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They Can Reduce Their Price, But There Is No Guarantee They Can Get An Offer Because There Are No Buyers Looking

A report from the Palm Beach Post in Florida. “Condo units in older buildings are not selling. Special assessments, levied to undertake the repairs, have been as high as $200,000 per unit owner. Repair bills can run as much as $15 million. Along the Treasure Coast, a group of condo associations has been created to press for changes in the new law. Its spokeswoman, Darlene VanRiper, said condos from across the state are looking to join. The alliance has already hired a lobbyist. ‘The report said we needed to pay $148,000 to paint our catwalks,’ she said. ‘That is not a structural issue. We did it anyway, and the cost was $58,000. This overreach is happening over and over throughout the state.’ ‘They are pricing us out of our homes,’ Mark Shea told WPTV news. He is the president of the Robles del Mar association in Indian River Shores. His community has many seniors living on fixed incomes who cannot afford the special assessments.”

Florida Today. “Owners of condo units at Villa Riviera Club in unincorporated Brevard County will be facing a hefty special assessment in the coming months. The four-building, 29-unit, oceanside condominium complex will have to do more than $1.2 million worth of balcony and walkway work. Combined with planned stucco repairs, painting of the buildings, other needed repairs and a contingency cost in case unexpected problems are found, that will result in special assessment bills of $50,000 per unit, pending owner approval of certain alterations. And that $50,000 special assessment is on top of a regular condo assessment that totals $13,344 a year per unit. The latest unit sale, in May, was at a price of $440,000.Of the 29 units, 21 are regularly rented out by the owners as vacation rentals.”

“Rebecca McGreal, president of the Villa Riviera Club Condominium Association noted some other owners are putting their homes on the market for sale, which she believes partly is related to the upcoming special assessment. ‘There was a very mixed reaction,’ with pushback from some of the unit owners, McGreal said. ‘Some of them were very upset with the board. But they know the work needs to get done. We’re playing catch-up with some of this now. It’s sad to see some of these owners go,’ McGreal said. ‘It’s a sign of the times, unfortunately, throughout Florida. The cost of the assessment is definitely impacting their decision.”

Honolulu Star-Advertiser in Hawaii. “A Honolulu City Council resolution wants state lawmakers to address what it deems are ‘drastic’ increases in property insurance premiums paid by homeowners across Oahu, particularly for those who own condominiums. ‘These increased premiums for condominium association insurance, which in some cases are up to 1,000 percent higher, are passed on to the condominium owners, resulting in drastic increases in maintenance fees … costing condominium owners hundreds of additional dollars each month,’ the legislation states. ‘If property insurance premiums continue to rise, the impact on District 8 and Oahu as a whole will be significant. Homeowners, particularly condominium owners and homes affiliated with a homeowners association, may face monthly maintenance fees that double or triple due to increased insurance costs, ‘ Council member Val Okimoto told the Honolulu Star-Advertiser.”

From Fox News. “Some Democratic voters in Nevada recently told The New York Times that rising housing costs will keep them from voting for Vice President Kamala Harris in November. Times reporter Jennifer Medina interviewed several voters around the Las Vegas area who said they’ve been disillusioned by the Democratic Party because of homes becoming more expensive during the Biden-Harris administration and see no hope of Harris bringing them down if she remains in office. ‘They just promise things. But I don’t see nothing coming out for us,’ 54-year-old Las Vegas resident Maria Ocampo told the outlet, adding that Biden didn’t ease the prices in Nevada after he was elected. ‘When we got the new president, I didn’t hear nothing, I didn’t see any changes.’ Ocampo told The Times that she’s not planning to vote this election after the past several years of her rent climbing, including a point where ‘her landlord more than doubled the rent to $2,800 a month,’ the outlet reported.”

“Medina reported that among the dozens of Las Vegas voters she spoke to, ‘the rising cost of housing was routinely cited as the most persistent financial difficulty weighing on their minds,’ especially among Black and Latino blue-collar workers.”

From NBC News. “Homes are getting more affordable in some of the most populous counties that are up for grabs in the presidential race. But the improvements are incremental and may not yet register with most residents before they cast their ballots. In Maricopa County, which includes Phoenix, home hunters are finally starting to see ‘the first little smidgen of any advantage that they’ve had since 2021,’ said Tina Tamboer, a senior analyst with the Cromford Report, an Arizona real estate research firm. Several years ago, open houses were packed and all-cash buyers were making offers well above asking prices. But ever since the Federal Reserve began hiking interest rates to tackle inflation starting in March 2022, ‘the water was pretty much turned off,’ Tamboer said. Sales have fallen to a small fraction of what they were at their peak, homes are sitting on the market for weeks or months, and sellers are sweetening their incentives.”

“Sheryl Bowden, who has sold real estate in the Phoenix area for 40 years, said she has rarely seen the market this quiet for this long. In some cases, buyers aren’t even coming to look at properties. One of her listings – a $400,000, four-bedroom, three-bath house – sat for weeks before the seller reduced its price to stay competitive. ‘In any other market it would have been gone immediately. It is the perfect first-time homebuyer property,’ said Bowden. Sellers have mostly stuck to their prices, which have risen slightly over the past year but are 9% lower than the spring 2022 high. The area’s median sales price of $475,000 in September, according to Redfin, is 58% higher than at the start of 2020, when the median-priced home was going for around $300,000.”

“Bowden said one of her sellers is a retiree who worries that cutting their price would eat into the proceeds needed to buy their next home. ‘They can reduce their price, but there is no guarantee they can get an offer because there are no buyers looking,’ she said. ‘They are in a catch-22.’ Bowden has also struggled to move rental properties, like a townhouse listed for $1,699 a month that just one prospective renter has looked at in over a month. Bowden counted 66 similar rentals in a 2-mile radius that she’s competing with. Maricopa County rents averaged just under $1,500 in September, slightly lower than three years ago after having surged as much as 25%. But they’re still higher than the $1,200 monthly average four years ago.”

“In two key counties in metro Atlanta homebuying difficulty is also retreating. ‘Inventory is up significantly,’ said Bob Clarkson, a real estate agent with Century 21 who focuses on metro Atlanta. Clarkson said that in the booming region ‘there’s not as much competition anymore’ for homeowners looking to sell, with the average time on the market now 35 to 45 days. Competition plunged 31 points in Cobb and 30 in DeKalb, according to NBC News’ measure, over the last 12 months. Prices in the area have also fallen more steeply than in most of the U.S., but the discounting remains modest.”

KTVU in California. “For another straight year, and despite a slight drop in its median sales price, a small town on the Peninsula received the distinction of having the #1 most expensive zip code in the nation. Atherton, with a median home sale price of $7.9 million, took the top slot for the eighth consecutive year, in Property Shark’s annual rankings. Property Shark said the San Mateo County enclave saw a 5% drop in home prices in 2024. ‘That resulted in a $400,000 median sale price decrease,’ the site said.”

Bisnow San Francisco. “Things haven’t been the same in Bay Area multifamily development since Silicon Valley Bank failed. ‘The finance environment is horrible,’ Riaz Capital CEO and founder Riaz Taplin said. ‘In the old days, you’d call First Republic and that would take two minutes and you’d be done.’ Now, ‘getting anything financed is a bit of a complicated technical process,’ Taplin said at Bisnow’s Annual Multifamily Conference for Northern California on Oct. 16. ‘The loss of SVB and FRB will be felt forever.'”

“‘We really have had no net effective rent growth,’ SummerHill Apartment Communities CEO Doug McDonald said. ‘We are still in a negative leverage environment. We are well below replacement costs. So, investors still lost money. The developers still lost money,’ said Mike Kim, senior managing director of development at Boca Raton, Florida-based Mill Creek Residential.”

Bisnow Houston in Texas. “With more than 100M SF of office space sitting vacant, Houston and Dallas property owners are missing out on billions in lost rent. Combined, the cities are losing out on nearly $3.2B in rent because of the vacancy, according to a study. ‘Lost revenue from vacant office space hurts all parties involved,’ said James Barnes, creative director at NeoMam Studios, which produced the study. ‘Landlords and property owners bear the brunt of the loss, as vacancies mean no rent is coming in to cover mortgage payments, maintenance costs, or other operating costs associated with the building.'”

“‘At some point, it’s going to eat into the tax base,’ said Jay Wall III, a Houston-based senior vice president for Moody Rambin. ‘You’ve only got two alternatives if you’re a government leader … you’ve either got to raise taxes or cut services. That’s just inevitable,’ Wall said. ‘And by the way, the market has not bottomed out, no matter what anybody’s telling you.’ Houston has also seen numerous supply booms dating back to the ’80s, leading office analysts to believe the city will carry a higher static vacancy until numerous obsolete buildings are removed from the inventory. This means a significant proportion of value will never return in the form of rent revenue, Wall said. ‘The kitschy response to that is that Houston is not overbuilt, it’s under-demolished,’ he said.”

The National Post. “About one-third of a home’s price in the Greater Toronto and Hamilton Area is a confection of taxes, some of which are passed down from developer to consumer. And amid a years-long, and unprecedented, housing crisis in Canada’s largest city, such a debilitating tax regime speaks of flagrantly poor, if not contemptuous, governance. Market fundamentals, like population growth — one of many — largely determine a home’s valuation, inviting the question: if not for tax greed, how much would that million-dollar home actually cost? (And, by extension, how many hundreds of dollars could be saved on rent every month?)”

“The Canadian Centre for Economic Analysis (CANCEA) revealed taxes comprised 31 per cent of a Greater Toronto and Hamilton Area home’s sticker price in 2021. But Paul Smetanin, CANCEA’s president, who estimates levies have grown to at least 33 per cent today, says they’ll keep escalating should nothing change. ‘Since our report, and given that they’re up to 2021, it’s definitely due for an update because it’s higher than 31 per cent now,’ Smetanin told the Post in a September interview. To put that into context, on the purchase of a million-dollar home three years ago, buyers essentially paid $310,000 in taxes.”

“Of the estimated 33 per cent tax share, the federal government reaps 39 cents on every dollar. ‘When you compare taxes on a new home to the rest of the economy, it’s about 2.6 times the rest of the economy,’ Smetanin said. ‘The situation was already indicative of the fact that governments in Canada are constantly looking for taxation readiness and it seems that, because people need homes, they become an easy target. Homebuyers are a captive audience.'”

Vancouver is Awesome in Canada. “Property developers have, again, asked Metro Vancouver regional government members for development fees to be waived, deferred or redirected citing escalating costs to construct new homes. Citing higher finance interest rates and rapidly inflating construction costs, the developers have taken issue with what are called development cost charges (DCCs), which are to pay for new roads, parks, sewers and water pipes surrounding new construction or associated with the population increase that comes with it. As it stands, existing taxpayers pay taxes to Metro Vancouver to maintain existing infrastructure. When enough new homes are built to require new or larger pipes, that is where DCCs come into effect.”

“And as a result of Metro Vancouver having gone decades without increasing DCCs on new home construction, it has been left with a funding deficit to pay for growth-related projects. Chris Gardner of the Independent Contractors and Businesses Association spoke to the mayors and claimed, ‘The growth-pays-for-growth model is broken.’ Beau Jarvis, CEO of Wesgroup, also questioned the ‘growth-pays-for-growth’ concept. Citing developers putting projects on the shelf, so to speak, Jarvis asked for a motion for deferral of the DCCs at the Nov. 1 general meeting.”

“Jonathan Cooper, senior vice-president of Strand, said ‘part of the problem is median household incomes in B.C. and Metro Vancouver are only going up a few percentage points a year and so the reason there are so many projects on the sideline — be they rental or strata — is that in the presence of constrained incomes, there is a limit on what home buyers and renters can afford to pay and layering costs on top becomes counterproductive.'”

“Hani Lammam, executive vice-president of Cressey, said construction prices are so extraordinary that ‘even with free land we cannot build homes people can afford.'”

ABC News in Australia. “Linda Thoresen is dealing with a precarious future. The 66-year-old civil servant is less than a year from pension age but has decided to postpone retirement and continue working to pay down her $170,000 mortgage. ‘I just decided this morning to make higher fortnightly payments while I’m working to see if I can get a bit nearer to a lower payout when the time comes,’ she said. ‘There will come a time when I go, no, I really have had enough of work. But unless I have a windfall, I can’t see a solution other than having to sell and find somewhere else to live.'”

“When Ms Thoresen bought her two-storey North Fremantle townhouse in Perth, she was in her 40s — about a decade older than most of her friends. The thought of stepping back from work is tempting, she said, but the reality of her financial situation meant it wasn’t the best option just yet. ‘I can’t see a solution other than selling and finding somewhere else to live. More older Australians are finding themselves in a similar position. Census data showed over the past 20 years, the number of Australians aged 55 to 64 who owned their homes outright had almost halved.”

“Data provided to the ABC by Digital Finance Analytics, from a survey of 52,000 people, found the number of older Australians with a mortgage who planned to retire but changed their minds doubled in the year to September. The average loan balance in this group was about $190,000, but some owe much more — up to half a million dollars. About three-quarters of the retirees with a mortgage owe more than they have in superannuation, and more than 50 per cent of 55-65-year-olds expect to sell their property or use their superannuation to repay their mortgage.”

“Finance analyst Martin North, said more people were remaining in the workforce for longer because of ‘a significantly higher mortgage liability than they expected.’ The impact was typically felt in Melbourne and Sydney but it was beginning to spread out, he said. ‘I’m seeing people struggling in Hobart, Adelaide, Brisbane and Perth as well. So this is a national problem.’ Mr North said that was being driven by higher interest rates and people pulling more equity out of their property for their own needs or to help their children buy a home. ‘This is a really critical factor, because it is having an impact on those parents, and it’s changing their own retirement plans.'”

“Mr North said the Reserve Bank of Australia should be looking into this issue because high house prices forced more first home buyers to rely on their parents for financial help to string together a housing deposit — the so-called ‘bank of mum and dad.’ That could, ironically, leave the ‘mums and dads’ more vulnerable to a potential drop in house prices, if they delay paying down their own home loans and then need to sell. ‘The other factor that we found in our surveys was that less people now have the capacity in their superannuation to pay off their mortgage,’ Mr North said.”

“Michael Fotheringham, managing director at the Australian Housing and Urban Research Institute, said that was forcing some people to sell their homes and rent. ‘[That’s] been increasing for the last decade or more,’ he said. There’s also a long-term effect on the economy when people use their superannuation to pay off a home loan, he said. ‘It means they’re more likely to draw on the pension to get through [retirement]. The second effect is a downturn in economic activity by retirees — they’re not participating in the wider economy as much as they otherwise would. People using their super to cover mortgages end up dependent on pensions, which places a financial strain on government resources.'”

“Data from mortgage broker Lendi shows over the past four years, the proportion of first-home buyers over 37 years old, increased 16 per cent. Mel Smith is an Aussie Home Loans franchisee — Aussie is owned by Lendi. She said it data was a clear sign that if house prices continued climbing, that age could get even older, and with the average home loan lasting 30 years, many may find themselves reaching retirement age still paying it back. Ms Smith said banks were becoming more concerned with what customer’s exit strategies were. ‘It’s important that they’re aware that past the age of retirement, they still will have this home loan.”

“‘We work towards strategies of either having it paid down prior [to retirement], or have a plan in place to scale down or relocate into something that you can afford later on in life, without a mortgage.’ But she said those plans were not front of mind for many of her clients. ‘Customers do come in with a level of anxiety about still having these loans into retirement. A lot of people are also just thinking, it’s a future problem — they kick the can down the road.'”

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This Post Has 113 Comments

  1. ‘We really have had no net effective rent growth’…We are still in a negative leverage environment. We are well below replacement costs. So, investors still lost money. The developers still lost money’

    via GIPHY

  2. ‘The finance environment is horrible…In the old days, you’d call First Republic and that would take two minutes and you’d be done’

    That was some sound lending Riaz.

  5. Of the 29 units, 21 are regularly rented out by the owners as vacation rentals.”

    Die, speculator scum.

    1. These little old condos are right on the beach. I can 100% understand why they would be rented out AirBnB for a relaxed and uneventful vacation. Yes, the owners are speculating, but at least these aren’t party houses in some working suburb.

  7. Times reporter Jennifer Medina interviewed several voters around the Las Vegas area who said they’ve been disillusioned by the Democratic Party because of homes becoming more expensive during the Biden-Harris administration and see no hope of Harris bringing them down if she remains in office.

    Like Communists everywhere, these D voters have no understanding of basic economics. As long as the Fed continues to expand the money supply, housing will cost more because your paltry wages are being outpaced by inflation far in excess of what our fabricated official data says it is. In addition, Comrade Harris and the DNC will never take on the private equity locusts that bankroll their corrupt party – and use their access to unlimited Yellen Bux to compete with legitimate home buyers.

  8. It is the perfect first-time homebuyer property,’ said Bowden.

    Stop lying, Sheryl. If your “perfect” shack was priced to sell in today’s market, it would already be under contract.

  12. Getting close to retirement ,and still have a morgage on the house ? someone hasn’t been making good decisions for a while ……

  15. “…They are pricing us out of our homes,’ Mark Shea told WPTV news. He is the president of the Robles del Mar association in Indian River Shores….”

    No, Mark Shea, the ‘they’s’ didn’t price you out.

    You priced yourself out by kicking the maintenance can down the road hoping that the day of [holding costs] reckoning would never come.

    Well, guess what? You can’t move the calendar backwards.

    2. ** “But she said those plans were not front of mind for many of her clients. ‘Customers do come in with a level of anxiety about still having these loans into retirement. A lot of people are also just thinking, it’s a future problem — they kick the can down the road.’”

      always with the “kick the can” mentality! from Florida, to OZ, etc
      what IS it about certain people that has them refusing to deal with reality!? especially looming bad news !? they just stick their head in a hole ostrich-style & hope for the best . . I don’t get that. then people die in rusted out condos.

      read a saying years ago: (maybe from Ayn Rand? I forget.)
      “Deal with reality or reality will deal with you.”

      that is so damn true.

  16. ‘They can reduce their price, but there is no guarantee they can get an offer because there are no buyers looking,’ she said.

    Get to sawin’ and slashin’ like you mean it, greedheads. Buyers aren’t going to waste their time haggling with delusional sellers clinging to their 2022 wish prices.

    1. ‘They can reduce their price, but there is no guarantee they can get an offer because there are no buyers looking,’ she said.

      Those tire kickers are looking pretty good now.

  17. At a recent Palm Beach County commission meeting, Commissioner Michael Barnett called the situation “a crisis,” saying his constituents are facing “a major disaster. Some senior citizens may need to move in with their adult children; others may end up in shelters or on the streets. This is unacceptable.”

    Right. It would be better to watch the building fall with them in it.

    1. “…Some senior citizens may need to move in with their adult children; others may end up in shelters or on the streets….”

      “…It would be better to watch the building fall with them in it…”

      Financial termites are age agnostic

    2. “‘The report said we needed to pay $148,000 to paint our catwalks,’ she said. ‘That is not a structural issue. We did it anyway, and the cost was $58,000. ”

      This Florida law is like red meat for fraudsters, even worse than a roofer after a hailstorm. I’m sure there are dozens if not hundreds of sudden fly-by-night “inspectors” who would be happy to inspect your building and recommend a company to perform marginal fixes for 3x the real price.

      1. We had a mild hail storm in my neighborhood this summer. Small, pea sized, nothing to lose any sleep over. I’m still getting cold calls from roofers who will “be in the neighborhood next week”, offering “free inspections.” I’m sure they will all tell me that my five year old roof is wrecked and needs to be replaced, and they can do that next week for $15,000.

  18. I’m sure you’re all seeing the existing home sales numbers this morning. But I just chuckle how some of the headlines still want to stoke FOMO. Just saw this on MarketWatch…. “Existing-Home Sales Slump to Lowest Level Since 2010. Why Buyers May Be Missing Out.” Didn’t read the trash article. We all know what it says.

        1. Real inflation is at least 9%. Remember when basic savings account interest was higher than inflation? Pepperidge Farms remembers.

    2. Jerome Powell has accidentally jammed the property market—especially for the ultrarich
      BY Eleanor Pringle
      October 18, 2024 at 7:43 AM PDT
      Jerome Powell, chairman of the U.S. Federal Reserve, may have accidentally jammed the property sector.
      Al Drago—Bloomberg/Getty Images

      Jerome Powell and the Federal Open Market Committee (FOMC) have got a job to do—regardless of what the markets or consumers might want. Unfortunately for the property sector, Powell’s rates strategy has thrown a significant spanner in the works.

      Consumers are hanging on to properties they purchased a couple of years ago at lower mortgage rates instead of purchasing a new pad at higher rates, a new report has revealed.

      Global real estate consultants Knight Frank wrote in its Q4 2024 U.S. market report, published Thursday, that rate volatility paired with economic uncertainty has stalled market movement.
      …
      https://fortune.com/2024/10/18/housing-market-jerome-powell-fed-mortgage-rates/

    4. 30-Year Mortgage Rates Climb Again, Hitting 12-Week High
      By Sabrina Karl
      Published October 23, 2024

      Rates on 30-year new purchase mortgages gained ground for a fourth day Tuesday, rising to a 6.67% average. While rates had been bobbing around the 6.5% mark for two weeks, they’ve now pushed up to an almost three-month high. Most other new purchase mortgage rates also climbed Tuesday.
      …
      https://www.investopedia.com/30-year-mortgage-rates-climb-again-hitting-12-week-high-oct-23-2024-8732571

    5. Investing
      The Opportunity to Lock High Yields on Bonds Is Here — For Now
      Yields are expected to fall over the longer run
      By Emese Bartha and Paulo Trevisani
      Oct. 22, 2024 3:43 pm ET
      Uncertainty around Treasury yields began to increase by late summer, as markets anticipated the start of monetary easing.
      Photo: Michael Nagle/Bloomberg News

      U.S. Treasurys are paying higher yields than two months ago, giving fixed-income investors a new, but likely brief opportunity to lock in beefy, low-risk returns.
      …
      https://www.wsj.com/finance/investing/the-opportunity-to-lock-high-yields-on-bonds-is-here-for-now-e916c044

      1. “Yields are expected to fall over the longer run”

        Let me guess: This will happen at the same time stocks CR8R?

  21. The globalist scum media’s REIC shills are still trying to drum up a false sense of urgency to facilitate Always Be Closing for their NAR advertisers. Good luck with that – even the dullards who still get their news & information from the MSM probably have a dim perception that we’re seeing a bursting housing bubble, though they lack the intelligence to grasp how ugly it’s going to get.

    https://www.marketwatch.com/articles/existing-home-sales-slump-lowest-level-since-2010-buyers-missing-out-ac8b658b?

    2. They’ll never be free, at least not to individual public. There are always developers willing to buy up the old places for the land value to build a modern high-rise.

      For example, the Villa Riviera condos mentioned in today’s post are garden-style units built in 1975. Now, I love garden-style buildings, with their lower profile and roomy outdoor grassy areas. But they are wildly unprofitable. I mean, all those lawns and pathways are a dang waste of space, ya know. Instead, you could fill that square footage with a 10-story soviet-style condo building for rich people park their money. That’s what will really happen.

      1. There are actually some condos that are for sale as low as $1. Look up Hunter’s Run in Boca, my neck of the woods. This will especially be the case with the 55+ condos as that population gets priced out of assessments. The people who can afford it will die off and they’ll be unable to find people to replace them.

        1. I’ve worked at the HP campus in RB. There’s a lot of steep hills to climb to get to the campus. I wouldn’t call it “walking distance” unless you’re a hiker and have time to kill.

      1. I saw that it was pending online. But driving by the property, where a different real estate company’s For Sale sign has appeared every couple of weeks for months on end, suggests otherwise. Why would they keep a For Sale sign up if it has already been sold?

        It has also been on the market for much longer than the misleading Days On the Market number suggests.

  24. A reader sent these in:

    She tried to get away from the bull. She failed.

    https://x.com/InmanGoneWild/status/1848714905769189878

    US National Debt is exploding higher, increasing by over $600 billion in just the last 2 months. Fast approaching $36 trillion.

    https://x.com/charliebilello/status/1848364848520081606

    The median household income necessary to purchase the median home for sale in the US ($120k) is over 40% higher than the current median household income ($85k). The most unaffordable housing market in history continues.

    https://x.com/charliebilello/status/1848454996851101809

    The US Bond Market has now been in a drawdown for over 50 months, by far the longest in history.

    https://x.com/charliebilello/status/1848017575214555519

    Rates Sell-offs during Easing Cycles: They are common, usually large, but typically short-lived…
    As with all markets, nothing ever goes in a straight line. Furthermore, at times the opposite of what is expected can take place. So, it’s not unusual to see large moves higher in rates while the Fed is cutting rates.
    This can take place for a variety of reasons. Markets can at times price-in more than what the Fed delivers (or is expected to) in the near-term path for rate cuts, leading to a move higher in rates.
    Such outcomes can be in reaction to positive information on macro data and/or positioning getting realigned.

    https://x.com/bondstrategist/status/1845114906749640741

    Overall, this latest rise in rates has been consistent with the drawdown/quick sell-off period analysis experienced by 2s during easing cycles – they are quick and large in magnitude but ultimately do not last.

    https://x.com/bondstrategist/status/1845115264121127076

    We’ve added more new apartment supply in the first nine months of 2024 than we did in any FULL CALENDAR YEAR going back 30+ years.

    And more coming. We’re at peak supply.

    Enjoy the view (and its impact on falling rents) b/c it won’t last past next year, given plunge in starts.

    The drop in starts suggests apartment supply in 2026-27 could be half (or less) of what it is in 2024, which would likely put upward pressure on rents again.

    But for now: It’s all about supply growth. One more wild stat: We added more new apartments just in third quarter of 2024 than we did in any full calendar year between 2003-2012 (with only exceptions being 2008-09, back when many people thought 200k units was a lot. Ha).

    https://x.com/jayparsons/status/1844744607524880634

    Toronto’s Housing Bubble

    According to Statistics Canada, the median income for a Torontonian in 2022 was $41,800. Historically, home prices were typically two to three times the annual income until the housing bubble that began around 2002 and continued until 2022.

    Using a basic calculation of four times the median income, the result would be $167,200. If we account for dual incomes, which have been common since the 1970s, the total rises to $334,400—roughly the price of a home in 2008.

    In contrast, today’s home prices in Toronto remain well over the million-dollar mark.

    What are Torontonian “Individual” income odds of rising to $125,000 soon?

    https://x.com/TheELongWave/status/1848421878370644109

    I hope this guy never delivers my food

    https://x.com/ClownWorld_/status/1848555892847087770

    Bank OZK (OZK), the largest construction lender in the U.S., is capping new loan sizes at $500M and diversifying its assets to avoid overexposure to large construction loans

    https://x.com/MacroEdgeRes/status/1848701362697040177

    US Tsy Sec. Yellen: Very Close To Finalizing US’ Portion Of $50 Bln Loan To Ukraine; Expects To Contribute $20 Bln

    https://x.com/LiveSquawk/status/1848738629616582813

    Job postings have resumed their decline.

    https://x.com/DonMiami3/status/1848794095809958084

    “Valuations can’t fall while global CBs ease” is the new FinTwit line of “markets have reached what appears to be a permanently high plateau”

    https://x.com/DonMiami3/status/1848788685896225140

    “Markets are so resilient”

    https://x.com/NorthmanTrader/status/1848667431910121507

    Translated: Once I’m retired it’s up to who’s left to clean up this mess.

    https://x.com/NorthmanTrader/status/1848763336470466988

    Stock Market hits most overvalued level since the peak of the Dot Com Bubble

    https://x.com/Barchart/status/1848883200266813528

    Wow, it’s wild that graduates can’t get jobs and unemployment is still rising even though the government tells me we’re in a serious labour shortage.

    https://x.com/Mill_Moron/status/1848802804498108885

    Bank sale anyone?

    https://x.com/JonFlynnREstats/status/1848722971273146822

    Prices of newly built homes in China fell 6.1% year-over-year in September, the largest drop since 2015.

    Existing home prices dropped 9.0%, the biggest decline in at least 13 years.

    On top of this, existing home prices decreased in all 70 of China’s major cities this year.

    Even as China rolls out pandemic-like stimulus, their real estate market continues to collapse.

    https://x.com/KobeissiLetter/status/1848743363387719922

    Prairie Village, Kansas bans short-term rentals. “city council ultimately decided the social cost of short-term rentals outweighed the potential $130,000 in taxes” City council voted 10-2 to ban. Wow.

    https://x.com/NotoriousAirbnb/status/1848943016486273378

    📢 “Kitchener Cleanout” 🏡💥

    📍Kitchener, ON 🇨🇦

    Bought in 2022 at the height of the market, the buyers wasted no time and bid a hefty $300k over asking for this Kitchener bungalow at a mind-blowing $2.1M 💸💰.

    It was just sold today for a $635K loss 💔.

    https://x.com/ShaziGoalie/status/1848713105808732347

    ⚠️YOU CAN’T MAKE THIS UP⚠️

    US Government jobs SPIKED 785,000 last month posting the 2nd-largest increase in history.

    Without such a huge addition, the unemployment rate would have been 4.5%, the highest in 3 years instead of the reported 4.1%.👇

    https://x.com/GlobalMktObserv/status/1848914741949001896

    🔥🔥job site is completely empty

    One day after CBSA raids in Edmonton.

    https://x.com/Tablesalt13/status/1848789852868718987

    “As 🇨🇦 labor market weakens, rising unemployment could hit household incomes five times harder than the feared mortgage renewal ‘cliff’.”

    https://x.com/ShaziGoalie/status/1848835375814349206

    The bond vigilantes are gonna destroy real estate.

    https://x.com/igetredpilled/status/1848839160657842274

    These are the first time buyers the real estate Ponzi scheme is relying on.

    https://x.com/igetredpilled/status/1848697009760243812

    ‘Growing Less Patient’ Bank Ozk takes $20.8M write-down on $128M loan to Sterling Bay after 6 modifications

    The loan is tied to a large chunk of land for the proposed Lincoln Yards development in Chicago.

    https://x.com/FCNightingale/status/1848767716447977676

    Insurance costs in Florida have surged up to 400% in recent years, driven in part by the frequency of hurricanes.

    Homeowners are paying more for coverage than almost anywhere else in the country, per NYP.

    https://x.com/unusual_whales/status/1848684977925259497

    Latest employment numbers for Vegas (Sep 24).

    Very sharp contraction in Leisure and Hospitality. Speaking of….

    https://x.com/KennyCap_Phd/status/1848742791821598840

    Banking on this homebuyer mentality…

    Savings on a $400,000 loan by getting 4.99% instead of 5%: $2.45 a month

    Getting to tell your friends you got a loan “in the 4’s” instead of 5%: Priceless

    https://x.com/mortgagereels/status/1848917859185156463

    Talked to a regulator recently about the state of CRE and where they’re most concerned.

    They said everyone has known about office and obviously it’s an issue but multi-family is the larger problem in their opinion.

    Many of the assumptions MF operators made on deals over the past 5-7 years is no longer reality.

    The economics of MF have drastically changed in many cases and there is a lot of risk on banks’ balance sheets.

    https://x.com/BankingNewsGuy/status/1848714790748787162

    1. “US National Debt is exploding higher, increasing by over $600 billion in just the last 2 months. Fast approaching $36 trillion”

      And this in the alleged Paul Krugman muh best economy ever?

      “This sucker could go down” — George W. Bush

      1. Your lack of joy is palpable, citizen. Herr Commissar has added more derogatory entries to your already voluminous dossier.

    2. Job postings have resumed their decline.

      Even though the gooberment is injecting trillions into the economy,

    3. US National Debt is exploding higher, increasing by over $600 billion in just the last 2 months. Fast approaching $36 trillion.

      Not a peep about insane government spending and deficits at the “Republican” convention.

    4. The most unaffordable housing market in history continues.

      Heckova job, Zimbabwe Ben Bernanke, Yellen the Felon, & BlackRock Jay.

    5. US Tsy Sec. Yellen: Very Close To Finalizing US’ Portion Of $50 Bln Loan To Ukraine; Expects To Contribute $20 Bln

      A loan, huh? Printed up out of thin air & added to the National Debt? What’s the cut going to the Biden Crime Family & the DNC?

    6. The bond vigilantes are gonna destroy real estate.

      When the Fed loses control of the debt market, it’s Game Over for its asset bubbles & Ponzi markets. The wipeout of fake wealth created by fake money is going to be epic.

    7. They said everyone has known about office and obviously it’s an issue but multi-family is the larger problem in their opinion.

      In blue states and cities where parasitism and freeloading are exalted and enabled as supreme virtues, it’s going to get awkward when the low-order thinkers who inhabit such structures stop paying their rent, and the local Democrat apparatchiks have to side with either the deadbeats – their core constituency – or their private equity and corporate pimps. Talk about a lose/lose proposition.

    8. Wow, it’s wild that graduates can’t get jobs and unemployment is still rising even though the government tells me we’re in a serious labour shortage.

      IMO, the workforce that is seriously short of labor is NOT college graduates or unskilled day laborers. It is blue collar skilled workers.

  25. I just want the Carolinas to have the largest crash of them all. The Charlotte region is now gaining over 150 people per day, year after year. Traffic gets worse everyday. I hope These lucust lose it all. My wife and I tried to have lunch recently….it was a hour and wait. My dentist now is 8-9 months for opt. It sucks!

    1. In my little burg restaurants have oceans of empty tables. I had a toothache a few weeks ago, the dentist was able to see me right away, about two hours after I called. I needed a root canal and had it done by an endodontist just hours later.

      The difference, I think is that our influx of blue state locusts tapered off, whereas you are still getting a steady stream of Yankees. I know of a couple in NYC and they are thinking of moving to Charlotte as they find living in NYC increasingly unbearable.

      2. Actually Texas and Florida has been a huge influx….ny has always been a steady stream….I’ve got a lot of friends from up north I ride motorcycles with…great guys.it’s just too much. I’m glad I work from home most of the time. I just hope it stops

      3. A few years ago I was visiting a friend who lived in Harrisonburg in the Shenandoah Valley in Virginia. We were waiting in line at a restaurant on a Friday night, and a New Yorker couple – obvious from the nasal accent and obnoxious sense of entitlement – tried to cut the line. The owner came out & told them to get lost. The whole line – mostly locals – cheered.

  26. Ontario’s per-capita productivity is on par with Alabama’s. No wonder everyone’s panicking

    The economic mood in Alabama these days is looking up. Unemployment in the state, at 2.8%, is just a notch above its 50-year low, and the latest reading shows the state economy grew at an annualized rate of 3.4% in the second quarter, the 14th-fastest rate of growth of all 50 U.S. states.

    And yet, few would consider Alabama’s to be a thriving economy. Quite the opposite. On a per-capita basis, Alabama’s economic output in 2023 was just US$58,775, near the bottom of the list. Only Arkansas, West Virginia and Mississippi—all also in the U.S. south—fared worse.

    Which helps explain the panic north of the border about Canada’s atrociously weak living standards and productivity. When the per-capita GDP of the provinces are adjusted for purchasing power, or what a dollar will buy you in each country, Ontario is virtually indistinguishable from Alabama, based on an analysis of state and provincial economic data by Trevor Tombe, a professor of economics at the University of Calgary. Quebec, Manitoba and the Maritime provinces were all even lower.

    It’s not just that Canadian provinces lag well behind the states but that the U.S. is pulling ahead faster. Based on Tombe’s analysis, real GDP per capita was 43% higher in the U.S. than in Canada, and this year he estimates the prosperity gap will widen to an unprecedented 50%. That gap has been widening since the 1980s, when it stood at around 10%, but the gulf has expanded significantly over the past decade, doubling since 2014, reflecting weak private-sector investment, and an economy that’s increasingly dependent on government spending and immigration to juice the numbers.

    https://www.theglobeandmail.com/business/rob-magazine/article-ontarios-per-capita-productivity-is-on-par-with-alabamas-no-wonder/

  27. Hyundai Nexo recall exposes unique risk with hydrogen vehicles

    Myriad combustion-powered and electric vehicles have been recalled for posing a fire risk over the years, but not in the way the Hyundai Nexo hydrogen fuel cell electric vehicle (FCEV) has.

    The US National Highway Traffic Safety Administration (NHTSA) has published a recall for 1545 examples of the 2019-24 Nexo as they may pose a fire risk due to the leaking of hydrogen gas.

    The recall notice calls on owners to park their vehicles outside and away from structures due to the fire risk posed. Hyundai is set to follow the US recall with one for all 28 Nexos in Australia.

    No incidents have been reported in the US, Canada or Australia, though the recall was triggered following reports of the issue occurring in some Korean-market Nexos.

    The Nexo is equipped with what’s called a Thermally activated Pressure Relief Device (TPRD), a device that vents hydrogen gas to the atmosphere to prevent overpressurisation of hydrogen fuel tanks in the event of overheating in the area surrounding them.

    This venting is done through a glass bulb-type release mechanism.

    Per the recall notice, this mechanism may prematurely fracture due to ‘microcracks’ in the glass, resulting in the inadvertent discharge of hydrogen gas during normal vehicle operation.

    When this happens “a loud wind-rushing noise can be heard accompanied by a white fog-like cloud near the rear of the vehicle”, while the fuel gauge will quickly lower and a malfunction light will illuminate in the instrument cluster.

    The risk of this defect is hydrogen gas could build up in a confined space, which could pose danger should there be an ignition source.

    https://www.msn.com/en-au/motoring/news/hyundai-nexo-recall-exposes-unique-risk-with-hydrogen-vehicles/ar-AA1sKXGI

    1. The recall notice calls on owners to park their vehicles outside and away from structures due to the fire risk posed

      This seems to be happening a lot, and not just to non ICE cars.

      Pop the hood on just about any 2024 model year car and you’ll see a lot of complexity. Tasks that once were simple, like replacing a starter or a water pump are now complex and expensive procedures.

  28. Heat pump makers seek help from Brussels amid sales slump

    Reports out this week suggest governments and the EU are doing too little to promote the replacement of fossil fuel-fired heating systems with heat pumps, with support schemes of variable quality and gas prices artificially low compared to electricity.

    According to the European Heat Pump Association (EHPA), sales fell 47% in the first half of the year compared to the same period in 2023, with only Scandinavia – where the technology is already mainstream – bucking the trend.

    After analysing the relative price of electricity and gas, the Brussels-based industry lobby found that all-time record sales in 2022 coincided with a period when most of Europe saw the unit cost of electricity at less than 2.5 times that of gas.

    EHPA noted that heat pumps – which act like refrigerators in reverse, drawing energy from the air or ground and transferring it to radiators in the home – are cheaper overall than gas heating even when the electricity price is around double that of gas.

    Gas prices have tumbled since the EU found alternative sources to Russia, and a combination of low wholesale prices and differential tax rates mean gas is now a third or less of the price of electricity across much of Europe.

    “If EU governments are serious about energy sovereignty, competitiveness and sustainability, they should ensure energy prices favour heat pumps,” EHPA director general Paul Kenny said on Monday (21 October).

    https://www.msn.com/en-xl/news/other/heat-pump-makers-seek-help-from-brussels-amid-sales-slump/ar-AA1sLxsN

    1. gas prices artificially low compared to electricity

      Artificially low? What the H E double hockey sticks are they talking about? Nat Gas isn’t subsidized over there. And since the Nordstream pipelines were “mysteriously” destroyed, Nat Gas is scarce in the EU.

    2. “fossil fuel-fired heating systems with heat pumps”

      They really think electricity comes out of the wall.

      1. They really think electricity comes out of the wall.

        They admit that their electricity costs 2.5 more than nat gas (and their nat gas is pricey), and yet remain surprised that people aren’t switching to heat pumps. Even if nat gas and electricity were at parity, heat pumps are dang expensive.

        Electricity is so expensive in Europe that multinationals are moving industrial production offshore. VW has announced they are starting to close EU factories, in part because because of energy costs.

        My UK relatives already struggle to pay their electric bill, and they heat their modest home with nat gas (via a boiler and radiators). They fear that when their boiler needs to be replaced that they will be forced to install an electric one.

  29. Goldman-Backed TopHat Calls Time On Modular Business In Fresh Blow To Industry

    Goldman Sachs-backed modular housebuilder TopHat has announced that it is to wind down its modular housing operations, just a month after the firm had seen off a winding-up petition lodged by one of its creditors, Yorkshire-based developer Harworth.

    Derby-based TopHat cited the “challenging market environment” and a dwindling pipeline for its decision.

    “This orderly wind down of volumetric operations will put the business in a position to assess all future options,” the company said in a statement. “It is our strong belief that there is a continued need for category 1 [3D primary structural systems] and category 2 [2D primary structural systems] modular in the UK and we hope that we can capitalise on this in the future.”

    TopHat had attracted blue-chip investors, including FTSE 100 housebuilder Persimmon and Aviva. Persimmon invested £25M and Aviva £20M last year for undisclosed stakes, while Goldman Sachs completed a total fundraising round of £70M. The modular firm also took a £15M loan from Homes England last year.

    TopHat is the latest in a series of modular firms to be hit by financial difficulties. In August, modular housing specialist ModPods International appointed administrators after relocation costs hit its bottom line.

    Last year Bisnow reported that big-name investors like Fortress Investment Group, TDR Capital, Legal & General and Homes England faced potential losses of nearly £500M after the collapse or closure of three of the UK’s best-known modular homebuilding companies.

    https://www.bisnow.com/london/news/affordable-housing/tophat-calls-time-on-modular-business-in-fresh-blow-to-industry-126423

  30. Senator Lidia Thorpe says she pledged allegiance to the queen’s ‘hairs’, not heirs, in defence of royal protest

    Independent senator Lidia Thorpe has offered an extraordinary defence of whether she breached her parliamentary oath, claiming she pledged allegiance to Queen Elizabeth II’s “hairs” rather than her “heirs” when she was sworn into parliament.

    The revelation comes after Senator Thorpe interrupted a royal reception in Parliament House on Monday, shouting “you are not our king” and “this is not your land” to King Charles III.

    Senator Thorpe was sworn in as a Greens senator for Victoria in 2022, during which she described the queen as a “coloniser” before being told to recite the oath as printed on the card.

    In the wide-ranging interview, Senator Thorpe referred to King Charles as “Charlie” and repeated that she did not believe he was the sovereign of Australia.

    “We are the sickest and poorest people in our own country, and he has the audacity to sit up there like he’s a king or something — he’s not the king of this country,” she said.

    https://www.abc.net.au/news/2024-10-23/lidia-thorpe-says-she-swore-allegiance-to-queens-hairs/104508694

    1. Prince Charles is a figurehead. Senator Thorpe would never dare criticize Australia’s unelected rulers at the WEF.

  31. It’s been an eventful autumn for Jagmeet Singh: he’s ended his party’s long-standing alliance with the Liberals, smacked down against Pierre Poilievre in the House of Commons and confronted a heckler on Parliament Hill. Last week—as the NDP leader was in Toronto to call for action against illegal gun smuggling—he also weighed in on allegations of foreign interference by the Indian government, a heated situation that is keeping party leaders at each other’s throats.

    Support for the Liberal party has been tanking for a while now, but almost all those losses have been gains for the Conservatives. Why do you think your party has so far failed to capitalize on Trudeau’s free fall?

    Polls go up and down, so I don’t want to spend too much time on them, but I will say that in a recent Mainstreet Research poll, we were ahead of the governing party, which hasn’t happened in ten years and really sets up the next election as a choice. People are fed up with the Liberals, so now they are looking for an alternative. They’ve got Pierre Poilievre, who can pretend to care, but what he’s really about is cutting. The Conservatives can pretend it’s about cutting the budget, but in the end, these short-term solutions end up costing taxpayers more money to make up for the loss of services. The New Democrats are going to take on the real problems and expand the services that people need.

    https://torontolife.com/city/jagmeet-singh-breaking-up-trudeau-taking-on-pierre-poilievre/

    1. People are fed up with the Liberals, so now they are looking for an alternative.

      So, since they are fed up with the socialists, they’re gonna vote in the communists?

      What could happen is that the Conservatives, while making huge gains, won’t have enough seats (or allies) to form a government, meaning that Singh will have the Liberal party over a barrel, meaning he will only form a coalition with them where he’s the Prime Minister.

      That said, a lot can happen until Canada’s elections.

    2. The New Democrats are going to take on the real problems and expand the services that people need.
      Sounds like more socialism. Adding services people “need.”

      1. Adding services people “need.”

        I’m tired listening to these ageing cohorts complain about their needs. So you wanted to play with your paycheck rather than raising and supporting a family who will care for you in your twilight years? Go pound sand! If you’re on social help, not a retirement plan, you’re likely unable to vote objectively, so you are not eligible to vote. Go pound more sand!

  32. Prime Minister Justin Trudeau has resisted calls for his resignation for more than a year now but in recent weeks those calls have grown louder and in some cases more public.

    The Liberal caucus meets Wednesday and Trudeau is expected to be confronted by a group of MPs who have banded together to try and finally convince him to go.

    Liberal MP Sean Casey was the first to publicly confirm that he signed a letter calling for Trudeau’s resignation but hasn’t said how many other MPs have joined him.

    On Monday, Casey said Canadians are no longer listening to Trudeau and that he has become a distraction.

    “There’s been baggage accumulated. People have tuned him out,” Casey told reporters.

    Most cabinet ministers have spoken out in Trudeau’s defence but some have acknowledged Wednesday’s meeting could be tense.

    It’s highly unlikely that Trudeau would step down as a result of Wednesday’s meeting, said Scott Reid, who worked as the director of communications for former prime minister Paul Martin.

    However, he said the situation will nonetheless hang over him as the next election looms.

    “Even someone with the record of success and the tremendous reserves of confidence that Justin Trudeau enjoys, I think that’s going to weigh on you,” Reid said.

    https://www.msn.com/en-ca/news/canada/what-you-need-to-know-as-trudeau-fights-to-retain-leadership-of-the-liberal-party/ar-AA1sLvYz

    1. Even if they get him to resign, can the Liberal party right Canada’s ship before the election? Won’t Singh and the NDP block any reforms?

  33. ‘They ain’t helped me one bit’: Harris heading for North Carolina defeat over Hurricane Helene

    Democrats fear the damage and devastation caused by Hurricane Helene has already swung the key battleground state of North Carolina in Donald Trump’s favour.

    Officials close to Kamala Harris blame what they call “rampant misinformation” for their rivals surge in support in an area where 95 people were killed, dozens more are missing and thousands of lives have been turned on their head by the storm.

    “Of all of the seven [swing states], that one seems to be a little bit slipping away,” one Harris campaign official told NBC News.

    Running water has only just returned to Asheville, crosses mark the doors of abandoned homes and the muddy ground is thick with debris.

    While efforts are under way to clear up, the sheer scale of the destruction — and a lack of government help — makes it a slow process, locals say.

    A new Telegraph poll has Trump ahead in North Carolina, with 48 per cent of people saying they would back the Republican in the upcoming presidential election.

    The Democrats fear he has taken the initiative in the close-fought battle through his attacks on the Federal Emergency Management Agency (Fema) for not doing enough to support locals affected by the storm.

    Joe, a machinist at a local blue-collar firm, agrees with Trump that the government has not done enough to help him.

    “They ain’t helped me one bit,” he tells The Telegraph. “They don’t help the average person.”

    Pointing to the pit where his home was once, he adds: “This is proof they [Biden-Harris] don’t help the average person.”

    A neighbour’s home had been picked up and deposited about five metres by the rising waters. Officials had marked it with a bright orange “X” and “0” to notify others it had been searched and no dead bodies were found.

    Jim thanks God and the neighbouring property for keeping his own home largely intact.

    “Fema said they would help but I haven’t got the $750, so I’m just going to do what I can do, where I can,” he says, hose pipe in one hand and a cigarette in his other.

    “Fema have spent so much money overseas helping other countries, when it comes to helping their own country… I just don’t know.”

    Defences of the agency made by the Biden-Harris administration have fallen on deaf ears in areas like Swannanoa.

    Mike Hahn, a retired police officer, who was voting early at East Asheville Public Library, said: “Sure, you can go out there and you can find people who have issues. But from what I’ve seen, you couldn’t ask better [from Fema].

    “I don’t think after a disaster, people are sitting there thinking 100 per cent straight.”

    Karen Campbell, a retiree, also cast her vote for Harris but was resigned to a Trump victory upon leaving the polling station.

    “It worries me a lot because I think he’s going to win,” she says of the discourse surrounding Fema. “This country is completely… I’ve just decided that the people in this country are crazy, stupid and uninformed and I’m extremely frustrated.”

    Back on the Swannanoa River, Joe casts the election as a “them versus us” scenario.

    “But that’s just how it is for us,” he says with a resigned sigh.

    https://www.msn.com/en-gb/news/other/they-ain-t-helped-me-one-bit-harris-heading-for-north-carolina-defeat-over-hurricane-helene/ar-AA1sJZS5

    1. “blame what they call “rampant misinformation”

      The unelected administration in the White House is all just a big lie, as are any and all Real Journalists who get paid to fluff them.

    2. Karen Campbell, a retiree, also cast her vote for Harris but was resigned to a Trump victory upon leaving the polling station.

      “It worries me a lot because I think he’s going to win,” she says of the discourse surrounding Fema. “This country is completely… I’ve just decided that the people in this country are crazy, stupid and uninformed and I’m extremely frustrated.”

      It’s Orwellian. The country is falling apart, and she thinks people who don’t want more of the same are “crazy, stupid and uninformed”

      As a meme pointed out: “Voting for Harris is like backing up the Titanic and ramming the iceberg a second time”

    3. “This country is completely… I’ve just decided that the people in this country are crazy, stupid and uninformed and I’m extremely frustrated.”

      Did you ask to speak with a manager, Karen?

    4. “Of all of the seven [swing states], that one seems to be a little bit slipping away,” one Harris campaign official told NBC News.

      🎵You know the nearer your destination
      The more you’re slip slidin’ away       🎵
      —Paul Simon

    1. Bonds
      10-year Treasury yield briefly tops 4.25%, hits highest level since late July
      Published Wed, Oct 23 20244:17 AM EDT
      Updated 26 Min Ago
      Holly Ellyatt

      WATCH LIVE

      The U.S. 10-year Treasury yield
      rose again Wednesday as traders digested the latest comments from Federal Reserve officials on the trajectory of interest rate cuts.

      The yield on the 10-year Treasury last rose more than three basis points to about 4.24. At its session high, the benchmark rate traded at 4.26%, reaching its highest level since July 26. That move comes after the 10-year soared 12 basis points on Monday and broke above 4.2% on Tuesday.
      …
      https://www.cnbc.com/2024/10/23/us-treasurys-yields-closely-watched-putting-pressure-on-stocks-.html

    2. Is the US choosing higher-for-longer inflation?

      The government has painted itself into a corner. It now has two choices:
      – tough and long austerity, where the FedGov slashes spending.
      – more deficit spending and more inflation (kick the can)

      History shows that governments choose inflation until it becomes unbearable, and sometimes even then they stick with inflation (cough Zimbabwe).

  35. ‘VanRiper, said condos from across the state are looking to join. The alliance has already hired a lobbyist. ‘The report said we needed to pay $148,000 to paint our catwalks,’ she said. ‘That is not a structural issue. We did it anyway, and the cost was $58,000. This overreach is happening over and over throughout the state’

    Thank you Darlene for today’s contribution to HBB Pitfalls of Commie Urban Living™.

  36. ‘McGreal, president of the Villa Riviera Club Condominium Association noted some other owners are putting their homes on the market for sale, which she believes partly is related to the upcoming special assessment. ‘There was a very mixed reaction,’ with pushback from some of the unit owners, McGreal said. ‘Some of them were very upset with the board. But they know the work needs to get done. We’re playing catch-up with some of this now. It’s sad to see some of these owners go’

    Sounds like they said fook you, we’re dumping our airboxes on the market Rebecca.

  37. ‘If property insurance premiums continue to rise, the impact on District 8 and Oahu as a whole will be significant. Homeowners, particularly condominium owners and homes affiliated with a homeowners association, may face monthly maintenance fees that double or triple due to increased insurance costs‘

    The ‘affiliated with a homeowners association’ risk is everywhere because that’s how it was set up. It would probably be too expensive and time consuming to un-do.

  38. ‘the first little smidgen of any advantage that they’ve had since 2021,’ said Tina Tamboer, a senior analyst with the Cromford Report…starting in March 2022, ‘the water was pretty much turned off’

    You lie like a dog Tina. That giant sh$thole took a dump as soon as rates rose. That’s over two years ago.

    ‘Bowden, who has sold real estate in the Phoenix area for 40 years, said she has rarely seen the market this quiet for this long. In some cases, buyers aren’t even coming to look at properties. One of her listings – a $400,000, four-bedroom, three-bath house – sat for weeks before the seller reduced its price to stay competitive. ‘In any other market it would have been gone immediately. It is the perfect first-time homebuyer property,’ said Bowden. Sellers have mostly stuck to their prices, which have risen slightly over the past year but are 9% lower than the spring 2022 high. The area’s median sales price of $475,000 in September, according to Redfin, is 58% higher than at the start of 2020, when the median-priced home was going for around $300,000’

    It’s that last part where Jerry really screwed up Sheryl.

  39. ‘Property Shark said the San Mateo County enclave saw a 5% drop in home prices in 2024. ‘That resulted in a $400,000 median sale price decrease’

    It was still cheaper than renting.

  40. ‘At some point, it’s going to eat into the tax base…You’ve only got two alternatives if you’re a government leader … you’ve either got to raise taxes or cut services. That’s just inevitable,’ Wall said. ‘And by the way, the market has not bottomed out, no matter what anybody’s telling you’…this means a significant proportion of value will never return in the form of rent revenue, Wall said. ‘The kitschy response to that is that Houston is not overbuilt, it’s under-demolished’

    I’m way ahead of ya Jay, I’ve been calling for the wrecking balls for many months.

    1. I’ve been calling for the wrecking balls for many months.
      Just curious, How much does it cost to knock down a 40 story sky scraper?
      I gotta believe lots of these building and associated land have a negative value.

  41. ‘Market fundamentals, like population growth — one of many — largely determine a home’s valuation, inviting the question: if not for tax greed, how much would that million-dollar home actually cost? (And, by extension, how many hundreds of dollars could be saved on rent every month?)…To put that into context, on the purchase of a million-dollar home three years ago, buyers essentially paid $310,000 in taxes’

    Right out of the gate. Paying interest and property taxes on that hickey for the duration.

  42. ‘Lammam, executive vice-president of Cressey, said construction prices are so extraordinary that ‘even with free land we cannot build homes people can afford’

    I’ve heard that many times here at HBB Hani, and it’s usually from guys who are about to be fooked.

  43. ‘I just decided this morning to make higher fortnightly payments while I’m working to see if I can get a bit nearer to a lower payout when the time comes,’ she said. ‘There will come a time when I go, no, I really have had enough of work. But unless I have a windfall, I can’t see a solution other than having to sell and find somewhere else to live’…When Ms Thoresen bought her two-storey North Fremantle townhouse in Perth, she was in her 40s — about a decade older than most of her friends. The thought of stepping back from work is tempting, she said, but the reality of her financial situation meant it wasn’t the best option just yet. ‘I can’t see a solution other than selling and finding somewhere else to live’

    So what did you do with the cash out refi money Linda? Some epic cruises I bet.

  44. Somebody Check On These Condo Sellers (GTA Condo Real Estate Market Update)

    Team Sessa Real Estate
    18 minutes ago TORONTO

    This episode looks at the current GTA Condo Markets – Toronto, York Region & Peel Region for the week ending Oct 16, 2024. We also discuss how some condo sellers out in different suburbs have their units priced at or above similar freehold units that provide more value in almost every way.

    https://www.youtube.com/watch?v=f_59yIDOifE

    13:19. Townhouses down more than condos undercutting airboxes even more.

  47. Texas Sues Biden-Harris Admin Over Refusing To Verify Citizenship Of Nearly 500,000 Voters

    by Kelen McBreen
    October 23th, 2024 4:26 PM

    Texas Attorney General Ken Paxton officially sued the Biden-Harris administration on Tuesday, releasing a scathing letter accusing the federal government of refusing to comply with its own laws ensuring the state’s upcoming election is secure.

    Paxton wrote on X, “The Biden-Harris Administration has refused to comply with federal law, presenting yet another obstacle for Texas to overcome in ensuring free and fair elections in our state. The law demands that they provide important information regarding the citizenship of nearly half a million potentially ineligible voters. Since the Biden-Harris Administration has chosen to ignore the law, I will see them in court.”

    https://www.infowars.com/posts/texas-sues-biden-harris-admin-over-refusing-to-verify-citizenship-of-nearly-500000-voters

  48. The Vigilant Fox 🦊
    @VigilantFox

    RFK Jr. Flips the Script on Kamala’s Lies About Trump Using the Military on the Public

    It turns out that the Biden-Harris regime expanded domestic military authority to include LETHAL force.

    What this means is the Department of Defense now has the power to step in and use lethal force within U.S. borders, even against its own citizens, when it deems lives are at risk.

    The scope of this authority is chilling because the directive specifically states that the decision to use lethal force only needs the Secretary of Defense’s approval. Once lethal force is approved, anything can happen.

    For years, Alex Jones warned about martial law and domestic military control. Now, the Biden-Harris regime is making that a terrifying reality while accusing Donald Trump of being guilty of their own actions.

    8:31 PM · Oct 23, 2024

    https://x.com/VigilantFox/status/1849247231066460657

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