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Nobody Wants To Buy Right Before A Sale

A report from the Review Journal in Nevada. “Jonathan Catalano, a real estate agent with ERA Brokers Consolidated in Las Vegas, said they have yet to see the translation of mortgage rates dropping close to a percentage point. ‘Even with the lower rates, buyers however, haven’t seemed to react. In fact, the market has become surprisingly sluggish in the last month or two with inventory at all price points struggling to get showings causing a high number of price reductions as seller push to get their homes sold,’ he said.”

Dallas Business Journal in Texas. “Matt Haley, managing principal, Apricus Realty Capital: ‘For commercial real estate, it’s helpful. If you go back to early 2022 … a 50 basis point reduction is nice but it’s not overwhelmingly meaningful with how much they raised them since early 2022. That [rate cut] will help valuations but it’s not a magic bullet helping people who are over-levered or have a high cost of debt from a purchase three years ago … It is definitely positive but in the scheme of what they’ve done since 2022, the cost of debt has increased significantly.'”

The Real Deal on Texas. “Tides Equities has been shedding its portfolio via forced sales since April, and it’s clear the bleeding hasn’t stopped, as two more properties are on the chopping block. Starwood Mortgage Capital is foreclosing on Tides on Trinity, at 3930 Accent Drive in Far North Dallas, and Tides on Chadwick, at 13900 Chadwick Parkway in the Fort Worth suburb Northlake, according to Roddy’s Foreclosure Listing Service. Both in Denton County, they are scheduled for auction Oct. 1. Tides borrowed $152.8 million — $200,000 per unit — from Starwood to purchase the properties. ‘We weren’t able to get enough of a concession from the lender via a loan modification to make the deal pencil,’ Tides co-founder Sean Kia said. Between 2021 and 2023, Tides took advantage of low interest rates and snapped up nearly 15,000 multifamily units across the state with plans to renovate the units and raise rents.”

The Los Angeles Times in California. “Some agents say they are noticing a pickup. Other agents aren’t seeing much of a boost. Real estate agent Jake Sullivan, who specializes in the South Bay and San Pedro, has a theory: Homes are still far more expensive than they were just a few years ago. Home insurance costs have risen as well. ‘The cost of living is just so high,’ Sullivan said.”

CBS Bay Area in California. “‘Realistically, I think we have still a ways to go before we get into the territory that really moves buyers in demand,’ Cameron Platt, broker and owner of Abio Properties, told CBS News Bay Area. He said while this is a good starting point for the economy, it did come with a price for home buyers in the market. ‘With this anticipated drop, I think it actually hurt the market a bit because people were sort of waiting on the sidelines and waiting for… nobody wants to buy any sort of good or services right before a sale. And so, there was some, ‘Let’s wait and see if it gets any better,’ Platt said.”

Silicon Valley in California. “As the November election approaches, a San Jose City Council candidate locked in a contentious race faces attacks about his past and present employment, including his ties to an unscrupulous developer and an unregulated home equity investment industry. George Casey, who is challenging District 10 Councilmember Arjun Batra, previously worked as a consultant for Foster City-based Z&L Properties, a subsidiary of Chinese developer Guangzhou R&F Properties, tied to human trafficking, wage theft, and several unfinished projects throughout the city. ‘Everything that was tawdry transpired years before I got there,’ Casey said. ‘When I came on board, it was because they wanted to get out (of the market). They knew the writing was on the wall and a lot of the banks were taking some of these projects back, but they needed somebody that had integrity and could represent them and reach out to the community and sell these products because they had failed.'”

The Wall Street Journal. “Postings for software development jobs are down more than 30% since February 2020, according to Indeed.com. Industry layoffs have continued this year with tech companies shedding around 137,000 jobs since January, according to Layoffs.fyi. Many tech workers, too young to have endured the dot-com bubble burst in the early 2000s, now face for the first time what it’s like to hustle to find work. ‘I’ve been doing this for a while. I kind of know the boom-bust cycle,’ says Chris Volz, 47, an engineering manager living in Oakland, Calif., who has been working in tech since the late 1990s and was laid off in August 2023 from a real-estate technology company. ‘This time felt very, very different.'”

“For most of his prior jobs, Volz was either contacted by a recruiter or landed a role through a referral. This time, he discovered that virtually everyone in his network had also been laid off, and he had to blast his résumé out for the first time in his career. ‘Contacts dried up,’ he says. ‘I applied to, I want to say, about 120 different positions, and I got three call backs.’ He worried about his mortgage payments. He finally landed a job in the spring, but it required him to take a 5% pay cut.”

Imperial Valley Press. “Calif. Attorney General Rob Bonta announced Tuesday the sentencing of the final 4 of a total of 12 individuals now sentenced for their roles in perpetrating a large-scale mortgage fraud scheme involving identity theft and money laundering, among other crimes. The scheme resulted in a loss of approximately $15 million over the course of several years. The April 2021 indictment included charges of conspiracy, mortgage fraud, grand theft, identity theft, forgery, filing a false or forged document, and money laundering, as well as a special allegation for aggravated white-collar crime, the California DOJ said in a press release. The ringleaders of the scheme, Tamara Dadyan and Richard Ayvazyan, were sentenced to 12 and 10 years in prison, respectively. Dadyan’s husband, Arthur Ayvazyan, was sentenced to 7 years in prison.”

WPTV in Florida. “Since early August, WPTV has been following residents at the Villa Del Sol Condos being evacuated out of their homesafter an inspection showed structural damage in 3 buildings. Now, residents are fearful repair costs could be too much to afford, pricing them out of their homes. Erick Johnson, one of the residents told to evacuate, told WPTV he was given an estimate of $9.2 million in costs from the property’s management. That number would be split between 72 units on the property. ‘We cannot (afford this), and most of the people we talk to in this community cannot either,’ said Johnson.”

The Taunton Daily Gazette in Massachusetts. “For the second time in as many months a neighborhood has come together to tell the city of Taunton to leave land alone. In this case, the residents of Powderhorn Drive and adjacent streets are pleading with the city not to sell or develop the 36 acres that comprise the triangular-shaped parcel known as 745 John Hancock Road, which separates the neighborhood from the noise and activities of the industrial park. ‘Neighborhoods deserve appropriate buffers between them and industry. Wildlife deserve to be protected and undisturbed,’ Jennifer Elzinger of nearby Fremont Street told a packed room of residents at the Sept. 10 City Council meeting. Elzinger said she’s worried Powderhorn Drive will turn into an ‘industrial dystopia.'”

Bisnow Washington DC. “D.C.’s top local lawmaker says legislative reform is needed to alleviate the crisis that has put housing providers at risk of shutting down as their tenants accrue tens of millions of dollars of unpaid rent. Council Chairman Phil Mendelson addressed the issue publicly for the first time Monday morning during a regular media briefing. He confirmed Bisnow’s report last week that he is seeking co-sponsors for draft legislation to reform D.C.’s Emergency Rental Assistance Program, which industry leaders say has been used by tenants to delay eviction proceedings while not paying rent. ‘I’m not surprised by the opposition because the idea of eviction is not a desirable goal,’ Mendelson said. ‘However, we are not going to improve the housing situation in this city if we are strangling the provider market by preventing evictions.'”

“Jim Campbell, principal at affordable housing developer Somerset, said in an email that the bill is a ‘critical step’ to begin addressing the crisis of rent delinquencies that ‘virtually all’ affordable housing communities in the District face. ‘The delinquency crisis is seriously threatening the ability of affordable housing operators to meet basic operating expenses such as maintenance and mortgage payments,’ he said. ‘Obviously, if mortgage payments are not met then there is a risk of foreclosure, which many, many affordable properties are facing.'”

The Globe and Mail in Canada. “72 Consecon Main St., Consecon, Ont. Asking price: $264,900 (June, 2024). Previous asking price: $299,900 (February, 2024). Selling price: $187,500 (August, 2024). Previous selling price: $330,000 (August, 2021). A first-time buyer wanting a property to personalize within 30 kilometres of Carrying Place, a small community between Toronto and Kingston, only found 10 properties that fell within their $300,000 budget this summer. The standout was this 144-year-old house on a quarter-acre lot with a newly reduced price of $264,900, an incredibly good bargain compared to nearby properties that sold for $525,000 and $385,000 months prior.”

“An inspection flagged some unexpected issues – beyond the fact the main floor was demolished – so the buyer petitioned for an even lower price of $187,500. The seller – a mortgage lending company that repossessed the property from the last owner who paid $330,000 in 2021 – agreed to their terms. ‘When you’re dealing with a company, it tends to be more about the numbers and less about emotions, so it’s easier to negotiate,’ said agent Ken Ramsay. ‘This is the lowest sold price of a detached house in all of Prince Edward County since November 2020.'”

From Blog TO. “Despite national home sales increasing earlier this summer following the Bank of Canada’s first interest rate cut since 2020, the bigger picture shows that Canada’s housing market appears to be mostly ‘stuck in a holding pattern,’ according to the Canadian Real Estate Association’s (CREA) latest report. As a result, many buyers have benefitted from increased choice in the market and better negotiating power on prices, leading many properties — including this Toronto home — to be sold well below their original price tags. According to its listing, this four-bedroom, five-bathroom home in Toronto’s Bedford Park neighbourhood boasts over 4,200 square feet of living space.”

“The property first sold for $6.8 million back in January 2022, at a time when cheaper interest rates shot up demand in the GTA’s housing market and contributed to sky-high prices. In August 2024, the home was put back on the market for $6.45 million, and eventually sold for just over $5.9 million — representing a loss of nearly $900,000 when compared to its price just two years earlier. Plenty of other Ontario homes have sold well below their original prices this year.”

Radio New Zealand. “Data shows there may be some good news for tenants. Corelogic chief property economist Kelvin Davidson said monthly movements in data could be affected by seasonal factors. Year-on-year, Auckland rents were down slightly and Wellington was up, he said, but overall the rental market had slowed ‘quite dramatically.’ ‘The heat has definitely come out. There’s a switch from a landlord’s market in 2023 to a tenant’s market in 2024.’ He said first-home buyers were still moving into owning homes and freeing up rental properties, and people were leaving the country, which could also mean houses became available. ‘The fact that a lot of the departures at the moment are New Zealand citizens, they’re probably young and living one or two per house, so they’re probably freeing up more houses than the typical renting family.’ Some people might also be choosing to rent their homes rather than sell them while the housing market was soft, he said. There were also new builds coming into the market being bought by investors to be rented out.”

From Domain News. “Australian home sellers were more likely to make a profit in the June quarter than they were three months earlier, but in pockets of high-density development owners risked selling at a loss. In some apartment-heavy neighbourhoods at least one in five sellers lost money over the June quarter as a high supply of homes available gave buyers more choice. Outside the Northern Territory, Melbourne recorded the highest share of loss-making sales at 9.5 per cent during the quarter, increasing for two quarters in a row. Among Sydney sellers, 8 per cent lost money over the June quarter. In the apartment-dense City of Melbourne, 39 per cent of properties sold traded at a loss in the three months to June, while Stonnington hit 25.8 per cent and Port Phillip 21.6 per cent after years of new development – often designed for investors – that has exceeded demand from buyers.”

“In Sydney, Parramatta recorded the most loss-making sales at 25.9 per cent, followed by Ryde (21.5 per cent) and Strathfield (19.2 per cent). CoreLogic head of Australian research Eliza Owen noted Melbourne home values have been declining for six months in a row. ‘It’s fair to say the downturn there is becoming more entrenched, and it’s been compounded by a spring selling season where a lot of people are looking to sell,’ she said. ‘This is a really good example of where the market is going to be tested in terms of how much people can shell out to make homes as profitable for sellers as they were during the spring of 2021.'”

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This Post Has 116 Comments

  1. ‘In August 2024, the home was put back on the market for $6.45 million, and eventually sold for just over $5.9 million — representing a loss of nearly $900,000 when compared to its price just two years earlier’

    The article doesn’t say it was a foreclosure so this was likely a straight on a$$ pounding.

      1. Won’ this mean more “refugees” coming to an already overcrowded USA?
        Maybe but from what I remember from living in S FL. most of the Cubans hate Socialism so they may not be welcome by the current administration.

  4. Sales of previously owned homes fell 2.5% in August from July, to a seasonally-adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.

    That is slightly lower than what analysts expected. Sales were 4.2% lower than August 2023. It marks three straight months of sales below the 4 million mark, annualized.

  5. Honduran illegal immigrant charged in alleged DUI crash that killed Arkansas children’s respiratory therapist

    By Pilar Arias Fox News
    Published September 16, 2024 3:29pm EDT

    A 30-year-old native of Honduras who had illegally been living in the U.S. has been charged in a fatal wreck that killed an Arkansas woman earlier this month.

    Maynor Yair Sorto-Herrera was arrested on Sept. 9 by the Arkansas State Police for the crash that occurred the morning prior. State police say Sorto-Herrera was driving a 2008 Ford F150 when it crossed into the opposite side of the roadway before striking a 2016 Honda CRV head on, killing Jennifer Ann Morton, 48, of Little Rock.

    The suspect is charged with negligent homicide, battery, driving under the influence, violation of the concealed weapons act, reckless driving, driving without a license, failure to stop after an accident with death and traffic violations.

    In October 2018, Sorto-Herrera was arrested by U.S. Border Patrol near Laredo, Texas. He was removed from the U.S. and taken back to Honduras on Nov. 5, 2018. Authorities are unsure when he returned to the U.S. He is being held for U.S. Immigration and Customs Enforcement.

    https://www.foxnews.com/us/honduran-illegal-immigrant-charged-alleged-dui-crash-killed-arkansas-childrens-respiratory-therapist

    1. I don’t know what Jose Ramon Espinal’s immigration status is but the result is the same.

      Driver charged in fatal wrong-way crash on Hutchinson River Parkway was intoxicated, on phone: court docs

      By Caitlin McCormack
      Published Sep. 9, 2024, 8:06 p.m. ET

      The driver accused in the fatal wrong-way collision on the Hutchinson River Parkway in Westchester County was intoxicated and on his phone at the time of the crash, according to a criminal complaint.

      Jose Ramon Espinal, 48, was arraigned in Rye Town Court on Monday on charges of second-degree manslaughter and driving while intoxicated over the deadly Sunday morning crash.

      Espinal, from Bridgeport, allegedly struck and killed a motorcyclist while driving down the wrong lane in Rye Brook.

      The victim’s motorcycle burst into flames upon impact. He was pronounced dead at the scene.

      https://nypost.com/2024/09/09/us-news/bridgeport-man-charged-in-fatal-wrong-way-collision-on-hutch/

      I have posted this before but just so it is known what we as a country traded for Jose Ramon Espinal and his perceived right to drive drunk the wrong way while looking at his phone.

      Will Saleeby Obituary

      https://www.legacy.com/us/obituaries/greenwichtime/name/will-saleeby-obituary?id=56301683

      1. We had a wrong way illegal here just a few days ago but the good news is he is the only one that died, however, he put two other people in the hospital from the oncoming car he hit. We see them driving around everywhere. In TN the DMV is called the TN department of homeland security and I had to go thru a lot of stupid sh!t to transfer my license but these *ssholes are allowed to do whatever they want no questions asked. It’s infuriating.

  6. Archaeologists in Japan have uncovered what is believed to be the first attempt at a Haiku poem etched on the wall of a cave. It reads:

    The wind blows
    The snow flies
    Realtors lie

    5. Back story is right. Israeli flag, Texas flag, military Airborne flag, boxes of files, military portraits, small flowers-and-flags vases (gravemarkers?) on the kitchen counter … like it’s some kind of command post for a sleeper cell. Or a Grandpa-Finally-Won-the-War-and-Died house.

      The kiddie drum set and Twilight Eclipse(?) poster add extra intrigue. WTH.

      And what is that tiny white building with the fancy dark door, photo 5-6? Almost has a bunker look to it, but surely they can’t have those in FL.

      Anyone got any fanfiction ideas for this?

    6. Is that the loo or mother-in-law quarters out back with the stained glass windows and a vacuum cleaner leaned against the wall?

  8. Home insurance costs have risen as well. ‘The cost of living is just so high,’ Sullivan said.”

    That’s unpossible! My betters tell me that inflation has been licked.

  9. ‘Contacts dried up,’ he says. ‘I applied to, I want to say, about 120 different positions, and I got three call backs.’ He worried about his mortgage payments. He finally landed a job in the spring, but it required him to take a 5% pay cut.”

    Just 5%? He was very lucky.

    1. Said he was 47 years old too, I’m amazed he got hired at all.

      Probably be his last tech job, get even close to 50 years old and out the door you get kicked.

      1. “Can stock buyers overpower bearish market signals?
        Photo: AFP/Getty Images”

        LOL!

        The answer is, “Yes, for a little while longer…and then CR8R.”

      1. Last Updated:
        Sep. 19, 2024 at 12:52 PM EDT
        1 hour ago
        Stocks are rallying hard post-Fed, but more volatility likely lies ahead: Zacks
        By Joseph Adinolfi

        Stocks are rallying hard following the Fed’s interest-rate cut, but one portfolio manager believes Fed Chair Jerome Powell left investors with more questions than answers on Wednesday.

        Markets could see more volatility between now and the end of the year as a result.

        Brian Mulberry, client portfolio manager at Zacks Investment Management, said he expects investors will continue to wonder what exactly prompted the Fed to opt for the bigger move, particularly considering the central bank’s promises to be “data dependent.”

        These lingering doubts about the strength of the economy could leave investors prone to overreact to each piece of incoming data.

        “Things are going to reflect a little more volatility going forward, although today, clearly that volatility is to the upside,” Mulberry said during an interview with MarketWatch. “But we saw a strong reversal yesterday, and we think that kind of activity will be more the norm over the next couple of months, maybe into the end of the year.”

        Stocks have so far managed to shrug off some signs of concern on Thursday, with investors focusing instead on the latest jobless-claims number, which showed no signs of rising layoffs.

        The latest reading from the Conference Board’s leading economic indicators index fell for a sixth straight month in August. The data, however, hasn’t been very reliable lately, having hinted at economic weakness virtually since the Fed started raising interest rates in 2022.
        …
        https://www.marketwatch.com/livecoverage/stock-market-today-dow-futures-eye-record-high-after-big-fed-rate-cut/card/stocks-are-rallying-hard-post-fed-but-more-volatility-likely-lies-ahead-zacks-0qeXAp2JAzsk0suocRPA

  11. Selling price: $187,500 (August, 2024). Previous selling price: $330,000 (August, 2021).

    Looks like the seller has to bring a check to closing.

  12. The Los Angeles Times in California. “Some agents say they are noticing a pickup. Other agents aren’t seeing much of a boost. Real estate agent Jake Sullivan, who specializes in the South Bay and San Pedro, has a theory: Homes are still far more expensive than they were just a few years ago. Home insurance costs have risen as well. ‘The cost of living is just so high,’ Sullivan said.”

    People need more credit so they can make their payments! 🙂

    1. ‘The cost of living is just so high,’

      And polls show that 46% will vote for the inflation party. Of course many of them have bought the narrative that inflation is caused by retailer gouging.

  13. This is a Debt Donkey narrative.

    Denver7 — Potential Colorado homebuyers rejoice at interest rate cut as experts warn of pitfalls (9/18/2024):

    “Kishore Kulkarni, an economics professor at Metropolitan State University Denver, said home buyers should temper their expectations.

    “We need to be thinking about not getting too excited about this .5 decline in interest rate,” Kulkarni warned.

    The expert said making decisions too quickly could have far-reaching impacts.

    “The only question which is negative about all this is how fast we will start borrowing and how fast we will start spending?” said Kulkarni. “If we do that very quickly, then the prices will probably go up, and then there will be some effect on inflation, as well.”

    According to the Colorado Association of Realtors, the median price for a single-family home in Denver was $699,000 in August.”

    https://www.denver7.com/news/local-news/potential-colorado-homebuyers-rejoice-at-interest-rate-cut-as-experts-warn-of-pitfalls

    $699,000 is that a lot? Median household income about $80,000 here.

    1. Well. maybe put things on a higher shelf or bookcase. buy an outdoor shed? buy a bed with lots of drawers underneath, get rid of a dresser or two why do they always need another bigger house? and more debt? maybe i still think like a city boy.

      We want our child to be able to run without running into corners.”

  14. Between 2021 and 2023, Tides took advantage of low interest rates and snapped up nearly 15,000 multifamily units across the state with plans to renovate the units and raise rents.”

    So the greedy bastards’ business model of gouging renters blew up in their rodent-like faces. The sooner these rapacious private equity parasites and their creditors end up in #Bidenville homeless encampments, the better.

  15. Real estate agent Jake Sullivan, who specializes in the South Bay and San Pedro, has a theory: Homes are still far more expensive than they were just a few years ago.

    Jake must look quite dashing in his Captain Obvious costume.

  16. Industry layoffs have continued this year with tech companies shedding around 137,000 jobs since January, according to Layoffs.fyi.

    Paul Krugman could not be reached for comment.

  17. Ah, but ain’t that America for you and me
    Ain’t that America, somethin’ to see

    Viral News NYC
    @ViralNewsNYC

    Midtown Manhattan NYC.

    A brawl breaks out between Venezuelan and African migrants

    There have been problems between both groups since the migrant crisis started here in NYC .

    Multiple stabbings occurred between both groups and some that led to death.

    Africans tell me all the time that they just want to work, and it’s not fair that Venezuelans received working papers and they have not .

    0:09 / 0:34

    11:10 PM · Sep 18, 2024
    ·
    https://x.com/ViralNewsNYC/status/1836603695141957797

    1. Forgive me for this, but any footage of a suited-up DJT walking slo-mo with that look on his face is just bad@ss. I think that’s why that Butler photo is so powerful. Everybody knows how real that was.

      1. If the globalists & Deep State seriously intend to install Comrade Kamala as our next “selected, not elected” head of state, they’re going to have to pull off electoral fraud on a scale that dwarfs what they managed in 2020.

  19. The ringleaders of the scheme, Tamara Dadyan and Richard Ayvazyan, were sentenced to 12 and 10 years in prison, respectively. Dadyan’s husband, Arthur Ayvazyan, was sentenced to 7 years in prison.”

    Armenians seem to have fraud in their DNA, and are vastly overrepresented when it comes to the most sophisticated mortgage frauds and rip-offs of the financial system and government programs.

  21. “D.C.’s top local lawmaker says legislative reform is needed to alleviate the crisis that has put housing providers at risk of shutting down as their tenants accrue tens of millions of dollars of unpaid rent.

    Who knew that enabling parasitism and freeloading as official policy could have unintended consequences.

  22. “‘With this anticipated drop, I think it actually hurt the market a bit because people were sort of waiting on the sidelines and waiting for… nobody wants to buy any sort of good or services right before a sale. And so, there was some, ‘Let’s wait and see if it gets any better,’ Platt said.”

    CR8R

  23. In August 2024, the home was put back on the market for $6.45 million, and eventually sold for just over $5.9 million — representing a loss of nearly $900,000 when compared to its price just two years earlier.

    But…but…muh generational wealth!

  24. A reader sent these in:

    September 18, 2024: 50bp rate cut
    September 18, 2007: 50bp rate cut

    https://x.com/NorthmanTrader/status/1836471844804653355

    Total builds are what drive the totality of the cyclical real estate engine.

    Starts & permits can be noisy, completions highlight apartment buildings being finished at record lvl (as expected last year). Still pretty eye watering looking @ major metro rents relative to income.

    https://x.com/DonMiami3/status/1836407518550978613

    Total active construction on rez fell sharply again

    https://x.com/DonMiami3/status/1836404380137935180

    Apartment building completions

    https://x.com/DonMiami3/status/1836405868339798226

    The pain of inflation is seen EVERYWHERE.

    Has your salary increased by 30-40% since 2021?

    If not you’re getting crushed by inflation.

    People need to WAKE UP and not accept this.

    https://x.com/StealthQE4/status/1836353048156811683

    Barron’s 😂

    This was only a few months ago. 👇🏼

    https://x.com/MauiBoyMacro/status/1836475859823423695

    Here we go with this disgusting ‘multiple offers’ bs

    https://x.com/DonMiami3/status/1836544689240965436

    The Fed cut rates but borrowing rates went higher today because they are based on the 10 year yield and it’s ripping higher into the close.

    So mortgage and auto loan rates will be higher tomorrow than they were today.

    https://x.com/StealthQE4/status/1836491321776943337

    Setbacks in the business of amateur hotels

    https://x.com/GayBearRes/status/1836561532567843262

    Totally anecdotal…but my sisters husband was just laid off in the IT industry…he said most of the job listings right now are “ghost jobs” …meaning listings for jobs that don’t actually exit

    https://x.com/chigrl/status/1836538238091080106

    Yes! Mortgage Rates Really Did Move HIGHER After The Fed Rate Cut
    30 Yr. Fixed: 6.15% (+0.04% ▲) | 15 Yr. Fixed: 5.65% (+0.02% ▲) |

    https://x.com/mortgagenewsmnd/status/1836517050698621213

    Quick little $500k reduction, no need to panic folks

    https://x.com/JerseyCapperNHL/status/1836493489497936298

    Everyone who was a bomb technician yesterday has graduated to a macroeconomics expert today

    https://x.com/RampCapitalLLC/status/1836469955945955538

    Gm

    https://x.com/CramerTracker/status/1836425982204359085

    Canadian unemployment is +20% YoY.

    Since 1978, this magnitude of change has never occurred without recession.

    We’re now sitting at 6.6% unemployment across the country and the BoC still has rates deep into restrictive territory.

    https://x.com/igetredpilled/status/1836453486130504022

    Housing defaults have skyrocketed

    This is unlike anything we’ve seen in a decade

    https://x.com/GameofTrades_/status/1836435015066153469

    Massive fire right now at top of under construction building near Broadview and Danforth Toronto

    https://x.com/blogTO/status/1836399473485828471

    Bottom line on the @federalreserve is that they should do nothing. The progressive crowd led by @ewarren will yowl like wounded dogs, but the fact is a rate cut today is political. And inflation remains. Powell fails again. Third strike, BTW.

    https://x.com/rcwhalen/status/1836376339919610162

    There are no jobs in Canada.

    Job vacancy rate is collapsing and is going to plummet straight through pre-pandemic lows.

    When buyers realize their job is in jeopardy they won’t feel like taking out million dollar mortgages.

    When sellers realize this they will panic.

    https://x.com/igetredpilled/status/1836406809407500501

    Not only did the #Fed’s 50 basis point rate cut send #gold to a record high above $2,595, but it also sent the U.S. dollar sinking below 0.84 Swiss francs, a new 13-year low. What should be even more troubling is that long-term Treasury yields rose. It’s game over for the Fed.

    https://x.com/PeterSchiff/status/1836477010811785609

    Many friends in exec roles have been out of work for 6-9 months. A few 12+. It’s real in the Bay Area. And more layoffs likely coming.

    https://x.com/Tobias_Yergin/status/1836545569931825238

    1. “September 18, 2007: 50bp rate cut”

      It seems like the wheels didn’t totally come off the bus until September 2008.

      1. MThe Fall of the Market in the Fall of 2008
        By Paul Kosakowski
        Updated June 20, 2024
        Reviewed by Julius Mansa
        Fact checked by Vikki Velasquez
        Part of the Series
        Guide to Stock Market Crashes

        Subprime mortgage crisis. Credit crisis. Bank collapse. Government bailout. Phrases like these frequently appeared in the headlines throughout the fall of 2008. This period ranks among the most devastating in U.S. financial market history. Those who lived through these events will likely never forget the turmoil.

        So what happened, exactly, and why? Read on to learn how the explosive growth of the subprime mortgage market, which began in 1999, played a significant role in setting the stage for the turmoil that would unfold just nine years later in the 2008 house market crash and the 2008 stock market crash.

        Key Takeaways

        – The stock market and housing market crashes of 2008 trace their origins to the unprecedented growth of the subprime mortgage market that began in 1999.

        – Fannie Mae and Freddie Mac made home loans accessible to borrowers who had low credit scores and a higher risk of defaulting on loans.

        – These “subprime borrowers” were allowed to take out adjustable-rate mortgages with low starting rates that would increase after a few years.

        – Financial firms sold these subprime loans to large commercial investors in pools of mortgages known as mortgage-backed securities.

        – By the fall of 2008, borrowers were defaulting on subprime mortgages in high numbers; the collapse of the financial markets and the global Great Recession ensued.

        Unprecedented Growth and Consumer Debt
        …
        https://www.investopedia.com/articles/economics/09/subprime-market-2008.asp#toc-financial-turmoil-escalates

        1. MoneyWatch: Managing Your Money
          Credit card debt is climbing. Here’s how to get rid of yours now.
          moneywatch
          By Angelica Leicht
          Edited By Matt Richardson
          September 18, 2024 / 2:28 PM EDT / CBS News
          Online shopping concept
          Credit card debt is climbing (and so are the costs of this debt), so you may want to try and tackle yours now.
          Getty Images

          Credit card debt has been surging nationwide, with revolving debt, which includes credit cards, growing at a troubling annual rate of 9.4% in July, according to data released this month by the Federal Reserve. The total amount of credit card debt nationwide has also been increasing, with balances recently hitting a record high of $1.14 trillion. This comes at a time when serious payment delinquencies are also on the rise and about 20% of credit card users are maxed out.

          Further compounding the issue is the skyrocketing cost of credit card debt. Average credit card interest rates are currently sitting at a record high of nearly 23%, so many cardholders are seeing their balances grow faster than they can pay them down. This combination of rising balances and steep interest rates has created a double bind for consumers, many of whom are feeling squeezed by shrinking disposable income and higher living costs.
          …
          https://www.cbsnews.com/news/credit-card-debt-is-climbing-heres-how-to-get-rid-of-yours-now/

    4. “Housing defaults have skyrocketed…
      This is unlike anything we’ve seen in a decade…”

      Maybe there’s something about those HOA dues?

  25. North Texans react to Fed interest rate cut

    And with the economy still relatively strong, not everyone agrees that a rate cut right now is the right move.

    “This might sound cynical,” said Michael Cox, an economist at the SMU Cox School of Business, “but it’s the Fed that would benefit. It has become afraid of not doing what the politicians want it to do, on each side of the political aisle.”

    Cox is an executive in residence at SMU’s Cox School. No relation, but lots of experience. He has spent more than two decades working for the Federal Reserve and is a former chief economist with the Dallas Federal Reserve. Right now, he is very critical of the current Fed policy.

    “You have to be worried about one thing,” said Cox of the Federal Reserve’s primary responsibility, “inflation, keeping it down. And the opposite of keeping inflation away is to cut interest rates. I want a Fed which does the right thing… and that’s be tough on inflation, and that’s good for growth in the long run.”

    https://www.msn.com/en-us/money/other/north-texans-react-to-fed-interest-rate-cut/ar-AA1qOjeJ

    1. Financial Times
      US presidential election 2024
      Donald Trump says Fed’s half-point rate cut shows US economy is ‘very bad’
      Former president adds that central bank could be ‘playing politics’ as it reduces interest rates ahead of election
      Donald Trump has been critical of Fed chair Jay Powell
      © Spencer Platt/Getty Images
      Lauren Fedor in Washington yesterday
      …

      1. As president, DJT pushed the Fed to be even more “accommodative” with its easy-money policies. We need a leader who will excise this cancer on our economy & country and send these gold collar criminals to prison for their debasement of the currency and for pauperizing the middle and working classes.

      2. “…reduces interest rates ahead of election”

        Every incumbent president is extended this courtesy despite the fed’s oft cited independence.

  26. The Justice Department filed a lawsuit seeking to recoup $100 million for recovery and cleanup after the collapse

    The federal government accused the operators of the container ship that brought down the Francis Scott Key Bridge of negligence and mismanagement, alleging that the Dali’s crew “jury-rigged their ship.”

    The new claims provide the most detailed account yet of what led to the bridge’s total collapse early March 26. The Justice Department on Wednesday filed a lawsuit in the U.S. District Court of Maryland seeking to recoup $100 million in costs associated with recovery and cleanup, as well as punitive damages, from the Dali’s owner, Singapore-based Grace Ocean Private, and its manager, Synergy Marine Group.

    The Dali included a rigged transformer that had been repeatedly cracking from excessive vibrations and a “recklessly disabled” backup circuit system, the government alleges. Recent inspections had found loose bolts, nuts and washers and broken electrical cable ties inside the transformers and switchboards.

    The ship’s electrical equipment was so poor that one agency stopped electrical testing because of “safety concerns,” according to the government’s court filing.

    The Justice Department alleges that the shortcomings were in part due to the operators’ desire to cut costs.

    Grace Ocean and Synergy Marine have previously asked the court to exonerate them from or limit their liability, saying they are not at fault. The government in its response to that petition says those companies should not be limited from liability.

    With a deadline looming next week to respond to the Dali operators’ petition to limit their liability, new legal claims are flowing in.

    A criminal investigation is ongoing, officials said, as well as a National Transportation Safety Board inquiry. Certain members of the Dali crew, who hailed almost entirely from India, remain in Baltimore voluntarily to assist in the investigation, officials said.

    “This was an entirely avoidable catastrophe, resulting from a series of eminently foreseeable errors made by the owner and operator of the DALI,” Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division, said in a statement.

    The 984-foot-long container ship lost power multiple times after leaving the Port of Baltimore and slammed into a critical support pier of the Key Bridge. The bridge collapsed within seconds, plunging six men to their deaths. A seventh man was pulled from the water and survived.

    The Dali experienced multiple power losses while docked in Baltimore, but did not report them to the Coast Guard as required by U.S. regulations, according to the court filing. And the Dali’s captain did not disclose the power losses, or the ship’s history of mechanical and electrical defects and other abnormalities to the Maryland pilot in charge of steering the ship out of Baltimore’s port and through the Chesapeake Bay.

    https://www.thebaltimorebanner.com/community/criminal-justice/key-bridge-dali-collapse-cause-lawsuit-DIQMK6OJKBDSBNDXG4WQDMN2TE/

    1. I watched a great video a while back from a guy who works on a similar ship and he gave a tour and explanation of how the steering system has redundant electrical for each side in case one side takes damage and he showed how it can be manually operated in case of power failure of both main and emergency backup. These ships are designed so that a wreck like that can’t happen unless there is total incompetence or it is done on purpose.

  27. Sean “Diddy” Combs is staying locked up after a judge Wednesday rejected the hip-hop mogul’s proposal that he await his sex trafficking trial in the luxury of his Florida mansion instead of a grim Brooklyn federal jail.

    U.S. District Judge Andrew L. Carter ruled that Combs’ plan — which included a $50 million bail offer, GPS monitoring and strict limitations on visitors — was “insufficient” to ensure the safety of the community and the integrity of his case.

    An indictment accuses Combs, 54, of using his “power and prestige” to induce female victims and male sex workers into drugged-up, elaborately produced sexual performances dubbed “Freak Offs” that Combs arranged, participated in and often recorded. The events would sometimes last days, the indictment said.

    https://www.msn.com/en-us/news/crime/sean-diddy-combs-to-remain-in-jail-after-second-judge-denies-bail/ar-AA1qNo9L

    1. Sean “Diddy” Combs should have done this on a yacht. For details, go to YouTube and search, “celebrity yachting.”

      1. yachting

        Via Urban Dictionary:

        Yachting is a term for Z-C list celebrities who need money to supplement their incomes and in order to keep up appearances.

        They will go on a yacht typically owned by a millionaire/billionaire and do what said millionaire/billionaire wants. Mostly s3xu@l wants.

        Celebrity will also most likely be caught by the paparazzi on the yacht and people will think that the celeb has paid etc

  28. Fears over the future of British Steel are mounting after the Chinese-owned company revealed that losses had spiralled to more than £400million.

    In just the latest blow to the UK steel industry, the firm said losses rose eightfold in 2022, from £49.5million to £408.4million.

    The figures came as the firm, Britain’s second biggest steelmaker, scrambles to secure a taxpayer-funded rescue deal.

    Rival Tata Steel last week announced nearly 3,000 job losses, as the sector struggles to move to green steelmaking.

    British Steel is seeking state funding to replace its blast furnaces at Scunthorpe with electric arc ones.

    A similar deal between Labour and Tata Steel, which owns Britain’s largest steelworks at Port Talbot in South Wales, was signed last week.

    The Government has agreed to pay £500million towards the electric arc furnace, with Tata Steel investing an additional £750million, in a push towards net zero carbon emission.

    But the deal, first agreed by the Conservatives, will see at least 2,800 workers lose their jobs.

    Talks between Ministers and British Steel, owned by China’s Jingye, are ongoing.

    It is feared Jingye will reveal the closure of Scunthorpe’s two blast furnaces this month, though it said yesterday no decision had been made.

    Closure would put more than half its 4,500 workers at risk of redundancy and leave the UK unable to make steel from scratch for the first time since the Industrial Revolution.

    A British Steel spokesman said: ‘While we’ve invested more than £1billion to maintain our ageing blast furnaces, this is not financially or environmentally sustainable.’

    https://www.msn.com/en-gb/money/other/blow-for-british-steel-as-chinese-owned-firm-reveals-losses-have-hit-400m/ar-AA1qNldG

    1. “leave the UK unable to make steel from scratch for the first time since the Industrial Revolution.”

      welcome to the 3rd world.

      import the 3rd world, become the 3rd world.

  29. Candidates for San Diego mayor clashed Wednesday night over homelessness, bike lanes, street vendors, the housing crisis and other issues during a televised debate.

    Incumbent Todd Gloria said reducing homelessness is his top priority and touted his creation of 931 new shelter beds in the past 12 months, the city’s year-old ban on homeless encampments and his plan for a new shelter with as many as 1,000 beds.

    Challenger Larry Turner said the encampment ban isn’t enforced aggressively enough and called the proposed shelter a bad financial deal that was sprung on neighbors after months of secret negotiations.

    The mayor said shelter beds are crucial because they get people off the streets and can be a key first step toward housing, behavioral health treatment and other help.

    “It is not acceptable to leave people living on our sidewalks, and the only way to solve that is to make sure we have shelter and housing for them to go to,” he said, conceding he hasn’t yet solved the problem. “In the first four years, we’ve done a lot. I need four more years to do more.”

    Turner said the mayor hasn’t come up with any solutions to the underlying problems causing homelessness, suggesting city officials identify people at risk of becoming homeless and give them money to help stay housed.

    Gloria and the City Council have created rent subsidy programs to help some people avoid homelessness.

    Turner also accused the mayor of making an aggressive push on homelessness this year in hopes of getting re-elected.

    “You’re seeing there’s a lot of solutions coming out here in the ninth inning,” Turner said. “A lot was not done during the first three years of his administration.”

    Gloria and Turner also debated the city’s housing crisis, particularly the shortage of affordable housing and the key impact it has in light of San Diego’s high cost of living.

    Gloria touted a long list of reforms and incentives he’s created to spur more housing production, speed up approvals and diversify housing choices.

    “The most effective way a mayor can address the issue of cost of living is to build more housing,” he said. “My administration has made that a priority, and we will continue to do that.”

    Criticizing Gloria’s approach as “Build, baby, build,” Turner said most of the new housing created by Gloria’s policies is market-rate, not subsidized.

    He also criticized the mayor’s policies for allowing the replacement of older housing that tends to be lower-rent with shiny new high-rises that cost more than most people can afford.

    “We’re losing affordable housing with this build, baby, build approach,” Turner said.

    https://www.msn.com/en-us/news/us/in-first-mayoral-debate-gloria-turner-clash-on-housing-homelessness-and-infrastructure/ar-AA1qOxIN

  30. California Legislature’s unwritten rule: negotiate in secret with lobbyists, not in public

    State Sen. Dave Min admonished a fellow legislator recently for talking about his bill during an open hearing, saying lawmakers were forbidden from negotiating amendments to legislation in public view.

    “We have a policy in the Senate … We don’t negotiate amendments from the dais,” Min told his Democratic colleague, Assemblymember David Alvarez, this summer. “We are happy to continue discussing this offline, but I just don’t think it’s appropriate – nor is it in the interest of our time – to be negotiating and discussing particular provisions from the dais.”

    The exchange between Alaverz and Min highlights an unwritten rule in the Capitol, one that points to a culture of backroom dealing, where secret negotiations between lobbyists, Capitol staff and legislators are what really decide the fate of laws whose impacts will be felt by millions of Californians.

    Senate leaders said Min, a Democrat from Irvine, overstated the rule since committee chairs can make exceptions and debate amendments in a hearing. But Senate President Pro Tem Mike McGuire acknowledged to CalMatters that he requested “policy committee chairpersons and bill authors work to secure potential amendments prior to the (public) hearing” in order to improve the quality of legislation.

    Leaving the process almost entirely up to secret negotiations has critics calling the process little more than a rubber stamp for deals made behind closed doors.

    As CalMatters has reported, an analysis of every vote cast in the past five years shows that Democrats who control the Legislature vote “no” on average less than 1% of the time, suggesting the fates of most bills are decided before votes are cast.

    “This is exactly the kind of conversation that should be taking place in public,” said David Snyder, executive director of the First Amendment Coalition. “The public has a right to understand why lawmakers are making the decisions they’re making.”

    Assemblymember Bill Essayli, an outspoken Republican from Corona, was even more critical.

    “It’s very hard to figure out if there’s corruption involved when you don’t know who the drafters are and how language gets in a bill,” he said.

    https://www.msn.com/en-us/news/politics/california-legislature-s-unwritten-rule-negotiate-in-secret-with-lobbyists-not-in-public/ar-AA1qMdV7

  31. Springfield residents want to get back to normal.

    State and local officials say Trump’s claims about Haitians eating dogs and cats are false. The Ohio Department of Natural Resources also could not find evidence to support reports that immigrants were stealing geese around local parks and trails.

    The claims have meant less attention to the real challenges facing Springfield and how it deals with the influx of Haitian migrants, according to Springfield Mayor Rob Rue, a Republican.

    Springfield has been an industrial town since the late 1800s, but the city’s median income dropped between 1999 and 2014 when manufacturing jobs declined in the U.S.

    City officials have wrestled for years with the impact of Haitian migration, which increased the population by an estimated 25%. Rue said the school district went from 200 to 2,000 non-native English-speaking students. He said their emergency responders are among the busiest in the state and end up providing primary care to residents because the health care system is overtaxed.

    Back in July, Springfield City Manager Brian Heck penned a letter to federal officials – including Ohio’s senators – asking for help to address the city’s housing crisis.

    Springfield resident Heidi Earlywine said she noticed more complaints related to immigration at city commission meetings last year and believes it was related to the end of Medicaid continuous enrollment in March 2023 and increased visibility of homeless people in the city after a homeless shelter closed.

    “What happens when you drive through town in 2023 is you see unhoused people and now you don’t have your benefits anymore, right? And so those two things were a confluence of events where some people in town started rabble-rousing at city meetings,” she said.

    Then the bus wreck happened, Earlywine said.

    In August 2023, Hermanio Joseph, an immigrant from Haiti, was driving a minivan and struck a Northwestern Local Schools bus that overturned. Eleven-year-old Aiden Clark died after being ejected from the bus and more than 20 other students were injured in the crash.

    Joseph was found guilty of involuntary manslaughter and vehicular homicide and sentenced to a minimum of nine years in prison and a maximum of 13 ½ years in prison in May.

    “When that happened, it really made everything extra bad,” Earlywine said.

    Don and Marie Owens, Springfield residents of 40 years, agreed. They said the crash “absolutely” increased tension in the city.

    https://www.msn.com/en-us/news/us/we-need-help-not-hate-springfield-reckons-with-a-national-spotlight/ar-AA1qNNIe

    2. Our House

      Song by Crosby, Stills, Nash & Young

      Our house is a very, very, very fine house
      With two cats in the yard
      Life used to be so hard
      Now everything is easy ’cause of you
      And our
      La-la, la-la-la-la-la
      La-la-la-la, la-la-la-la-la

      R

  32. Toronto, Canada’s economic centre, has lost its way

    Toronto, once a beacon of urban excellence, now stands at a crossroads. Our city, known for its iconic skyline, economic strength, cultural vibrancy and unmatched hustle, seems to have lost its way.

    Our track record as a city speaks for itself. We’ve achieved what most cities can only dream; we’ve made our presence known across technology, business, culture and the arts. We’re the most diverse city in the world and the largest tech hub in Canada.

    And it shows. Toronto is the largest and fastest-growing metropolitan region in North America, generating 50 per cent of Ontario’s gross domestic product and 20 per cent of Canada’s GDP.

    The CN Tower, a symbol of our city’s pride and innovation, was once one of the most ambitious projects of its time. Today, it remains a global landmark. But beneath its shadow, we’re struggling.

    The very fabric of our city is fraying. We’ve become so preoccupied with avoiding failure that we’ve forgotten how to push boundaries. Mediocrity is creeping in and it’s time to reclaim the relentless ambition that once defined us. We owe it to ourselves – and to our city – to demand more.

    It’s time to confront the uncomfortable truths holding us back. Toronto is missing the mark in critical areas such as infrastructure, productivity and innovation, leaving residents frustrated, deflated and uninspired.

    The unemployment rate in Toronto has hit 7.8 per cent, among the highest in the country. For youth, the situation is even more dire, with a 16.8 per cent unemployment rate, compared with 12.8 per cent nationwide. Despite our reputation as a world leading tech ecosystem, we have one of the highest unemployment rates in Canada; this stark fact contradicts our image as a city of opportunity and growth.

    Dysfunctional public transit and traffic have become synonymous with Toronto. “Sorry, TTC had a delay” is now the norm. At surface level, traffic may seem like a rite of passage for any metropolitan city, but Toronto’s traffic has reached levels beyond comprehension.

    Toronto now has the worst traffic in North America, leading over a third of residents to avoid shopping, sports events and social gatherings owing to congestion. This isn’t just an inconvenience; it’s a crisis with significant economic implications.

    https://www.theglobeandmail.com/business/commentary/article-toronto-canadas-economic-centre-has-lost-its-way/

  33. It’s beginning to look a lot like 2011 for the Liberals

    As bad as Monday night was for the Liberals, it could have been worse. How? Jagmeet Singh’s New Democrats could have won both by-elections.

    In the coast-to-coast vote that must happen by next October, and will likely arrive much sooner, the Liberals are faced with two mortal threats. The biggest and most obvious, stalking them daily in Question Period and across the country, comes from Pierre Poilievre’s Conservatives. The Tories are far ahead in the polls and stand on the precipice of a majority government.

    The second and less noticed threat, which the Liberals have spent generations neutralizing, mostly with success, is from the left – from the NDP. The last time it took a big bite out of them was in 2011. But the potential for a repeat, though currently small, may be growing.

    The last time the Liberals lost here was in 2011. The near-mortal wound then wasn’t from the Bloc. It was the NDP.

    In the Orange Crush election of 2011, the NDP’s Quebec caucus grew from one MP to 59. It mostly wasn’t about the province falling in love with the NDP. It happened because, as the election campaign ground on, it became clear that the Liberals were going to lose badly in the rest of the country. Seeing a sinking ship, a big chunk of formerly loyal Liberal voters in Quebec abruptly changed ships. They simply picked up and moved to the NDP.

    After that near-death experience, a rejuvenated party under Justin Trudeau recaptured those lost Montreal-area seats. But an NDP candidate finishing fewer than 400 votes behind the Liberals, in a previously safe Montreal riding, should be giving the Liberals nightmares of a 2011 sequel.

    https://www.theglobeandmail.com/business/commentary/article-its-beginning-to-look-a-lot-like-2011-for-the-liberals/

  34. Out with immigration, in with the economy: Kamala Harris’ Latino messaging switch

    For months, Javier Palomarez urged the Biden campaign to shift its messaging toward Latinos. A former Obama adviser, Palomarez thought President Joe Biden’s team focused too much on immigration and identity politics, and not enough on the economy. In May, a survey of U.S. Hispanic Business Council members — of which Palomarez serves as president and CEO — confirmed his concerns: When asked who they plan to support in the presidential election, Trump had a 10-point lead, 43% to 33%.

    Now, four months later, Vice President Kamala Harris sits atop the Democratic ticket, and she is taking a different tack when approaching Latino voters: hammering a middle-class message on the economy, while speaking about immigration only sparingly.

    “I’m delighted with where Kamala’s campaign is going,” Palomarez said. “Hispanics are not a monolith. We’re concerned about all the things every other American is concerned about.”

    Focusing on immigration was seen as a key way to win over Latino voters, especially in Western battlegrounds like Arizona and Nevada. In a March memo written by Julie Chávez Rodríguez, then Biden’s campaign adviser, proposals to “fix our broken immigration system” and “secure the border” were listed atop the “issues that matter most to Western voters.”

    Now, several months later, Harris’ appeal to Latinos has sidestepped discussing immigration almost entirely — a message Palomarez endorses. “Immigration is not the top issue to us,” he said. “It’s important, but it’s not at the top. The economy is.”

    https://www.msn.com/en-us/news/politics/out-with-immigration-in-with-the-economy-kamala-harris-latino-messaging-switch/ar-AA1qOg0k

    1. “It’s important, but it’s not at the top. The economy is.”

      Then get ready for even more economic schlonging, Javier. Got inflation?

  35. The Netherlands has become the first EU country to demand a crisis opt-out of mandatory migration rules to try and reduce the number of refugees coming in.

    The Dutch government, dominated by Geert Wilders’ far-Right party, said the move was justified so it can provide ‘housing, health care and education’ to its citizens.

    The request comes amid a deepening political crisis over the EU’s common refugee system and the Schengen borderless travel zone.

    ‘I have just informed the European Commission that I want a migration opt-out within Europe for the Netherlands,’ Dutch migration minister Marjolein Faber wrote in a letter to Ylva Johansson, the European Commissioner for Home Affairs.

    ‘We need to be in charge of our own asylum policy again.’

    However, the European Commission has already criticised the plans, saying ‘you cannot evade EU legislation’.

    It comes as the new Dutch government, which came to power in November, is planning to declare an ‘asylum crisis’ to pave the way for tougher measures.

    This would include a freeze on asylum applications and powers to forcibly deport people who do not have a right to be in the Netherlands.

    Under the proposal, refugees would also only be able bring in family members if they have had residence status for two years, have housing and a ‘stable income’.

    Currently asylum seekers receive a permit to stay for an indefinite period after five years.

    Earlier this month, Germany announced it would bring in controls on all its land borders to deal with the ‘continuing burden’ of migration and ‘Islamist terrorism’.

    Interior minister Nancy Faeser told the EU that the country had no choice but to enforce proper border controls to cope with unauthorised entries.

    The policy marked a U-turn from her stance just last month when she refused to extend strict controls first introduced last year on Germany’s borders with Poland, the Czech Republic and Switzerland.

    These rules have already seen more than 30,000 people turned back at the borders since mid-October last year.

    Concerns about immigration have been pushed to the forefront of German politics, heightened by a series of attacks carried out by Islamists, most recently in Solingen.

    The German government has also been facing increased pressure to respond to migration as support for right-wing party, the AfD has rapidly gathered pace.

    And at the end of last month Germany’s police union announced that Schengen was making Germany’s security crisis even worse and must be abandoned immediately.

    Manuel Ostermann, deputy federal chairman of the Federal Police Union, has launched a fierce condemnation of Schengen, the EU’s hair-brained border-free scheme, in an interview with Focus magazine.

    ‘The crisis in Germany’s security is a direct consequence of Schengen’s ineffective policies. Schengen’s inability to manage migration effectively has put Germany’s safety at stake.’

    ‘Germany must realize the current failure of Schengen and either make a concerted effort to return to the current legal situation or terminate Schengen,’

    Here he pointed to the rising crime rates in Germany, exacerbated by the migration crisis, as proof that Schengen is no longer viable.

    He said Schengen’s open borders have made it easier for criminals to operate across Europe, impacting Germany’s safety.

    ‘Schengen has failed to protect Germany from the influx of criminals, necessitating immediate action.’

    ‘We must continue to notify our internal borders because border controls, whose effectiveness has been proven, are no longer maintained under Schengen.

    ‘The failure of Schengen is evident in the increased crime rates, making it clear that changes are needed.’

    https://www.dailymail.co.uk/news/article-13868253/Netherlands-EU-country-opt-migration-rules.html

    1. However, the European Commission has already criticised the plans, saying ‘you cannot evade EU legislation’.

      Obey your masters!

  38. Currently only an infinitesimally small number of retail investors, sound money advocates, and preppers are accumulating precious metals. Imagine when social media breaks the MSM’s journalistic omerta when it comes to covering up the Fed’s fiat currency fraud, and tens of millions of Americans starting converting their debauched, soon to be worthless Yellen Bux into physical precious metals.

    https://x.com/au_bullion/status/1836468446390858042

  40. The DNC’s FBI Stasi are now showing up at the houses of conservative social media commentators to harass and intimidate them for exercising their 1st Amendment rights. Conservatives who film such encounters are turning the tables on these Chekists, who slink back to their black Suburbans when shamed on video about their Orwellian creepiness & overreach when no laws have been broken.

    https://x.com/jeremykauffman/status/1835782658091102608

  43. All worth watching but the bottom 2 really show how this invasion that was executed really hit and hurt this country.

    Locals From 4,000-Person Pa. Town Flooded With Thousands Of Haitian Migrants Speak Out Against Biden-Harris Invasion

    by Kelen McBreen
    September 19th, 2024 1:42 PM

    America 2100
    @America_2100

    It isn’t just Springfield. It’s happening everywhere.

    In Charleroi, Pennsylvania—a low-income town of just 4,000—the immigrant population has increased by 2,000% over the past two years. And it’s almost all Haitians.

    Here’s what one Charleroi councilman told us today:
    2:51 PM · Sep 11, 2024

    https://youtu.be/tKYjUn-SBcg?si=kjrRWHjm0F_CUZHe

    America 2100
    @America_2100

    2,000 Haitian immigrants have arrived in the small town of Charleroi, Pennsylvania over the past two years.

    The influx of people has overloaded the sewage system. Locals are complaining about the smell.

    7:38 PM · Sep 16, 2024
    ·
    https://x.com/America_2100/status/1835825699061723443

    America 2100
    @America_2100

    One mother tells us that a 20-year-old Haitian student recently attacked a 14-year-old American girl on the school bus.

    “The school does nothing about it. People complain all the time…and they do nothing.”

    10:23 AM · Sep 17, 2024
    ·
    https://x.com/America_2100/status/1836048218611691635

    America 2100
    @America_2100

    Charleroi, Pennsylvania is a town of just over 4,000 people.

    2,000 Haitian immigrants just arrived on their doorstep.

    Local parents tell us their schools are overwhelmed. “Kids can’t advance because the teachers are having to compensate for the kids who can’t speak English.”

    8:58 AM · Sep 17, 2024

    https://x.com/America_2100/status/1836026912298123455

    America 2100
    @America_2100
    Charleroi, PA is a town of 4,000 people.

    2,000 Haitian immigrants just arrived on their doorstep.

    And now, one of their last big employers is leaving.

    We sat down with the mayor and a city councilman. They say immigration isn’t helping their economy—it’s making things worse.

    2:20 PM · Sep 18, 2024
    ·
    https://x.com/America_2100/status/1836470415796900145

    America 2100
    @America_2100

    Andy is a lifelong native of Charleroi, PA. Over the past two years, his town has been overwhelmed by Haitian immigrants.

    The town’s economy was already struggling. Andy says immigration is only making it worse. “A lot of those jobs that they have—they used to be American jobs.”

    11:11 PM · Sep 18, 2024

    https://x.com/America_2100/status/1836603986717081800

    America 2100
    @America_2100

    Wow. Listen to this. All the way through.

    Charleroi, PA is a working-class town of 4,000 people.

    In two years, they’ve been overwhelmed by thousands of Haitian immigrants.

    Ernie is a truck driver in Charleroi. “I don’t know if we’re gonna come back from this,” he told us.

    12:52 PM · Sep 19, 2024
    ·
    https://x.com/America_2100/status/1836810710476595326

  45. ‘This is a really good example of where the market is going to be tested in terms of how much people can shell out to make homes as profitable for sellers as they were during the spring of 2021′

    Another way to say that Eliza is that it’s sinking like a turd in a well.

  47. Plans Are Drastically Changing Now (York Region Real Estate Market Update)

    Team Sessa Real Estate

    17 minutes ago VAUGHAN

    In this episode we take a look at the current Vaughan Home Prices, Richmond Hill Home Prices & Markham Home Prices and real estate market trends for week ending Sept 11, 2024. We also discuss a problem we are seeing when parents help their kids but then must change their plans.

    https://www.youtube.com/watch?v=XlL346tBHMs

    13 minutes.

  48. Congressional Report: Over 85% of Migrants Arriving at Southern Border Released into U.S. as Biden-Harris Slash Detention Space

    John Binder
    19 Sep 2024

    More than 85 percent of migrants arriving at the United States-Mexico border are released into the U.S. interior, a report from the House Homeland Security Committee details. At the same time, the report accuses President Joe Biden and Vice President Kamala Harris of seeking to slash federal detention space.

    The report — which breaks down how Biden and Harris have welcomed nearly eight million migrants to the U.S. since early 2021 — suggests that while Department of Homeland Security (DHS) Secretary Alejandro Mayorkas has mass released migrants into American communities, the agency has simultaneously cut detention space.

    299 comments

    LameRandomName
    5 minutes ago

    • Jan 20, 2021: The Biden-Harris Administration terminated the National Emergency at the Southwest border (Proclamation 9844), thereby halting emergency construction of a border wall.

    • Jan 20, 2021: The Biden-Harris Administration issued an Executive Order (EO) further entrenching the unlawful Deferred Action for Childhood Arrivals (DACA) program. With his action, President Biden directed the Secretary of Homeland Security, in consultation with the Attorney General, “to preserve and fortify DACA”, signaling to illegal aliens that his Administration supports amnesty and that illegal aliens need not fear coming to the U.S. or worry about immigration enforcement.

    Jan 20, 2021: The Biden-Harris Administration unveiled the U.S. Citizenship Act, which would provide amnesty to millions of illegal aliens in the U.S., demonstrating intent to reward illegal border crossers with a path to citizenship.

    • Jan 20, 2021: The Biden-Harris Administration revoked Trump-era Executive Order that was designed to ensure there was meaningful enforcement of U.S. immigration laws.

    https://www.breitbart.com/politics/2024/09/19/congressional-report-over-85-of-migrants-arriving-at-southern-border-released-into-u-s-as-biden-harris-slash-detention-space/

  49. The Federalist — It’s Not Just Haitians In Springfield. Mass Immigration Is Destroying The American Nation (9/19/2024):

    “This of course is one of the major leftist and libertarian talking points in the immigration debate, that immigrants grow our economy by doing jobs Americans won’t do or can’t do, and that more immigration just means more prosperity for everyone, regardless of who is coming here or why.

    This has been the GOP establishment/Chamber of Commerce position on immigration for decades, that people are nothing but economic units and that communities are nothing but GDP.”

    ^This

    “This is a deeply flawed and destructive way to think about America. It supposes that a nation and a people are nothing more than their income, that a community is nothing more than its tax base, and that being an American amounts to nothing more than owning a passport or documents conferring “legal status.”

    The corporate media and Washington establishment insist (despite mounting evidence to the contrary) that none of these things are really happening and even mentioning them is racist. Better to shut down the debate than actually argue over whether these problems are the natural consequences of thinking about America as a tax farm, not a homeland for a specific people with a shared history and a common future.

    This is happening because the Christian religion that bequeathed us our civilization and formed us from the beginning is now disappearing from among us Americans. Without it, we might as well be a tax farm for the global elite”

    https://thefederalist.com/2024/09/19/its-not-just-haitians-in-springfield-mass-immigration-is-destroying-the-american-nation/

    A tax farm?

    You are being replaced.

    1. History Suggests Recession Follows a 50 bps Cut, But This Time Could Be Different
      By Michele Schneider
      Published 09/19/2024, 02:42 AM
      …
      Historically, when the Fed implemented its first cut of 50+ basis points:

      – On January 3, 2001, the S&P 500 fell about 39% over the next 448 days, leading to a recession.

      – On September 18, 2007, the S&P 500 dropped roughly 54% over the next 372 days, coinciding with a 5.3% rise in unemployment and a recession.

      Yet, the current landscape differs significantly from 2001 and 2008. The tech sector appears more to be undergoing a correction than a bubble burst, and there is no looming real estate crisis or mortgage meltdown.
      …
      https://www.investing.com/analysis/history-suggests-recession-follows-a-50-bps-cut-but-this-time-could-be-different-200652039

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