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The Only Way You’re Going To Entice Them On The Dance Floor Is Your Price

It’s Friday desk clearing time for this blogger. “Ada County’s median home price last month was $20,000 less than August of 2023. Housing inventory for Ada County was 1,863, which is 21.8% higher than August 2023, and Canyon County’s inventory was at 1,152, or 42.6% higher than the previous year. ‘Inventory, or supply, has increased year-over-year in both counties for eight months now,’ said Rachel Moir, partner and agent with The Agency Boise. According to Moir, increased inventory puts downward pressure on prices since buyers have more options and sellers are trying to make properties stand out.”

“For the second time in a week, Florida Gov. Ron DeSantis held a roundtable in Pinellas Park to pressure the Florida Legislature to hold a special session to help condo owners who are facing rising assessment fees. ‘Nobody wants to hire me at 72, so I can make a little extra income to keep up with this,’ said Ronni Drimmer, who is facing a $7.000 assessment at her 40-year-old condo. ‘I just want to be able to help these people because they’re calling me on the phone going, ‘I was going to retire. How am I going to retire?’”

“Ivan Rodriguez, 76, told the Wall Street Journal that he liquidated his 401(k) retirement account to buy a two-bedroom North Miami condo in 2019. Five years later, after his condo board proposed a nearly $30 million special assessment for repairs, he joined 12 other unit owners in putting their homes up for sale. Rodriguez ultimately accepted an offer of 42% less than what he paid. When prospective buyers learned of the assessment they’d inherit by buying his home, he said, ‘They’d run in the opposite direction.’ John Cadden of Condominium Advisory Group, told WESH last month that the associations themselves are somewhat to blame for the issue. ‘It used to be, you did a reserve study, but you could vote as a condominium to waive reserves and not reserve any money,’ he said. ‘Of course, when people are asked to spend less money, they always agreed.'”

“New documents from the City of Cape Coral confirming the possibility of criminal charges against Paul Beattie, the owner of Beattie Development before the office was raided in early August. 288 people, including homeowners, companies, subcontractors, and others, will receive a letter in the mail. Beattie Development is liquidating all of its assets to pay the people it owes. That sounds like help, but it may not be. ‘This is not something that they’re not going to be made whole on. It’s going to be their best option to get money. But I think people will be sorely disappointed to see how much they’re going to actually get,’ Attorney Alan Hamisch said. Kristen and Matt Kramer, former Beattie customers say they are out $320,000 dollars and ended up hiring someone else to finish it. Beattie has placed a $271,000 dollar lien on their home. They are now having to hire an attorney to fight their home being listed as an Beattie Development asset. The Kramer’s say it is upsetting to see their home listed as an asset after all the trouble they’ve been through.”

“The Manhattan penthouse tied to convicted Chinese fraudster Guo Wengui is back on the market for $24 million, according to a StreetEasy listing update — a staggering downfall from its initial $86 million asking price. Guo turned into the co-op board’s worst nightmare. He lived in this unit, with its breathtaking views of Central Park, which he purchased for $67.5 million in 2015, while he waited for political asylum that never came. Instead, by March of 2023, the FBI showed up at dawn to arrest him for orchestrating a billion-dollar fraud scheme. But while FBI agents where still at the penthouse, a mysterious blaze erupted. Sources at the time told The Post they believed the fire was set off remotely, and that the entire apartment had been wired to record guests.”

“This past July, the self-exiled businessman was convicted by a court in Manhattan of defrauding his online followers in the investment and cryptocurrency scheme, in part, to buy a $26.5 million New Jersey mansion and a $37 million yacht. He was found guilty on nine of 12 criminal counts against him, including racketeering and money laundering. His sentencing is reportedly scheduled for Nov. 19.”

“Michael Cendejas, a Redfin Premier real estate agent in Sacramento, CA, said some potential homebuyers also just haven’t realized mortgage rates are dropping. Cendejas is seeing renewed buyer interest now that it’s September but said a lot of house hunters still want to see rates in the 5% range before they jump into the market. ‘There’s no sense of urgency. Buyers are selective right now, especially if they have a house already. They’re looking for the perfect home at the right price,’ he said. ‘There aren’t a lot of desirable homes out there right now, and the ones that are in good shape go quickly if they’re priced well. My advice to sellers is to price your home fairly; if you don’t, it could end up sitting on the market.'”

“The pandemic’s effects on travel left San Francisco hotel owners and operators with a massive pile of debt. ‘If you’re investing in hospitality in San Francisco right now, you need to have a lot of runway to allow your assets to stabilize,’ Oxford Hotels & Resorts partner Sar Peruri said. ‘It’s not going to look like it did before.’ He pointed to the frothy prepandemic days of high RevPAR and average daily rates. After all three panels ended, none of the conference attendees mentioned the elephant in the room: San Francisco’s looming lodging debt issue.”

“The City of Bakersfield is tasked with rezoning parts of town in order to comply with state law and the Housing Element, and the effort includes a vacant lot off of Fairfax Road and College Avenue. However, for some neighbors in the area, they worry what this rezoning means for them. Gail Malouf said she and her neighbors were taken aback when they noticed a for sale sign on the vacant lot a few weeks back and even more surprised to learn the lot had been rezoned. ‘We feel blindsided,’ she said. ‘We are upset because they have changed it to an MX-1, which is mixed residential and commercial this is not a commercial area.'”

“Construction workers are building all across downtown Durham, but thousands of existing apartments are still empty. There are also several new complexes that haven’t even opened yet. ‘It’s really been that extra supply, all the new buildings that have gotten built in the last few years have really pushed that vacancy rate up,’ CoStar Market Analytics Director Nick Leverett said. Overall, high apartment vacancy rates in downtown Durham are improving after they peaked at 12.5 percent earlier this year. But local experts tell CBS 17 construction is still outpacing the rental demand.”

“The median sales price of a single-family home in Bend was $706,000 in August, a $36,000 drop from the same period a year ago, according to the monthly report prepared by the Beacon Appraisal Group of Redmond. The median price of a single-family home in Redmond also took a tumble to $495,000 in August, a $10,000 price drop from the same time a year prior, according to the report. The median sales price in Redmond was $542,000 in September 2022. In Sisters, the median sales price for a single-family home dropped to $625,000, from $768,000 in July, according to the report. There is a five-month supply of homes on the market.”

“Tentative buyers in the Toronto-area real estate market appear more willing to approach the bargaining table as the fall market kicks off, but they are quick to back away when sellers seem immovable. In Bedford Park, Andre Kutyan, broker with Harvey Kalles Real Estate in Toronto sold a detached house for $3.3-million in late August after listing the property in early July with an asking price of $3.495-million. Prior to that, the four-bedroom home was listed with another agent for seven months with an asking price of $3.75-million. In the condo market, swelling inventory is giving buyers lots of power in negotiations.”

“The successful sellers in Bedford Park are downsizers who turned their search to a two-bedroom, two-bathroom condo in the $750,000 to $850,000 bracket in the area around Yonge and Eglinton. The buyers were able to bargain the seller down below $800,000, Mr. Kutyan says, because there were so many listings. ‘If I don’t buy yours, I’ve got 14 other options,’ Mr. Kutyan told the listing agent. With his own clients, James Warren, real estate agent with Chestnut Park Real Estate Ltd, stresses the importance of setting a realistic asking price from the start. ‘We need to price this aggressively instead of ambitiously,’ he advised the owner of a condo recently. In a segment awash in inventory, he recommends setting an asking price below the comparable units in the building. ‘The only way you’re going to entice them on the dance floor is your price,’ he says.”

“Angry residents have hit out at the state of a half-finished housing scheme. People living close to the site at Long Lee, Keighley, say a long list of problems is making their lives a misery. Urban Developments (York) Ltd, part of the Urban Group, is building 41 homes on the land off Redwood Close. Neighbouring householders complain that issues with the site have been ongoing for years, and are not being addressed. ‘There are all sorts of problems and we’re sick to death of it,’ says Anita Jackson, of Long Lee Lane. ‘We live a few doors down and have to use an access road at the site. There are big holes, and a drain with a wooden pallet over it. Fencing is unsafe, and there are half-built walls. This has been going on for nearly four years and it’s time something was done.'”

“With the spring selling season on the horizon New Zealand property sales continue their upward trend, however buyers remain in control with sales volumes below normal. CoreLogic NZ Chief Property Economist Kelvin Davidson said that with listings plentiful on the market, the relatively low levels of sales are more about buyer caution. ‘Buyers will be spoiled for choice, for example, in Wellington, Bay of Plenty, Auckland, and Otago, as total stock in each of these regions has risen by 20-25%,’ he said. ‘Clearly, lower mortgage rates will be boosting sentiment, but a reduction in job security will be pushing the other way in terms of buyers’ confidence. Of course, in this environment of low turnover, we’re also seeing property values drop, and that will tend to benefit some groups over others. Those who still feel confident about their jobs and can get the finance are in a position to take their time and secure a deal in their favour.'”

“Desperate Australians don’t know if their dream homes will ever be finished after their builder collapsed. Multiple customers of Melbourne builder Varaich Homes have revealed the crushing financial burden as building of their houses has been delayed, while others have documented disturbing vandalism to their homes. One customer is Harpreet Singh. The bus driver signed up to build with Varaich Homes in 2021 for $457,000. ‘The fence surrounding it has been taken off and people were going in and having beers, using the toilet, I found a used condom on the master bedroom floor and there are a few other damages,’ he told news.com.au. Prior to this in 2022, he was told the construction firm would need an extra $45,000 to continue with the project, which was money the family didn’t have. Then building started in June 2022 on his Lyndhurst home. But Mr Singh said work was very slow and caused ‘a lot of stress’ and cost them a ‘lot of money.'”

“The dad-of-three said his wife is working three jobs as they are under a huge financial strain paying off two mortgages. He claimed there had been no explanation from the company on why construction had been delayed. Now with Varaich Home’s collapse, the 39-year-old said he doesn’t even have the keys to his own house. He said it may mean the family have to take out a personal loan to even complete the house. ‘It’s very stressful,’ he added.”

“Tony Varghese is another customer who has been impacted but he is currently living in the Northern Territory with his family making it harder to oversee his house project in Melbourne. The social worker signed up with Varaich Homes in 2022, although construction didn’t kick off until March last year in the Melbourne suburb of Botanic Ridge. He said the home was meant to be delivered in 280 days, according to the contract, yet it still remains incomplete. The dad-of-one claimed he paid $125,000 for work that hasn’t been completed. ‘Given the current circumstances, this would be insufficient to finish the project. I am now staring at the possibility of being locked into a lifetime of mortgage payments without ever having a finished home. This is a hopeless situation.'”

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This Post Has 126 Comments

    1. Western boom towns are going to get pounded. Lots of homes coming on the market right now purchased ‘21 thru ‘22 that are priced at numbers just high enough to cover realtor commish and closing costs. Even quite a few under their original purchase price.

    2. I have a bet with a friend that sells used houses that the market will drop 35% peak to valley. The loser buys dinner.

      North Idaho (Kootenai County) data I recorded over the past ~ years.
      https://imgur.com/a/1Ja7w7Z

      One stat I just started looking at is new listings. Something is happening here:

      2 weeks 9/7-9/14:
      2021 108 new listings ~54 per week
      2022 126 new listings
      2023 244 new listings ~122 per week this late in the season!

  2. ‘she and her neighbors were taken aback when they noticed a for sale sign on the vacant lot a few weeks back and even more surprised to learn the lot had been rezoned. ‘We feel blindsided,’ she said. ‘We are upset because they have changed it to an MX-1, which is mixed residential and commercial this is not a commercial area’

    It is now Gail, but it’s still way cheaper than renting! Maybe you’ll get one of those 24 hour discount cigarette and frozen shrimp places.

    2. Shout out to Google Maps. That particular corner at Fairfax and College is a brown blop with nothing on it. It would be a good spot for a big gas station/travel center. However, if they zoned it mixed-use, it will likely be one of those 4-floor condo/apt buildings with mixed-use retail on ground level.

      While IMO these are ugly AF, they are at least viable housing and small retail. My area is stuffed full of such buildings.

  3. “Ada County’s median home price last month was $20,000 less than August of 2023. Housing inventory for Ada County was 1,863, which is 21.8% higher than August 2023, and Canyon County’s inventory was at 1,152, or 42.6% higher than the previous year.

    I don’t mean to get way out ahead of the HBB, but it occurs to me that sinking median price coupled with rising inventories suggests we may very well be looking at a bursting housing bubble. Ben Jones, this is perhaps a topic we should explore on this blog.

  4. Trump has probably lost NC , by his ill fated ,not well thought out,support of another 13%er, that’s a real bad egg, they’re not going to vote for him for governor, hopefully he’ll step away ,and soon…..If Trump loses NC , it’s prob all gone , and we’re toast ….

      1. The Republican lieutenant governor, DJT-endorsed, is being revealed as saying some very nasty stuff on the internet in 2004. He refuses to pull out of the race and so his name is still on the mail-in ballots. The issue is that this may discourage Republican voters from coming to the polls, thus costing DJT votes. So far, the left is blowing up Twitter and liberal news outlets, but it doesn’t seem to be spreading beyond that.

        I’m not so sure this is enough to cost NC for DJT. Usually the top of the ticket harms the downticket votes, but I haven’t heard it happening the opposite way. Plus the DJT voters are pretty strong for him; they would be more likely to split ticket than to stay home.

        Here’s hoping that DJT plans some more strategic rallies. New York is a stupid spot for a rally. He needs to be in PA, NC, GA, and possibly VA too.

        1. No Republican should vote for a scumbag, and DJT should withdraw his endorsement and repudiate any candidate who doesn’t live up to Republican ideals and standards. There has to be a clear differentiation between the amoral Democrats and Republican candidates who are supposed to offer a moral alternative.

          2. republican ideals and standards???????????

            That’s a joke right?

            the one about folding EVERY SINGLE TIME
            About getting to the same goal line as the dems just slower?
            the one about getting control of all 3 branches and doing zippo?

            It’s all one party, and you (and I) are not invited.

          3. “That’s a joke right?”

            Rep. Thomas Massie (R-KY) is the only current member of Congress I can name who has any principle or integrity.

            Last ones I can name before him were, obviously, Ron Paul, and Dennis Kucinich (D-OH) who I proudly voted for when I lived in his district, for speaking out against war.

            Hat tip to former Rep. Tulsi Gabbard (D-HI) and RFK Jr. for recently, and succinctly, naming the present Democrat Party as the “party of censorship and war.”

  5. ‘Nobody wants to hire me at 72, so I can make a little extra income to keep up with this,’ said Ronni Drimmer, who is facing a $7.000 assessment at her 40-year-old condo.

    How many times over the past couple of decades did this “victim” vote to defer needed maintenance on her aging condo?

    1. ‘I just want to be able to help these people because they’re calling me on the phone going, ‘I was going to retire. How am I going to retire?’”

      A rude shock awaits the almost-WWII set: No one owes you a retirement.

      1. Feckless Boomers sitting down to a banquet of consequences for their own poor choices and shirking of responsibility doesn’t bother me one bit.

        1. Nah, Boomers used a ton of tax money for their college, but it was in the form of low in-state tuition at state schools. Many of those Boomers who brag that they worked their way through college just lived at home. The summer McJob was enough to pay tuition. But that’s back when we had a lot more workers and a lot less moochers, so there was tax money to pay for state college educations.

          1. Boomers used a ton of tax money for their college
            I graduated high school in 1963, attended University from 1963-1965 and completed engineering degree at University in 1981 while working part time (with wife and 2 kids).
            Nowhere at anytime did I use or receive ANY government funds; federal, state, or county. I also have never collected unemployment compensation.
            Your assumptions and apparent contempt for previous generations begs the question. How will your generation be viewed 50 years from now?

  6. ‘It used to be, you did a reserve study, but you could vote as a condominium to waive reserves and not reserve any money,’ he said. ‘Of course, when people are asked to spend less money, they always agreed.’”

    And yet I’m supposed to regard these can-kickers as “victims.”

    1. “Ivan Rodriguez, 76, told the Wall Street Journal that he liquidated his 401(k) retirement account to buy a two-bedroom North Miami condo in 2019.”

      I guess I’m a dope, but aren’t boomers supposed to have enough other assets to pay for their housing so they don’t have to use their 401K? Anyone 76 years old should have been able to buy a reasonable house 40 years ago. Or at least rented cheap enough to save up money for a condo.

      1. he and her neighbors were taken aback when they notic

        As the saying goes: sh!t happens. Or maybe o’l Ivan just didn’t save enough.

        I’ve only been to Florida a few times, but the hot and humid weather doesn’t appeal to me.

      2. I got a neighbor who’s a boomer (73) still working cuz of course he is. He’s lost 2 houses so far and he still has a mortgage on this one (it would probably sell for 150k or so). He bought in the 80’s in Parker CO in the Pinery. Probably paid 150k. (this is a super nice area, in the mid 90’s they were 250k). Somehow manages to lose his house in the tech bust. (when it would probably have sold for 500k and he should have been 15 years into a 150k or so mortgage. I’m sure every time he refi’d he took more money out). Manages to do ti again in 08. And now here he is again and just took out a home equity loan to fix up his house. at 73.

        They never learn. Started on 3rd base with every advantage, and still managed not to get to home.

        1. +1

          The Denver / Front Range metro is full of loanowners like this, across ALL age brackets.

          Cash out refi, rinse and repeat. From boomers and x’ers down to the #InstaLife millenials.

          Colorado is a failed state.

  8. “The Manhattan penthouse tied to convicted Chinese fraudster Guo Wengui is back on the market for $24 million, according to a StreetEasy listing update — a staggering downfall from its initial $86 million asking price.

    Paging Frozen Soup Larry – the un-possible is now unfolding before our very eyes as our “pipe dreams” of plunging CRE prices have become reality and descriptions like “staggering downfall” have become commonplace. Frens, please join me in a moment of silent remembrance for all those trillions in dear departed Yellen Bux “value.”

  9. “The pandemic’s effects on travel left San Francisco hotel owners and operators with a massive pile of debt.

    The Communist lockdowns, mandates, and government overreach imposed using the pretext of an overhyped “pandemic” left SF hotel owners and operators with a massive pile of debt as part of the sociopathic elites’ planned demolition of the productive economy. There, fixed it for ya.

  10. ‘If I don’t buy yours, I’ve got 14 other options,’ Mr. Kutyan told the listing agent.

    That’s the spirit!

    1. The property boundaries are a real jumble.. so I can’t figure which 10 acres are included in this listing. Does the property include the hoarder yard next door? My guess is no.

      Is $250K a good price for 10 acres in this area? Because that’s all this property is. 10 acres of pure tear-down. But even the cleared land seems to have bad neighbors.

      1. There is an abundance of vacant land for sale in Northwest FL. It would cost way too much money to have those trashy mobile homes removed, and that’s not an area where anyone would want to build their dream home anyway.

  12. Multiple customers of Melbourne builder Varaich Homes have revealed the crushing financial burden as building of their houses has been delayed, while others have documented disturbing vandalism to their homes.

    Word of these FBs’ plight has reached benevolent North Korean dictator Kim Jong-Un, who used state choirs and orchestras to remind these disgruntled costumers to look on the bright side – at least they weren’t throwing away money on rent.

    https://www.youtube.com/watch?v=ifLqzLEB3E0

    1. Cut from article:

      “…The legislation contributed to California restaurants cutting around 9,500 jobs between September 2023 and January 2024, according to the Hoover Institution…”

      Exhibit “A” – Be careful what you ask for, you might actually get it.

      Exhibit “B” – Fully automated AI powered fast food restaurants are on the way. All the major fast food chains have prototypes in place.

      Exhibit “C” – There is no turning back.

      1. We have a couple of unemployed potential young adult fast food workers living with us and currently making limited progress towards establishing financial independence.

    1. Gold just casually pushing $2650. That’s more than double since 2018!
      And few people in the media are talking about it.

  22. A reader sent these in:

    #WhyWork

    https://x.com/88888sAccount/status/1836572474433245695

    Hedge funds scrape job boards to analyze whether a company is growing or not. When you apply for a job on Indeed / LinkedIn, you’re prob not applying for a real role—you’re just helping a company avoid getting shorted by Dingleberry Creek Asset Management in suburban Connecticut.

    https://x.com/RobertMSterling/status/1836563192354607586

    You could give every homeless person in CA food and shelter for life with this amount of money FYI.

    But it “got lost” instead lol

    https://x.com/ReaperCapital/status/1836585546371727599

    “Foreign students occupy 7% of rental housing”

    https://x.com/matt_barrie/status/1836208005203005614

    Video : Liberal Immigration Minister Marc Miller says Canada went from taking in 437,000 temporary residents a year, to a whopping 1.2 million just in 2023.

    This explains the unthinkable growth of tent cities, right across Canada.

    https://x.com/bruce_mcgonigal/status/1836457263461994767

    #Trump just proposed his own version of price controls. He promised to cap credit card interest rates at 10%. That would destroy the entire industry. Millions of Americans would lose their credit cards. I don’t think he will keep this promise, but the irony should be obvious.

    https://x.com/PeterSchiff/status/1836564891949281766

    Look how cheaply done it all looks

    Similar construction quality to a run down community center in the American south. And less creative and unique

    https://x.com/p8stie/status/1836502291731677439

    I’d guess there’s a lot of people underwater on their current auto loan. Negative equity rollovers are up almost 40% yoy while people hold onto those $700+ payments instead of rolling it.

    https://x.com/SquirtLagurski/status/1836816292436758609

    💻 Cisco cuts 5600 jobs in second round of layoffs in 2024, despite strong financial performance

    https://x.com/dailyjobcuts/status/1836752716464361724

    For the claims it’s different this time you are correct.
    In 2007 debt to GDP was 64%, the deficit was 1% of GDP & market cap to GDP was 107%.
    Now debt/GDP is 122%, the deficit 8% & market cap/GDP 200%.
    It really is different this time. It’s worse, much much worse.

    https://x.com/NorthmanTrader/status/1836739156480856296

    Never fails.

    After hours -10.5%

    https://x.com/FreightAlley/status/1836859742225862986

    Can someone please check the utilization of Tesla’s Gigafactory in Berlin?

    https://x.com/MichaelAArouet/status/1836659555054338084

    A+ Marketing

    https://x.com/texasrunnerDFW/status/1836563691581419812

    A 40-year mortgage should be the new American standard for first-time homebuyers, two-time presidential advisor says per FORTUNE.

    https://x.com/unusual_whales/status/1836041667645726901

    Bryant’s proposal for first-time homebuyers is a 40-year mortgage with a subsidized rate between 3.5% and 4.5%.

    https://x.com/unusual_whales/status/1836216318560796819

    Satoshi Nakamoto sent me this image in my dream last night and said, “You’re not the only BULL that repeats history my friend.” 🔥 Now I’m even more bullish on #Bitcoin! Not financial advice. #BeLikeSatoshi

    https://x.com/ScottiePippen/status/1836507436771168602

    Janet Yellen looks terrible.

    https://x.com/RudyHavenstein/status/1836620513587925497

    Now that the first cut is behind us…

    Bad news will be treated as very bad news by the market. Any more weakening in the labor market will be very bad. There is no “first cut” to look ahead to in hopes of preventing it. The path is now set.

    https://x.com/Geiger_Capital/status/1836485227788800109

    Harris County approves overall property tax increase of 9.53%

    (Montgomery County approved an 8.91% increase last month)

    https://x.com/urbanreformorg/status/1836881247836016651

    US existing home sales fell by 2.5% to 3.86 million in August, the second-lowest level in 14 years.

    Home sales fell by nearly DOUBLED the expected 1.3% decline.

    Contract closings dropped in 3 of 4 US regions with the highest decrease of 3.9% seen in the South.

    First-time buyers’ share of purchases fell to 26%, in line with the all-time low.

    Since the January 2021 peak, existing home sales are now down 42%, marking the biggest decline since the 2006 housing bubble burst.

    Meanwhile, the median sales price rose 3.1% year-over-year in August to $416,700, the highest for any August on record.

    The housing market is stagnant.

    https://x.com/KobeissiLetter/status/1836788895901536582

    SoCal shoppers in shock: Popular chain store now locking up nearly all merchandise in theft-proof cabinets. The frustration for shoppers now on ABC7

    https://x.com/ABC7/status/1836751595633029171

    A system that relies on exponentially increasing levels of debt for each incremental unit of productivity eventually becomes so unstable that it simply collapses under the weight of its own leverage.

    https://x.com/jameslavish/status/1836872279923269670

    FBI raid on Oakland Mayor Sheng Thao reveals Oakland Government Officials allegedly received donations laundered through a sex trafficking drug ring.

    https://x.com/YayAreaNews/status/1836838634202484899

    For 750,000 people affected by Southern California wildfires, the state has just blocked insurance companies from dropping or refusing to renew their coverage — issuing a one-year moratorium.

    https://x.com/kcalnews/status/1836844433943450077

    1. “A 40-year mortgage should be the new American standard for first-time homebuyers”

      Debt Donkeys gonna donk.

      “There is no “first cut” to look ahead to in hopes of preventing it. The path is now set”

      This sucker could go down — George W. Bush

      “SoCal shoppers in shock: Popular chain store now locking up nearly all merchandise in theft-proof cabinets”

      You live in a Low Trust Society. Vote like California, become California.

    2. “#Trump just proposed his own version of price controls. He promised to cap credit card interest rates at 10%. That would destroy the entire industry. Millions of Americans would lose their credit cards. I don’t think he will keep this promise, but the irony should be obvious.”

      That would work fine for people with the means to pay cash. Consumer goods and services would go on deep discount with the credit dependent folks unable to make purchases. And a hard landing would ensue due to a sudden collapse of consumption spending.

  23. Jerry Jones called the Cowboys blowout loss to the Saints “extraordinarily disappointing,” but FEMA called it a “major disaster,” by accident.

    FEMA, also known as the Federal Emergency Management Agency, usually deals with relief after major natural disasters like hurricanes, wildfires, tornadoes and earthquakes, but on Thursday, they tried their hand at football commentary.

    The agency sent out an email announcing federal disaster assistance to North Texas “to supplement recovery efforts in the areas affected by the New Orleans Saints on Sept. 15, 2024.”

    I’m sure no Cowboys fan would turn down financial compensation for the embarrassing 44-19 home opener, but sorry to burst y’all’s bubble: the email was an accident. FEMA confirmed to WFAA that the email was inadvertently sent and was meant to be used “for training purposes only.”

    Funnily enough, the release also stated they would make federal funding available to Fort Worth County, which doesn’t exist.

    So if you live in “Dallas, Fort Worth, Rockwall, Tarrant, and Denton counties,” unfortunately, the Cowboys loss will not entitle you to “grants for temporary housing and home repairs” or “low-cost loans to cover uninsured property losses.” Talk about adding insult to injury.

    All Cowboys fans can hope for now is a win against the Ravens on Sunday.

    https://www.kvue.com/article/sports/nfl/fema-accidentally-declares-cowboys-loss-saints-major-disaster/287-4d6de2d3-be63-4db9-befa-2b8ebb204dc4

  24. A former general manager of an upscale San Francisco-based kitchenware and furniture store is accused of a $10 million scheme involving creating a fake company to acquire funds for personal gain.

    Ben Thomas III, a 48-year-old Georgia man, allegedly founded a fake business, Empire Logistics Services, and used it to defraud popular furniture retailer Williams-Sonoma Inc., the U.S. Attorney’s Office for the Northern District of California said in a news release Wednesday.

    Thomas allegedly billed Williams-Sonoma on behalf of Empire for more than $10 million in services it never provided, the news release said. According to the indictment, filed Wednesday, he’s accused of then using some of the funds to “purchase a yacht, automobiles, tickets to professional sporting events, pet cloning, an approximately 12,000 square foot home and professional landscaping services.”

    Thomas worked as a general operations manager of a Williams Sonoma facility in Georgia from 2016 to 2023, where he had the authority to approve payments up to $50,000 to temporary staffing vendors, the indictment said. Thomas would allegedly submit Empire invoices to Williams-Sonoma for amounts under the $50,000 limit, then approve payment on the invoices while hiding the fact that he operated and created Empire, according to the indictment.

    Over the course of six years, Williams-Sonoma made approximately 335 payments to Empire, totaling more than $10 million, and the money was deposited in a bank account Thomas controlled, the indictment said.

    https://www.msn.com/en-us/money/companies/ex-employee-defrauds-sf-company-buys-yacht-cars-pet-cloning-doj-alleges/ar-AA1qRWNX

    1. “…pet cloning…”

      “Pet cloning refers to the process of creating a genetically identical copy of a pet using somatic cell nuclear transfer (SCNT) technology. This involves taking the nucleus from an adult cell of the pet, typically a skin cell, and transferring it into an egg cell that has had its own nucleus removed. The resulting embryo is then implanted into a surrogate mother and carried to term.” —wiki

      1. There’s a rumor that Javier Milei did that with his dog. Seems kinda dubious to me. IMO let the dead rest in peace and take a chance on a new love.

        And cloning doesn’t work long term. DNA degrades over time, and if you clone an animal, the daughter is never young; she inherits all of the age-related degradation. For example, when Dolly the sheep was born, she was born at the same “age” as her mother. Dolly only lived 1/2 her lifespan.

        There’s a hypothesis that this is why sexual reproduction evolved in the first place. The offspring from single-cell cloning were born older and older, and so didn’t live long enough to keep the reproductive chain reaction going, and fizzled out. But with two-cell reproduction, the DNA mix makes each offspring actually young and more likely to live longer.

        Hat tip to the “History of the Earth” youtube channel which explains this (unfortunately I don’t remember which video had this).

  25. TD Bank’s dirty laundry

    Inside the cultural shift that seeded a money laundering crisis, succession woes and a leadership exodus

    They called it “Take New York.”

    In 2012, almost a decade into a $20-billion American expansion, the top brass at Toronto-Dominion Bank felt the time was right to go for all the marbles. Having built beachheads in and around cities such as Boston and Philadelphia, they wanted to infiltrate New York.

    It was an audacious idea. New York’s metro area was urban, wealthy and home to Wall Street, which meant it was ultracompetitive. TD also wanted to try something new. Instead of buying its way in, like the bank had done before, then chief executive Ed Clark and then U.S. head Bharat Masrani wanted to build out a branch network brick by brick until the streets were flooded with TD green.

    Against all odds, it worked. TD muscled its way to a top-three market share for retail banking in New York, and the strategy became the stuff of internal lore.

    A decade in, the conquest has come back to haunt the bank. In 2021, the U.S. Department of Justice (DOJ) laid charges against a criminal ring that laundered US$653-million worth of drug money through financial institutions in New York, New Jersey and Pennsylvania. For years, no one knew which banks had been targeted. But in May, it was revealed that TD was not only involved, but central to the ring’s activities – referred to as “FI-1″in the DOJ’s criminal complaint, or Financial Institution 1.

    News that TD was caught up in a global drug war was stunning, but the details even more so. The criminals routinely deposited bundled stacks of U.S. dollars at multiple branches in the New York borough of Queens, and over five years the ring’s leader, Da Ying Sze, bribed employees, at TD and at other banks, using US$57,000 worth of gift cards and other financial incentives.

    TD is still negotiating with U.S. regulators and the DOJ, so additional details have been kept top secret, but The Globe spent the past year investigating the scandal. Through interviews with more than 30 sources, including current and past executives, institutional investors, anti-money-laundering (AML) experts and rival bankers, a troubling picture has emerged: TD’s problems run much deeper than some rogue employees in Queens.

    Despite these challenges, TD’s leadership and board of directors carry on as though the bank were encountering a speed bump. Meanwhile, TD’s share price has vastly underperformed the S&P/TSX Composite Index over the past five years and lagged behind competing banks, and its returns have fallen far short of those from arch-rival Royal Bank of Canada. The first step to recovery is admitting there’s a problem.

    https://www.theglobeandmail.com/business/article-td-bank-us-money-laundering-scandal/

  26. Germany has suffered a “spectacular” drop in electric car sales as the European Union faces growing calls to delay its net zero vehicle targets.

    The European Automobile Manufacturers’ Association (ACEA) said sales of new battery-powered electric vehicles (EV) in Germany plunged by nearly 70pc to 27,024 in August.

    In France, the EU’s second largest market for battery electric vehicles behind Germany, deliveries fell by 33pc to 13,143.

    ACEA said “the spectacular drop” in both countries meant that only 92,627 battery electric vehicles were registered across Europe last month, a fall of 43.9pc compared to a year earlier. This drove a wider 18pc drop in new car sales across the EU.

    The collapse in EV sales comes amid concerns about their range, high prices and the lack of charging infrastructure across the EU.

    Felipe Munoz, a global automotive analyst at JATO Dynamics, said: “The reality is that whether you look at business or private, electric vehicles do not convince yet.”

    There are concerns about demand for EVs among British drivers too. Separate data showed that the growth rate of EV sales in the UK had dramatically slowed.

    Some 213,500 EVs were sold in the first eight months of 2024, up by 10.5pc compared to the previous year. That compared to annual growth of 40.5pc over the same period in 2023, according to the Society of Motor Manufacturers & Traders (SMMT).

    https://www.yahoo.com/news/germany-suffers-spectacular-70pc-drop-094729805.html

  27. Kamala Harris’ $25,000 down payment plan for first-time homebuyers should remind people that we don’t want government to try to solve free-market problems. Because it can’t.

    In 2021, the Biden-Harris administration passed the Infrastructure Investment and Jobs Act, which included $7.5 billion to build 500,000 public charging stations for electric vehicles across the country to boost clean energy.

    And the functional charging stations have reached an eye-popping number of eight. Yes. Eight!

    https://www.msn.com/en-us/money/realestate/why-kamala-harris-25000-down-payment-program-is-just-like-the-electric-vehicle-boondoggle/ar-AA1qPeDL

    1. “….$25,000 down payment plan for first-time homebuyers should remind people that we don’t want government to try to solve free-market problems. Because it can’t….”

      Unbelievable Knuckle Head proposal.

      Didn’t *anyone* in government learn that offering government backed student loans and subsidies only pushed to cost of college to un-reachable highs?

    2. Is it “first-time” or “first-generation?” I thought it was “first generation,” which caters almost entirely to immigrants. First timers get $10K, and only as a tax break.

  28. Inflation Reduction Act a Cause of Inflation

    Washington, D.C. is an evidence-free free safe space for politicians who love to talk out of both sides of their mouths. Doublespeak and gaslighting are two tools that politicians use frequently to avoid reform of the federal government. It is undeniable that the government is not representing the will of the American people and politicians have done little to right the ship of state.

    Just look at the recent announcement by the Biden Administration to impose new tariffs on de minimis imports of under $800 of textiles. This follows Vice President Kamala Harris calling former President Trump’s campaign promise to expand tariffs next year a “Trump sales tax” that would function as a national sales tax on American consumers. The action of the Biden-Harris Administration to expand tariffs while candidate Harris attacks Trump for wanting to expand tariffs in a different direction is laughable.

    The Inflation Reduction Act (IRA) falls into the category of a law that has a name the opposite of what it does. The law was marketed to reduce inflation, yet it increased inflation. The law should be renamed the “Inflation Intensification Act,” because it accelerated government spending at a time when we are running annual $2 trillion deficits piled on an existing $35 trillion national debt. That law contains massive spending programs and price controls on drugs that will be destructive to the American healthcare system.

    As a starting point, inflation is caused by the government – not the private sector and not by unbalanced trade. Nobel Prize winner in economics Milton Friedman said it best when he argued, “Inflation is made in Washington because only Washington can create money.” Friedman pointed out that private companies, unions, and consumers have no role in creating inflation. Only the government can print money and when the government spends more than it has, that creates a situation where the government is devaluing the U.S. dollar. The IRA spent more than it raised in revenues.

    In typical fashion, the cost estimates that helped sell the IRA were large, yet far lower than the actual massive price tag. The Cato Institute cited Sen. Edward Markey (D-MA) and Rep. Alexandria Ocasio-Cortez (D-NY) as admitting “that cost estimates for the energy and climate portion of the IRA were initially $369 billion but have now grown to $1.2 trillion over its first 10 years ‘due to the uncapped nature of the clean energy tax credits’” and “between $2 trillion and $4 trillion by 2050.” The spending in the law is reason enough for a full repeal.

    Another destructive element of the law is the provision that was marketed as controlling prescription drug costs. Under the law, the Biden Administration has imposed price controls, using the threat of tax hikes if a prescription drug company does not comply. Although it was marketed as a price negotiation, there is not much negotiation when only one side has the power to impose a tax on the other side. Ten drugs were the first target with the numbers increasing over time. This creeping socialism in drug prices will end up destroying innovation and remove a financial motivation for the pharmaceutical industry to lead the world in creating new life-saving drugs.

    The federal government is becoming more socialist by the day when it engages in price controls to get the prices of drugs down instead of allowing market competition to do so. Doug Branch wrote at The Hill that “when President Biden and Vice President Harris blame inflation on price-gouging and ‘corporate greed,’ they are imitating Venezuelan dictator Nicolas Maduro. After all, Maduro has made that same or a similar assertion about greed each time he has imposed or tightened price controls. His actions in this regard, and the currently ruined state of his once-wealthy nation, are not merely coincidental.” To avoid a collapse of the healthcare industry, the federal government needs to abandon socialist price controls that destroyed the whole Venezuelan economy.

    https://townhall.com/columnists/briandarling/2024/09/20/inflation-reduction-act-a-cause-of-inflation-n2645058

    1. “Inflation is made in Washington because only Washington can create money.”

      This is true only in the narrowest sense of money as physical dollar bills and coins (M0 in economic parlance). But actually most money in the sense of bank deposits, bonds, stocks, etc. is created by non-government entities. There was a poster here during the GFC who argued that during an economic downturn, the contraction in money supply from private entities could be more significant than the Fed’s money creation.

      https://en.wikipedia.org/wiki/Money_creation

      Friedman pointed out that private companies, unions, and consumers have no role in creating inflation.

      Not true, see above.

  29. SUNLAND PARK, N.M. (AP) — The politics of immigration look different from the back patio of Ardovino’s Desert Crossing restaurant.

    That’s where Robert Ardovino sees a Border Patrol horse trailer rumbling across his property on a sweltering summer morning. It’s where a surveillance helicopter traces a line in the sky, and a nearby Border Patrol agent paces a desert gully littered with castoff water bottles and clothing.

    It’s also where a steady stream of weary people, often escorted by smugglers, scale a border wall or the slopes of Mount Cristo Rey and step into an uncertain future. It’s a stretch of desert where reports of people dying of exhaustion and exposure have become commonplace.

    “It’s very obvious to me, being on the border, that it’s not an open border. It is a very, very, very difficult situation,” said Ardovino, who pays for private fencing topped by concertina wire to route migrants around a restaurant and vintage aluminum trailers that he rents to overnight guests. “I wish the facts would rule this conversation, and being here, I know they do not.”

    Democrats in Congress are promoting border enforcement as seldom before, including a half-dozen bills from Vasquez. He touts his knowledge of the region as the U.S.-born son of immigrants with relatives on both sides of the border.

    “With migrant activity along the border, we have had to adjust our approach,” said Vasquez. “I can say here that the sky is blue for 50 years, but when it turns red, you have to admit that it’s turning red.”

    Here, border politics are literally matters of life and death. Federal and local authorities describe a new humanitarian crisis along New Mexico’s nearly 180-mile portion of the border, where migrant deaths from heat exposure have surged and merciless smuggling cartels inflict havoc.

    Where Doña Ana County shares a 45-mile stretch of border with Mexico, the sheriff’s department reported 78 lifeless migrant bodies found between January and mid-August.

    “The death toll, in my 21 years of working with the Doña Ana sheriff’s department, we have not had this,” said Major Jon Day.

    https://kion546.com/news/2024/09/19/the-politics-of-immigration-play-differently-along-the-us-mexico-border/

    1. last housing bust the key phrase was “Fighting for my house! ”
      this time: ” Father / Single mother of ___ children! ”

      * side note- I notice the media, including ZH, Sac Bee, SF Gate, etc all use the same dramatic images of politicians pointing their fingers.
      * in the air.
      * at the crowd (Hillary’s trademarked SURPRISED smile n’ point).
      * where ever.
      * whatever.
      always with the finger point. point. point.

      yes, We GET IT, these are “POWERFUL PEOPLE” making “POWERFUL STATEMENTS” that us commoners need reminding but holy hell it’s really getting to be a cliche’.
      99% of kamala pics are of her horse-toothed smile AND pointed finger in some direction. I mean, WTF !?
      I feel like I’m being berated & chastised 24/7. what a scold.

      ENOUGH ALREADY !!!!!

  30. Quebec Premier François Legault on Thursday urged the Bloc Québécois to help topple the federal Liberal government and trigger an election, saying Prime Minister Justin Trudeau continues to disrespect the will of the province.

    Bloc Leader Yves-François Blanchet responded moments later, rejecting that call and saying he serves Quebecers “according to my own judgment.”

    Legault’s comments are in reaction to plans by Conservative Leader Pierre Poilievre to put forward a motion of non-confidence in the government on Sept. 24. If both the NDP and Bloc support it, the minority Liberal government would fall and Canadians would head to the polls in a general election.

    For the past several months Legault has come out strongly against Trudeau, accusing the prime minister and the Liberals of interfering in matters of provincial jurisdiction and refusing to address a sharp rise in asylum seekers and other temporary immigrants in the province.

    In his demand to Blanchet, Legault summoned Parti Québécois Leader Paul St-Pierre Plamondon, whose provincial party is ideologically aligned with the Bloc, both of which campaign for Quebec independence.

    “I’m asking Mr. St-Pierre Plamondon to have courage and ask his Bloc Québécois comrade to back down, not to support the Trudeau government next week, to defend the interests of Quebecers and the Quebec nation,” Legault said.

    Blanchet, however, has other plans. He says he wants to squeeze the Liberals to get as much as he can for Quebec, in exchange for the Bloc’s support in Parliament. On Wednesday, Blanchet said he would not support the Tories’ motion.

    The Bloc leader affirmed that position Thursday, saying “it’s still no,” adding that Poilievre’s motion to defeat the government isn’t about Trudeau’s failures on immigration.

    https://www.msn.com/en-ca/news/canada/quebec-premier-calls-on-bloc-qu%C3%A9b%C3%A9cois-to-help-topple-trudeau-government-next-week/ar-AA1qQxhk

  31. Social media and online video companies are collecting huge troves of your personal information on and off their websites or apps and sharing it with a wide range of third-party entities, a new Federal Trade Commission (FTC) staff report on nine tech companies confirms.

    The FTC report published on Thursday looked at the data-gathering practices of Facebook, WhatsApp, YouTube, Discord, Reddit, Amazon, Snap, TikTok and Twitter/X between January 2019 and 31 December 2020. The majority of the companies’ business models incentivized tracking how people engaged with their platforms, collecting their personal data and using it to determine what content and ads users see on their feeds, the report states.

    The FTC’s findings validate years of reporting on the depth and breadth of these companies’ tracking practices and call out the tech firms for “vast surveillance of users”. The agency is recommending Congress pass federal privacy regulations based on what it has documented. In particular, the agency is urging lawmakers to recognize that the business models of many of these companies do little to incentivize effective self-regulation or protection of user data.

    “Recognizing this basic fact is important for enforcers and policymakers alike because any efforts to limit or regulate how these firms harvest troves of people’s personal data will conflict with their primary business incentives,” FTC chair Lina Khan said in a statement. “To craft effective rules or remedies limiting this data collection, policymakers will need to ensure that violating the law is not more lucrative than abiding by it.”

    https://uk.finance.yahoo.com/news/social-media-online-video-firms-201713174.html

    1. Yet everybody wants to subject themselves to socialist media. I’ve had this blog for almost 20 years and not only have I never done anything to take advantage of visitors, I’ve never even thought of it. And during minor repository illness, these same scumbags were censoring life saving information while we talked freely here about any and all medicines, etc.

  32. Stalled Tacoma apartment project is for sale. Who will take on transit-oriented site?

    The owner of an unfinished apartment site next to the Tacoma Dome Station says the project is available for someone to take on.

    Last fall, Tacoma Trax, 415 E. 25th St., was obtained by the original developer’s lender, Los Angeles-based Parkview Financial, at foreclosure from Seattle-based GIS International Group and DMG Capital Group.

    In response to questions about the site this week, Parkview CEO Paul Rahimian told The News Tribune via email, “The project is currently for sale.”

    He added, “We are in the process of increasing density from 115 units to 202 units. We believe with the increased density, the project is worth significantly more.”

    Rahimian did not disclose details of what the new asking price would be.

    Parkview placed the sole bid on Tacoma Trax and a completed Kent apartment site, Madison Plaza, in November 2023. Parkview obtained the two sites for $39.9 million and paid another $4.2 million to Trax’s ground leaseholder.

    The two apartment sites were cross-collateralized in the same $54.5 million construction loan and at one time a ground lease for both projects.

    GIS International Group and DMG Capital Group had sold the land beneath the developments for Trax and Madison Plaza to Safehold to help fund construction along with obtaining the construction loan.

    Amid the upheaval of the COVID-19 pandemic, the Tacoma project broke ground in January 2022. By that time, GIS CEO Eugene Gershman told The News Tribune that they were exploring options instead of the farmer’s market, adding that “the market will tell us who the best tenant is.”

    Work on the apartments stopped by the end of that year.

    Parkview Financial in February 2023 filed a petition to appoint a receiver in King County Superior Court against the developers over claims of nonpayment.

    https://www.aol.com/news/stalled-tacoma-apartment-project-sale-121500827.html

  33. Suspected overdose deaths add up at Milpitas apartments

    People with drug and alcohol problems have for years found refuge at a long-term homeless housing program known as Hillview Court in Milpitas. But for an alarming number of them, the promise of stability and support has led to death.

    Residents have rung warning bells for more than a year about frequent fatal overdoses where bodies aren’t found until the smell reaches other rooms. Yet Abode Services, the contractor selected by Santa Clara County to manage the 134-apartment complex, boasts of having a wealth of on-site services to focus on the residents’ well-being.

    Milpitas police have recorded five calls for service where a person was pronounced dead at the apartments between Sept. 5, 2023 and Sept. 5, 2024. Police couldn’t say whether the causes of death were overdoses — which are determined by the coroner — but they’ve repeatedly been called to the apartments about possible overdose emergencies within the last year. Coroner officials didn’t respond to requests for their data on deaths at Hillview.

    Friends and family members of the dead believe the actual number is much higher.

    Mariah Lopez, 24, recalls her 40-year-old father, Paul, fighting the idea of moving to Hillview after spending time in sober living homes. Her father believed Hillview would do more harm than good in his fight to get off hard drugs. During her father’s first week at Hillview, a nearby resident was found dead in their room.

    “When he moved there he told us it wasn’t a good idea, because he’d seen all this drug use there,” Lopez told San José Spotlight. “He was doing good. But being in those apartments, it’s so easy to get your hands on them.”

    Paul died in July, after trying and failing to complete the paperwork for another housing program. As to the cause, Lopez said she’s waiting for more information from the coroner. But his body wasn’t found for five days, Lopez said, leaving it so decomposed the family couldn’t hold an open casket funeral.

    “Multiple people had been asking for a welfare check to be done on him,” Lopez said. “They said it was smelling in the hallway by his door and nobody had seen him come out of his house the last couple days with his dog.”

    https://www.msn.com/en-us/news/other/suspected-overdose-deaths-add-up-at-milpitas-apartments/ar-AA1qRzsQ

  35. Finally FINALLY someone gets to the truth of the matter:

    “the associations themselves are somewhat to blame for the issue. ‘It used to be, you did a reserve study, but you could vote as a condominium to waive reserves and not reserve any money,’ he said. ‘Of course, when people are asked to spend less money, they always agreed.’””

  36. The Georgia State Election Board voted 3-2 on Friday to require counties to hand-count all ballots, in addition to machine tallies, in the 2024 election.

    The decision, driven by the board’s Republican majority, means that ballots in Georgia will be hand-counted by election workers the night of Nov. 5 in addition to the normal machine tallies that take place. The move was celebrated by allies of former President Donald Trump, who believe that the changes will help alleviate concerns of voter fraud the former president raised four years ago in relation to President Joe Biden’s narrow victory in the Peach State.

    GREAT NEWS!

    GA State Election Board passes 3-2 resolution 181-1-12-.12

    HAND COUNT at precinct level to ensure the totals match with the machines

    This is a HUGE win and was opposed by the Fake News, the Left, and Raffensperger pic.twitter.com/12FxvV9Tf4
    — Liz Harrington (@realLizUSA) September 20, 2024

    “GREAT NEWS!” former Trump spokeswoman Liz Harrington said, praising the passage of the resolution. “HAND COUNT at precinct level to ensure the totals match with the machines … This is a HUGE win and was opposed by the Fake News, the Left, and Raffensperger.”

    https://www.msn.com/en-us/news/politics/georgia-election-board-approves-rule-to-hand-count-ballots-night-of-election/ar-AA1qV7Kd

    1. Virginia is all hand-counted ballots too. Early voting starts today in Virginia. Both sides are claiming that the mass of early voters are really their own voters. Either way, the enthusiasm is good to see from all sides.

    1. 1 hour ago
      The S&P 500’s Worst Week of the Year Looms. It’s Going to Be a Gauntlet.
      By Connor Smith

      The S&P 500 is on track to buck the trend of September struggles, but next week could change things.

      Even with today’s decline, the S&P 500 is up 1% so far this month, which market commentators have noted is historically the index’s worst.

      Still, the stock market faces a gauntlet of Federal Reserve speakers next week, in addition to key economy and inflation data. Even the calendar itself could provide a challenge.
      …
      https://www.barrons.com/livecoverage/stock-market-today-09202024/card/the-s-p-500-s-worst-week-of-the-year-looms-it-s-going-to-be-a-gauntlet–K0QKukNAsjYeg99uQfqX

    1. Evidently Joe was in the meeting too, and he “invited” her, which isn’t unusal. Actually, I like the idea of Jill pretending to run the country. It’s far better than Joe resigning and handing an incombancy bump to Special K.

      I wonder if Joe and Jill made some kind of pact that Joe will never ever resign, out of revenge. They’re saying, “hey Nance, either 25th him or kill him outright, but we’re done doing your bidding. See you on Mount Rushmore.”

      Hope he pardons Hunter too. At this point it’s a small price for putting DJT back in.

  43. ‘It used to be, you did a reserve study, but you could vote as a condominium to waive reserves and not reserve any money,’ he said. ‘Of course, when people are asked to spend less money, they always agreed’

    It’s a fatal flaw in the commie urban living thing John. Good thing you guys caught it in time.

  44. ‘This is not something that they’re not going to be made whole on. It’s going to be their best option to get money. But I think people will be sorely disappointed to see how much they’re going to actually get’…say they are out $320,000 dollars and ended up hiring someone else to finish it. Beattie has placed a $271,000 dollar lien on their home. They are now having to hire an attorney to fight their home being listed as an Beattie Development asset. The Kramer’s say it is upsetting to see their home listed as an asset after all the trouble they’ve been through’

    Generally I’m pretty pro winnah! here Kristen and Matt, but this schlonging was remarkable. You got screwed, put even more money into the shack, now you can’t sell and you have a lawsuit on yer hands.

  45. ‘thousands of existing apartments are still empty. There are also several new complexes that haven’t even opened yet. ‘It’s really been that extra supply, all the new buildings that have gotten built in the last few years have really pushed that vacancy rate up,’ CoStar Market Analytics Director Nick Leverett said. Overall, high apartment vacancy rates in downtown Durham are improving after they peaked at 12.5 percent earlier this year. But local experts tell CBS 17 construction is still outpacing the rental demand’

    This is the second article I’ve read this week about apartment crater in Durham. Worth watching.

  46. ‘There are all sorts of problems and we’re sick to death of it…We live a few doors down and have to use an access road at the site. There are big holes, and a drain with a wooden pallet over it. Fencing is unsafe, and there are half-built walls. This has been going on for nearly four years and it’s time something was done’

    If being a winnah! was easy Anita, everybody would be one.

  47. ‘Clearly, lower mortgage rates will be boosting sentiment, but a reduction in job security will be pushing the other way in terms of buyers’ confidence. Of course, in this environment of low turnover, we’re also seeing property values drop, and that will tend to benefit some groups over others. Those who still feel confident about their jobs and can get the finance are in a position to take their time and secure a deal in their favour’

    These guys are in a recession and everybody is talking jobs. Now we find out how much the economy has been built upon funny money .

  48. ‘The bus driver signed up to build with Varaich Homes in 2021 for $457,000. ‘The fence surrounding it has been taken off and people were going in and having beers, using the toilet, I found a used condom on the master bedroom floor and there are a few other damages,’ he told news.com.au. Prior to this in 2022, he was told the construction firm would need an extra $45,000 to continue with the project, which was money the family didn’t have. Then building started in June 2022 on his Lyndhurst home. But Mr Singh said work was very slow and caused ‘a lot of stress’ and cost them a ‘lot of money’…his wife is working three jobs as they are under a huge financial strain paying off two mortgages’

    Yer going to be the winnah! here Harpreet, you’ll see.

    ‘The social worker signed up with Varaich Homes in 2022, although construction didn’t kick off until March last year in the Melbourne suburb of Botanic Ridge. He said the home was meant to be delivered in 280 days, according to the contract, yet it still remains incomplete. The dad-of-one claimed he paid $125,000 for work that hasn’t been completed. ‘Given the current circumstances, this would be insufficient to finish the project. I am now staring at the possibility of being locked into a lifetime of mortgage payments without ever having a finished home. This is a hopeless situation’

    Flounder You F ked Up You Trust Us

    https://www.youtube.com/watch?v=MYQCb3qrBpo

    8 seconds.

  49. Don’t Learn This Lesson The Hard Way (Peel Region Real Estate Market Update)

    Team Sessa Real Estate

    14:32. 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 11, 2024. We also discuss the problem that arises when trying to use real estate as an investment, especially in the short term.

    https://www.youtube.com/watch?v=HowlpRBp6Uo

    14:32.

    1. “Joe Biden who hasn’t had a cabinet meeting in a year…”

      His food probably goes into a juicer, so he doesn’t choke on it.

    1. Bonds
      10-year Treasury yield gains for week even after Fed rate cut
      Published Fri, Sep 20 2024 3:11 AM EDT
      Updated 2 Hours Ago
      Hakyung Kim
      April Roach
      WATCH LIVE

      U.S. Treasury bond yields ended the week higher even after the Federal Reserve’s outsized rate cut earlier in the week.

      The 10-year Treasury yield was last down around 1 basis point at 3.732%. The 2-year Treasury note yield fell around 2 basis points at 3.585%.
      …
      https://www-cnbc-com.cdn.ampproject.org/v/s/www.cnbc.com/amp/2024/09/20/treasury-yields-lower-as-investors-digest-unemployment-data.html

    2. Fed Meeting:
      Half Point Cut
      Bowman Dissent
      What It Means for Your Money
      Future of Central Banking
      Dot Plot Explained
      Economics
      Central Banks
      Summers Sees Fed Rate Projections Upended, Higher Mortgage Rates

      – Former Treasury chief says markets overestimate future easing

      – Summers applauds move to postpone Nippon Steel review

      Lawrence Summers Photographer: Ting Shen/Bloomberg
      By Chris Anstey
      September 19, 2024 at 2:00 PM PDT

      Former Treasury Secretary Lawrence Summers said inflation will probably prevent the Federal Reserve from lowering interest rates as much as expected in coming years.

      “The risks of actually going as far with monetary policy as the Fed seems to think that it will are pretty significant in terms of having an increase in inflation,” Summers said on Bloomberg Television’s Wall Street Week with David Westin.
      …
      https://www.bloomberg.com/news/articles/2024-09-19/summers-sees-fed-rate-projections-upended-higher-mortgage-rates

    1. “HUGE hearts in the Trump family”

      Any stories resembling the one coming out of the Biden/Harris camps would undoubtedly be a lie.

  54. Libera – Ave Verum by Albinoni (Adagio in G Minor)

    Libera Official

    1 year ago

    Albinoni’s solemn Adagio in G minor (arranged by Remo Giazotto) provides the music for this stunning setting of the words of the Ave Verum, which reaches a thrilling climax at 02:50.

    Arranged by Remo Giazotto.

    Lyrics:

    Ave verum corpus, natum
    de Maria Virgine,
    vere passum, immolatum
    in cruce pro homine.

    Cuius latus perforatum
    fluxit aqua et sanguine
    esto nobis prægustatum
    in mortis examine.

    O Iesu dulcis, O Iesu pie,
    O Iesu, fili Mariae.
    Miserere mei

    https://www.youtube.com/watch?v=CprYUY9RQ_0

    4 minutes.

  56. Are you hoping to see home prices in your community soon return to affordable price levels, in order for young people to be able to lay down roots and start families?

    I am certain this is a shared dream among all true-blooded Americans.

    1. Real Estate
      A housing price crash looms in these 3 states
      By Mary K. Jacob
      Published Sep. 18, 2024, 4:09 p.m. ET

      Home prices in the US may be riding high, but the party could be over sooner than you think.

      A new report reveals more than 50 counties across the country are at risk of a housing market meltdown.

      It’s a dream come true for first-time buyers hoping for a bargain, but a nightmare for current homeowners basking in sky-high property values.

      According to research from property-data firm Attom, states like California, New Jersey and Illinois have the most counties likely to see prices take a nosedive.
      …
      https://nypost.com/2024/09/18/real-estate/a-housing-price-crash-looms-in-these-3-states/

      1. “It’s a dream come true for first-time buyers hoping for a bargain, but a nightmare for current homeowners basking in sky-high property values.“

        …a nightmare for current homeowners who bought high and will strategically default once they’re firmly upside down.

    2. The Impact of the Real Estate Market on Fertility
      02/01/2012
      Summary of working paper 17485
      Featured in print Digest

      – House prices are a relevant factor in a couple’s decision to have a baby.

      Housing prices have a significant impact on a family’s decision to have children, according to a new study by Lisa Dettling and Melissa Schettini Kearney. In House Prices and Birth Rates: The Impact of the Real Estate Market on the Decision to Have a Baby (National Bureau of Economic Research Working Paper No. 17485), they find that a 10 percent increase in home prices leads to a 1 percent decrease in births among non-homeowners in an average metropolitan area. However, the negative effect among non-owners is offset by a 4.5 percent increase in births among current homeowners, who are now wealthier. The total fertility effect of an increase in house prices varies across demographic groups, largely because their rates of homeownership differ. The authors conclude that “house prices are a relevant factor in a couple’s decision to have a baby…”
      …
      https://www.nber.org/digest/feb12/impact-real-estate-market-fertility

      1. “However, the negative effect among non-owners is offset by a 4.5 percent increase in births among current homeowners, who are now wealthier.“

        When the defaults start pilling up, they can’t “jingle mail” their children.

    3. Declining birth rate threatens future U.S. economic growth.
      By Bill Schmick
      Sep 16, 2024
      3 min to read
      Couple kisses infant

      Last year the birth rate in the U.S. reached a record low, according to the CDC’s National Center for Health Statistics. As our deficits expand at an increasing rate and the birth rate continues to decline, there will be fewer and fewer people to pay off the nation’s debt burden.

      The fertility rate in the United States has fallen by 3 percent since 2022. That is a historic low and marks the second yearly decline in a row. How will that impact the economy?

      In the simplest terms, if you have lower population growth then you will have fewer people producing goods and services. That will result in slower economic growth. But it is not the only impact. A shrinking workforce will also mean there are fewer people paying taxes.

      In a country like ours that has seen decades of increased spending and higher debt, the question becomes who will pay this growing obligation.

      As our deficits expand at an increasing rate, while the birth rate continues to decline, there will be fewer and fewer people to pay off the nation’s debt burden. The Heritage Foundation estimates that the total amount of debt that a baby born in 2007 assumes was $30,500. That figure almost doubled to more than $59,000 just 13 years later.

      From 2014 to 2020, the birth rate consistently declined by 2 percent per annum, according to the CDC’s National Center for Health Statistics. Last year the birth rate in the U.S. reached a record low.
      …
      https://www.berkshireeagle.com/business/birth-rate-us-economic-growth-debt/article_c95be8e2-7440-11ef-bb39-8ff4c922be25.html

    4. Are housing costs to blame for California’s plummeting fertility rate?
      by Amita Sharma, KPBS
      July 30, 2018
      Updated June 23, 2020
      Angela George’s newborn Mateo takes a nap in her arms. Her family planning has been affected by California’s high housing and child care costs. These financial factors have affected the California birth rate.
      Photo by Amita Sharma
      Angela George’s newborn Mateo takes a nap in her arms.
      Photo by Amita Sharma

      In summary

      California’s birth rate has dipped below the national average—and experts say the state’s soaring housing costs are crimping its fertility.

      Angela George always imagined she’d have two children by the age of 30. But when the 28-year-old nurse and her husband, Tacito, a Marine, learned last year she was pregnant with their first child, they were thrilled and they were petrified.

      “We didn’t plan it,” she said. “We were like, `Oh my, what are we going to do?’ We were thinking how are we going to care for the baby financially? How are we going to afford daycare?”
      …
      https://calmatters.org/housing/2018/07/low-california-birth-rate-housing-costs/

      1. Her husband, Tacito, a Marine, was petrified because he had his tubes tied when home prices outpaced his paltry income. Did they use the wrong knot, or gulp..? 🙂

    5. I remember all the tricks and gimmicks the PTB used to keep prices from collapsing last time: shadow inventory, zombie houses, big tax credits for buyers, etc. They won’t be able to keep prices up, and they know that. But they will try to prevent a collapse.

  57. Arynne Wexler
    @ArynneWexler

    What’s this? The mayor of Springfield, Ohio owns a nice business portfolio that would directly benefit from a migrant influx?

    Clark County records show Mayor Rob Rue as the business owner of LITTLETON & RUE, INC.

    Littleton Properties of Springfield owns a nice portfolio of rental properties, which are rumored to be rented to illegals

    His portfolio also includes a funeral home and, ironically, a pet crematory

    I wonder if his business is receiving federal funds… you know what to do

    10:43 AM · Sep 14, 2024

    https://x.com/ArynneWexler/status/1834966164763496736

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