the governor of Colorado, whose office claimed that this gang invasion is largely a “figment of the local leaders’ imagination.”
2:58 PM · Aug 30, 2024
·
https://x.com/ImMeme0/status/1829594468363997252
Puke
Eric Abbenante
@EricAbbenante
Nancy Pelosi called out by Bill Maher for making Biden step down:
Bill Maher: “Sometimes you’re discouraging people to run.”
Pelosi: “People make their own decisions.”
Maher: “Absolutely they do.”
Pelosi: “From the bottom of my heart: Thank you so much for what you didn’t do.”
Maher: “When Joe stepped down, did you want it to be an open convention as opposed to going right to Kamala?”
Pelosi: “It was open. Anybody could have gotten in. She wrapped it up.”
‘She wrapped it up’ ‘It was open’ Kamala Harris didn’t receive a single vote.
Aug 30, 2024
https://x.com/EricAbbenante/status/1829721270767718552
Bill Maher
Questionably Hugh Hefner’s illegitimate child. 🐇🕳
‘Domestic policy decides how we live, but foreign policy decides if we live…What is happening in German foreign policy should be questioned: this country is on the brink of war with Russia, this country is on the brink of atomic war with Russia. Friends, we as Germans, we as Thuringians, we as voters say – no more war!’
The other party that is surging is mostly anti-globalist scum/war from what I’ve read:
A far-right party won a state election for the first time in post-World War II Germany in the country’s east on Sunday, and looked set to finish a very close second to mainstream conservatives in a second vote.
A new party founded by a prominent leftist also made a strong impact, while the parties in Chancellor Olaf Scholz’s unpopular national government obtained extremely weak results.
Sahra Wagenknecht, long one of its best-known figures, left last year to form her own party, which is now outperforming the Left. Wagenknecht celebrated that party’s success, underlined its refusal to work with AfD’s Höcke and said she hopes it can form “a good government” with the CDU.
The CDU has long refused to work with the Left Party, descended from East Germany’s ruling communists. It hasn’t ruled out working with Wagenknecht’s BSW, which also is at its strongest in the east. But the result means the CDU can’t put together a coalition that has a majority in Thuringia’s legislature without the Left Party.
https://abcnews.go.com/International/wireStory/party-wins-2-state-elections-eastern-germany-113306133
‘As Airbnbs take over her street, and noisy, late-night bars crammed with tourists open below her apartment, she often finds herself dragging a mattress into her kitchen at the back of her place to escape the noise. ‘It’s all about money, money, money, not preservation. More tourism, more alcohol, more Airbnbs. I am so sad about this’
‘there has been a lot done at the policy level to ensure housing is a commodity to be speculated. Not simply a means for people to live, housing is a vehicle through which to become wealthy. For the lucky ones, anyway’
It’s all a big scam.
How did it become legal in so many different places to avoid hotel regulations?
I have stayed in some AirBnBs that could be more accurately described as roach motels.
Train Kept a Rollin’ – Led Zeppelin – Live in San Francisco, California (April 27th, 1969):
https://m.youtube.com/watch?v=R2-Oo7_HtDs&pp=ygUlbGVkIHplcHBlbGluIHRyYWluIGtlcHQgYSByb2xsaW4gMTk2OQ%3D%3D
For you SouthPark fans …
https://www.denverpost.com/2024/09/01/casa-bonita-tickets-officially-open-reservations-email-list/
It’s time to practice your best Eric Cartman impression because you’ll be able to book a reservation soon at Casa Bonita — no lottery luck needed.
Has it dawned on you by now that US housing is in the largest, most protracted financial bubble in human history? It was already in full bloom when Ben Jones started his blog two decades ago.
The Housing Market Is a Bubble Full of Fraud, and It’s Going To Pop
The U.S. is in a massive housing bubble. Prices are artificially high due primarily to the downstream effects of financialization. Localized supply and demand dynamics — which today are also downstream of financialization — are a mess. Decades of housing subsidies, down payment assistance, artificially low interest rates, money printing and endless bank support have turned the American home into a financial product first and a place of shelter second. The extent of the distortion is unprecedented, something covered in “Escaping the Housing Trap: The Strong Towns Response to the Housing Crisis.”
…
https://www.strongtowns.org/journal/2024/8/19/the-housing-market-is-a-bubble-full-of-fraud-and-its-going-to-pop
“Prices are artificially high due primarily to the downstream effects of financialization.”
Federal guarantees backstop the entire gig.
Including implicit too-big-to-fail bailout insurance mechanisms, like Quantitative Easing focused on mortgage bonds…
Nonetheless, the massive and ever-snowballing subsidy scheme seems destined to ultimately collapse of its own weight.
Exhibit A: China housing