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They Got Into The Market At The Peak And Prices Have Now Cooled Off

It’s Friday desk clearing time for this blogger. “Aging South Florida condos face critical issues. Inventory is up. Prices are down, and buyers are weary of aging condo buildings. CBS News Miami reporter Joe Gorchow asked Melina Urban, who has worked as a property manager in South Florida for 30 years: ‘How many [condo associations] do you think of the course of your career were always trying to push for deferred maintenance, saying we’ll get to those big physical issues later down the line?’ ‘At least 50%,’ answered Urban. ‘Now, who’s left holding the bag, the owners.’ Craig Studnicky, ISG World’s CEO, has been selling real estate for 45 years. His firm’s research shows condo sales in buildings 30 years or older in Miami-Dade, Broward, and Palm Beach County are selling 20% below market value. ‘They think they saw bargains, but when they get their bill for special assessment sometime next year, I think they’re gonna realize they bought fool’s gold,’ said Studnicky.”

“Redfin agent Heather Kruayai said she’s seeing about 25% of her deals for nonluxury homes in Jacksonville, Fla. fall apart because of financing challenges. Some sellers are struggling to unload units they bought just a few years ago. This past summer, Kruayai said a $510,000 deal for a four-bedroom home in the Sandalwood neighborhood of the city was nixed after the buyer asked for a $53,000 closing credit at the last minute. The seller had overpaid for the property during the Covid-induced property boom in 2022 and it was already appraising for less than the $525,000 he paid, she said. ‘He was already at a loss. He had no equity left in the home, so he couldn’t fulfill what the buyer wanted,’ she said.”

“According to the Austin Board of Realtors, active home listings in the Austin-Round Rock-San Marcos market increased by 15.4% this year. ‘We have over 12,000 active listings on the market. That’s more than we’ve seen, really, in over a 13-year span,’ Housing Economist Clare Knapp said. ‘Home prices are just a little bit too high still in the Austin market for buyers.’ Despite the median home price dropping by 4.4% to $439,000, and mortgage rates slightly decreasing by half a percentage point, Knapp said it’s not enough to entice buyers like it did during the COVID-19 pandemic. ‘They were flying off the shelves … Stories about homes being sold sight unseen. It’s certainly a different market, in that sense,’ Knapp said.”

“The number of Colorado Springs-area homes listed for sale last month reached a nine-year high. A new Pikes Peak Association of Realtors market trends report showed home listings totaled 3,320 in August, a 37.2% jump over the same month last year. Last month’s listings were the most since 3,378 in August 2015, historical data maintained by The Gazette show. ‘It’s a combination of sellers still optimistic in their pricing, and so there are properties that are out in the market, staying on the market longer because of either optimism on the behalf of the seller, meaning … that they’re priced too high,’ said Dean Weissman, a real estate agent, ‘Or it’s a condition or location issue. You have these outliers that aren’t priced appropriately, that don’t have the right condition that matches the price, that are staying on the market longer, which is driving that inventory up,’ he added.”

“On Thursday — more than three years after Hurricane Ida — New Jersey Gov. Phil Murphy conditionally vetoed legislation that would have provided qualifying residents a 1-year break from making mortgage payments and forestalled foreclosure for homeowners unable to keep up with their bills. ‘The requested changes to this bill mean we don’t qualify. I’ve been to Trenton so many times testifying for this bill, and now I won’t even qualify,’ Leanna Jones, a Milford Ida survivor and New Jersey Organizing Project storm recovery activist, said Thursday noting she felt betrayed and sick. ‘This is what disaster recovery programs and mortgage forbearance are supposed to be there for,’ she added of her current situation. ‘Instead, 3 years later, I’m drowning.'”

“Chris Kraszynski lives in a condo in Prospect Heights, Illinois and said her condo association has falsely accused her of removing the wall-to-wall carpeting, putting her housing at risk. The ABC7 I-Team walked around her apartment and saw the carpeting that she’s being accused of removing firsthand. ‘As you can clearly see, carpeting everywhere,’ Kraszynski said as she showed her condo. She was disappointed by the condo association’s rejection, but she said she was shocked when they alleged in a lawsuit in 2010 that she removed the carpet. Kraszynski said she missed her court appearance because she was sick and the judge sided with the condo board and found Kraszynski in default. ‘The judgement was nearly $40,000,’ she said. With fees, fines, and interest from non-payment, that total grew in nine years up to $588,000, according to court documents from 2021. The condo association has also filed foreclosure documents on Kraszynski’s home. ‘My life has been turned upside down,’ she said.”

“Anticipating pent-up frustration and anger over its proposal to use a South San Jose tiny home site for a jail diversion program, Santa Clara County officials asked residents to join in a ‘mindful minute.’ It did not go well. ‘This is just absolutely unacceptable,’ said resident Jenny Tran. ‘I think I’m going to need another, what is it, minute of breathing after this meeting. My blood pressure has just gone through the roof. You can see by the number of people in this meeting that we do not agree with this.’ ‘There’s transients roaming the street,’ said resident Bill Wilson. ‘There’s people sleeping on the sidewalks that were never there before. You wonder why people have no confidence in the government. It’s because of things like this and people like you who try to push it through.'”

“An under-the-radar tweak to Washington, D.C.’s Emergency Rental Assistance Program passed in 2022 created a loophole that is at the heart of the existential crisis engulfing the District’s affordable housing sector. The new rule barred tenants from being evicted from their homes as long as they had a pending application for ERAP funds, and it removed judges’ discretion to weigh whether a tenant has hope of receiving assistance or whether it would cover their debt. Landlords say tenants and their attorneys have taken advantage of the rule and collectively racked up millions in unpaid rent that there is no hope of recouping. Dantes Partners founder Buwa Binitie said he has seen many tenants ‘taking advantage of just applying’ for ERAP funds. ‘So long as they apply, there’s no reason for them to pay rent,’ Binitie said.”

“Just when it looked like things couldn’t get worse for Destiny USA’s owner, they have. As it struggles to avoid foreclosure on its giant Syracuse mall, Pyramid Management Group just lost control of a nearly identical mall in the New York City area and may soon lose ownership of it. Like Destiny, Palisades is worth a fraction of what it was just a few years ago. And like Destiny, the downstate mall is loaded with debt that Pyramid is having trouble paying off. Pyramid entities borrowed nearly $419 million on Palisades from JPMorgan Chase and Barclays in 2016, a loan that was quickly sold to investors as commercial mortgage-backed securities. The mortgage was set to mature in April 2021, but Pyramid was unable to pay it off.”

“With the losses, the malls have lost much of their market value, which means lenders would be unlikely to get all they are owed if the malls are sold. Palisades was appraised at $881 million when its mortgage was issued in 2016. But it was appraised at $209 million a year ago. Destiny was appraised at $710 million when its mortgage was issued in 2014, but Kroll estimates the mall’s current value at $65.3 million — barely 9% of what it was worth a decade ago.”

“1 Palace Pier Court, No. 3501, Toronto. Asking price: $2,999,000 (July, 2024). Previous asking price: $2,999,000 (February, 2024). Selling price: $2.65-million (July, 2024). Last year, agent Luke Dalinda sold three 2,836-square-foot units in the northeast wing of Palace Place, a 47-storey building on the banks of the Humber River at Lake Ontario. But in February this year he sensed something very different when buyers showed far less enthusiasm for this similar three-bedroom model. ‘As soon as 2024 kicked in, the market for condos died, whether it was one or three bedrooms. No one was making the move,’ said Mr. Dalinda. The unit was taken off the market for a spell, then relisted in July. Within a week, it sold for $2.65-million to downsizers, a steep $349,000 discount off the asking price. The new owners take possession in October. ‘These suites were selling in the $2.8-million range, but the seller was cognizant prices were lower,’ Mr. Dalinda said.”

“According to a report from Canada Mortgage and Housing Corp. (CMHC), delinquency rates – when a homeowner has missed at least three consecutive mortgage payments – in London sat at 0.14 per cent in the first quarter of the year, up from 0.07 per cent in the same quarter of 2022. London’s rate of increase is similar to the one seen across Ontario. According to CMHC, about 2.2 million households, or about 45 per cent of all outstanding mortgages, would be renewing their mortgage in 2024 or 2025. ‘The people that we speaking about purchased during the pandemic years, so they got into the market at the peak and prices have now cooled off,’ said Anthony Passarelli, CMHC’s lead economist for southern Ontario. ‘For them, it could be more of a payment shock if they renew at much higher rates.’ London’s unemployment rate, however, represents an even greater threat that could lead to an increase in delinquency rates in the near future, Passarelli said.”

“Residents of an upmarket newbuild estate claim they have been subjected to ‘awful’ treatment by the developer after being left with huge lists of snags for years. Some have given homebuilder Bellway the nickname ‘Hellway’ amid complaints of collapsing stairways, ‘rollercoaster’ fences, leaking toilets and unsupported floors. Work officially ended on the 100-property Bassingbourn Fields estate last year but purchasers who moved in as much as three years ago are among those furious that problems still haven’t been fixed. Many are now talking of selling their homes, some of which cost nearly £600,000, or are refusing to pay fees to the management company for the development’s upkeep.”

“One young woman, who asked not to be named, revealed the staircase collapsed within weeks of moving in and her husband plunged into the understairs cupboard. ‘The contractor who came to fix it said there was only one screw in each step. There should have been 14,’ she said. ‘We’ll leave as soon as we can – too many bad memories here.’ Stephen McIntyre, 54, has appointed solicitors after living with snags in his four-bedroom home for three years. ‘It’s been one calamitous issue after another. I would not buy a tent off Bellway. I have no faith in their construction skills,’ he added. Sam Dowman, 30, who arrived on the estate with his wife 18 months ago, said the garden fence of their three-bedroom house was too high, leaving them feeling ‘like we were in a prison cell when we were sitting in our living room.'”

“Property Investment Professionals Australia chair Nicola McDougall said at least 14 per cent of investors in their annual investor sentiment survey – out Friday – had bailed on their rentals in the past year, an even bigger sell-off rate than the year before. ‘It’s clear that investors have not only had enough of being the golden gooses to financially fluff up state government bottom lines, but they also are reacting to the myriad rental reforms and property taxes that make holding an investment property either unpalatable or unviable for them,’ Ms McDougall said. The survey found a massive 42.7 per cent of investors were now seeing tight cashflow, while one in 10 were dipping into savings to cover shortfalls.”

“Almost half the members of the Real Estate and Housing Developers’ Association have unsold completed residential units as of June. According to an industry survey carried out by the association, the vast majority of these unsold homes are lots reserved for Bumiputera buyers. Rehda president Ho Hon Sang said 33% of these Bumiputera lots remain unsold even after three years since they were completed. Besides the lots reserved for Bumiputera buyers, Ho said, Rehda members cited low demand and end-financing loans being rejected by banks as the main reasons for the glut of unsold houses. He said the average rate of rejected property loan applications was 31%. ‘That means if you have 100 loan applications, it is likely that there will be 31 cases where the loans will be rejected. Maybe these 31 units need to be resold to other parties, or interested buyers need to find more supporting documents or evidence to support their loans,’ he said.”

“China’s economic plight is deepening, heaping pressure on Beijing to step up support for households or risk getting stuck in a low-growth rut. The root of China’s problems is a still-festering property meltdown that is sapping government revenue, holding back investment and keeping consumers from spending more freely. Economists at Barclays estimate that if home prices nationwide fell in line with the 30% fall recorded in top cities since 2021, then China’s real-estate slump has cost the economy $18 trillion in vanished wealth—a staggering sum that adds up to around $60,000 for the average three-person household in China. ‘It seems like they’re just floundering,’ said Katrina Ell, director of economic research for Asia-Pacific at Moody’s Analytics in Sydney. ‘I can’t see anything that brings me optimism.'”

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This Post Has 105 Comments

  1. ‘According to an industry survey carried out by the association, the vast majority of these unsold homes are lots reserved for Bumiputera buyers. Rehda president Ho Hon Sang said 33% of these Bumiputera lots remain unsold even after three years since they were completed’

    This is in Malaysia.

  2. ‘It’s been one calamitous issue after another. I would not buy a tent off Bellway’

    You didn’t buy a tent Sam, you bought a defective 600,000 peso shack.

  3. ‘Nicola McDougall said at least 14 per cent of investors in their annual investor sentiment survey – out Friday – had bailed on their rentals in the past year, an even bigger sell-off rate than the year before. ‘It’s clear that investors have not only had enough of being the golden gooses to financially fluff up state government bottom lines, but they also are reacting to the myriad rental reforms and property taxes that make holding an investment property either unpalatable or unviable for them’

    Check out Nicola’s glamor photo. She looks like a linebacker who rides a motorcycle.

    1. Haiti has been an independent nation, free from the French, for over two centuries.

      This is the “culture” (and cuisine) they have developed in that time, free from the subjugation of evil Whitey.

      Cultural relativism is one of the greatest lies ever told (see also: Real Journalists).

      1. Haiti has been an independent nation, free from the French, for over two centuries.

        Although the US did occupy Haiti from 1915-1935, Idk what that was all about.

        1. Actually, if you can believe Wikipedia’s article on the US occupation of Haiti, there has been very extensive meddling in Haiti by the US, France, and Germany going back to the American Revolution.

  5. His firm’s research shows condo sales in buildings 30 years or older in Miami-Dade, Broward, and Palm Beach County are selling 20% below market value. ‘They think they saw bargains, but when they get their bill for special assessment sometime next year, I think they’re gonna realize they bought fool’s gold,’ said Studnicky.”
    Florida is finished

  6. ‘Economists at Barclays estimate that if home prices nationwide fell in line with the 30% fall recorded in top cities since 2021, then China’s real-estate slump has cost the economy $18 trillion in vanished wealth’

    We were told these Tier 1 cities would never go down.

  7. I seem to think there would be some cheaper housing for sale in Springfield, Ohio area today……I would tend to doubt the pet eating story ,as I am somewhat famailar with that culture ,I’d be more concerned about the driving lack of skills…….most of them never drove before …., why a small town is getting overrun like that , is a bigger question….

    2. I’d be more concerned about the driving lack of skills

      Or skills in general. I’d guess that most of those invaders are functionally illiterate, even in French, and few speak any English at all.

  8. said her condo association has falsely accused her of removing the wall-to-wall carpeting, putting her housing at risk.

    LMAO. All your carpet is ours!

    1. “…has falsely accused her of removing the wall-to-wall carpeting, putting her housing at risk….”

      Sure would like to understand the backstory on this one.

      Speculation on my part: Owner has a upstairs unit, and as a consequence of substandard construction, removal of carpet (and padding) would negate sound damping and perhaps [allow] possible damage to floorboards. (Probably cheapest D-grade plywood).

  9. Charlie Spiering
    @charliespiering

    Elon Musk, RFK Jr., and Tulsi Gabbard are raising concerns of free speech under Kamala Harris.

    In 2019, Harris vowed to use the DOJ and law enforcement to ‘hold social media platforms responsible’ for ‘misinformation’ as part of the ‘fight against this threat to our Democracy’

    8:54 AM · Sep 5, 2024

    https://x.com/charliespiering/status/1831677164372082751

  10. From the Colorado Springs article

    “Long-term, fixed-rate mortgages that zoomed beyond 7% in the second half of 2022, declined into the low and mid 6% percent range in 2023, but then surpassed 7% again this year, have pushed monthly payments higher and stymied the ability for some buyers to make a purchase, real estate experts have said.

    Still, those rates have cooled of late. Last week, 30-year mortgage rates averaged 6.35% nationally, according to mortgage buyer Freddie Mac. That’s the lowest they’ve been since May 2023”

    What folks do not look at BUT should is an amortization schedule on your typical $600k home. Say you do get the 6.35% rate. You monthly payment is $3,733.41 with the Total of 360 monthly payments equaling $1,344,029.12. Total just in interest, how much you say? $744,029.12.
    O_U_C_H!

    1. “What folks do not look at BUT should is an amortization schedule on your typical $600k home. Say you do get the 6.35% rate. You monthly payment is $3,733.41 with the Total of 360 monthly payments equaling $1,344,029.12. Total just in interest, how much you say? $744,029.12. O_U_C_H!”

      – Yes. Correct. A 15 yr. mortgage is better, as is pre-payment of the principal. Get a loan that allows this and you’ll be way ahead of the game.
      – Also, the mortgage loan is front-end loaded with mostly interest payments. For years. This is equivalent to renting.
      – Mortgage = death pledge. Be careful with what you’re signing up for. 😀

  12. “He was already at a loss. He had no equity left in the home, so he couldn’t fulfill what the buyer wanted,’ she said.”

    I have news for ya bro, that might be the best deal you’re gonna get.

  13. “It’s a combination of sellers still optimistic in their pricing, and so there are properties that are out in the market, staying on the market longer because of either optimism on the behalf of the seller”

    Well then it’s your job to smash that optimism Mr Realtor. You were more than willing to feed it on the way up, time to dish out some reality.

  14. “Prices are down, and buyers are weary of aging condo buildings.”

    Why is it that building condition only matters when prices are falling?

  15. A reader sent these in:

    Was Powell was too late to raise rates?

    “Way too late…by 2021…the economy was already rolling. We had huge asset bubbles…markets at all-time highs and the Fed was still buying huge amounts of MBS every single month, and basically created this massive housing bubble.”

    https://x.com/RudyHavenstein/status/1833950308600610872

    Closed all locations overnight

    https://x.com/MichaelKudrna/status/1834044486671872440

    Gavin’s California has turned into a complete mess.

    https://x.com/ClownWorld_/status/1834076082372235307

    Didn’t see that coming 😂

    https://x.com/idiocracy06/status/1834017813671166284

    Verizon Communications Inc. will take a pre-tax charge of as much as $1.9 billion in the third quarter tied to 4,800 job cuts.

    https://x.com/MacroEdgeRes/status/1834248040330252649

    I’m seeing massive price drops right now from listings that have been stale for months … literally we’ve had 3 rate cuts and I’m seeing price cuts of 300-400K.

    Told y’all rate cuts were a sell the news event. 🤫

    https://x.com/ManyBeenRinsed/status/1834345832780349520

    HUANG: WE’RE AT THE BEGINNING OF A NEW INDUSTRIAL REVOLUTION – on CNBC live $NVDA

    https://x.com/faststocknewss/status/1834263596442026482

    What are you going to do about @RaphaelBostic?

    “Mr. Bostic broke the trading rules repeatedly since his appointment in 2017 including 154 trades placed during communications blackout periods before Fed meetings. This is a finding of egregious conduct, not jay-walking.”

    https://x.com/RudyHavenstein/status/1834406196326908361

    Supply, supply, supply.

    “Almost one-third (29%) of homes currently for sale in the capital were previously rented out”

    https://x.com/JohnWake/status/1834395938858959155

    REAL ESTATE DEVELOPER SAYS THE HOUSING MARKET IS BACK, USES A FAKE STORY INSTEAD OF DATA TO BACK UP HIS LIE.

    https://x.com/igetredpilled/status/1834321143702143001

    “When can a homebuyer cancel a purchase over a short-term rental?”

    https://x.com/JohnWake/status/1834379797256081431

    “Demand-side policies merely push up prices.”

    https://x.com/JohnWake/status/1834368832041091545

    San Juan Islands are cooked! Airbnb destination that offers a taste of island life. The problem with island life is you pay a lot more for everything and the ferry is very expensive.

    https://x.com/Finster112/status/1834369105102864801

    Remember when an army of LPC-nutters called me racist for pointing out this & predatory loans are becoming widespread issues in Brampton? Good times.

    It’s now overrun with organized crime & frustrated residents, eh? No one saw this coming. 🙃

    https://x.com/StephenPunwasi/status/1834283057702207768

    We just broke 5000 homes for sale in San Diego county.

    https://x.com/aremuhknee/status/1834330874508443982

    In the month of August, the US Government collected $307 Billion. Just one problem…

    They spent $688 Billion.

    A $381 BILLION deficit. In one month.

    https://x.com/Geiger_Capital/status/1834243237151646075

    True. WHY the media chooses to lie about it is a travesty. Between corrupt “official” data and a tainted media, we may as well be living in the former Soviet bloc.

    https://x.com/DiMartinoBooth/status/1834321440985825282

    Daily gov. debt interest expense now exceeds $3 billion

    https://x.com/GameofTrades_/status/1834292671965442536

    55 cents out of every dollar the federal gov’t spent in Aug was borrowed.

    https://x.com/RealEJAntoni/status/1834307720142352619

    1. 55 cents out of every dollar the federal gov’t spent in Aug was borrowed.

      It would seem that the can kicking days are coming to an end. At some point the FedRes will be the only buyer of government bonds, even if indirectly. We are going to have hyper inflation. And I doubt that a GOP led government will do much to reduce the deficit. The best they will do is not make it worse.

      1. not make it worse

        Something drastic needs to happen to stop “it” from making itself worse, faster and faster.

  16. Ok, so the last High Wire Podcast had Bret Weinstein on it who covered the real issues that humanity faces.
    But going back, I posted many times that China never employed the new MRNA technology . Bret Weinstein confirms this fact in the High Wire podcast.
    So, you have this highly populated China, that was ground zero for Covid, having one of the lowest death rates from Covid, that didn’t deploy the Western expiermental MRNA vaccine. Yet, they were held out as the model for Covid response , when they never deployed the Western expiermental MRNA technology.

    That is the control group you should be looking at along with any Country that didn’t deploy this expiermental technology.

    I also said that no way are they going to take the MRNA techno!icy off the market , in spite of overwhelming evidence it causes unacceptable levels of injury and death. If anything they are putting the failed technology in more products , including the vaccine schedule for children.

    Fake news is going to censor or obstruct any information that goes against the pre planned narratives of the Powers that Be that have launched these weapons of war and genocide on specific populations.
    As these Entities are engaged in trying to launch the WHO declared new Pandemics of International concern, , while already stockpiling their vaccine counter measures, the first amendment is under attack, as that gets in the way of the Narratives.

    These Entities do not want any dispute to the One World Order dictorship they are setting up in which
    they launch weapons of mass destruction under the pretense of global emergencies like Climate Change and Panademics they engineer.
    They want Global Monopolies and their co conspirators to end up controlling all resources and consumption , and subject humanity to enslavement, you will own nothing, eat bugs and fake food, mandated vaccines, with no freedoms or choices, or constitutional protections.

    The false science that they are saving the World by zero carbons emissions and genocidal vaccine counter measures was the pre planned scheme of these Entities. Invasion of numerous Borders and every conceivable type of divide and conquer has been deployed.
    They are upset that alternative news has disputed their Great fraudulent Narratives and they are now homing in on the elimination of any free speech at all globally.
    They want to place their Puppets in key position in global governments , as they did with Biden and now plan to put the Harris/Walz ticket to continue with this destruction of democracy or a Constitutional republic.

    The Governments of Globe have been infiltrated and corrupted and they aren’t stopping this wide spread attack on humanity, if anything the Governments are colluding with it.

    1. the Western expiermental MRNA technology

      Few are paying attention, but more and more vaccines are moving to mRNA.

  17. Sibanye Stillwater plans restructuring and layoffs at Montana operations

    Citing the continuing plunge in the palladium market, Sibanye Stillwater announced Thursday in a letter to employees that it will undergo restructuring and layoffs at its Montana operations.

    The mining operations near Nye in Stillwater County are the largest employer in Stillwater County and produce palladium and platinum.

    Kevin Robertson, the vice-president of the company, said in the letter that operations at Stillwater West would be placed “on care and maintenance for now,” while the number of employees at its other Montana operations would also be reduced.

    “We estimate that this restructure will reduce our total number of employees at our Montana operations from about 1,680 on July 31 to just under 1,000 after the layoffs,” Robertson states in the letter.

    The market value for the metals have decreased significantly in recent years, with palladium falling from $2,305 an ounce two years ago to below $1,000 an ounce in recent months, Robertson stated in the letter.

    https://www.krtv.com/news/montana-and-regional-news/sibanye-stillwater-plans-restructuring-and-layoffs-at-montana-operations

  18. Warren Buffett’s $13 billion bet on Occidental Petroleum turns sour as oil prices hit a 3-year low

    Shares of Occidental Petroleum have plunged 29% since mid-April and are down 15% year-to-date, trading just above the $50 level on Thursday at 10:04 a.m.

    The price decline in Occidental shares has coincided with a 23% decline in crude oil prices since mid-April.

    Oil has been under pressure due to demand concerns tied to a cooling US economy and excess supply thanks to record production by US oil firms.

    The sharp decline in Occidental Petroleum stock is a blow to Warren Buffett’s Berkshire Hathaway, which has been amassing a stake in the oil producer since early 2022.

    Buffett went on a buying streak of Occidental Petroleum in June, purchasing millions of shares around the $60 level. The conglomerate owns a 29% stake in the oil company, worth about $13 billion.

    The $55-$60 level has acted as a floor for Occidental Petroleum stock since Buffett started buying it in 2022, but for the first time in more than two years, that floor has been taken out.

    Berkshire Hathaway’s $13 billion stake in Occidental Petroleum may be underwater, based on estimates.

    https://www.msn.com/en-us/money/markets/warren-buffetts-13-billion-bet-on-occidental-petroleum-turns-sour-as-oil-prices-hit-a-3-year-low/ar-AA1qsUhJ

    1. An influx of young people entering the housing market next year will lead to a homebuilding boom, analyst says
      Business Insider
      Jennifer Sor
      September 12, 2024 at 10:18 AM
      open house homebuyers
      REUTERS/Jonathan Ernst

      – The housing market is about to see a wave of young home buyers, one analyst says.

      – That’s because mortgage rates are trending lower, which should ease the lock-in effect.

      – That could be a boon for homebuilders, who are scrambling to add fresh inventory amid the supply shortage.

      A wave of younger buyers are about to enter the housing market in a trend that could spark a boom for homebuilders, according to one housing analyst.

      Phillip Ng, a senior buildings products analyst at Jefferies, is predicting a strong tailwind to boost the construction and building materials sector. That’s because young Americans are itching to buy a home, and they’ll likely enter the housing market in droves once mortgage rates come down, he told CNBC in a recent interview.

      “When we kind of look out into 2025, we feel great, because, one, the housing market’s been massively underbuilt. We’ve got a wave of young people that are going to be buying homes,” Ng said. “Not surprisingly, when you see rates come down, that’s going to be a massive driver to improve affordability, so that could drum up construction activity.”
      …
      https://www.aol.com/influx-young-people-entering-housing-171844757.html

      1. 1. aol is still around?
        2. do they not drug test at this guy’s company?

        it’s not the interest rate,it’s the price, the prices are too high. People can’t afford food and you think they are going to buy a house.

  20. One of the Nation’s Largest Auto Lenders Told Customers, “We’re Here to Help.” Then It Took Their Money and Their Cars.

    Jessica Patterson tensed as she tore open the letter from Exeter Finance. “This notice is being sent to you concerning your default,” the company wrote. She didn’t need to keep reading to know she was in trouble.

    It was January 2018. Seven months earlier, she’d borrowed $14,786.07 to purchase a silver Kia Rio. The interest rate was sky high — 25.17% — and the $402 monthly payment was more than a quarter of her take-home pay. But she needed the car to keep her job and support her three young children. For months she had skimped on groceries, eaten at soup kitchens and even skipped Christmas gifts to pay the car loan. But most of the time it wasn’t enough, and now Exeter was threatening to seize the Kia.

    Panicked, she dialed the number in the letter. Can we work something out, Patterson asked. Exeter’s response came easily, she recalled. It offered to extend her loan.

    The company would simply move the December and January payments to the end of her five-year payment schedule, the representative told her, adding two months to the loan’s term. “It was instant relief,” Patterson said.

    The pause in payments, however, was anything but free. What Patterson didn’t know, and what she said Exeter didn’t tell her, was that every penny of her next five payments would go to the interest that built up during the reprieve. That meant she didn’t pay down the original loan balance at all during that time.

    While the extension allowed her to keep her car, it added about $2,000 in new interest charges, which the lender did not clearly disclose. Patterson’s experience with Exeter was not unusual. A ProPublica investigation has found that it’s an integral part of how the company runs its business.

    Exeter is one of the largest auto lenders in the nation, specializing in high-interest loans to people with histories of not paying bills or defaulting on debt, a practice known as subprime lending. The company, which has more than 500,000 active loans and a partnership agreement with CarMax, the country’s largest used car retailer, casts itself as a provider of second chances. “We’re here to help,” it says on its website. In reality, Exeter’s practices often do the opposite.

    But none of the customers that ProPublica spoke to said that was what they experienced. In fact, more than 20 borrowers told us they were not provided a dollar amount of what their extensions would cost before they agreed to them. “I just felt like that was so wrong,” said Natosha Smith, a former Exeter borrower living in Georgia.

    She received eight extensions over the course of her loan. Each time, Smith said, an Exeter employee explained that it added additional months to the end of her loan term. Smith said she expected to pay a little extra interest, something akin to her $425 monthly payment. Instead, the cost was more than 10 times that.

    “You guys have gotten double what this vehicle is worth, and you still want to take another $6,000 from me?” Smith said of Exeter. “I was appalled. I couldn’t believe it.”

    https://www.msn.com/en-us/news/us/one-of-the-nation-s-largest-auto-lenders-told-customers-we-re-here-to-help-then-it-took-their-money-and-their-cars/ar-AA1qrux6

  21. Teen once charged for killing father in Oklahoma now charged for killing mother in Florida

    17-year-old murders mom in Polk County after killing dad in 2023, officials say

    Griffith previously faced a first-degree murder charge in Lincoln County, Okla. after authorities said he shot and killed his father, Charles, in their home near Stroud in February 2023.

    The Lincoln County District Attorney’s office later dropped the charges against him, saying they could not rule out self defense.

    The Sheriff in Polk County says he can’t help but wonder if Oklahoma authorities did all they could.

    “When I look at him, I see a psychopath,” Polk County, Fla. Sheriff Grady Judd told News 4’s sister station WFLA during a news conference announcing Griffith’s arrest on Wednesday. “He’s violent. He’s dangerous. He showed zero remorse.”

    https://www.msn.com/en-us/news/crime/teen-once-charged-for-killing-father-in-oklahoma-now-charged-for-killing-mother-in-florida/ar-AA1qs9uX

  22. A Springfield, Ohio, resident sounded the alarm about the city’s Haitian migrant surge, warning her community is like a “dystopian nightmare” as it struggles to provide basic resources for taxpayers.

    Springfield resident Diana Daniels joined “Fox & Friends” to describe what life has been like in recent years since thousands of Haitians have been transported to their city, starving it of resources like housing and health care, while also having an impact on public safety.

    “It’s like living in a dystopian nightmare,” Daniels told Lawrence Jones on Thursday. “You hope you wake up and it’s 2019 again, and then you realize it’s 2024, and it’s the same thing over and over again, day after day. It’s hard sometimes to get up in the morning and hear residents that I’ve known for years struggle. This is a paycheck-to-paycheck… kind of town… working class. The citizens that depend on our social services like health care, the Rocking Horse [Community Health Center], going down to the Social Security office for benefits are waiting in line, and they’re not getting the services they need.”

    “If it took something like this to get the spotlight flashed on us, then so be it. We’ve needed help for several years, and maybe we’re going to finally get it. The sad thing is, it’s more of my money being spent on a problem that we did not create.”

    “I see what’s going on in the streets. And I see you guys sitting up there and, comfy chairs and suits… I really challenge you guys to get out here and do something,” said Anthony Harris, 28. “These Haitians are running into trash cans. They’re running into buildings. They’re flipping cars in the middle of the street, and I don’t know how like, y’all can be comfortable with this.”

    https://www.msn.com/en-us/news/us/springfield-ohio-resident-details-dystopian-nightmare-as-haitian-migrants-overrun-town-breaks-my-heart/ar-AA1qsQRL

  23. How did members of Venezuelan gangs suddenly find themselves in Colorado’s suburbs?

    The troubling conclusion: The Biden administration, in partnership with Denver authorities and publicly subsidized NGOs, provided the funding and logistics to place a large number of Venezuelan migrants in Aurora, creating a magnet for crime and gangs.

    And, worse, some of the nonprofits involved appear to be profiting handsomely from the situation.

    The story begins in 2021, when the Biden administration signed the American Rescue Plan Act (ARPA) into law, allocating $3.8 billion in federal funds to Colorado.

    The city of Denver, which had declared itself a “welcoming city” to migrants, drew on this reservoir of money to launch its Emergency Migrant Response resettlement program, with the goal of housing and providing services to a massive flow of migrants.

    Denver, in turn, signed multimillion-dollar contracts with two local NGOs, ViVe Wellness and Papagayo, to provide housing and services to more than 8,000 predominantly Venezuelan migrants.

    These NGOs are run, respectively, by Yoli Casas and Marielena Suarez, who, according to their professional biographies, do not appear to have previous experience in large-scale migrant resettlement.

    Nevertheless, the city flooded them with cash.

    According to public records, between 2023 and 2024, ViVe Wellness and Papagayo received $4.8 million and $774,000, respectively; much of this funding came from the Migrant Support Grant, which was funded by ARPA.

    Then, in 2024, ViVe secured an extra $10.4 million across three contracts, while Papagayo received $2.9 million from a single contract to serve migrants; two of those five contracts were awarded to implement the Denver Asylum Seekers Program, which promised six months of rental assistance to nearly 1,000 migrants.

    With this funding in hand, the two NGOs began working with landlords to place migrants in housing units and to subsidize their rent.

    One of these organizations, Papagayo, worked with a landlord called CBZ Management, a property company that operates the three apartment buildings at the center of the current controversy: Edge of Lowry, Whispering Pines and Fitzsimons Place, also known as Aspen Grove.

    We spoke with a former CBZ Management employee, who, on condition of anonymity, explained how the process worked.

    Last summer, the employee said, representatives from Papagayo began working with CBZ Management to place Venezuelan migrants in the company’s Aurora apartment complexes.

    When a Venezuelan individual or family needed housing, the NGO would contact the regional property manager, who then matched them with available apartments. It was a booming business.

    According to the employee, Papagayo arranged hundreds of contracts with the property manager.The NGO provided up to two months of rental assistance, as many migrants did not have, or were unable to open, bank accounts.

    Within six months, according to the employee, approximately 80% of the residents of these buildings were Venezuelan migrants. The employee also noted that the buildings saw gang activity and violence.

    The employee, however, alleges that these agreements were made on false pretenses. To convince the hesitant employee to accept the migrants, Papagayo made assurances that the tenants had stable jobs and income.

    With limited English and facing a minimum six-month wait for work permits, though, many migrants were ineligible for legal employment, struggled to find stable jobs and ultimately fell behind on rent. This was only the beginning.

    https://nypost.com/2024/09/12/opinion/blame-the-biden-admin-for-venezuelan-gangs-migrants-taking-over-aurora-colorado/

    1. “These NGOs are run, respectively, by Yoli Casas and Marielena Suarez”

      4chan has their home addresses. What happens with that information, who knows what could happen?

      #Naming

  24. “The number of Colorado Springs-area homes listed for sale last month reached a nine-year high. A new Pikes Peak Association of Realtors market trends report showed home listings totaled 3,320 in August, a 37.2% jump over the same month last year. Last month’s listings were the most since 3,378 in August 2015…”

    – From realtor.com:
    https://www.realtor.com/realestateandhomes-search/Colorado-Springs_CO
    4,138 homes for sale
    https://www.realtor.com/realestateandhomes-search/Colorado-Springs_CO/show-price-reduced
    1,099 homes for sale + price reduced
    (Check the ‘Price reduced’ box under the ‘More’ tab.)
    Some maths: 1,099 / 4,138 = 26.6% price reduced

    – “Suddenly,” there’s a bunch of inventory. Suddenly. Where’s my shortage? Was that really a shortage, or just a REIC narrative?
    1) There were a lot of houses held off market as investments, including Airbnb / STRs. There was never a shortage of houses; only a shortage of affordable houses.
    1) Owners / investors have been holding properties off market, since prices were rising. Were rising. Past tense.
    2) Owners / investors, seeing that the market has peaked, are now dumping their investments on the market. Inventory goes up.
    3) Existing house prices are still at pandemic interest rates (sub-3%), but rates are still more than 2x those now gone sub-3% rates.
    4) Builders can do math and understand what it takes to sell houses, so they’re dealing; mortgage rate buy-downs, upgrades, and other incentives. Existing owners are being stubborn and won’t budge on their wish price, at least not yet.
    5) First sales slow and inventory rises, then prices fall. Were getting closer to the prices fall stage.
    6) Based on price and 30 yr. fixed rate mortgage, current prices need to fall by 35-40% before housing is “affordable” again.
    7) Your government – the same people who are bringing in millions of illegal aliens because they love you – did this with inflation. This is policy. This is treason.

    1. 6) Based on price and 30 yr. fixed rate mortgage, current prices need to fall by 35-40% before housing is “affordable” again.
      skyrocketing holding costs.

      And that’s before skyrocketing holding costs!

  25. Islamic extremist plotted to attack German soldiers during their lunch break, prosecutors say

    An alleged Islamic extremist has been arrested in connection with plotting an attack on German soldiers during their lunch break in Munich, killing as many of them as possible and causing a feeling of insecurity among the larger population, authorities said Friday.

    The 27-year-old Syrian is a suspected supporter of radical Islamic ideology, according to the Munich public prosecutor’s office. It said that the suspect procured two machetes, each about 40 centimeters (15.75 inches) long, earlier this month, and allegedly planned to attack the soldiers with them.

    https://www.msn.com/en-us/news/world/islamic-extremist-plotted-to-attack-german-soldiers-during-their-lunch-break-prosecutors-say/ar-AA1qvGKr

  26. Nigel Farage has slammed Sadiq Khan as he issued a brutal nine-word warning over the London Mayor’s illegal migrant policy.

    The Mayor of London has been under fire over his recent remark about prisoners jumping the queue for housing.

    Mr Khan told The Times’s Crime and Justice Commission that there is “a big shortage of housing in London” but said that there needed to be an “honest conversation” about the need for some prisoners to “jump in the queue to get housing to avoid them reoffending again”.

    His comments have not gone down well with the Reform Leader who criticised Mr Khan for his statement. Nigel Farage posted on X, formerly known as Twitter: “Sadiq Khan wants free housing for criminals and illegal migrants.” In a nine-word warning the Reform UK MP for Clacton added: “And he wants you to pay for it all.”

    https://www.msn.com/en-gb/news/uknews/nigel-farage-delivers-brutal-nine-word-warning-over-sadiq-khan-s-illegal-migrant-policy/ar-AA1qsI6P

  27. Investments supposedly helping Chinese students were actually a $3.2M fraud, B.C. regulator rules

    A woman who claimed to be soliciting funds to help Chinese students and tourists was actually running a multimillion-dollar fraud, B.C.’s financial markets regulator has concluded.

    Meiyun Zhang raised more than $3.2 million from three investors who were born in China but resided in Vancouver and Richmond, according to a decision(opens in a new tab) by a panel of the B.C. Securities Commission, which was published Wednesday.

    Zhang did not participate in the BCSC’s hearing on the matter, according to the decision.

    The panel’s decision describes Zhang’s persistent communication with her victims, who made their investments through numerous transactions between 2014 and 2016.

    At various points, according to the decision, Zhang claimed that the money would be provided to Chinese students and tourists in exchange for U.S. dollars and Chinese Yuan; to help Chinese students immigrate to Canada to study; or to provide loans to students from China so that they could show Canadian authorities they had enough money to qualify for visas.

    The decision indicates Zhang promised her investors returns ranging from six to 10 per cent per month, and presented the investment as risk free.

    In fact, BCSC investigators could not find any evidence that the money was spent for any of the purposes Zhang said it would be. Instead, Zhang used the investors’ money to pay returns to other investors in Canada and China, repay a personal loan to a Realtor in Calgary, make purchases, pay bills, gamble at casinos and pay an immigration lawyer to dispute a removal order against her, among other things, according to the decision.

    While each of the investors did get some of their money back, they ultimately lost a combined total of roughly $1.7 million.

    The decision describes Zhang’s fraud as having elements of both a Ponzi scheme – in that later investments were used to pay back earlier investors – and an affinity fraud targeting “a particular section of the population” and “exploiting trust and friendship within a group that have things in common.”

    https://bc.ctvnews.ca/investments-supposedly-helping-chinese-students-were-actually-a-3-2m-fraud-b-c-regulator-rules-1.7035636

  28. “It’s life or death”: Harm reduction workers on Doug Ford’s decision to close safe consumption sites

    The heads of Kensington Market Overdose Prevention Services say their centre has saved thousands of lives. Now, they worry that people who use drugs will have nowhere to turn

    Doug Ford has said that supervised consumption sites are “the worst thing that could ever happen to a community,” calling them “a haven for drug dealers.” KMOPS has been operating since 2018. What has your actual experience of a supervised consumption site been?

    Estwick: That is a false characterization of what we do here. We’re not a drug den. People cannot buy drugs from us, nor are they given free drugs. Our service reverses overdoses and saves lives by creating a judgment-free space for people to use safely in a sterile environment. We also provide safer drug use education, naloxone training and referrals to detox treatment centres, if clients request them.

    https://torontolife.com/city/safe-consumption-site-kensington-market/

  29. British Columbia’s NDP Premier, David Eby, the last premier in the country to defend carbon pricing and whose province was the first in Canada to have such a system, says he would eliminate the levy if the federal government drops legislation requiring it.

    “Our commitment is that, if the federal government decides to remove the legal backstop requiring us to have a consumer carbon tax in British Columbia, we will end the consumer carbon tax in British Columbia,” he told a news conference in Vancouver on Thursday.

    The Premier announced the major policy reversal just over a week before the official start of a provincial election campaign in which the carbon price was expected to feature prominently. Mr. Eby joins a growing chorus of critics – both on the left and the right of the political spectrum.

    Mr. Eby blamed the federal Liberal government for raising carbon pricing rates at a time when Canadians are struggling with affordability.

    In 2008, British Columbia was the first jurisdiction in North America to implement its carbon levy, one that Ottawa did not mirror for the rest of the country until 11 years later. The policy, intended to curb emissions that are accelerating climate change, was introduced by a BC Liberal government through its Carbon Tax Act and defended by Mr. Eby until Thursday.

    “When the federal government got involved and provided additional increases that were mandated in the face of increasing affordability stresses, that didn’t do us any favours here in British Columbia in terms of our long-standing record on the carbon tax,” Mr. Eby said in an interview earlier in the day. “I think it’s really compromised the political licence that was there for carbon taxes.”

    Conservative Leader John Rustad, in a statement, said the Premier’s change of heart on the carbon tax shows the NDP are worried about losing the next election.

    “David Eby’s sudden reversal on the carbon tax is a desperate attempt to salvage his sinking political ship,” he said. “Eby has spent years championing this disastrous tax that punishes families and businesses. Now, faced with growing opposition, he’s pretending to care.”

    https://www.theglobeandmail.com/canada/british-columbia/article-bc-premier-says-province-will-drop-carbon-pricing-if-ottawa-eliminates/

  30. The outlook for US chicken supplies is improving, signaling lower retail prices than previously expected through the end of the year, according to the US Department of Agriculture.

    Chicken producers including Tyson Foods Inc. and Pilgrim’s Pride Corp. have seen profits surge this year on lower costs for grain fed to birds amid robust demand among consumers seeking cheaper alternatives to beef.

    https://finance.yahoo.com/news/chicken-supply-us-seen-growing-182132491.html

  31. More inventory has given buyers fresh options and more time to decide. In August, the median days on market was 11 days, up from eight days a year ago. This is the slowest pace in the Mid-Atlantic market since February.

    It has been a very competitive market over the past few years, though there are signs that the market may be easing. Buyers have more room to negotiate and ask for concessions. Buyers are also taking longer to put an offer on a home.

    More inventory is providing more options for home buyers. At the end of August, there was a total of 37,340 active listings on the market. Inventory has increased for seven consecutive months, with the number of active listings up 21.4% year-over-year.

    Buyers will have more leverage in the market this fall as inventory continues to expand. Mortgage rates are expected to come down, but the slight declines in rates will not offset high home prices. Sellers will have to be prepared to negotiate on price, as well as consider buyer requests for contingencies and concessions.

    https://finance.yahoo.com/news/bright-mls-august-2024-housing-144800622.html

  32. Judge dismisses Neponset Wharf bankruptcy case; auction set for October

    A federal bankruptcy court judge dismissed the Chapter 11 bankruptcy case brought by the developer of a Port Norfolk waterfront property on Tuesday afternoon, ruling that the owners had run out of time to restructure their financing plans to get the stalled-out project back on track.

    The ruling has important implications for Neponset Wharf, an ambitious, $90 million redevelopment project that would bring 120 housing units, open space, a marina, and other amenities to the Dorchester waterfront adjacent to Venezia restaurant. First proposed in 2017, city officials approved plans for the 3.6 acre, three-building complex in January 2022, but it has been mired in regulatory and financial hurdles ever since.

    The four parcels in question on Ericsson Street are now slated to be auctioned off on October 24, according to Paul Saperstein Co., a public auctioneer. A previously scheduled auction last May was averted just hours before when the lead developer, CPC Ericsson, filed for Chapter 11 bankruptcy.

    On Tuesday, Judge Janet Bostwick told the parties to the bankruptcy case that, essentially, time had run out on efforts to restructure a financing plan that might salvage the project through her court.

    “This case has been in four months, and they still can’t pay real estate taxes and have no income,” said Judge Bostwick during a hearing at the McCormack Courthouse in Boston. “I understand the debtors have optimism but that has to balance out with the obligations, and it can’t just be, ‘Let me try again.’”

    She added: “There really is a great deal of uncertainty of what it can do and when it can get developed. For all these reasons, the case is dismissed.”

    https://www.dotnews.com/2024/judge-dismisses-neponset-wharf-bankruptcy-case-auction-set-october

  33. Historically, Silicon Valley’s data center market has been robust, but the price of doing business in California could quickly quell tenant demand.

    Analysts have concerns about the sector’s ability to grow as utility giant Pacific Gas & Electric continues to hike energy prices, construction costs keep rising and California’s permitting process becomes increasingly onerous.

    “While San Jose remains an important data center market, it’s kind of losing its luster,” said David Guarino, a data center and tower analyst at real estate analytics firm Green Street.

    “It’s really hard to get things done in California in general, and with the challenges from utility providers with the bankruptcies and after all the wildfires, it’s been difficult to get power to these sites,” Guarino said.

    “A lot of folks are not putting big data centers up in California in general. They’ve shifted towards Phoenix, which is capturing the vast majority of internet traffic, particularly for NorCal,” Guarino said. “The other emerging market people are talking about is Reno, which is really starting to get some traction now.” Guarino also pointed to Hillsboro, Oregon, as an emerging data center market.

    https://www.bisnow.com/san-francisco/news/data-center/silicon-valleys-data-center-market-loses-its-luster-as-energy-costs-soar-in-california-125882

    1. Many of my Bay Aryan colleagues have generators at home to deal with the frequent power outages. Most have portable generators, but a few have installed whole house generators that run on nat gas.

    2. “…Pacific Gas & Electric continues to hike energy prices, construction costs keep rising and California’s permitting process becomes increasingly onerous….”

      Given the practical difficulty of building new electric infrastructure, where are all those millions of extra Kilowatts going to come from to power all those [imaginary] EV recharge stations?

      Never mind overreach by government, buildout *will* take decades.

    1. Donald Trump’s Son Barron Is His ‘Chief DeFi Visionary,’ But The Real Mastermind Behind World Liberty Financial Is Someone Else
      by Murtuza Merchant, Benzinga Staff Writer
      September 13, 2024 8:56 AM | 2 min read |
      Zinger Key Points

      – Chase Herro, a controversial figure with a history of failed crypto ventures, is behind World Liberty Financial.

      – The project’s 70% insider token allocation raises concerns among experts about potential conflicts of interest.
      …
      https://www.benzinga.com/markets/cryptocurrency/24/09/40853339/donald-trumps-son-barron-is-his-chief-defi-visionary-but-the-real-mastermind-behind-world-

  35. Experts continue to sound alarms about the unbridled influx of condos onto Toronto’s real estate market over the last few months, which has posed an advantage for buyers, but served a huge blow to sellers, developers and agents.

    TD Economics is the latest to speak on the topic, calling the region — understood to be in a housing crisis — “oversupplied” with the housing type at this point.

    Because of months of atrocious sales figures (down double digit percentages compared to last year) and an abundance of units on the market (with available supply up double digit percentages from last year), the average price for a condo in the area has dropped by five per cent from this time in 2023.

    And TD’s experts only expect prices to decline a further “mid-to-high single-digit” percentage point as we move into the New Year.

    “Weak sales activity is not absorbing supply fast enough… [there is a] wave of completions hitting the market recently alongside elevated rates that have made it difficult for some buyers to close on their mortgages. Investors are seemingly listing their properties as well, as a share of them are cashflow negative and rents are dropping in the GTA.”

    Indeed, similar reports have shed the same light, like one that said as of July, 80 per cent of GTA condo investors are now losing money on their units.

    https://www.blogto.com/real-estate-toronto/2024/09/toronto-too-many-condos-no-one-buying/

  36. Big deal you were sick……even Weinstein has to show up on deaths door….

    The condo association has also filed foreclosure documents on Kraszynski’s home. ‘My life has been turned upside down,’ she said.”

    Kraszynski said she missed her court appearance because she was sick

  37. Council drops price of self-build scheme in Kilmacolm

    Councillor David Wilson spoke out after it was agreed that the asking price for plots in Leperstone Avenue in Kilmacolm be reduced to attract more interest.

    This comes after it was revealed only two of the seven available plots, aimed to tackle de-population have been sold since 2017.

    Councillor Wilson said: “This whole project has been a nightmare for local residents.

    “The site preparation, which hit hard rock in the quarry, left folks unable to be in their houses during the day due to noise.”

    “The whole site has been consistently overgrown and simply a parking place for dog walkers.

    The revised plot values recommended by Hames Estates, Kilmacolm equates to an average nine per cent reduction. This will reduce the overall site value from £523,000 to £475,750.

    Councillor Wilson said: “I hope that the reduction works but I have my doubts. In my view the project was doomed from the start.”

    https://www.greenocktelegraph.co.uk/news/24558648.council-drops-price-self-build-scheme-kilmacolm/

  38. Tayler Hansen
    @TaylerUSA

    🚨 BREAKING: Multiple people she kno
    ws have had experiences with Haitian Immigrants saying they are going to curse them with voodoo.

    “𝗜 𝗱𝗼𝗻’𝘁 𝗹𝗲𝗮𝘃𝗲 𝗺𝘆 𝗵𝗼𝘂𝘀𝗲 𝘂𝗻𝗹𝗲𝘀𝘀 𝗜’𝗺 𝗮𝗿𝗺𝗲𝗱 𝗮𝗻𝗱 𝗵𝗮𝘃𝗲 𝗺𝘆 𝗽𝗶𝘁-𝗯𝘂𝗹𝗹.”

    Haitian adults are attending high schools with underage students.

    “𝗠𝘆 𝟭𝟬 𝘆𝗲𝗮𝗿 𝗼𝗹𝗱 𝗱𝗮𝘂𝗴𝗵𝘁𝗲𝗿 𝗵𝗮𝘀 𝗮 𝟭𝟲 𝘆𝗲𝗮𝗿 𝗼𝗹𝗱 𝗶𝗻 𝗵𝗲𝗿 𝗰𝗹𝗮𝘀𝘀.”

    She also details being accosted and sexually assaulted by a Haitian Immigrant at a grocery store.

    “𝗪𝗲’𝗿𝗲 𝗯𝗲𝗶𝗻𝗴 𝘁𝗿𝗲𝗮𝘁𝗲𝗱 𝘄𝗼𝗿𝘀𝗲 𝘁𝗵𝗮𝗻 𝘀𝗲𝗰𝗼𝗻𝗱 𝗰𝗹𝗮𝘀𝘀 𝗰𝗶𝘁𝗶𝘇𝗲𝗻𝘀. 𝗪𝗲 𝗱𝗼𝗻’𝘁 𝗰𝗼𝘂𝗻𝘁, 𝘄𝗲 𝗱𝗼𝗻’𝘁 𝗵𝗮𝘃𝗲 𝗮 𝘄𝗼𝗿𝗱.”

    9:29 AM · Sep 11, 2024

    https://x.com/TaylerUSA/status/1833860464629194931

    1. “𝗪𝗲’𝗿𝗲 𝗯𝗲𝗶𝗻𝗴 𝘁𝗿𝗲𝗮𝘁𝗲𝗱 𝘄𝗼𝗿𝘀𝗲 𝘁𝗵𝗮𝗻 𝘀𝗲𝗰𝗼𝗻𝗱 𝗰𝗹𝗮𝘀𝘀 𝗰𝗶𝘁𝗶𝘇𝗲𝗻𝘀. 𝗪𝗲 𝗱𝗼𝗻’𝘁 𝗰𝗼𝘂𝗻𝘁, 𝘄𝗲 𝗱𝗼𝗻’𝘁 𝗵𝗮𝘃𝗲 𝗮 𝘄𝗼𝗿𝗱.”

      Jonathan Greenblatt hand rubbing intensifies…

  39. KanekoaTheGreat
    @KanekoaTheGreat

    BREAKING: A Springfield, Ohio man claims he saw Haitian migrants in a van catching cats, and they later admitted to the police that they were eating them.

    “We’ve lost a whole bunch of cats.”

    “A van pulled over, and it had over 100 cats in it with the Haitians.”

    “They said they was eating them.”

    “I watched them get pulled over with the cats and admit to the police that they was eating them.”

    Can we get a fact-check,
    @ABC?

    5:51 PM · Sep 11, 2024
    ·
    https://x.com/KanekoaTheGreat/status/1833986686348656817

    1. I do have first hand knowledge of a Hattian placing a curse on a white construction worker and the results back in 1988.

      I’ll check back later or tomorrow if anyone wants me to expand on what happened. 🙂

      1. I don’t know about curses, but one of our field supervisor foremen administered CPR to a GC superintendent who had a heart attack and died, on the job, yesterday.

        I’m running a project now for this same GC under a different super.

        1. I’m sorry to hear that. I have been on jobs where people died and it certainly is no fun.

          For your sake I hope the superintendent on your job is in better shape or gets his heart checked.

  41. ‘How many [condo associations] do you think of the course of your career were always trying to push for deferred maintenance, saying we’ll get to those big physical issues later down the line?’ ‘At least 50%,’ answered Urban. ‘Now, who’s left holding the bag, the owners’

    Sounds like they fooked themselves Melina.

    ‘His firm’s research shows condo sales in buildings 30 years or older in Miami-Dade, Broward, and Palm Beach County are selling 20% below market value. ‘They think they saw bargains, but when they get their bill for special assessment sometime next year, I think they’re gonna realize they bought fool’s gold’

    The market needs knife catchers Craig. Spreads the pain out.

    1. 50% is nonsense. Anyone who’s been on a condo board or HOA board knows it’s more like 90% don’t wanna pay. And seniors and landlords ALWAYS vote against it.

  42. ‘Some sellers are struggling to unload units they bought just a few years ago. This past summer, Kruayai said a $510,000 deal for a four-bedroom home in the Sandalwood neighborhood of the city was nixed after the buyer asked for a $53,000 closing credit at the last minute. The seller had overpaid for the property during the Covid-induced property boom in 2022 and it was already appraising for less than the $525,000 he paid, she said. ‘He was already at a loss. He had no equity left in the home, so he couldn’t fulfill what the buyer wanted’

    So if he had any money at all he had a buyer, but couldn’t get out because he’s a broke a$$ loser.

  43. ‘We have over 12,000 active listings on the market. That’s more than we’ve seen, really, in over a 13-year span…Home prices are just a little bit too high still in the Austin market for buyers…They were flying off the shelves … Stories about homes being sold sight unseen. It’s certainly a different market, in that sense’

    I hope no one overpaid in such an environment Claire!

    ‘Despite the median home price dropping by 4.4% to $439,000, and mortgage rates slightly decreasing by half a percentage point, Knapp said it’s not enough to entice buyers like it did during the COVID-19 pandemic’

    These are the statistic games ‘Austin’ UHS run. Most of what they are earning money on isn’t Austin, by a long shot. Then you have Travis County, the city of Austin and old Austin. And they usually don’t make it clear if townshacks or airboxes are included. But city of Austin single family shacks peaked at around 600k in the spring of 2022. It was the first metro to sink like a turd in a well after Jerry broke it off in their a$$. Meaning it was a purely speculative market at that time.

  44. ‘The requested changes to this bill mean we don’t qualify. I’ve been to Trenton so many times testifying for this bill, and now I won’t even qualify’…noting she felt betrayed and sick. ‘This is what disaster recovery programs and mortgage forbearance are supposed to be there for,’ she added of her current situation. ‘Instead, 3 years later, I’m drowning’

    You fell for it Leanna, you got schlonged.

  45. ‘she was shocked when they alleged in a lawsuit in 2010 that she removed the carpet. Kraszynski said she missed her court appearance because she was sick and the judge sided with the condo board and found Kraszynski in default. ‘The judgement was nearly $40,000,’ she said. With fees, fines, and interest from non-payment, that total grew in nine years up to $588,000, according to court documents from 2021. The condo association has also filed foreclosure documents on Kraszynski’s home. ‘My life has been turned upside down’

    It’s been 14 years Chris.

  46. ‘This is just absolutely unacceptable,’ said resident Jenny Tran. ‘I think I’m going to need another, what is it, minute of breathing after this meeting. My blood pressure has just gone through the roof. You can see by the number of people in this meeting that we do not agree with this.’ ‘There’s transients roaming the street,’ said resident Bill Wilson. ‘There’s people sleeping on the sidewalks that were never there before. You wonder why people have no confidence in the government. It’s because of things like this and people like you who try to push it through’

    It’s still way cheaper than renting Jenny.

  47. ‘Kroll estimates the mall’s current value at $65.3 million — barely 9% of what it was worth a decade ago’

    Are we there yet?

  48. ‘As soon as 2024 kicked in, the market for condos died, whether it was one or three bedrooms. No one was making the move,’ said Mr. Dalinda. The unit was taken off the market for a spell, then relisted in July. Within a week, it sold for $2.65-million to downsizers, a steep $349,000 discount off the asking price. The new owners take possession in October. ‘These suites were selling in the $2.8-million range, but the seller was cognizant prices were lower’

    Yer seller had a smidgen of equity Luke, so he undercut the more recent would be movers.

  49. ‘The people that we speaking about purchased during the pandemic years, so they got into the market at the peak and prices have now cooled off,’ said Anthony Passarelli, CMHC’s lead economist for southern Ontario. ‘For them, it could be more of a payment shock if they renew at much higher rates.’ London’s unemployment rate, however, represents an even greater threat that could lead to an increase in delinquency rates in the near future’

    When it rains, it pours Tony.

  50. ‘China’s economic plight is deepening, heaping pressure on Beijing to step up support for households or risk getting stuck in a low-growth rut. The root of China’s problems is a still-festering property meltdown that is sapping government revenue, holding back investment and keeping consumers from spending more freely. Economists at Barclays estimate that if home prices nationwide fell in line with the 30% fall recorded in top cities since 2021, then China’s real-estate slump has cost the economy $18 trillion in vanished wealth—a staggering sum that adds up to around $60,000 for the average three-person household in China. ‘It seems like they’re just floundering,’ said Katrina Ell, director of economic research for Asia-Pacific at Moody’s Analytics in Sydney. ‘I can’t see anything that brings me optimism’

    Central planning! Notice how globalist scum media have stood around with their mouth open about China since minor respiratory illness. They went full totalitarian CCP style on their entire population! Nothing got done except to stand in line for long sticks up yer nose every day. I think the same geniuses who came up with that are not likely to engineer a revival here.

  51. This Seller’s Plan Backfires Fast (Peel Region Real Estate Market Update)

    Team Sessa Real Estate

    56 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 Sept 4, 2024. We also discuss the crazy plan of one seller to try and get out of an agreement of purchase and sale. It backfired and is causing big problems for the seller.

    https://www.youtube.com/watch?v=-Aw7mMUU5Ww

    14 minutes.

  52. Too Many Listings in Phoenix AZ? | Phoenix Real Estate Market Update

    Caitlin McKeague – Your Phoenix Real Estate Agent

    3 days ago

    Are there too many listings in Phoenix, AZ? There is a 57% increase in listings YOY, and August has seen a steady uptick in active listings. What does this mean for the fall real estate market and home prices?

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

    14:15. 1:25 to 3:10 is interesting.

    1. “Layered incompetence is intent.” The whole interview with Dan is awesome as is the one with Megan Kelly that I watched today.

  54. Kamala Harris First Solo Interview with Local Pennsylvania Reporter Turns into Disaster

    Wendell Husebø
    13 Sep 2024

    “I wonder if there are one or two spots, policy areas or approaches where you would say I’m a different person [than Joe Biden]?” asked Taff.

    “My approach is about new ideas, new policies that are directed at the current moment. And also, to be very honest with you, my focus is very much in what we need to do over the next ten twenty years to catch up to the twenty first century,” Harris replied.

    Yashar Ali 🐘
    @yashar

    Vice-President Kamala Harris sat down for her second tv interview since she jumped in the race as the presidential candidate.

    The interview was with Brian Taff of Philadelphia’s Action News 6 ABC.

    Here is the entire interview.
    6:27 PM · Sep 13, 2024
    ·
    https://x.com/yashar/status/1834720599593435152

    https://www.breitbart.com/politics/2024/09/13/kamala-harris-first-solo-interview-with-local-pennsylvania-reporter-turns-into-disaster/

    1. After listening to the entire interview I have come to the conclusion that that was the most serious @ss slow pitch softball interview I have ever seen.

    1. Markets
      Prospect of steeper Fed cuts boosts stocks, drives record gold prices
      By Pete Schroeder
      September 13, 2024 1:39 PM PDT
      Updated 6 hours ago
      Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., September 9, 2024.
      REUTERS/Brendan McDermid/File Photo
      Summary

      – Chances of supersized Fed rate cut rise to 43%

      – Dollar hits lowest vs yen since Dec. 28

      – Gold at record, Treasuries bounce

      Sept 13 (Reuters) –
      U.S. stocks advanced on Friday and gold continued to hit record highs as investors looked to whether the Federal Reserve might move more aggressively to cut rates at its policy meeting next week.

      Futures tied to the Fed’s policy rate now reflect about a 47% chance the Fed will cut its policy rate by half a percentage point, climbing from 28% odds on Tuesday following media reports suggesting it could be a close call between a half-point and a quarter-point rate cut.
      …
      https://www.reuters.com/markets/global-markets-wrapup-1-2024-09-13/

    2. Yahoo Finance Video
      Is now the time to move some money into long-term bonds?
      Yahoo Finance
      Fri, Sep 13, 2024, 9:22 AM PDT

      With a potential Federal Reserve interest rate cut on the horizon, investors are wondering how this change might affect their finances. A key question emerges: which option will offer better returns – high-yield savings accounts or long-term bonds?

      Yahoo Finance senior columnist Kerry Hannon offers insights into strategies to consider ahead of the anticipated Fed rate cut.
      …
      https://finance.yahoo.com/video/now-time-move-money-long-162256723.html

      1. “…high-yield savings accounts or long-term bonds?”

        That seems like an easy comparison, as long-term bonds will presumably keep paying recent rates while high-yield savings account yields will drop with rate cuts. Long-term bonds appear to be the superior near-term choice.

        Am I missing something?

        PS Unless this time is different, stocks are also likely to go down with rate cuts.

    3. Morningstar
      Stocks
      What Happens to Stocks When the Fed Starts Cutting Rates?
      The answer: It varies, so be prepared.
      Sarah Hansen
      Sep 12, 2024

      If all goes as the market expects, the Federal Reserve is less than a week away from cutting interest rates for the first time since the onset of the covid-19 pandemic. Though the move is widely anticipated, its effects will likely play out across the markets for some time.

      With inflationary pressures finally easing from their recent 40-year highs, investors expect the central bank to reduce the target federal-funds rate by at least a quarter of a percentage point from the current range of 5.25%-5.50%. More recently, investors have been debating the likelihood of a half-point cut. That would be a more aggressive move than markets expected a few months ago. A bigger unknown is how these rate cuts will play out for investors.

      How Do Stocks Perform When the Fed Cuts Rates?

      Conventional wisdom says stocks tend to do well after interest rate cuts. The Fed lowers rates to stimulate the economy by making borrowing cheaper for businesses and consumers, which tends to be constructive for equities. That’s certainly true some of the time. But strategists say investors looking for a playbook for an easing cycle should take a more nuanced view. That’s especially true in today’s unusual environment, which is still working its way out of pandemic-era distortions and is dominated by high-flying tech stocks. “Every cycle is different,” says Jeff Buchbinder, chief equity strategist at LPL Financial.

      The last four major rate-cutting cycles show why it’s challenging to draw sweeping conclusions. Market performance can vary dramatically in the year after a new easing cycle starts. The Morningstar US Market Index rose more than 21% in the 12 months following the beginning of the Fed’s 1995 easing cycle, as the economy achieved a rare soft landing. But returns cratered more than 10% when the Fed began cutting rates in 2001 as the dot-com bubble burst.

      “Many investors think there is some sort of Fed rate cut playbook,” says Denise Chisholm, director of quantitative market strategy at Fidelity. “But it doesn’t really exist.”

      The Fed’s ‘Why’ Matters

      Underlying the wildly different years are different market fundamentals and Fed attitudes. The market will react differently if it perceives the central bank as confident and in control—engineering a soft landing for the economy—versus if it thinks the bank is being reactionary, slashing rates amid the threat of recession.

      To understand what the next year may look like, “you need to think about why the Fed is cutting rates,” says Lara Castleton, US head of portfolio construction and strategy at Janus Henderson Investors.

      Adding to the challenge is a limited historical playbook. There are not many instances going back to the 1960s, says Chisholm, “so you don’t have a lot of robust data to evaluate.”

      Roughly half the time, Chisholm explains, the Fed has started easing policy because it felt the economy was heading for a recession. In the other cases, it reduced rates to recalibrate monetary policy (what some call a “maintenance cut”), rather than in response to an economic threat.
      …
      https://www.morningstar.com/stocks/what-happens-stocks-when-fed-starts-cutting-rates

  56. https://americandebunk.com/

    For over a decade, lies about President Trump have been reported
    as fact by those in the media, Washington, and online.
    It is time for all the hoaxes to be debunked in one place.
    This is The American Debunk.

    1. FOX 5 San Diego & KUSI News
      San Diego’s housing inventory grows, prices drop significantly
      Rhea Caoile
      1 day ago

      SAN DIEGO (FOX 5/KUSI) — It may have gotten a little easier to buy a home in the San Diego market, according to a new report by Realtor.com.

      In a housing overview of the nation’s largest metros last month, the median sales price for a home in the San Diego-Chula Vista-Carlsbad area was $999,000 — a 9% decrease from the same time last year, according to the real estate listings website.
      Rental costs dip in San Diego; still nowhere near pre-pandemic levels

      In addition, San Diego was among the top three metros that saw the largest growth in newly listed homes compared to last year. Cincinnati reported a 31% growth while Seattle saw 30% and San Diego had a nearly 23% increase, the report showed.

      The inventory of homes for sale increased in all 50 of the nation’s largest metros compared with last year, but San Diego was also among the top three that saw the most growth as of last month.
      …

      2. “San Diego’s housing inventory grows, prices drop significantly”

        Smart buyers will wait patiently until investors dump their HODLings and prices bottom out before stepping up.

    1. Business
      Rental costs dip in San Diego; still nowhere near pre-pandemic levels
      by: Rhea Caoile
      Posted: Sep 10, 2024 / 01:35 PM PDT
      Updated: Sep 10, 2024 / 01:35 PM PDT

      SAN DIEGO (FOX 5/KUSI) — Renters in San Diego may be feeling some relief as the cost of renting in the city appears to be on the downward trend, according to data from Zillow as of September. However, rental costs are still much higher than their pre-pandemic levels, data showed.

      The most recent data on Zillow reported the median monthly cost of renting a one-bedroom in the city as $2,395. That’s slightly less than the same time last year, when the median cost was $2,595, according to Zillow.
      …
      https://fox5sandiego.com/news/business/rental-costs-dip-in-san-diego-still-nowhere-near-pre-pandemic-levels/

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