A Lot Of Sellers Won’t Budge On Their Prices, So They Don’t Sell
A report from NBC Miami in Florida. “The 40-year recertification of Commodore Plaza has been overdue for 13 years. The city of Aventura has been issuing violations and now the 654 property owners fear an upcoming Miami-Dade County unsafe structures hearing could mean they have to leave their units. NBC6 Investigates spoke with several condo owners at Commodore Plaza. ‘It makes me cry, really,’ Nora Mullen said. ‘At my age, I don’t think that I should go through something like this.’ The new condo law passed following the tragic collapse in Surfside. It requires condos to maintain reserve funds for important structural repairs and maintenance. ‘The going to full reserves is going to put a lot of people on the streets,’ said Johnna Alvarez.”
From KCBD. “Home prices in Texas rose by 40 percent between 2019 and 2023, according to Texas Comptroller Glenn Hegar. ‘We’ve seen price increases in Lubbock. There was a spike in 2021 that we did see nationally, and Lubbock saw a 13 percent increase which is unheard of,’ said Michael Hutton, president of Lubbock Association of Realtors. In 2022, the median home price in Texas peaked at $340,000 and has since hovered in that range according to the Texas Real Estate Research Center. LAR reports a significant difference here in Lubbock with a median price of $230,000. ‘Many sellers are willing to come down on their price, give some assistance to the buyer, but there are also builders who are giving a lot of incentives as well,’ Hutton said.”
From Skift. “Local Law 18 hasn’t yet led to a significant amount of additional long-term housing in NYC and hotels are thriving. But small-time hosts have lost a key source of income. Malaika nearly wiped out her retirement savings a decade ago to make a downpayment on a two-family home in Brooklyn’s Ocean Hill neighborhood. Skittish about taking on long-term renters who might turn into hard-to-evict squatters, Malaika (not her real name) put the apartment on Airbnb. She quit her job in 2022 as a healthcare administrator to focus on real estate investing. ‘I did that with the idea that my two-family home would support me in doing so,’ Malaika says. ‘Little did I know that on the horizon, New York City, the Office of Special Enforcement, and the mayor had a very different plan for me.'”
“Everything changed one year ago – on September 5, 2023 – when New York City began enforcing Local Law 18. Malaika says she has lost about $2,400 in monthly income, nearly a 30% drop. Gia Sharp, a homeowner and co-founder of RHOAR, which seeks a pause in enforcement and an exemption from the registration law for one- and two-family homeowners, says some members of the group are doing even worse. Regarding her own 110-year-old two-family home in Brooklyn, Sharp says since Local Law 18 kicked in, she’s had a few month-long stays in her upstairs unit, and one reservation was for a few months. ‘There’s definitely a few mortgage payments for income that I’m doing without, which is insane. I definitely can’t afford to replace my windows, which is thousands of dollars.'”
Hawaii Real Estate Dreams. “July brought us even more condo inventory, both in Kona and in Kohala. The association fees and higher property taxes are driving owners to sell. Since January our condo available inventory has increased over 50% to 145 as of this writing today. Now for buyers that will bode well, since an abundance of supply makes sellers’ prices more ‘flexible.’ But we are still struggling with higher fees, an election year, and interest rates that need to get down into territory we haven’t seen in a few years, like high 5%’s. Hopefully the associations’ 2025 budgets will begin to be released and that will give us some indication of how much they are raising fees, and interest rates will drop, and condo inventory will stop piling up on the market!”
From 12 News. “A popular Valley home inspector known for his videos exposing problems he finds during inspections will not face discipline after one of the country’s largest home building companies complained to regulators about his popular videos. Cy Porter of CyFy Home Inspections specializes in inspecting new construction homes in Arizona and his videos oftentimes expose flaws he finds. Taylor Morrison filed a complaint with the Arizona State Board of Technical Registration, which regulates Porter’s industry and his license. In the complaint, it alleged Porter’s posts are ‘harassing, falsified, and bullying.’ This week, the board held a hearing to discuss the complaint. The investigator assigned to the case stated after interviewing witnesses and homeowners who worked with Porter, and reviewing his posts, there was no evidence to show Porter lied in any of his videos.Ultimately, the board did not discipline Porter after finding no violation of board statutes or rules.”
Fox Business on California. “Nestled within the heart of Pacific Palisades, an equestrian estate fit for Hollywood royalty lies across 3.3 acres of land. The four-bedroom, five-bathroom home just sold for $14.04 million, a significant price drop from when it was last listed in 2021. At the time, it hit the market for $19.99 million before dropping to $17.99 million months later. The home was taken off the market in June 2021.”
Bisnow Washington DC. “D.C.-based developer Neighborhood Development Co. is shutting down after 25 years of building affordable housing, attributing the move to today’s difficult market conditions. ‘Our project production had been robust throughout most of our 25 years; however, the last three years have unleashed a perfect storm on the local real estate market, particularly for the type of projects we focus on, making today’s operating environment untenable for us,’ NDC CEO and Founder Adrian Washington said in the announcement.”
“The developer has completed over 1.1M SF of projects totaling over 1,900 housing units and had 860K SF in its pipeline, its website said earlier this month. The website now only features the closing announcement. NDC received a noticed of foreclosure last month from lender Forbright Bank for its 36-unit Arbor at Takoma project that completed this spring. An auction is scheduled Thursday for the property, one of a series of new D.C. multifamily buildings to face distress as high interest rates have upended the market.”
The Globe and Mail in Canada. “20 Edgecliffe Golfway, No. 606, Toronto. Asking price: $599,900 (June, 2024). Previous asking prices: $629,900 (May, 2024); $649,900 (April, 2024). Selling price: $595,000 (June 2024). This three-bedroom suite is in a high-rise building overlooking the Flemingdon Park Golf Club and the Don River, but there were numerous competing units in the building for sale this spring and all had trouble finding interested buyers. This suite started off priced just under $650,000 but failed to spark any interest and a drop to $629,900 after Victoria Day also did little to change the situation.”
“‘It was the slowest time we’ve had in real estate so far, said agent Jenelle Cameron. ‘There were a number of units … that weren’t moving, all around $639,000 to $649,000. I thought we’d need to come in under that.’ In June, a cut in the asking price to $599,900 finally managed to entice two buyers to make offers. Further negotiations culminated in the seller agreeing to another $4,900 drop in the price to secure a deal with an August 15 close. ‘I ended up getting two offers at the same time, but it still went under,’ said Ms. Cameron. ‘A lot of sellers won’t budge on their prices, so they don’t sell. I’m not sure the point of that. No one’s finding this fun.’ The unit comes with a storage locker and parking. Monthly fees of $822 pay for utilities and use of a gym and pool in an adjacent building.”
Kent Online in the UK. “Mystery surrounds the lack of progress on a huge seafront development site that has sat abandoned for months. Bosses behind the controversial Leas Pavilion scheme in Folkestone said in April how rumours it will not be completed were ‘completely untrue’ and confirmed construction was ‘due to recommence.’ But four months on, work is yet to restart and residents are again questioning whether the luxury 91-flat project will ever be completed. Since demolition of the pavilion in 2022, only groundworks and the erection of two towering stair cores have been completed by developer Gustavia as part of the project on the clifftop promenade. Visitors to the town say they are shocked by the current state of the plot.”
“Jean Hill, 78, from Wakefield in West Yorkshire, regularly visits Folkestone and says the site is in quite a state. ‘It was a bit of a shock to me at first,’ she said. ‘I think they should be building more affordable housing and accommodation for everyday people at an affordable price to rent.’ Friend Kathleen Hargreaves, 75, believes residents are right to be concerned over the lack of work. ‘It worries me greatly that work has stopped,’ she said. ‘We have a similar situation in Wakefield at the moment. They’ve built loads of new houses and then built the framework for a new supermarket in 2020, but it’s still just a metal frame.'”
Radio New Zealand. “It is being marketed as the ‘very best lifestyle imaginable’ by Sotheby’s real estate, an architectural masterpiece due for completion by ‘Q2 2024.’ But that date has come and gone and the Seascape tower in downtown Auckland sits unfinished after work was shut down last month over a dispute between the developer and the builder. The empty building site on Customs Street East is closed off and guarded by security workers, with no word on when work will restart. There is no mention of that on either Sotheby’s or on Seascape’s own website promoting the country’s tallest residential building, with 221 apartments priced between $990,000 for a studio to up to $22 million for a penthouse. That price varies widely depending on which story you read.”
“The New Zealand Herald’s property editor Anne Gibson says the dispute between the builder, China Construction and Shundi Customs is over the finish date and a payment issue. ‘China Construction wants $33 million from Shundi Customs. It claims it has reached a point in the contract where it is owed that and Shundi Customs is withholding money,’ she says. The Building Disputes Tribunal has ruled in favour of China Construction, but Shundi Customs is refusing to pay. ‘It was not forthcoming, which is why in late August China Construction wrote to all the subcontractors suspending work, telling them to leave the job.'”
“In the early stages the Ministry for Business Innovation and Employment ruled that the fire safety plans did not comply, forcing the developer to apply for a new building consent with modified fire safety aspects. More recently, the five-level basement, said to be the deepest in Auckland, ran into problems after defects were picked up in the diaphragm construction. Gibson says the suspension of work means the project will not be finished by the end of the year as expected, leaving dozens of construction workers and the buyers of the apartments in limbo.”
News.com.au in Australia. “A major Victorian builder has collapsed with up to 108 projects now in limbo leaving customers ‘devastated.’ A previous news.com.au investigation revealed that some customers from Grandeur Homes were facing a ‘nightmare’ as building on their dream homes had stalled and they were left with an agonising lack of information on when they will be complete. Ten customers shared their story and when news.com.au reached out to the construction company for comment, it engaged a high profile defamation lawyer to respond to questions.”
“One devastated customer is Karishma Seechurn. She has been trying to build her dream home for four years. She originally chose to build with Snowdon Developments in 2020 before the company collapsed and went on to sign on with Grandeur Homes in 2023. The 32-year-old said the stress is ‘next level’ given Grandeur Homes is the second builder she has worked with to go under. ‘I’m really worried about the situation of the house as I just have scaffolding all around and the top is frames. They don’t look good anymore, they have been weathered badly,’ she said.”
“‘Ms Seechum said she was particularly worried financially as she got her mortgage two years ago and the house still isn’t finished. ‘There’s the finance situation and interest rates and everything that comes along as even though they have gone under I still have to pay my mortgage,’ she added. ‘I’ve got electricity and water bills and my monthly land mortgage repayments and construction interest rates are way higher. I’m stuck with the bank with super high interest rates and then daily expenses on top of that.'”
“Another customer, Abhishek Marpally, said his wife and he were ‘devastated.’ He said the family had paid almost $340,000 to Grandeur Homes after construction commenced in June 2023. The house was due to be delivered in September this year. He said the family also found it hard to get information on when their build would be complete. ‘The new home excitement is not left at all now. I am just working full time and driving Uber to catch up with ongoing expenses,’ he said. He added with interest rate rises their monthly repayments had skyrocketed and they were paying rates, bills for construction property, land tax, rent, gas, water and electricity.
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‘I ended up getting two offers at the same time, but it still went under,’ said Ms. Cameron. ‘A lot of sellers won’t budge on their prices, so they don’t sell. I’m not sure the point of that’
The point Jenelle, is to not give it away!
Don’t just give it away Jenelle! Hold on till the bitter end!
Beans and rice help out… or better yet just quit eating.
And remember, Coffee is for closers!
Seeing this in my zip.
You will own nothing.
[And the beat goes on …]
Power cut off to 140 homes in Rancho Palos Verdes because of landslide danger.
https://www.yahoo.com/news/just-too-unstable-electricity-cut-221511443.html
[A photo appears here …]
Southern California Edison shut off power to 140 homes in the Portuguese Bend neighborhood of Rancho Palos Verdes on Sunday as continuing land movement created unsafe conditions, triggering an evacuation warning.
It was another blow to residents of the neighborhood, who lost gas service weeks ago.
“The land movement there has created such a dangerous situation that we must make that difficult decision to disconnect power indefinitely,” said David Eisenhauer, a SoCal Edison spokesperson.
“We never want to have to turn off power unless we absolutely must,” he said. “In this case, we absolutely must. We have an obligation that’s higher than providing electric service, and that obligation is safety: safety of the community and safety of our teams.”
Eisenhauer declined to speculate on when or if power might be restored to the affected homes.
“The conditions continue to evolve,” he said. “Our obligation is safety first.”
The city has issued an evacuation warning for the neighborhood, which means residents need to start preparing to leave.
“If you have animals, children, or need additional time evacuating, this is the time to leave,” the city said on the social platform X. An evacuation order would mean that residents need to leave immediately.
“If and when we actually have to evacuate because it’s hard for our residents to be there, we will work with the Sheriff’s Department to go house to house and make sure that people that do remain, do so safely,” City Councilman Dave Bradley said.
Recently, land movement in the area has continued to be recorded at unprecedented rates: as much as a foot a week. That’s created increasing challenges for residents, first responders, city officials and utilities, as infrastructure damage and safety concerns escalate.
The homes that lost power were notified Saturday of the impending shut-off. Those residents are the same ones who had their gas service cut almost a month ago.
Portuguese Bend resident Mike Hong said Saturday that he’d learned of the impending shut-off only an hour earlier.
“They are giving us even less time than the gas company,” said Hong, who has been cooking with hot plates, an option that will end Sunday. “Don’t abandon us. Where’s the humanity in this?”
SoCal Edison had warned residents that this was a possibility after gas service was cut. Eisenhauer said there wasn’t one issue that led to this decision, but said it was made to “keep the community safe.”
On Thursday, a small fire ignited near Narcissa Drive in Portuguese Bend. Eisenhauer said it started after a power line fell and sparked nearby vegetation. Though the blaze was quickly extinguished, he said the incident demonstrated the perilous state of things.
“We know this is a difficult time for Rancho Palos Verdes and we’ve been looking for ways to keep the power flowing,” Eisenhauer said. “At this point land movement has created such a dangerous situation that we must make the difficult decision to disconnect power indefinitely.”
Eisenhauer said there are no other immediate plans to extend the power shut-off to nearby neighborhoods also facing land movement, but said it’s a fluid situation that the utility is “monitoring constantly.”
He said SoCal Edison will have a “community crew vehicle” in the neighborhood by Sunday with water and information for residents. He said the utility is not providing generators because the ground in most places is not stable enough to install them.
City officials have said that losing electricity would create new safety issues, because power is key for telecommunications lines, the sewer system and the fleet of pumps that help mitigate ongoing land movement by expelling the groundwater that geologists say causes it.
The neighborhood still has a working sewer system because the city installed portable generators procured by the Portuguese Bend Community Assn. to power the sewer lift system, City Manager Ara Mihranian said.
Officials with California Water Service, which provides the area with water, have said they have no plans to discontinue their service, but it isn’t yet clear if that might have changed in recent days.
Effectively responding to the slide will require outside assistance, Councilman Bradley said.
“This is much bigger than the city itself, and without help from our partners at the county, state and federal level we can’t come up with real solutions to retard the land movement,” he said.
[” …real solutions to retard the land movement.” Lol. Good luck with that.]
[Truly, people are stupid.]
THey did have awesome ocean views while it lasted.
the pics are wild. I had to go map it. It’s basically behind the Point Vincente lighthouse, on the point between Long Beach and Redondo Beach.
Yeah that ain’t gonna be stable.
I can’t believe they still have sewer lines and water. some of those must be broken too. Hope you got house insurance cuz those are total losses.
total losses
It’s a shame those houses were ever built on a known active landslide.
“Don’t abandon us. Where’s the humanity in this?”
I grew up not far from Rancho Palos Verdes. Since at least the late ’70s the issues with shifting soil and buckling roads have been well documented. It beggars belief that anyone would be allowed to build in this area, but the stoopids rushed in anyway, cuz ocean views. File this under “If stupid didn’t hurt, fools would never learn.”
My parents married in Wayfarers Chapel in November 1972.
A few months after I got married.
From ZeroSludge:
“Of the nearly 108,000 recorded overdose deaths in 2022, almost 74,000 were directly linked to synthetic opioids, with fentanyl being the most prevalent. Fentanyl is said to be 50 times more potent than heroin and has become a preferred choice for illegal drug manufacturers due to its ease of production and low cost, unlike traditional opioids that rely on crop cultivation. The impact is even more severe among younger populations. In the 15 to 24 age group, 81 percent of the 6,696 overdose deaths in 2022 were attributed to synthetic opioids, with related fatalities increasing fivefold from 2015 to 2022.”
Fivefold is that a lot?
75% of fentanyl overdose deaths are white. ‘Nuff said.
For those of you who didn’t have to attend rehab in 1988 and remain sober ever since I wish you a Happy Labor Day.
Alan Jackson, Jimmy Buffett – It’s Five O’ Clock Somewhere
https://youtu.be/BPCjC543llU?si=CHJrkRqMHe_lt6BK
facing a ‘nightmare’ as building on their dream homes had stalled
Dream Home? Please make it stop. Just build a d@mn home you like!
‘The going to full reserves is going to put a lot of people on the streets,’
I mentioned this before but I will mention it again: Any one need a Nanny or maid? Might be able to find a cheap one in S. FL.
Muckraker.com
@realmuckraker
Muckraker Has Obtained Firsthand Testimonies From Trafficked Children in Florida – FEDERAL GOVERNMENT PLACING ALIEN CHILDREN IN TRAFFICKING RINGS
Muckraker has just concluded a months-long investigation into the Unaccompanied Children (UC) Program of
@HHSGov
.
We have now obtained first-hand testimonies from children who were delivered to a trafficking ring in Florida. According to insiders, the Department of Health and Human Services has known about this trafficking case for 3 years but did nothing to find the trafficked children.
According to the children we found, they were encouraged to come to the United States after hearing radio advertisements in Guatemala promoting the journey.
Upon reaching the United States, the “sponsor” who received them held a debt over their head and has been extorting them for years. This same sponsor is linked directly and indirectly to many more children who have been smuggled into the U.S.
The trafficking took place in Florida’s 19th Congressional district, which is represented by @ByronDonalds
.
Our upcoming exposé will reveal the horrors of the @JoeBiden and
@KamalaHarris UC program, including confrontations with the CIA contracting group that delivers the children, and testimonies from trafficked children who have been delivered across America and forgotten.
@RonDeSantis
@anthonyjrubin
@informantcarlos
@DebWhite77
@taraleerodas
@JoshBRubin
3:58 PM · Sep 1, 2024
https://x.com/realmuckraker/status/1830334356033785934
Truly, we are ruled by the wicked.
And have been for some time.
We have a daughter and son, and we know where they are and where they’ve been.
goofy personality – but some of his videos are absolutely eye opening. Would you ever buy a new home without your own ‘reputable’ home inspector.
“A popular Valley home inspector known for his videos exposing problems he finds during inspections will not face discipline after one of the country’s largest home building companies complained to regulators about his popular videos. Cy Porter of CyFy Home Inspections specializes in inspecting new construction homes in Arizona and his videos oftentimes expose flaws he finds. Taylor Morrison filed a complaint with the Arizona State Board of Technical Registration, which regulates Porter’s industry and his license.
‘It makes me cry, really,’ Nora Mullen said. ‘At my age, I don’t think that I should go through something like this.’
Boo f*cking hoo. Feckless Boomers have left massive messes for future generations to deal with, have planned on shuffling off this mortal coil blithely unconcerned about this intergenerational shafting. Now the chickens have come home to roost a bit prematurely, and the Olds try to play the age card after decades of can-kicking? Go ahead & cry, Nora, then pack your boxes & GTFO.
exactly. All these people crying about the condo’s having to have reserves and make repairs have been skating for years. They aren’t mad they have to pay, they are mad they got caught.
This country has been brainwashed to believe that anyone who reaches retirement age automatically deserves a comfortable carefree existence, regardless of the type of life they’ve led up to that point.
A reader sent these in:
I’m sure we’re completely safe.
https://x.com/NorthmanTrader/status/1829925010808414481
🤔 Gavin Newsom considers plan to force public colleges to hire illegal immigrants
https://x.com/dailyjobcuts/status/1829925150969487364
The charge-offs at big banks are piling up. They’re realizing (too late) that the U.S. consumer “who is strong!” was not strong, but was rather using BNPL to stretch their credit lines beyond what their credit cards would give them. This is called “damage control after the fact.”
https://x.com/DiMartinoBooth/status/1829945106893586596
A record number of investors are abandoning their investment properties, with around 11,000 properties listed for sale in August.
Experts say Victoria’s high land taxes are largely to blame, but it could be good news for potential home buyers.
https://x.com/7NewsMelbourne/status/1829778944146751923
The 🤡 from “Buying Beverly Hills” is getting nailed for PPP fraud.
https://x.com/GayBearRes/status/1830031849944728024
“Logitech’s new CEO has grand ideas for the computer hardware company, and one of them is a “forever mouse” that you’d never have to replace but that you may have to pay for every month.”
https://x.com/RudyHavenstein/status/1829922156949749793
The G wagon market has finally collapsed
The new G550 is selling at MSRP
RIP to everyone who paid 150k over in 21/22
https://x.com/carsales_guy/status/1829889549570572713
Topdown Charts ‘euphoriameter’ at its highest level on record.
https://x.com/DonMiami3/status/1829991568817701322
Re: Inflation/USD/Oil – The Return of PP and the Coming of PPPP.
Pusillanimous Powell is back, and he’s about to make a Policy Error — not from being “Too Late” but being “Too Early.” This post covers ramifications of Pusillanimous Powell’s Premature Pivot – PPPP.
https://x.com/UrbanKaoboy/status/1829878295996846434
SPOTTED IN TORONTO
Canadians have had enough.
https://x.com/Tablesalt13/status/1829987296294183348
More evidence of a slower housing market than people think. Just drove in my town in Florida and passed numerous Open House signs. And, the “sign twirlers” are back on street corners advertising new home developments. Haven’t seen them in 3 years.
https://x.com/Logisticsexpert/status/1829937141406654651
A Toronto builder’s association (BILD) calls for “immediate government action”
as only 287 new condo units get sold in July, 81% below 10 year average.
https://x.com/Tablesalt13/status/1829899370386317768
“Powell can say, ‘Inflation has moderated.”
That’s like saying, ‘I used to weigh 190 pounds, and now weigh 320, but I should be happy because next month I’m only weighing 326. My rate of change is now slow.’” – Marc Cohodes
https://x.com/RudyHavenstein/status/1829899885539397823
🇨🇳 – China’s real estate crisis looks nowhere near over
• Price of both new and second-hand homes continued to fall in July, highlighting anaemic demand
• Chinese government efforts to stimulate investment and consumption are barely moving the needle so far
https://x.com/AgatheDemarais/status/1829413745833148506
Private sector job creation has plunged, 6 year lows vs. government jobs surge to all time highs. Running $1T deficits every 90 days — while trying to influence election, buy votes, comes with a price — it’s NOT free.
https://x.com/Convertbond/status/1830240931502846161
Inflationary stimulus was a plan since 2018. John C Williams’ paper: “Monetary policy strategies for a low-neutral-interest-rate world” says interest rates have been too low for too long. Money printing, then inflation, then higher rates. All planned.
https://x.com/ChrisLawrence36/status/1830396417552310509
90% of US cities saw a rise in year over year unemployment rates in July, according to the BLS.
Jobless rates jumped in 350 of the 389 metropolitan areas last month.
Additionally, in 8 large metro areas with a population of 1 million or more, FEWER people held a job in July 2024 than in July 2019.
At the same time, average weekly wages DROPPED in 43% of the 389 metropolitan areas.
In 5 of the 8 highest-paying areas with average weekly wages above$1,400, salaries declined year-over-year.
https://x.com/KobeissiLetter/status/1830345886456484274
Canada is cooked 🍳 & a leading employment indicator.
https://x.com/DonMiami3/status/1830364357433450882
INTEL $INTC CEO TO PRESENT PLAN TO BOARD TO SELL OFF ASSETS
INTEL CEO, EXECUTIVES WILL PRESENT PLANS AT MID-SEPTEMBER BOARD MEETING
https://x.com/StockMKTNewz/status/1830334338610639043
FORGET LMIA JOBS
The government of Canada is letting in another 1 MILLION workers per year under its IMP program. No LMIA required.
Indians entering under this program went from 9,000 in 2010, to 355,000 in 2023!
https://x.com/Tablesalt13/status/1830237398346633546
The city of Dallas just hit 4.6 months of supply. (up 53% from a year ago). 😮
Average prices in Dallas Texas just fell 9.9% YoY in August. This is after a hilarious spike in luxury home sales in May that took prices to an all-time high.
#meanreversion
For more context into this bifurcated North Texas market, the city fo Fort Worth saw home supply rise to 3.9 months of inventory (up 50%) in August. Average prices were up 5.2%, but that’s because of significantly lower average price points ($404k vs the $574k in Dallas).
https://x.com/dfwaaronlayman/status/1830329178194866489
The share of home price drops is on the rise again 📈
Price drops are becoming more common as homes linger on the market and many buyers remain sensitive to prices, despite the recent drop in mortgage rates
https://x.com/Redfin/status/1829930932205179128
Price cuts on the rise as mortgage rates fall. Hmm.
https://x.com/mortgagetruth/status/1829959296995770601
Investors in the AAA tranche of $308M debt backed by 1740 Broadway in midtown Manhattan received only 74% of their money. Creditors in the five lower groups were totally wiped out.
https://x.com/FCNightingale/status/1830297060987592912
This is Langston University, where the 4-year graduation rate has recently dropped to a shocking 5%
https://x.com/ClownWorld_/status/1830387123528302864
WHY did we not know GDP was NEGATIVE in 2008’s Q1 until mid-2008 AFTER several revisions, two of which were to the upside? It wasn’t until the END of 2008 that a first print was negative, nearly ONE YEAR INTO RECESSION
Being guided by GDP, not GDI, is like driving w/a broken GPS
https://x.com/DiMartinoBooth/status/1829944269605335548
In a nutshell: Investors aren’t buying and are realizing their properties won’t sell for the price they hoped. End users are putting moving plans on hold due to high rates.
https://x.com/nasmadotali/status/1830321916768579803
The Federal Reserve is kicking off a rate-cutting cycle with core PCE NO-where even close to the 2014-2019 norm. Clearly, they have chosen a new, higher inflation target in reality. They will publicly say this in the coming years.
https://x.com/Convertbond/status/1829500355677163903
Could Toronto Be The Epicenter Of Chinse Fentanyl Money Laundering In North America?
Does Canada’s inability to EVER catch or prosecute major Drug Money Laundering Criminals give a clear indication that Canada offers the best options to crooks operating in North America?
https://x.com/ronmortgageguy/status/1829514352363470958
The Fastest Growing Trend In Ontario Real Estate: Purchase Failures
People buy a house but can’t CLOSE
I have posted about this before but speaking to a lawyer who’s company is working on 350+ RE deals a month confirms
500% increase in Closing Failures versus Pre-Covid
https://x.com/ronmortgageguy/status/1829155088860156325
“And, the “sign twirlers” are back on street corners advertising new home developments. Haven’t seen them in 3 years.”
He spinners are back where I’m at too. Haven’t seen them in like over 10 years. But the new home inventory is stacking up like crazy with nothing moving and the builders still have their foot on the gas. This only ends one way.
Years ago, we saw a RE sign spinner in an outer suburb of Portland, OR. He (she?) was wearing a gorilla costume that looked like the first reel of 2001 Space Odyssey.
We saw a dude dry-humping his sign in Adelento some years back. It definitely was an attention getter.
“The charge-offs at big banks are piling up. They’re realizing (too late) that the U.S. consumer “who is strong!” was not strong”
Paul Krugman muh best economy ever.
Remember this clown’s recent NYT column asking: should Biden downplay his accomplishments?
“Remember this clown’s recent NYT column…”
> The performance of America’s economy over the past
> two years has been remarkable, especially given the dire
> predictions of many observers. Remember the economists
> who forecast a recession in 2023? Remember all those
> warnings that getting inflation down would require years
> of high unemployment?
Sounds wonderful if we don’t pay attention to the $1-Trillion added to the national debt every 100-days.
“Home prices in Texas rose by 40 percent between 2019 and 2023, according to Texas Comptroller Glenn Hegar.
Not coincidentally, the Keynesian fraudsters at the Fed increased the money supply by exactly that amount during the scamdemic.
“Local Law 18 hasn’t yet led to a significant amount of additional long-term housing in NYC and hotels are thriving. But small-time hosts have lost a key source of income.
Die, speculator scum.
A handful of wealthy polluting countries led by the US are spending billions of dollars of public money on unproven climate solutions technologies that risk further delaying the transition away from fossil fuels, new analysis suggests.
These governments have handed out almost $30 billion in subsidies for carbon capture and fossil hydrogen over the past 40 years, with hundreds of billions potentially up for grabs through new incentives, according to a new report by Oil Change International (OCI), a non-profit tracking the cost of fossil fuels.
To date, the European Union (EU) plus just four countries—the US, Norway, Canada and the Netherlands—account for 95 percent of the public handouts on carbon capture and storage (CCS) and hydrogen.
The US has spent the most taxpayer money, some $12 billion in direct subsidies, according to OCI, with fossil fuel giants like Exxon hoping to secure billions more in future years.
But CCS projects consistently fail, overspend or underperform, according to previous studies. CCS—and blue hydrogen projects—rely on fossil fuels and can lead to a myriad of environmental harms including a rise in greenhouse gases and air pollution.
“The United States and other governments have little to show for these massive investments in carbon capture—none of the demonstration projects have lived up to their initial hype,” said Robert Howarth, professor of ecology and environmental biology at Cornell University. “It is instructive that industry itself invests very little in carbon capture. This whole enterprise is dependent on government handouts.”
https://www.motherjones.com/politics/2024/09/us-waste-billions-unproven-climate-solutions-carbon-capture-storage-subsidies/
Earnings tumbled at the biggest listed firms in China’s photovoltaic industry in the first half of this year after solar panel prices continued to slump.
Net profit of Jinko Solar plunged 69 percent to CNY1.2 billion (USD170 million) in the six months ended June 30 from a year earlier. Its revenue fell around 12 percent to CNY47.3 billion (USD6.7 billion), which was still relatively high thanks to its high annual production capacity of advanced high-efficiency N-type modules, helping it to overtake Longi Green Energy Technology as the world’s top supplier.
Jinko PV module shipments totaled 43.8 gigawatts in the first half, with over 80 percent being high-efficiency N-type ones.
In contrast, due to the relatively large capacity of outdated P-type wafers and modules, Longi swung into the red with a net loss of CNY5.2 billion, versus a net profit of CNY9.2 billion a year ago, while its revenue fell 40 percent to CNY38.5 billion. Its module shipments reached 31.34 GW, dropping to fourth in the industry.
Trina Solar’s net profit sank 85 percent to CNY526 million (USD74 million) on revenue of CNY43 billion to rank second. The Changzhou-based firm took the third sport by module shipments with 34 GW.
JA Solar Technology also reported a net loss of CNY874 million, compared with net profit of CNY4.8 billion a year earlier, with its revenue reaching CNY37.4 billion. However, the Beijing-based firm climbed to the second position by module shipments with over 38 GW.
https://www.yicaiglobal.com/news/chinas-solar-industry-leaders-see-first-half-earnings-plunge-as-panel-prices-go-on-falling
Kyle Bass says blackballing oil has proved a bad bet for ESG
The hedge fund veteran and founder of Hayman Capital Management says the backlash that’s been building against environmental, social and governance investing in recent years is largely due to climate activists’ demands that fossil fuels be abandoned here and now. As a proposition, that was never tenable or even responsible, he says.
“There were all of these idiots that were just saying, if anyone is doing hydrocarbons, we’re going to blackball them from doing business or from receiving capital,” Bass said in an interview. “And so Texas lashed back and said, if you’re going to blackball someone that’s producing hydrocarbons, we’re not going to do business with you either.”
It’s a line of argument that gets to the heart of an increasingly entrenched standoff between much of Wall Street and the climate movement. A recent case in point is the months-long campaign outside the Manhattan headquarters of Citigroup Inc. (C), which has seen tense encounters between bankers and protesters.
Protest organizers have galvanized enthusiasm using slogans like “Hot People Hate Wall Street” and “Eat the Rich.” So far, dialogue has been limited and neither side has made any concessions of note.
“Energy transitions take 40 or 50 years,” Bass said. There are people who “think we can just turn hydrocarbons off and turn on alternative power. But they have no idea how the grid works and no idea how business works.”
The focus now should be on energy efficiency and electrification, with a full transition to nuclear in the long run, he said. Until then, it’s more realistic to accept that fossil fuels and renewable energy sources are “going to coexist for decades and decades to come,” Bass said.
https://finance.yahoo.com/news/kyle-bass-says-blackballing-oil-140000943.html
“think we can just turn hydrocarbons off and turn on alternative power.
It doesn’t help that making alternative power increases the use of hydrocarbons.
DENVER (KDVR) — Police are asking the public for help in the search for three suspects who were caught on camera stealing a motorcycle out of a garage in Commerce City.
The Commerce City Police Department shared a video of the incident, in which three suspects are shown at the scene. Two of them were armed with what CCPD described as a handgun and an AR-style rifle.
“We always take property crime seriously… but when you bring an AR-style rifle to a home burglary/motor vehicle theft, we can’t help but wonder how much worse this could have been and how dangerous you really are,” the police department wrote on Facebook Friday.
https://www.yahoo.com/news/caught-camera-police-searching-armed-210422410.html
Doom Loop
Amish and Mennonite gangs are using their Ohio and Pennsylvania communities as staging bases to mount forays into otherwise crime-free Democrat-run cities where progressive hug-a-thug criminal justice policies have resulted in former hoodlums seeing the error of the ways and pursuing careers as engineers, doctors, and astrophysicists. CNN has verified this.
https://x.com/EndWokeness/status/1830401573219926448
That’s the video I posted earlier. AR is misleading as it’s probably a carbine shooting hand gun rounds. Better to just use a hand gun in close quarters. Looks like somebody who doesn’t know much about guns.
They may not know much about guns, but they know all about capering with impunity.
Commerce City is the only Denver suburb that is an even bigger sh*thole than Aurora.
You could argue Edgewater, Englewood or Thorton but you’re not wrong. Commerce City isn’t a suburb, it’s warehouses and RR’s and mexicans.
They built the soccer complex and stadium for the Rapids there, hoping it would gentrify the place. It didn’t work.
‘I did that with the idea that my two-family home would support me in doing so,’ Malaika says. ‘Little did I know that on the horizon, New York City, the Office of Special Enforcement, and the mayor had a very different plan for me.’”
Cry me a river, Malaika. You & your ilk have ruined residential neighborhoods by running unregulated hotels and subjecting neighbors to the bad behavior of your “guests.” The pushback was long overdue.
Political parties in two eastern regions moved to block the Alternative for Germany from power after the far-right party won Sunday’s election in Thuringia and came a close second in neighboring Saxony.
The AfD, classified by security services as right-wing extremist in both states, took 32.8% of the vote in Thuringia, according to preliminary results, the first triumph for a far-right party in a German state ballot since World War II.
With Germany’s economy stagnating and migration a key concern among voters, nationwide support for the three ruling parties has slumped to record lows. Populist forces of the extreme right and left took more than 60% of the vote in Thuringia and almost half in Saxony, highlighting the crumbling of Germany’s political center in some parts of the country.
The battering for Scholz’s alliance prompted fresh claims from opposition lawmakers that the government is a spent force, as well as renewed calls for the next election to be brought forward. It may also fuel debate about whether Scholz should be the Social Democrat chancellor candidate if the coalition survives until next September.
https://uk.finance.yahoo.com/news/german-far-afd-blocked-power-060104427.html
When a startup rises from the ashes of a failed tech venture, you’d hope the new founders learned some lessons. However, a fresh lawsuit against Osom Products, the company formed by ex-Essential employees after that company flopped, alleges that its CEO went on a personal spending spree using company money.
Osom’s former chief privacy officer, Mary Stone Ross, is taking legal action against the company and current CEO Jason Keats. The lawsuit alleges that Keats used company funds to buy himself two Lamborghinis. Other allegations in the filing include using corporate funds to pay his mortgage, booking countless first-class travel tickets, funding an expensive racing hobby, and paying his racing partner’s salary.
Ross also claims that a previous head of finance may have resigned over the affair, after which Keats replaced him with someone more sympathetic to his personal “financial needs.” She has asked the court to compel Osom to provide internal records.
However, it doesn’t end there. The lawsuit claims that Hewlett-Packard was exploring an acquisition of the company for a certain sum but pulled out of the deal when a price couldn’t be met. The filing states that Keats has depleted Osom’s resources and needs more capital to keep the company afloat.
https://www.techspot.com/news/104526-former-executive-sues-startup-ceo-buying-lamborghinis-company.html
Pshaw, Ben “Alex” Jones, fear-monger & purveyor of misinformation who is putty in the hands of Vladimir Putin. Surely that self-described Champion of the Middle Class, Fauxahontus, would descend in all her fury on any scofflaws engaged in financial chicanery in our most sound financial system, where our dedicated, competent, ever-vigilant public servants are impervious to stuffed brown envelopes as they diligently go about their sacred duty of assuring the integrity of our markets and the financial system.
Gov. Gavin Newsom has recited a consistent message to cities and counties over the years as he tries to leverage billions in state funds to combat homelessness: Get people off the street, or else.
He said it in 2022, when he briefly froze hundreds of millions of dollars in aid by rejecting every local plan to address homelessness. He said it in 2023, when he questioned the rationale to “provide them one dollar more” if they “can’t clean up the encampments.” He said it in April, warning they “sure as hell shouldn’t get another penny if they didn’t use the money wisely.”
The repeated threats illustrate the gravity and intractability of the homelessness issue for ambitious Democrats like Newsom, who has called it “the biggest scar on the reputation of the state of California.” Newsom’s aides describe a yearslong effort to raise the political cost for mayors and county supervisors who refuse to clear encampments or get people housed, often buckling to pushback from voters who don’t want shelter or services in their neighborhoods.
And while Newsom faults local intransigence, his detractors believe he is cynically shifting blame after his administration unaccountably spent billions of dollars with little to show for it: A scathing state audit earlier this year found the administration hasn’t tracked if homelessness money is producing results.
https://www.msn.com/en-us/news/us/who-gavin-newsom-blames-for-california-s-homelessness-crisis-and-what-he-s-doing-about-it/ar-AA1pNChn
Some days I am so glad I escaped from that sh!thole. Today is one of those days.
Unfortunately I may have to escape again, this time from the Centennial state,
“from the Centennial state”
Make Southern Colorado Texas Again.
I’m not leaving, we’re just gonna secede from the communist vermin in Dumver.
I think a lot of conservative Coloradans are in wait-and-see mode as the 2024 election is a clear choice between freedom and Communism. If Comrade Kamala wins, I think we’ll see Colorado counties that don’t want to live under Bolshevism attempt to revive the “North Colorado” succession bid of 2013, or break away from the Denver commies and join with the free state of Wyoming, as they tried but failed to do in 2021.
I’m not sure Larimer County would go along. Too many commies in Fort Collins.
A carefully choreographed photo-op fell to pieces when Canadian Prime Minister Justin Trudeau was confronted by a disgruntled steelworker, who challenged him over high taxes and the rising cost of living.
The tense exchange, which was caught on camera, took place at a steel firm in Sault Ste. Marie, Ontario, on Friday. The unidentified worker refused Trudeau’s offer of doughnuts and instead complained about high taxes, medical bills, and what he perceived as handouts to “lazy” individuals.
Trudeau attempted to defend his policies, stating, “The 25 per cent tariffs we just brought in is going to help you out ⦠that’s going to keep your job.”
However, the worker countered, “What about the 40 percent taxes I am paying and I don’t have a doctor?”
In response, Trudeau pointed to a multimillion-dollar investment by the Canadian government, which he claimed would secure the worker’s employment “for many years to come.”
“I’m going to invest in you and your job,” Trudeau said.
But the worker remained unconvinced. “I don’t believe you, not for a second,” he said.
The worker described his struggles to make ends meet and support his family despite having a full-time job. When Trudeau mentioned dental care, the worker replied, “Yeah, I pay for it myself. We are like three years behind.”
Trudeau responded by highlighting the recent investment that allowed half a million people to access dental care, but the worker retorted, “Yeah, probably like my neighbour who doesn’t go to work because she’s lazy.”
Taking a jab at Trudeau’s dipping popularity, the worker predicted that the Liberal Party leader would be voted out, saying, “I think you are only here for another year, we won’t see you around in another year.”
Trudeau calmly replied, “That’s what elections are for. I look forward to everyone exercising the right to vote.”
The worker walked off after refusing to shake Trudeau’s hand.
https://www.msn.com/en-in/entertainment/news/justin-trudeau-confronted-by-steelworker-wont-see-you-around-in-another-year/ar-AA1pPEAS
The people who work hard, play by the rules, and pay the bills have no voice or representation in globalist Quisling governments.
“Trudeau calmly replied, “That’s what elections are for. I look forward to everyone exercising the right to vote.”
That article and Trudeau’s reply reminded me of…
“The people who cast the votes don’t decide an election, the people who count the votes do.”
Joseph Stalin
With the Democrat-Bolsheviks working off the same playbook that Lenin’s Reds used to seize power in Russia, it’s instructive to learn the lessons of history. Stalin elevated the most depraved, evil people to serve in his NKVD regime protection/internal security force, as the Great Purges eliminated most of the original Bolshevik revolutionaries who came to be viewed as threats by the paranoid Stalin and the coterie of psychopaths who headed the NKVD. Be careful what you wish for, Democrats and leftists – useful idiots are expendable once Marxist-Leninist totalitarians consolidate their tyranny.
https://www.youtube.com/watch?v=IYm_a14E450
Democrats and leftists – useful idiots are expendable once Marxist-Leninist totalitarians consolidate their tyranny.
Happens every single time. The Tribe members are typically the first to be purged.
I was talking with a friend earlier today. He thinks that the Dems will be able to drag Harris across the finish line and install her as president. If they can drag her across the finish line, then we will be a one party state.
Regarding her own 110-year-old two-family home in Brooklyn, Sharp says since Local Law 18 kicked in, she’s had a few month-long stays in her upstairs unit, and one reservation was for a few months. ‘There’s definitely a few mortgage payments for income that I’m doing without, which is insane.
No, what’s insane is expecting “guests” to cover your mortgage, Gia. Sounds to me like you need stable, creditworthy, long-term tenants, but to attract them you might need to offer compelling value – which prolly means dialing back your greed and sense of entitlement.
An economic cold snap is coming and — unless you have a fully insulated job inside the Yukon’s government greenhouse economy — it’s time to find your financial parka.
With the Yukon government having succeeded in pushing Victoria Gold into receivership, the chances of the Eagle Gold Mine returning to production next spring have gone from debatable to fantastical.
The good news, such as it is, is that the Yukon government has been mostly unsuccessful in diversifying the economy. It still gets around 85 per cent of its revenue from Ottawa. This stabilizes the Yukon economy, with 45 per cent of the workforce employed in the public sector plus thousands more supported by relatively secure government contracts.
Unfortunately, many of these questions are unanswerable today. You need to do some personal scenario planning.
For example, you might get out a piece of paper and make two columns: “A Few Days of Minus Thirty” for a mild impact on you, and “Three Weeks of Old-School Forty Below” for more severe economic weather.
Timing is also critical for asset sales. If you suspect you may need to sell some business assets or personal items, you may wish to do it now while used prices are still good. Once everyone else tries to sell their fully loaded F-150 Tremor or Skidoo Summit Adrenaline, prices will plummet.
And then there is your house. Can you afford your mortgage in a Forty-Below scenario? Will Whitehorse house prices go down, or will our reliably rising transfer payments and greenhouse jobs keep prices stable?
The old saying is that there is no such thing as bad weather, just bad clothing choices. Now is the time to review your current outfit, and see if you are actually in reassuringly good shape. Or if you are the person headed into Forty Below wearing shorts and flip flops.
https://www.yukon-news.com/opinion/yukonomist-what-to-do-in-an-economic-cold-snap-7503742
An economic cold snap is coming and — unless you have a fully insulated job inside the Yukon’s government greenhouse economy — it’s time to find your financial parka.
My pimp hand rises of its own volition every time I read such cutesy REIC dreck.
Since January our condo available inventory has increased over 50% to 145 as of this writing today.
B…b…but I don’t understand. The REIC shills assured me that pent-up demand was waiting on the sidelines, waiting to rush in to sign Mr. Banker’s line which is dotted just as soon as inventory became available. So now we’ve got inventory galore, but buyers are as AWOL as our dementia patient president.
This week, the board held a hearing to discuss the complaint. The investigator assigned to the case stated after interviewing witnesses and homeowners who worked with Porter, and reviewing his posts, there was no evidence to show Porter lied in any of his videos.
Sounds to me like Cy is doing the job that captured, incompetent, or negligent inspectors and regulators can’t or won’t do. Maybe instead of Cy being hauled in front of the board, developers & builders responsible for shoddy work need to be liable, along with the inspectors who signed off on substandard construction.
I think city or county inspectors just look for code issues. They don’t make sure stuff like drains or lights work, etc. I’ve heard of some new shacks having a long list of problems after inspections.
Building inspector here, and you nailed it. Code compliance is what we’re there for, not quality control. And the two do not always go hand in hand. That was a tough one for me to learn when I stepped over from being a GC to a building inspector.
‘A lot of sellers won’t budge on their prices, so they don’t sell. I’m not sure the point of that. No one’s finding this fun.’
Au contraire, Ms. Cameron. There is much hilarity to be had watching greedhead sellers chase the market down while fake value created by fake money evaporates from their shacks. Got popcorn?
‘There’s the finance situation and interest rates and everything that comes along as even though they have gone under I still have to pay my mortgage,’ she added.
Gosh, I’m starting to think that getting up on that housing ladder to effortless generational wealth-building isn’t all it’s cracked up to be. Especially given the shoddy construction, negligent inspectors, and shady business practices that are endemic among builders & developers.
Washington “alarmed” by the CRE crisis that Washington & the Fed created.
https://www.politico.com/news/2024/09/02/office-property-values-fed-00174697
House Purchase FAILURES! | Canada Real Estate
Angry Mortgage Podcast
7 hours ago
The fastest growing thing in Ontario Real Estate today is home purchase that Fail to Close, yeah, no kidding that is up 500% versus Pre-Covid. Why are these Home Purchases breaking down? Simple the Buyers could not come up with the money or the mortgage they needed to complete the deal. Mainly its New Construction Appraisal Problems, people buying years ago at high prices & market prices dropping. But there are more aspects to this rapidly rising trend. Ron explains
https://www.youtube.com/watch?v=HT843l1QNBw
8 minutes.
Torsten Prochnow
@TorstenProchnow
It’s hard to imagine anything more unpresidential than Kamala Harris stepping out of her motorcade, deliberately wearing headphones to avoid answering questions from the press. This is not just a minor faux pas—it’s a blatant display of arrogance and an outright disregard for the principles of transparency and accountability that are supposed to define democratic leadership.
For over six weeks now, since becoming the Democratic candidate, Kamala Harris has avoided holding a single press conference. This isn’t just unusual—it’s an insult to the American people. A candidate for the highest office in the land owes it to the public to be open, accessible, and willing to answer tough questions. But instead of engaging with the media and the citizens she claims to want to serve, Harris is hiding behind staged events and scripted appearances.
This kind of behavior is fundamentally undemocratic. It suggests that Harris believes she’s above the scrutiny that comes with running for president, that she doesn’t need to answer to the voters or the press. This kind of arrogance is not just troubling; it’s dangerous. It shows a complete lack of respect for the democratic process and for the American people who deserve to know exactly who they’re voting for.
By ignoring the press and avoiding accountability, Harris is not just disrespecting the role of the media; she’s disrespecting every single American citizen. This is a clear sign that if she were to take office, we could expect more of the same—closed doors, dodged questions, and a leader who believes she’s above the rest of us.
America deserves better. The presidency requires openness, transparency, and respect for the democratic process—qualities that Kamala Harris is showing she does not possess.
11:58 AM · Sep 2, 2024
·
https://x.com/TorstenProchnow/status/1830636425907478595
Video of headphoned Kamala avoiding the press as she boards Airforce Two.
Howard Mortman
@HowardMortman
Kamala Harris departs Joint Base Andrews, headed to Detroit, Michigan
11:31 AM · Sep 2, 2024
https://x.com/HowardMortman/status/1830629617058902230
0:16
Biden vows to ‘make America respected around the world again’
Nov 7, 2020
https://youtu.be/AuQGymh0j0Y?si=zYN0h80rUaGj23jQ
Clash Report
@clashreport
A group of people put sack on the head of an American soldier allegedly serving on a US warship (USS Wasp) arrived at the port of Izmir, Türkiye.
“Yankee, go home!” the group chanted.
9:21 AM · Sep 2, 2024
·
https://x.com/clashreport/status/1830596793647714765
Houthi tribal warriors who have been brazenly firing on shipping in the Red Sea would soil themselves if they know that even now, the USS Mulvaney is on its way to disgorge the Pentagon’s dreaded & feared White Strappy Sandal Brigade of tranny influencers, ready to plant their pride flags on Yemen’s stoney shores before attacking the Houthis in the rear, so so speak.
Some 20 million Americans now identify as “preppers.” The vast majority are male, because women have been brainwashed to believe gub’mint will always rush to their rescue in any crisis. So now the WEF says countries need a more “gender inclusive” approach to preparedness. Sorry, but it’s a bit late in the game for that. When the SHTF, watch how quickly “strong, independent feminists” transform into clinging vines and damsels in distress desperate for a stoic, well-armed trad male to come to their rescue.
https://www.weforum.org/agenda/2024/08/disaster-management-japan-needs-more-gender-inclusive-approach-and-how-can-we-get-there/
‘prices in Texas rose by 40 percent between 2019 and 2023, according to Texas Comptroller Glenn Hegar. ‘We’ve seen price increases in Lubbock. There was a spike in 2021 that we did see nationally, and Lubbock saw a 13 percent increase which is unheard of
You really screwed up this time Jerry.
’LAR reports a significant difference here in Lubbock with a median price of $230,000. ‘Many sellers are willing to come down on their price, give some assistance to the buyer, but there are also builders who are giving a lot of incentives as well’
They are building like crazy in Lubbock cuz of high prices. Despite the shortage of land.
‘put the apartment on Airbnb. She quit her job in 2022 as a healthcare administrator to focus on real estate investing. ‘I did that with the idea that my two-family home would support me in doing so’
When one embarks on real estate riches, it’s best to burn all yer bridges on the way out Malaika (not her real name).
‘Regarding her own 110-year-old two-family home in Brooklyn, Sharp says since Local Law 18 kicked in, she’s had a few month-long stays in her upstairs unit, and one reservation was for a few months. ‘There’s definitely a few mortgage payments for income that I’m doing without, which is insane’
Drinking wine before an interview isn’t a good idea Gia.
From the same article, how does one have a mortgage after 86 years?
Stanley McIntosh, a retired FEMA employee who’s in his 70s, and his wife Rosalinda Cooper, had been offering a garden-level apartment as a short-term rental in Harlem since around 2017, mostly on Vrbo. It’s part of the brownstone where they live and it has been in the family since 1938.
After the law went into effect, McIntosh initially changed the listing to stays for 30 days or more, and now the couple is trying to figure out what to do next. He says the income hit means he can still pay his mortgage, but the couple can’t save like they used to.
If you paid your mortgage off it probably means you did not handle your finances efficiently.
‘Taylor Morrison filed a complaint with the Arizona State Board of Technical Registration, which regulates Porter’s industry and his license. In the complaint, it alleged Porter’s posts are ‘harassing, falsified, and bullying.’ This week, the board held a hearing to discuss the complaint. The investigator assigned to the case stated after interviewing witnesses and homeowners who worked with Porter, and reviewing his posts, there was no evidence to show Porter lied in any of his videos’
If you bought from these guys, this news has to make you a sad panda.
‘The four-bedroom, five-bathroom home just sold for $14.04 million, a significant price drop from when it was last listed in 2021. At the time, it hit the market for $19.99 million before dropping to $17.99 million months later’
All Time High Larry™.
‘‘Our project production had been robust throughout most of our 25 years; however, the last three years have unleashed a perfect storm on the local real estate market, particularly for the type of projects we focus on, making today’s operating environment untenable for us’…The website now only features the closing announcement. NDC received a noticed of foreclosure last month from lender Forbright Bank for its 36-unit Arbor at Takoma project that completed this spring’
Brand new, and he’s so far behind on payments they are already selling at auction. You paid too much for the land Adrian.
‘from Wakefield in West Yorkshire, regularly visits Folkestone and says the site is in quite a state. ‘It was a bit of a shock to me at first,’ she said. ‘I think they should be building more affordable housing and accommodation for everyday people at an affordable price to rent’
They paid too much for the land Jean. If they hadn’t they could adapt, built affordable airboxes. But now they are broke and headed for bust.
‘It is being marketed as the ‘very best lifestyle imaginable’ by Sotheby’s real estate, an architectural masterpiece due for completion by ‘Q2 2024.’ But that date has come and gone and the Seascape tower in downtown Auckland sits unfinished after work was shut down last month over a dispute between the developer and the builder. The empty building site on Customs Street East is closed off and guarded by security workers, with no word on when work will restart. There is no mention of that on either Sotheby’s or on Seascape’s own website promoting the country’s tallest residential building, with 221 apartments priced between $990,000 for a studio to up to $22 million for a penthouse’
There’s photos. You’ll be looking at this eye sore for many years Auckland.
‘She has been trying to build her dream home for four years…the stress is ‘next level’…‘I’m really worried about the situation of the house as I just have scaffolding all around and the top is frames. They don’t look good anymore, they have been weathered badly’
‘Ms Seechum said she was particularly worried financially as she got her mortgage two years ago and the house still isn’t finished. ‘There’s the finance situation and interest rates and everything that comes along as even though they have gone under I still have to pay my mortgage,’ she added. ‘I’ve got electricity and water bills and my monthly land mortgage repayments and construction interest rates are way higher. I’m stuck with the bank with super high interest rates and then daily expenses on top of that’
It can be tough going through the slings and arrows Karishma. But you are the winnah! here.
“Safe and effective,” the feckless military leadership told servicemembers coercively forced to take a dangerous experimental “vaccine.”
https://x.com/iluminatibot/status/1829997769723166899
I recall reading about a new triple mRNA jab for tetanus, whooping cough and diphtheria.
It won’t be long before all jabs are mRNA jabs. Safe and effective every single one.
And now the Europeans are implementing a universal vaccine passport (Euvabeco).
Your papers, please.
Plane taking off in traffic in Alaska
beam887
16 years ago
I shot this video on a motorcycle trip to Alaska from Vancouver, BC 12 years ago. The time stamp for this clip was at 13:24 on August 17, 2007. The camera which I had used was Canon PowerShot G7. Since there were over 300 comments and many curious viewers, I have searched GPS location today. I did not have GPS locator in the camera then. So I have to track the time of previous pictures to find nearby places from the information in the pictures to estimate the distance and location of that particular service station. Luckily I found it eventually after many tries. The place is Eureka Lodge. The address is 685 Glenn Hwy, Alaska. GPS 61.9378326,-147.1735764
It is not uncommon that planes taking off from the highway in Alaska. Oftentimes I saw planes parked in the backyard of residents in remote mountainous area in Alaska. It seems flying make more sense than driving since residents in remote area might having hard time getting out by car, especially in winter.
By searching the GPS location, it has refreshed my memories again of this trip of lifetime. I saw sunshine, storm, hail, rainbow in one sky. I need GPS location for my own record…
I was moved by viewer’s interest and took out the original video clip, and added couple of pictures of the pilot was filling the tank before taking off. The original video has higher resolution. I also have stabilized video so the viewing experience is more enjoyable.
https://www.youtube.com/watch?v=MgQIcK881es
1:43.
In Alaska in specific areas the highway will have an aviation VHF radio frequency painted in large numerals right on the road surface such that it can be seen from the air. The pilots inputs this frequency and “keys” the mic five times, and traffic stopping arms on the road swing down stopping the cars so the plane can land. Upon landing, the the pilot “keys” the mic again, and the traffic arms are raised allowing traffic to proceed. Alaska!
If the Fed had to choose between runaway inflation along with a dollar crisis or contained inflation with a recession, which would they choose?
LFire and Ice
By Robert Frost
Some say the world will end in fire,
Some say in ice.
From what I’ve tasted of desire
I hold with those who favor fire.
But if it had to perish twice,
I think I know enough of hate
To say that for destruction ice
Is also great
And would suffice.
‘Strap In’—Fed Suddenly Braced For A U.S. Dollar ‘Crisis’ That’s Predicted To Spark ‘Total Collapse’ And A ‘Critical’ Bitcoin Price ‘Tipping Point’
Billy Bambrough
Senior Contributor
I write about how bitcoin, crypto and blockchain can change the world.
Sep 2, 2024, 06:15am EDT
Updated Sep 2, 2024, 07:52am EDT
Bitcoin and crypto prices have surged this year as the U.S. dollar index falls to year-to-date lows (with the Coinbase chief executive last week revealing an AI game-changer).
The bitcoin price is trading around $60,000 per bitcoin, up from January lows of under $40,000, as traders bet a fresh injection of liquidity by the Federal Reserve will put the bitcoin and crypto market on the “cusp” of a major move.
…
https://www.forbes.com/sites/digital-assets/2024/09/02/strap-in-september-fed-us-dollar-crisis-predicted-to-spark-total-collapse-and-a-critical-bitcoin-price-tipping-point/
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Economy
Lipstick sales and strippers’ tips: 6 weird indicators a recession could be coming
Erin Snodgrass
Sep 2, 2024, 5:38 AM CDT
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A lipgloss display in a store
John Greim
– Recessions are notoriously difficult to predict.
– But unemployment rates and inverted yield curves aren’t the only way to watch for a recession.
– Economic experts shared six weird, wacky, and often imperfect harbingers of tough financial times.
Financial hand-ringing abounds these days as money managers and consumers alike eye a potential recession.
But recessions are notoriously difficult for economists to predict.
Official recession indicators are mounting. Two recession indicators — the inverted yield curve and the SAHM Rule — are flashing red. But earlier this year, financial bigwigs admitted that they got their previous predictions wrong — for now.
But for the less market-inclined money watcher, there are several simpler, stranger signs that could also point to a coming downturn.
Business Insider spoke to financial experts about the weird — and often imperfect — recession indicators they keep an eye out for in times of trouble.
“Few if any of these informal indicators are conclusive on their own, and some may simply signal changes in consumption patterns,” said Peter C. Earle, senior economist at the American Institute for Economic Research. “The confluence of many at once, however, can be indicative of a souring macroeconomic trend.”
Lipstick sales
The Lipstick Effect is one of the more well-known wacky recession indicators. The rule equates an increase in lipstick sales to a downturn in people’s purchasing power, a sign that often points to a recession ahead, Aaliyah Kissick, CEO of Financial Literacy Diaries and a Gen Z money expert, told BI.
Lipstick most often stands in as the titular item in the economic theory, but the rule effectively operates as an example of the substitution effect, positing that as people lose the ability to buy themselves big-ticket luxury items during difficult financial times, they turn toward smaller, more affordable luxury because it represents a “small win,” Kissick said.
Along with an uptick in lipstick sales, a sales increase in similarly small items like nail polish could also point to financial troubles, Joe Camberato, CEO of NationalBusinessCapital.com, told BI.
The theory has played out several times throughout history, including ahead of the 2008 recession.
Strippers’ tips
Exotic dancers are often among the first group of people to warn of a coming recession, Kissick said, lending credence to another predictive theory: The Stripper Index.
Kissick pointed to strippers’ tips as a microcosm for elastic goods. The elasticity of a product refers to how changing prices may or may not trigger changing demand.
Coffee, for example, is an inelastic good. Even as prices rise, people continue to buy it because they just aren’t willing to go without it. The fact that caffeine is an addictive substance means people won’t change their demand for coffee even in tough economic times.
But where a typical white-collar worker isn’t willing to forgo coffee during a recession, he may be more likely to ditch the after-hours entertainment, or he’ll tip his performers less, Kissick said.
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https://www.businessinsider.com/weird-indicators-a-recession-could-be-coming-finance-experts-2024-9
Does it seem like a buyer’s strike is gaining force?
Stay the course until the corporate investors turn tail, cut and run! If everyone does this, lower prices will eventually result.
Pending home sales drop 5.5% to all-time low in July
Sales decline widespread as falling mortgage rates fail to spur activity
By Greg Robb
Published: Aug. 29, 2024 at 10:03 a.m. ET
A maintenance worker sweeps the street in front of a row of new homes in Fairfax, Virginia, on August 22, 2023. Photo: Getty Images
The numbers: Pending home sales hit a fresh record low in July as declining mortgage rates failed to spark increased activity, in part because of the uncertainty over the election.
Pending home sales fell 5.5% in July from the previous month, according to the monthly index released Thursday by the National Association of Realtors (NAR). That pushed the index down to an all-time low. The index had hit an all-time low in May but bounced back in June.
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https://www.marketwatch.com/story/pending-home-sales-drop-5-5-to-all-time-low-in-july-f3fd624a
Are you betting beaucoup buckos on a September stock market swoon?
Traders place a $9 million bet on September stock market crash
Elmaz Sabovic
Stocks
Sep 2, 2024
As many trades focus on the impending September interest rate cuts and their effect on the stock market, some are buying protection against any surprising spikes in the volatility index fund (VIX) ahead of the September 18 Federal Reserve meeting.
Taught by the August 5 experience, which saw VIX spike to 65 and erase billions in the stock market due to a sell-off, a single trader, or more of them, bought 350,000 contracts of VIX 22/30 call spreads that expire on September 18, with a price of $0.25 each.
If the VIX spikes above its current reading of 15.64 to somewhere between 22 and 30, indicating higher volatility until September 18, the trader(s) will profit.
…
https://finbold.com/traders-place-a-9-million-bet-on-september-stock-market-crash/
“One of these days in your travels, a guy is going to show you a brand-new deck of cards on which the seal is not yet broken. Then this guy is going to offer to bet you that he can make the jack of spades jump out of this brand-new deck of cards and squirt cider in your ear. But, son, do not accept this bet, because as sure as you stand there, you’re going to wind up with an ear full of cider.”
— Sky Masterson, Guys and Dolls