The Market Was Booming At That Time, There Might Have Been Some Slightly Irrational Prices Being Paid
It’s Friday desk clearing time for this blogger. “New data from home selling stats shows the Southwest Pennsylvania housing market is cooling. Realtor Laurie Kelly, a 17-year real estate veteran, said the days of highballing your listing are gone. ‘They have to be very conservative now,’ Kelly said. ‘If it’s going to shift, you don’t want to be behind the eight ball. You want to price it correctly.'”
“San Diego home prices fell for a second month in July as the number of homes for sale hit its highest point of the year. Mark Goldman, a real estate analyst with C2 Financial Corp., said the home price drop was likely because of an increase in home inventory. ‘It’s all supply and demand,’ he said. ‘If you are listing your home for sale, and your neighbor is listing their home for sale, it becomes a competitor to you. The more properties that are on the market, the more competition there is. That will soften the market.'”
“Since last summer, Redfin found that homeowner’s association dues are up 17.2% in Tampa. ‘Florida Redfin agents are reporting investors aren’t buying condos anymore,’ according to Redfin. ‘Instead, those who bought condos to rent them out a few years ago are trying to offload them.’ Metropolitan areas like Fort Lauderdale, Jacksonville, Orlando and Miami are also seeing similar upticks in condo listings and declines in prices and sales, according to Redfin’s report.”
“Earlier this year, Spencer Calvert, the owner of the Pineapple Corporation, was arrested and charged with embezzling construction funds, grand larceny and organized scheme to defraud. Prosecutors said Calvert, 52, duped more than a dozen Nocatee homeowners out of money including Captain Sandy Yawn, the star of the hit Bravo show ‘Below Deck Mediterranean.’ ‘I’d say we had to pay an extra 6 to $700,000 just to get in here and get the basics done,’ she said. More than $476,000 was converted to his personal Bank of America Account disguised as American Express reimbursements. ‘I saw that American Express bill, and I was disgusted, just and that, because that was just a glimpse of what he’s done,’ Leah Rae Yawn said. ‘$19,000 for Jags tickets, you know, $60,000 for, like, plane trips. And meanwhile, we’re stressed out and working our butts off trying to, like, just finish our home.’ They don’t expect to get a dime back from Calvert. ‘That’s kind of what we’ve been told,’ she said. ‘There’s really no money to give back, but we just want for him to pay for what he’s put us through.'”
“A New Orleans man and his neighbors face foreclosures on their homes, built by the nonprofit Habitat for Humanity. Kevin Hargrove is one of many who is fighting to keep his house. However, he says he can’t afford the soaring property insurance payments. ‘In the last year, it has skyrocketed up from the mortgage I was paying at $560 to $1,735 now. It was a major jump and set my finances back, putting me on the path of having to get another job to survive,’ Hargrove said.”
“When Adrian Washington announced last month that he was shutting down his prolific D.C. affordable housing development firm, the news was a shock to many. It was also a warning. NDC’s collapse wasn’t an isolated incident. The owners of tens of thousands of income-restricted apartments are at risk of losing their properties, jeopardizing the future of affordable housing in the nation’s capital. ‘The danger is what Adrian Washington faced, that we’re going to collapse. The whole industry could collapse,’ said CIH Properties Chairman Michael Huke, whose firm owns 2,700 units in D.C., most of them in Wards 7 and 8. ‘My thought is if this is not solved by Dec. 31, there may be no turning this around.'”
“The scale of the crisis is viewed as existential: 22,000 units that house 48,000 vulnerable residents are at risk of foreclosure today, according to DHCD. ‘I think NDC is the canary in the coal mine,’ Brian Gordon, the senior vice president of government affairs for the Apartment and Office Building Association, told Bisnow. ‘We are hearing from other companies — these are larger, well-capitalized, conservatively financed companies — that are finding themselves in this very same precarious position. Frankly, we’re starting to smell the desperation that they could be facing a very similar fate.'”
“There are plenty of ‘for sale’ signs in front of Kelowna homes these days. ‘We have accumulated a lot of inventory over the last few months,’ said Kelowna realtor Jaime Briggs. ‘Right now, we are sitting at about nine months of listing inventory.’ According to Re/Max Canada, the new restrictions on short-term rentals that went into effect in May are contributing to the buyer’s market with many properties, especially condos, once used as vacation rentals now listed for sale, flooding the market. ‘People that owned those products and that they were renting are having to sell because they don’t want to go into long-term rental conditions,’ Briggs said.”
“Anthony Ingarra has one simple question: Where’s the $7 million he and other trusting real estate clients gave the law firm of a glamourous Toronto couple who have since had their licenses temporarily suspended for allegations of fraud? ‘We’re dealing with two people I’ve known close to 10 years. I’ve given them hundreds of referrals. We didn’t see this coming,’ says Ingarra, who is suing to recoup more than $400,000 on behalf of himself, his brother and elderly mother. ‘Singa was my lawyer, she was my go-to. It’s the ultimate betrayal.'”
“When Alice Hunt, 35, collected the keys to her first home in December 2019, she never imagined it would almost collapse five years later. The two-bed house on a new build estate in Waterlooville on the outskirts of Portsmouth had cracks in the walls, but developer Linden said they were just a result of the house settling, and quite literally painted over them. Four years later, it is obvious just how wrong that diagnosis was. She has taken on a second job in order to cover the additional costs, but now fears the issues with the property will take £75,000 off the value of her home. ‘I am living daily in fear that the house will collapse or brick work give way further and hurt myself or my dog,’ she said.”
“An Auckland property that sold for $300,000 less than the owner paid for it two years ago might have made the news this week – but it is far from the biggest loss sustained by a seller this year. The Māngere East property sold at mortgagee sale for $490,000 but last changed hands for $750,000 in March 2022. Nick Goodall, the head of research at property value firm CoreLogic, said the biggest loss recorded so far this year was for a Remuera apartment, which sold for $1 million less than it had previously been bought for. It was sold for $5.5m on 12 April, after being bought for $6.5m in March 2018. Goodall said it was a higher-end apartment. ‘There’s limited demand or limited market that can buy those types of property – it’s one of those ones where it’s been bought with the intention of holding it long-term and living in it but then circumstances change and the market wasn’t there when they had to try to sell it.'”
“The next largest loss was a house on Ngaio Street, Ōrākei, which lost $760,000. It was sold for $1.95m after being bought just over three years earlier for $2.71m. A Hill Road, Palm Beach house was third, losing $660,000 when it sold for $1.24m after being bought for $1.9m just over two years ago. Goodall said the majority of the losses in the top five – which also included a Ventnor Street, Seatoun property and one in Dornoch Place, Papakōwhai, were properties bought at the peak of the market in late 2021 or early 2022. ‘The market was booming at that time, there might have been some slightly irrational prices being paid… people overpaid slightly and then had difficulty as interest rates increased and made life tough.'”
“Home prices are expected to become cheaper over the coming years in many of Australia’s high-rise precincts and emerging apartment development zones. Most of the markets where prices were on track to fall over the next five years were in Sydney and Melbourne, but there was also a pocket of inner Brisbane likely to be affected. Many of these areas had a high supply of apartments available for sale, while declining rental yields were turning off investors. ‘People are running down their savings and there are now early signs of distress in much of the market,’ Digital Finance Analytics director Martin North said. ‘There is building evidence that people are getting into difficulty and more property investors will be selling because they can’t make their investments work.’ Prices for dwellings in inner Sydney suburb Haymarket – nearly all of which are units – fell an average of 22 per cent since 2019 to hit a median of $925,000 this year.”
“Bangladesh’s banking sector is currently facing a crisis of unprecedented proportions marked by an alarming surge in default loans. This staggering increase in non-performing loans (NPLs) reflects a growing vulnerability within the country’s financial system with NPLs now constituting 12.56 per cent of all disbursed loans. Economist Birupaksha Paul highlighted the role of defaulter-friendly policies in exacerbating the crisis in a piece for The Daily Star. These policies, which include a lending rate cap that disproportionately favours the wealthy, have created an environment where defaulters are often shielded from accountability. The result is a banking culture that is increasingly tolerant of defaulting borrowers, further weakening the financial system and undermining the principles of responsible lending. This environment has emboldened defaulters leading to a vicious cycle where bad loans beget more bad loans, eroding the overall health of the banking sector.”
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‘It’s all supply and demand,’ he said. ‘If you are listing your home for sale, and your neighbor is listing their home for sale, it becomes a competitor to you. The more properties that are on the market, the more competition there is. That will soften the market’
All Time High Larry.
Mark makes the big bucks for insight like this.
The Joe Biden Economy.
You will own nothing
“Judge Merchan postpones Trump’s sentencing until after the presidential election” [foxnews]
Judge Juan Merchan decided to postpone former President Trump’s sentencing in New York v. Trump until after the November presidential election.
Trump’s sentencing date is now scheduled for Nov. 26. The original date was set for Sept. 18.
———–
That’s a bit of a relief. I was fearing another false-flag/J6 event.
Worse yet, I was fearing another Epsteining.
Next question: DJT and Ol Joe had agreed to a third debate on September 29. Since Special K is in the business of co-opting pre-agreed debates, will she agree to take on the September 29 debate?
Also, now DJT will be able to go back to Butler and finish that rally that was so rudely interrupted last time.
DC sentencing for Stormy trial postponed until after election.
New J6 case (superseding indictment) trial postponed until after election.
North Carolina removing JFK Jr. from ballots.
Hunter pleading guilty to speed up verdict so that daddy can rescue him one last time.
It’s a good day.
JFK Jr.
He’s dead. Or so we’re told.
Sad pandas at msnbc.
Hubby and I were talking last night about whether SCOTUS would allow DJT to be sent to prison. He has an appeal before the Second Circuit that’ll be denied, then it can be appealed to SCOTUS. Could SCOTUS step in early in necessary to prevent an uprising? We’re living in unprecedented times.
^ The Joe Biden Economy.
‘The market was booming at that time, there might have been some slightly irrational prices being paid…’
Good thing they worked in the qualifier (‘slightly’). I guess it was nothing like coastal California, where prices jumped by 50% over the span of a couple of years during the pandemic?
Would a weak jobs report be good for stocks? Because, as they often say, bad news is good news for the stock market.
“…Kevin Hargrove…” “…says he can’t afford the soaring property insurance payments. ‘In the last year, it has skyrocketed up from the mortgage I was paying at $560 to $1,735 now….”
Another Friday, another out-of-control holding costs story.
Florida is finished
notice that overused cliche’ “Fighting for His Home!” is back.
the ending of BattleStar Galatica was prescient; mankind is doomed to advance only so far then destroy ourselves. over and over.
learning nothing
All this has happened before, all this will happen again.
What has been will be again,
what has been done will be done again;
there is nothing new under the sun.
Ecclesiastes 1:9
New International Version
Is Mr Market in CR8R mode?
Live
Updated 7 min ago
Yahoo Finance
Stock market today: Stocks erase gains, head for big weekly losses after jobs report
Alexandra Canal and Karen Friar
Updated
Fri, Sep 6, 2024, 8:46 AM PDT
In this article:
US stocks erased earlier gains on Friday as investors digested a crucial jobs report that provided clues to the size of this month’s expected interest rate cut and the resilience of the US economy.
Tech stocks led the morning’s declines, with the Nasdaq Composite (^IXIC) plunging 2.3% in afternoon trading. The S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) dropped around 1.5% and 0.9%, respectively.
The US economy added 142,000 jobs in August, which trailed expectations for about 165,000 jobs added. Prior month job growth was also revised lower, as the labor market showed signs of continued cooling. The unemployment rate, however, ticked back down to 4.2%.
…
https://finance.yahoo.com/news/live/stock-market-today-stocks-erase-gains-head-for-big-weekly-losses-after-jobs-report-143706571.html
DOW 30 -1.01%
S&P 500 -1.73%
NASDAQ 100 -2.69%
A recession indicator with a perfect track record has started flashing this week
Matthew Fox
Sep 6, 2024, 12:02 PM PDT
Stock Market
Getty Images
– The yield curve disinverted this week, suggesting an economic recession may be near.
– Historically, yield curve disinversions have preceded every economic recession since 1976.
– Investors are reacting by selling stocks, with the Nasdaq 100 dropping 2.6% on Friday.
…
https://markets.businessinsider.com/news/stocks/recession-indicator-perfect-track-record-flashes-yield-curve-spread-disinversion-2024-9
Yahoo
Reuters
Cash could stay attractive for months despite rate cuts, JP Morgan says
FILE PHOTO: A J.P. Morgan logo is seen in New York City·Reuters
Davide Barbuscia
Thu, Sep 5, 2024, 9:31 AM PDT
2 min read
By Davide Barbuscia
NEW YORK (Reuters) – Looming interest rate cuts may not immediately spur a rush out of cash-like instruments, as yields on some shorter-dated government bonds could take months to fall below those on longer-term debt, analysts at JPMorgan said.
The closely watched gap between two-year and 10-year Treasury yields turned positive for the first time in about a month on Wednesday, partially reversing an anomaly during which shorter-dated government bonds yielded more than their longer-dated counterparts.
But so-called inversions in other parts of the yield curve could last longer and investors are unlikely to rush out of shorter-dated debt, where they have been enjoying yields as high as over 5%, JPMorgan fixed income strategists Teresa Ho and Pankaj Vohra wrote in a note on Wednesday.
For instance, the part of the Treasury yield curve comparing three-month bills to two-year notes, is deeply inverted, with the shorter-dated securities yielding about 133 basis points more than the two-year paper on Thursday.
Historically, it took months for that part of the yield curve to turn positive after rate cuts began, the analysts said.
In 2001 and 2019 – an aggressive and shallow rate-cutting cycle, respectively – the spread turned positive about three months after the first cut.
“As liquidity investors tend to be yield investors, this implies that it could take at least three months before cash meaningfully begins to shift out, regardless of how the upcoming easing cycle unfolds,” the analysts wrote.
So far there has been little evidence that investors are abandoning cash. Assets in U.S. money markets surged to a record $6.24 trillion in August, data from the Investment Company Institute showed.
…
https://finance.yahoo.com/news/cash-could-stay-attractive-months-163101582.html
Did Wall Street’s terrible week take you by surprise?
Barron’s
DJIA Futures -1.24% 40321.00
S&P 500 Futures -1.97% 5403.75
Nasdaq Futures -3.09% 18378.00
Stock Market News: Nasdaq Falls 2.6% as Wall Street’s Terrible Week Comes to an End
The Dow fell 410 points and the S&P 500 dropped 1.7% after today’s jobs report.
Sep. 6, 2024 at 6:50 PM EDT
A bad start to September just got even worse for the stock market.
The latest jobs report showed the U.S. added fewer jobs than expected, doing little to cast away recent worries the Federal Reserve is behind the curve on interest rates.
Expectations are the central bank will opt for a smaller quarter-point rate cut later this month, and the stock market is debating whether or not that will be too little too late.
The S&P 500 sank 4.25% this week, marking its worst week since March 10, 2023. The Dow Jones Industrial Average was down 2.9% on the week, also its worst week since March 10, 2023. The Nasdaq sank 5.8%, its worst week since Jan. 21, 2022. All three indexes had their worst start to September in years.
…
https://www.barrons.com/livecoverage/stock-market-today-090624
A reader sent these in:
Layoffs rose sharply in August, hitting their highest total for the month in 15 years, while year-to-date hiring hit the lowest in the 19 years of a Challenger, Gray & Christmas hiring survey
https://x.com/MacroEdgeRes/status/1831683473616040381
FED’S DALY: BUSINESSES ARE BEING ‘FRUGAL’ ON HIRING, BUT NOT YET ‘DUSTING OFF THEIR LAYOFF MANUALS’
https://x.com/FirstSquawk/status/1831499674597126333
Highest paying jobs all decline:
Professional/business services -16K
Manufacturing -8K
Information -4K
https://x.com/zerohedge/status/1831668490836537446
US TREASURY SECRETARY YELLEN: EVERY INDICATION CONSUMER & INVESTMENT SPENDING IS SOLID.
https://x.com/financialjuice/status/1831718314864709916
🇪🇺 EU FACES FERTILITY CRISIS: BIRTHS HIT RECORD LOW
For the first time since 1960, the EU’s live births dropped below 4 million, with just 3.88 million babies born in 2022.
The EU’s average fertility rate is now 1.46, well below the global average of 2.27.
Malta (1.08), Spain (1.16), Italy (1.24), Greece (1.32), and Cyprus (1.37) have the lowest fertility rates in Europe.
Live births have plunged from 5.1 million in 1990 to this record low.
https://x.com/MarioNawfal/status/1831796057975746633
Governments around the world are getting more and more desperate with stopgap measures like temporary mass migration of uneducated populations w/no intention of cultural adoption.
It’s completely unsustainable on shrinking taxable populations that are already heavily reliant on money printing, war, and fake ‘wealth effects’ to continue operating at status quo.
https://x.com/DonMiami3/status/1831798713070841892
Go look at Canada 🇨🇦 the results have been very unimpressive, go look at Germany.
All we have to show is a bunch of ‘assets’ near all time highs & people are begging for a revving up of the same drug we keep taking over & over again. Definition of insanity.
https://x.com/DonMiami3/status/1831799187329184149
Interesting to actually see Airbnb businesses start to go bankrupt.
https://x.com/DonMiami3/status/1831793645277806649
TGI Friday’s Inc. management has lost day-to-day control of much of the restaurant chain’s assets and functions after the company failed to file documents to bondholders on time. The last similar management change hasn’t happened since the GFC.
https://x.com/MacroEdgeRes/status/1831842821017629101
ChargePoint Holdings, operator of the largest electric vehicle charging network in the U.S., plans to cut 15% of its workforce after missing revenue forecasts.
https://x.com/MacroEdgeRes/status/1831876101045735589
Restaurant Performance Index from the NRA fell last month to cycle low, down 1.3 points
https://x.com/DonMiami3/status/1831859816131944917
New report out to 3Fourteen clients updating our housing recession model.
For the first time since 2020, both multi-family and single-family housing units under construction are falling simultaneously.
W/o an uptick in housing activity, construction job losses are coming.
https://x.com/3F_Research/status/1831812693738844530
A seller sent these in:
Reader is now a seller?
I messed up but I fixed it, thanks.
Reader could very well be a seller too.
FED’s Daly doesn’t follow MacroEdge on Twitter.
Highest paying jobs all decline
Who’s going to buy all the $2-3M homes for sale near me?
“mass migration of uneducated populations w/no intention of cultural adoption”
You are being replaced.
AirBNBs dont need much staging if you’re planning on stuffing 200 people into one. Furniture just gets in the way.
https://www.youtube.com/watch?v=tN_5eCvTngY
Extremely drunk girl at 15 seconds.
Residents of a west Dallas neighborhood are still fuming over the “takeover” of their block on Saturday night that led police to remove hundreds from a short-term rental house.
It may be Dallas’ worst example of short-term rental abuse.
Saturday night, neighbors on Ivanhoe Lane faced what they call “anarchy,” under the guise of a short-term rental.
Just before 11 p.m., Dallas police officers faced a house with so many party-goers they stopped counting.
“There were at least [200] to 500 people total in that one home,” said Shanell Rusk, who lives on Ivanhoe Lane.
Residents say the house in question is a short-term rental known for turning a house into an event center of excess.
Rusk and others on Ivanhoe Lane said the hundreds who filled the house showed little regard for the people who live in the neighborhood.
Police ended the party, but Rusk wants to end the “takeover” of her neighborhood.
“It shouldn’t even be here,” said Rusk. “This is a residential area. I promise you, you will not be able to move to different parts of residential areas and just build towers and have big, huge 500, [300], 400 people parties.”
Residents say they have no guarantee the same out-of-control party won’t happen again this weekend.
CBS News Texas has not been able to track down the owner of the house.
https://www.msn.com/en-us/news/us/dallas-neighborhood-fuming-over-short-term-rental-party-house/ar-AA1pWsIi
Neighbors say they’re frustrated after a weekend party at a Dallas short-term rental.
A neighbor shared a video with NBC 5 showing dozens of people standing outside the home and various loud noises.
“You hear drag racing, you hear screaming, you hear fighting,” Gloria said. “We’ve had the pleasure of continually not living in peace.”
Gloria just wanted to share her first name but said what she saw Saturday night finally started to end when Dallas police arrived after midnight.
The video she provided to NBC 5 shows over 100 people leaving the home in the 4000 block of Ivanhoe Lane.
“It looked like a clown car,” Gloria said. “Like, where did all these people come from?”
Dallas City Councilmember Chad West said he still gets calls about problems with short-term rentals in his district, which covers parts of Oak Cliff and Bishop Arts.
“I will tell you that I’m extremely sympathetic, having heard that this happened last night,” West told NBC 5.
West said he doesn’t support the city’s latest attempt to address short-term rentals by limiting STRs to a limited specified zoning district. That ordinance, passed in June 2023, was later challenged in court by short-term rental operators, who argued it did not allow existing operators to be grandfathered in.
A court entered a temporary injunction in December 2023, which prevented the city from enforcing the ordinance while any possible appeals were pending.
“Code enforcement operators and Dallas police are getting spread more and more thin, and they’re having to play whack-a-mole with these bad operators,” West said.
Additionally, while the ordinance is being challenged, a key provision requiring operators to register through Code Compliance is also unenforceable.
“The city has no database of the operators,” West added.
The home was listed Monday on a website where users can reserve entire homes as a short-term rental.
Even without a specific ordinance on short-term rentals, Dallas does have ordinances on minimum property standards, disturbing noises, and private nuisances. These ordinances allow code enforcement or police to break up a party at home but not prevent its rental.
Gloria said Saturday’s party wasn’t the first but had the most problems. She added that she’s grateful that the Dallas police broke up the party, but her concern is growing for future weekends.
“I’m looking forward to the time where this is not allowed because this is not OK,” Gloria said. “In no way, shape, or form did anything that happened last night (Saturday) was OK.”
https://www.msn.com/en-us/news/us/long-term-issues-persist-for-neighbors-living-near-dallas-short-term-rentals/ar-AA1pSkdg
Betcha insurance isn’t going to cover damage from that party!
Bay Area victims of a cryptocurrency scam, often referred to as “pig butchering,” are bravely sharing their stories in an effort to warn others.
The name “pig butchering” comes from an analogy comparing the initial phase of gaining the victims’ trust to the fattening of pigs before slaughtering them.
The victims are often highly educated and trusting. The latter can cost them their life savings in a matter of days. Some perpetrators of the crypto con are victims too, kidnapped and forced to participate.
Warren Dang was dancing his way through retirement until he got duped out of his life savings.
“I was angry. I was angry for the last two years,” Dang said.
Warren was previously a 30-year scientist in big pharma. He has a master’s degree.
In spite of his education, he says he trusted people who contacted him on LinkedIn with different enticing investments.
“‘Hey, I’ve got this great investment, here’s some numbers, look at the statistics on these,'” Dang said.
“And so you dive in a little bit, maybe $5,000 or $10,000 at a time and your return was like 20%. Then they entice you to give more and more money invested until they pulled out my 401. One week after another, each of those platforms disintegrated. One was my account got dissolved, the second the scammer just took off, and the third I couldn’t even get my money out,” he said.
Single dad and Thai massage therapist Shai Plonski met “Sandy” online, who he says broke the bank and his heart. “She spoke in a very kind of poetic way that spoke to me and that’s how we got started talking to each other,” Plonski said.
It was Plonski who ultimately asked “Sandy” for investment advice. His initial investment was $2,000. “I made about $300 in a few minutes. We did probably three or four trades that first night,” Plonski said. He was even able to take out some money at “Sandy’s” suggestion to celebrate. There were no problems until…
“I made a decision to essentially put in my life savings,” Plonski said.
Soon after, scammers told him his account was flagged and that he’d have to pay a $10,000 refundable deposit to take out his money again.
“I certainly thought that that was bologna,” Plonski said. Friends helped Plonski realize he was a scam victim. “You know, my heart just broke,” Plonski said.
https://abc7news.com/post/pig-butchering-scam-woman-describes-being-kidnapped-forced-work-cryptocurrency-scammer-abroad/15269292/
Warren Dang was dancing his way through retirement until he got duped out of his life savings.
The power of greed. He was on easy street, but wanted more.
Reminds me of some dude who won one of those powerball jackpots, and he announced he would invest it so it would become a billion. Gee, $300 million isn’t enough? I guess not if you want to have your own mega yacht and private jet.
I try to follow a simple mantra re. money:
spend some
save some
give some away
no extremes. just . . . balance
‘“‘Hey, I’ve got this great investment, here’s some numbers, look at the statistics on these,’” Dang said.’
Dang!
It’s hard to grasp the allure of cryptocurrency scams to highly educated victims.
Odisha: Gold appraiser cons bank of Rs 55 lakh loan in fake gold scam
The UCO Bank in Balliguda has been rocked by a massive fraud involving a fake gold loan scheme, leading to a loss of Rs 55 lakh. The scandal centres around P. Satyaram Achari, a former gold appraiser at the bank, who manipulated his position to obtain fraudulent loans.
Over the past three years, Achari used fake gold as collateral to secure loans totaling Rs 55 lakh. He procured loans of Rs 25 lakh and Rs 30 lakh in the names of two employees from his gold shop, Runubala Pradhan and G. Simanchal Reddy, by forging their signatures.
The cheating came to the fore when the bank launched an investigation after the loans went unpaid at the end of their three-year term. In July, the bank issued a notice to Pradhan for repayment of Rs 34 lakh, which she denied stating that she was too poor to seek a loan and repay. Reddy too disclaimed the loan, leading to further inquiry.
After suspicions arose, the gold kept as collateral for securing the loan was tested and found to be counterfeit. Meanwhile, Satyaram, the gold appraiser, closed shop in July and disappeared. On September 3, assistant branch manager of Phulbani UCO Bank, Kanhu Charan Sahu, along with a goldsmith from Bhanjanagar, verified and confirmed again that the gold was fake.
https://www.msn.com/en-in/news/other/odisha-gold-appraiser-cons-bank-of-rs-55-lakh-loan-in-fake-gold-scam/ar-AA1q5Ezs
Another energy company has failed in its bid to develop tidal power from the Bay of Fundy, and fishing groups are worried about tonnes of materials and equipment left on the ocean floor.
The Nova Scotia government confirmed Thursday that Occurrent, formerly BigMoon Power, had filed for bankruptcy because it can’t pay its bills.
Last year, Sustainable Marine Energy – based in the United Kingdom – also failed, with estimated losses of more than $30 million. That collapse came after OpenHydro, which had partnered with Nova Scotia energy giant Emera Inc., left a 1,300-tonne tidal turbine stranded on the bottom of the bay in 2018 after going out of business.
Colin Sproul, president of the Bay of Fundy Inshore Fishermen’s Association, said he wants to know when the moorings that were to be used for the Occurrent project – four submerged rail cars filled with concrete – will be removed from the floor of the bay near the mouth of Walton harbour in the Minas Basin.
“There’s thousands of tonnes of garbage sitting on the bottom in one of the most ecologically sensitive marine environments in the entire world and the province has done nothing to remove it,” he said in an interview Thursday.
https://www.theglobeandmail.com/business/industry-news/energy-and-resources/article-another-energy-firm-fails-in-its-bid-to-generate-power-from-the-bay-of/
Bay of Fundy
And I thought the tide in Cornwall was huge.
There’s something disturbing about green energy extremists trashing a sensitive ecosystem with abandoned infrastructure remnants.
Germany could make use of facilities funded by the UK to process some asylum seekers in Rwanda, the country’s migration agreements commissioner has suggested.
Joachim Stamp, from the Free Democratic Party, which is a junior partner in the governing coalition, suggested accommodation originally intended for people deported from the UK could be utilised by Germany.
The new UK government scrapped the Rwanda plan, which originated under the Conservatives and would have seen some asylum seekers sent to the country.
It aimed to deter people from crossing the Channel in small boats to reach the UK.
Like the UK, the German government is under pressure to tackle illegal migration, particularly after the recent success of the far-right, anti-immigration Alternative for Deutschland (AfD) party in state elections.
Conservative Shadow home secretary James Cleverly said: “Labour’s first move in government was to scrap the Rwanda plan. “Now Germany want to use the facilities we built.”
“The only people who benefit from Labour’s reckless immigration policies are people smugglers and the EU.”
https://www.msn.com/en-us/news/world/german-official-suggests-rwanda-scheme-using-uk-facilities/ar-AA1q6uzn
Justin Trudeau’s plan to reverse his slide in opinion polls and keep his job as Canada’s prime minister hinged on the hope that time was on his side.
But when a power-sharing deal with an opposition party collapsed on Wednesday, so too did the security of another year in office to try to boost his popularity before an election.
Like many incumbent leaders around the world, Trudeau has been hammered by public frustration over inflation, soaring housing costs and immigration. His Liberal Party’s poll numbers have been mostly stuck in the low-20% range since last year, while Pierre Poilievre’s Conservatives have raced ahead with a double-digit lead.
But on Wednesday, the left-wing New Democratic Party, which has been keeping Trudeau’s minority government propped up since 2022, pulled out of that informal coalition. That raises the odds that an election will happen before October 2025, the current scheduled date.
In ripping up the deal, NDP Leader Jagmeet Singh accused the Liberals of being “weak” and beholden to corporate interests. He had recently blasted the government for forcing locked-out rail workers back on the job, a decision that infuriated the New Democrats’ union base.
An NDP official, asking not to be identified discussing internal conversations, said the party doesn’t plan to seek the first opportunity to bring down the government. Instead, it will decide votes on a case-by-case basis.
“Canadians are fighting a battle. A battle for the future of the middle class,” Singh said in his recorded announcement. “The Liberals have let people down. They don’t deserve another chance from Canadians.”
https://www.yahoo.com/news/trudeau-reelection-strategy-shaken-loss-142001737.html
In ripping up the deal, NDP Leader Jagmeet Singh accused the Liberals of being “weak” and beholden to corporate interests.
As I said before, Singh probably knows that they will lose next year and is arm twisting the Liberal party’s arm to get something he wants before it’s too late. He hasn’t formally withdrawn from the coalition with a vote of no confidence, which would bring next year’s election forward to this year, which would hand the election on a silver platter to the Conservative party.
In a landslide-stricken town in California, life is like camping with no power, gas
In a scenic Southern California community perched over the Pacific Ocean, the land is rapidly moving
RANCHO PALOS VERDES, Calif. — Nick Mardesic and his family are living off the power grid, so light at night comes from a flashlight, and a hot meal and shower require driving several miles to his parents’ home.
The family is not in a rugged location, but rather on a scenic peninsula on the edge of Los Angeles. And they aren’t off the grid by choice. Their power and gas were cut because worsening landslides from two years of heavy rain are threatening to tear apart scores of multimillion-dollar homes perched over the Pacific Ocean.
Mardesic has been fighting for months to keep his home standing. Sections of his front yard have sunk about 3.5 feet (1 meter). Deep fissures snake across the walls of his house and a piece of dry wall fell from his ceiling. The sidewalk and one end of his driveway have caved, creating a gaping hole that has exposed an underground water pipe. His bedroom is on the verge of collapse, he said, so he has been placing wood on a beam under the house and jacks it up. In the past five months, he has spent about $50,000 to keep his home elevated.
“It’s something you see out of a movie,” he said outside the home he shares with his wife and two children, ages 3 and 1. “It’s almost unbelievable … just watching your house sink away.”
https://abcnews.go.com/US/wireStory/landslide-stricken-town-california-life-camping-power-gas-113448650
I hope they enjoyed the view while it lasted.
I’m sure “the view” overwhelmed any chance of making a rational risk vs. reward decision when choosing a location to shelter his family.
I’m sure they hosted many cocktail parties where the guests got to ooh and ahh as sun set.
I had a foreboding tingling when my daughter was at WWU in Bellingham, WA. Fortunately, both the University and her various rentals were all up on high ground, but a 48-hr bugout rucksack won’t be enough preparation when the Cascadia Subduction Zone ruptures leaving the naive to fend for themselves.
FROM Google:
Officials say the land underneath Rancho Palos Verdes is moving at approximately 1 foot per week. And while it’s been moving slowly for thousands of years, construction in the mid-1950s greatly accelerated the slippage and the last two years of wet winters have only caused it to move more.
Wonder how the comps are doing in the ‘hood?
(Several hundred homes in the slide area)
If someone actually listed a property to sell, wonder how the California Real Estate Transfer Disclosure Statement (TDS), that mandates the listing of any known defects would read?
Getting a surveyor out to check lot lines (after some homes have moved hundreds of feet from original surveys) sure would be interesting legally. Is a house lot boundary defined by *current* location or the *original* location from the 1950’s?
I took a real estate law class and the way I remember it, depending on state laws, everything you can imagine has already happened with real estate and there is a process of determining who owns what afterward. I haven’t heard anything about who is getting fooked on the mortgages, but somebody will be.
Certainly could imagine a situation in which someone sues another homeowner because their shack is ‘squatting’ in the air space where there own shack used to be.
Mix in the lawsuits from owners against the city of Palos Verde and LA county claiming ‘you should of told me that my house would slide downhill’.
Take hundreds of fooked homeowners, government municipalities, insurance companies and all the rest, can imagine litigation lasting for decades.
everything you can imagine has already happened with real estate
Kinda like contract law.
First year of law school is typically torts, contracts, civil procedure, property, criminal law and constitutional law.
It is contract law in the US. Just lots of RE aspects in the broader 600 hundred old system.
I was wondering the other day if the homes in NC that now have the ocean flowing around them still owe property taxes. Isn’t the house on public beach now? So confusing.
The entertainment value of all the upcoming drama, litigation, sob stories [1] is going to be off-the-charts.
[1] Example sob story: “I just knew I was going to make a fortune via AirBnb when I bought this beachfront property” (Now floating some where in the ocean)
Wouldn’t this be the ideal spot for some solar panels? Turning off the gas is common sense at this point and I’m sure the power co doesn’t want to get sued when a bunch of fires start from lines going down. Solar solves all of it and they still have water so what is the problem? I mean aside from the home buckling and coming apart. Those folks sure whine a lot.
“In a landslide-stricken town in California, life is like camping with no power, gas.”
With a price tag of impossibly unaffordable housing costs…
Most notable in the list of his AMEX charges is the $19,152 spent on Jaguars tickets in 2022.
Ha ha!! For Jags tickets? What a joke. I went to a game there in 2022 for $15. Good seats, too.
Clutch those pearls harder. Clutch ’em.
The Hill — Alarm grows over possible RFK Jr. role at HHS if Trump wins (9/6/2024):
“The possibility of Robert F. Kennedy Jr. becoming Health and Human Services (HHS) secretary if former President Trump wins has rankled Democrats and the public health community as he gains influence within the former president’s transition team.
Speculation about Kennedy’s future role has grown after Nicole Shanahan, who was Kennedy’s running mate before he suspended his campaign last month, said recently that he would do “an incredible job” at HHS should Trump win in November.
While the former president has not said what, if any, Cabinet position he would offer Kennedy, the prospect of the former independent candidate taking the reins of HHS is already drawing pushback from health experts critical of Kennedy’s anti-vaccine rhetoric.”
https://thehill.com/homenews/campaign/4864717-robert-kennedy-hhs-role-donald-trump/
More people died from covid “vaccines” than from covid.
‘They have to be very conservative now,’ Kelly said. ‘If it’s going to shift, you don’t want to be behind the eight ball. You want to price it correctly’
Good job Laurie, talk em down outta that tree. Nice use of the schlonged factor.
‘Florida Redfin agents are reporting investors aren’t buying condos anymore,’ according to Redfin. ‘Instead, those who bought condos to rent them out a few years ago are trying to offload them’
And UHS say you can always sell.
‘I saw that American Express bill, and I was disgusted, just and that, because that was just a glimpse of what he’s done…$19,000 for Jags tickets, you know, $60,000 for, like, plane trips. And meanwhile, we’re stressed out and working our butts off trying to, like, just finish our home.’ They don’t expect to get a dime back from Calvert. ‘That’s kind of what we’ve been told,’ she said. ‘There’s really no money to give back’
That’s usually how these things work out everywhere Sandy.
‘In the last year, it has skyrocketed up from the mortgage I was paying at $560 to $1,735 now. It was a major jump and set my finances back, putting me on the path of having to get another job to survive’
Seconds jobs are good for you Kevin, keeps the blood flowing. And it’s still way cheaper than renting.
‘I think NDC is the canary in the coal mine…We are hearing from other companies — these are larger, well-capitalized, conservatively financed companies — that are finding themselves in this very same precarious position. Frankly, we’re starting to smell the desperation that they could be facing a very similar fate’
So yer saying Brian, that the yuuge crater in luxury, student, boccie ball, lazy river airbox market extends to the commie rent stabilized boxes too.
‘Right now, we are sitting at about nine months of listing inventory.’ According to Re/Max Canada, the new restrictions on short-term rentals that went into effect in May are contributing to the buyer’s market with many properties, especially condos, once used as vacation rentals now listed for sale, flooding the market. ‘People that owned those products and that they were renting are having to sell because they don’t want to go into long-term rental conditions’
By now they are taking a yuuge monthly a$$ pounding Jaime, they don’t have a choice.
‘We’re dealing with two people I’ve known close to 10 years. I’ve given them hundreds of referrals. We didn’t see this coming,’ says Ingarra, who is suing to recoup more than $400,000 on behalf of himself, his brother and elderly mother. ‘Singa was my lawyer, she was my go-to. It’s the ultimate betrayal’
It’s K-da Tony, they are more crooked than south Florida up there.
‘She has taken on a second job in order to cover the additional costs, but now fears the issues with the property will take £75,000 off the value of her home. ‘I am living daily in fear that the house will collapse or brick work give way further and hurt myself or my dog’
Alice is also a second job winnah!
‘Nick Goodall, the head of research at property value firm CoreLogic, said the biggest loss recorded so far this year was for a Remuera apartment, which sold for $1 million less than it had previously been bought for. It was sold for $5.5m on 12 April, after being bought for $6.5m in March 2018. Goodall said it was a higher-end apartment. ‘There’s limited demand or limited market that can buy those types of property – it’s one of those ones where it’s been bought with the intention of holding it long-term and living in it but then circumstances change and the market wasn’t there when they had to try to sell it’
‘bought for $6.5m in March 2018’
2018 was two years before minor respiratory illness Nick.
‘Prices for dwellings in inner Sydney suburb Haymarket – nearly all of which are units – fell an average of 22 per cent since 2019 to hit a median of $925,000 this year’
Another Australian article predicting a crash that started years ago.
The most accurate predictions are those which foretell events which have already occurred to the unaware.
‘These policies, which include a lending rate cap that disproportionately favours the wealthy, have created an environment where defaulters are often shielded from accountability. The result is a banking culture that is increasingly tolerant of defaulting borrowers, further weakening the financial system and undermining the principles of responsible lending. This environment has emboldened defaulters leading to a vicious cycle where bad loans beget more bad loans, eroding the overall health of the banking sector’
Yer saying the foxes are guarding the hen house Birupaksha.
Don’t you want a President that’s going to Make America Healthy Again?
Robert F. Kennedy Jr.
4 hours ago
I’m convinced President Trump is committed to ending the chronic disease epidemic and making that his legacy.
https://www.youtube.com/watch?v=527cSMrbz4c
1:15.
“Don’t you want a President that’s going to Make America Healthy Again?”
Hey I’ve got a crazy idea.
Take Twinkies, Hostess Cupcakes, Ring Dings, Coke and Pepsi etc. off the list of foods and drinks you are allowed to purchase with Food Stamps.
Although I guess that would make the corporations that lined the pockets of the politicians who put all that sugary cr@p on the list piss their pants wouldn’t it.
Is It Really Worth The Extra Rent? (Peel Region Real Estate Market Update)
Team Sessa Real Estate
17 minutes ago MISSISSAUGA
In this episode we take a look at the current Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate home prices and market trends for week ending Aug 28, 2024. We also discuss the problem with renting out your home to multiple people at a time. While the income might be higher than the average rate, the amount of wear on your home will be reflected in the price when you go to sell.
https://www.youtube.com/watch?v=fPGR0wdlby0
13:40.
“We also discuss the problem with renting out your home to multiple people at a time.”
At the end of the day I need a quiet place free of humanity.
Eivør Pálsdóttir: Tròdlabùndin (Trøllabundin) – 10.08.13
1210beth
9 years ago
Færøyiske Eivør Pálsdóttir framfører sin egen sang «Tròdlabùndin» (fra albumet «Trøllabundin» 2005) på en utekonsert med Vamp på fjellgården Stigen i Aurla
nd, 10.08.13. Stigen gård er på UNESCOs verdensarvliste fra 2005, og den ligger ved Aurlandsfjorden. Faroese Eivør Pálsdóttir performs her own song “Tròdlabùndin” (from the album “Trøllabundin” 2005) at an outdoor concert with Vamp on the mountain farm Stigen in Aurland, 10.08.13. Stigen Farm is a UNESCO World Heritage Site from 2005, and it is located by the Aurlandsfjord.
https://www.youtube.com/watch?v=wsl-KHGe4Kk
5:43.
Exclusive: Photo Essay — Kamala Harris’s ‘Middle-Class’ Upbringing in Westmount, Canada
Emma-Jo Morris
6 Sep 2024
Montreal, QC
Now that she is running for president in a political moment when victimhood is currency, Vice President Kamala Harris paints herself as being brought up on the “streets” — complete with fake accents as part of her bit.
However, unfortunately for that narrative, the politics editor at Breitbart News (me) happens to have grown up in the same neighborhood Harris lived in from when she was 12 to 18 and can report that calling herself “middle class” is definitely a stretch.
She would have definitely experienced segregation living there but not the kind she has claimed in the last few years to have lived through in her bizarre, obviously mostly-made-up origin story in which she claims to have been of a modest background and somehow had some sort of involvement with the civil rights movement.
In a story about Harris’s roots and personal experience, the only segregation she would have experienced would be economic segregation, as Montreal is the most economically segregated city in Canada, according to a study from the University of Toronto.
And, in that city, Harris grew up in the poshest neighborhood, which, at the time she lived there, was not only the nicest neighborhood in Montreal but was the richest one in all of Canada — far from the struggle of the “streets” Harris now purports to have been down with.
According to an op-ed that her best friend from her time at Westmount High School penned, Harris lived with her mother and sister Maya on Grosvenor Avenue in a Victorian home. As her friend explains, Harris enjoyed “family dinners and a stable life.”
This is the street Harris grew up on. These homes list for, minimum, more than $1-2 million CAD (~$750,000-$1.5 million USD):
There is nothing wrong with being from this neighborhood, as you can see. It is beautiful. The people are happy. It is safe and a wonderful place to grow up. However, Harris’s “lower-middle class” pandering bit does not work.
Time for a new bit.
https://www.breitbart.com/politics/2024/09/06/exclusive-photo-essay-kamala-harriss-middle-class-upbringing-in-westmount-canada/
End Wokeness
@EndWokeness
BREAKING: 2nd apartment complex taken over by Venezuelan gangs in Aurora, CO.
They’ve been in control since November.
Rent is now paid to TDA members.
7:33 PM · Sep 5, 2024
https://x.com/EndWokeness/status/1831838165096956220
Woohoo!! As of today, I can die without being intestate!
It’s been a long 4 years getting everything in place for my one and only disabled son.
“It’s been a long 4 years…”
I can’t imagine why it takes so long. Kudos!
Mostly available bandwidth and time given caregiver demands. But also mental health. It’s beyond depressing contemplating everyone’s death is different sequences and realizing no one, including my husband, will ever take of my only child nearly as well as I do. The whole ordeal put me in some very dark places. Dealing with melanoma last fall and winter didn’t help.
“But also mental health.”
I’m confident that nobody can comprehend the anxiety of providing long term care for a disabled child beyond your own life unless they’re personally immersed in it. Many years ago I lost a young adult friend to alcoholism, but it was even worse watching the shear hell that his parents were living with as they struggled to help without becoming the enablers. I wouldn’t wish it on anyone.
struggled to help without becoming the enablers
Tough.
Losing a child is devastating, but sometimes I wonder if it’d be better in my situation. Regardless, I need to do everything I can to live as long as possible.
“San Diego home prices fell for a second month in July as the number of homes for sale hit its highest point of the year. Mark Goldman, a real estate analyst with C2 Financial Corp., said the home price drop was likely because of an increase in home inventory. ‘It’s all supply and demand,’ he said. ‘If you are listing your home for sale, and your neighbor is listing their home for sale, it becomes a competitor to you. The more properties that are on the market, the more competition there is. That will soften the market.”
Smart San Diego buyers will stand by and stand back until the CR8R formation process finishes playing out.
Give it five years or so before you even think about buying.
Past the top of the parabola, and headed for the CR8R?
“The median home price in San Diego County was $885,000, CoreLogic reported Wednesday, down $10,000 since May. The median, which combines sales for newly built homes, resale condos and resale single-family homes, was still up 4.1 percent annually.
San Diego County also fell out of the $1 million club, with its single-family home price dropping to $980,000. For two months, it was one of only two Southern California Counties, joining Orange County, with a million-dollar home median.”
“ Super Micros latest slide followed news that JPMorgan’s analysts had lowered their rating on the stock from overweight to neutral and cut their price target on it from $950 per share to $500 per share”
Klog hereby downgrades cave market, from really big number of 950 wooly mammoth skins, to 500 wooly mammoth skins.
I suspect the cave market was far more stable than the modern housing market. Mammoth skins were costly to obtain and highly illiquid. There were no computers to create or trade trillions in printing press money across international borders, or to hype the value of overpriced assets to marks.