The Investment Community Thought The Real Estate Would Never Become Obsolete, It Ended Up Being Wrong
A report from Business Observer. “Laws require that all Florida condos more than 30 years old and taller than three stories undergo milestone inspections by Dec. 31, 2024. If we cling to the current infeasible time line and approach, the consequences will be plummeting values for condos, huge spikes in maintenance fees, many people fleeing those units, few buyers to buy them and possible massive problems with empty and abandoned condo buildings. Condo prices in Sarasota have been fairly stable over the past few years, but statewide the impact is appreciable with many units recently dropping $150,000 or more in value. As one condo market expert told the Business Observer: ‘You know, if you’ve got folks who can’t afford to live in the place they’ve got to go and find somewhere else. And as we are already hearing, in the current economic environment, buying is not an option and renting as well. What do you do if you’ve lost your original purchase — that two-bedroom, two-bathroom condo that was affordable five years ago for $300,000? What are you doing now if you’ve got to sell it at a $100,000 hit, and you’re barely breaking even? It’s a quandary for a lot of the fixed income folks in our state.'”
The Center Square. “According to new reports from the California government, while wages and the costs of services and wages are rising, the costs of goods are finally going down. The state-funded, non-partisan Legislative Analyst’s Office said in its housing report that it’s nearly twice as expensive to buy a two-bedroom home as it is to rent, a gap not seen ‘since the housing bubble in the mid-2000s.’ In San Mateo County, renting costs 41% of buying a similar home; renting a bottom-tier home costs $8,027, while renting a similar home costs $3,348. In San Francisco and Orange County, renting costs half of buying, while in Sacramento renting is 69%.”
KRON in California. “A newly-available rental home in downtown San Jose sums up how extreme the Bay Area housing market can be. ‘Harry Potter cubby’ is listed for rent on Craigslist and still available as of Monday. In exchange for living in a 3-foot by 10-foot cubby, the tenant must pay $250 in monthly rent and be willing to do some household chores, according to the Craigslist ad. The living nook is located under a staircase and has just enough space to fit a cot. The cubby dweller will have access to the apartment’s kitchen, internet, bathroom, TV, and Xbox. Utilities are included in the $250 base rent. The ad states, ‘Must not have a criminal record, any addictions, or pets. No guests, ever … sorry bout that, but seriously, who’d want to come visit this place?'”
NBC Bay Area in California. “A White House replica in the Bay Area is now off the market. Known as ‘The Western White House,’ the home in Hillsborough recently sold for $23 million. The sellers initially asked for just under $39 million.”
From Reuters. “Tiesha Blackwell, 24, voted for Joe Biden in 2020 but says she is casting her ballot for Republican former President Donald Trump this year, and high food and housing prices are a chief reason. Blackwell, who lives southwest of Detroit in the battleground state of Michigan, says she has a better job now, but her rent has since doubled after she was forced to move, and her grocery and utility bills have soared. ‘I’m not worse off than I was four years ago,’ Blackwell said on the sidelines of a rally featuring Trump’s running mate JD Vance in Detroit this month. ‘But compared to then, things are really, really high out here. I went from paying $575 to now I pay $1,100 just for rent. I remember ground chuck was $2.99 a pound. Now it’s $4.99. Everything is higher.'”
The Denver Post in Colorado. “The Pew Charitable Trusts and the architectural firm Gensler have a proposition for Denver renters struggling to find a place to live that won’t bust their budgets. Would they take a studio apartment in a renovated skyscraper for $850 a month, under half the going market rent, with the catch being that they would have to share bathroom and kitchen space and likely skip a parking spot? Pew and Gensler are proposing a co-living, aka dormitory approach, as the answer to two problems — creating more affordable housing units and saving Denver’s aging skyscrapers, many of which face economic obsolescence. Office-to-residential conversions have been a hot topic the past couple of years, especially after the shift to remote work during the pandemic left many of the city’s signature office buildings half-empty and in default on loans. But initial optimism has turned to pessimism over conversion costs and engineering challenges.”
From Bisnow. “A relatively new type of bond once considered even safer than U.S. Treasurys is the latest victim of the nation’s distressed office market. The bonds, called single asset, single borrower bonds, or SASB bonds, are different from traditional CMBS because they are attached to just one property instead of a collection of mortgages. SASB bonds were considered supremely safe bets, and credit-rating agencies initially rated many of them AAA. But the pandemic exposed the risks of these types of investments, and those effects are becoming clearer now. A Bloomberg analysis of 150 SASB bonds connected to a U.S. office property found that creditors, in many cases, are likely to get only a fraction of their original investment back, and in some instances, ‘the losses will likely reach all the way up to buyers of the AAA portions of the debt,’ Bloomberg reported.”
“‘There will be deals that are horrific, where the AAAs may not be paid off in full and there’s basically no bid for the asset,’ TPG Angelo Gordon Head of Structured Credit and Specialty Finance TJ Durkin told Bloomberg. ‘The investment community thought the real estate would never become obsolete. It ended up being wrong.’ Many SASB bonds were tied to well-located high-rise office buildings, the kind of property that was considered a safe bet before the pandemic but is not so stable in a hybrid-work world. SASB bonds have been tied to 1407 Broadway in New York, the Gas Company Tower in Los Angeles and Chicago’s Aon Center, among others, Bloomberg reported.”
The Canadian Press. “New home sales in the Greater Toronto Area remained sluggish last month, but a new report suggests that the market is now primed for buyers following four consecutive interest rate cuts. The Building Industry and Land Development Association (BILD) released its findings on Monday, reporting 591 new home sales in September, which marks a 69 per cent decrease year-over-year. Of those sales, 344 were for single-family homes, including detached, linked, semi-detached houses and townhouses, down 41 per cent from last September. There were 247 condominium units sold during the same period, down 81 per cent from 2023. ‘We now have a market that is highly primed with elevated inventories, falling prices and a further 50 basis point rate cut. All that is needed is for buyers to jump off the sidelines,’ said Edward Jegg, research manager with Altus Group.”
“The total new home remaining inventory has increased slightly compared to the previous month to nearly 22,000 units, including nearly 17,500 condo units and close to 4,500 single-family dwellings. ‘This represents a combined inventory level of 13.8 months, based on average sales for the last 12 months. This remains a high months of inventory level (based on sales), however the actual number of units maintains the trend seen since autumn 2023 of actual inventory levels near or just above the 20,000-unit mark,’ the report noted, adding that those figures indicate a ‘stagnated market’ of slow sales and few housing starts. The report noted that amid the glut of new homes, benchmark prices for all new homes decreased slightly last month.”
The Globe and Mail in Canada. “225 Kinniburgh Cove, Chestermere, Alta. Asking price: $1,399,900 (June 2024). Previous asking prices: $1,449,000 (May, 2024); $1,499,000 (April, 2024). Selling price: $1,340,000 (July, 2024). This five-bedroom house 25 kilometres east of Calgary was packed with upscale appointments except for the one that mattered most to buyers: an enclosed, second kitchen for cooking aromatic dishes. ‘People said they wanted a spice kitchen, and the layout of the property made it difficult to put in a spice kitchen, so that was our biggest challenge,’ said agent Ben Archibald. ‘In Eastern cultures, it’s very common, but I’ve never seen someone use it as a deal-breaker.'”
“Mr. Archibald managed to get an offer early on, but was disappointed when it went nowhere. He ordered new photographs and reduced the asking price twice over the summer. One tentative buyer spent weeks negotiating a deal, only to be outmanoeuvred by another buyer with an offer more appealing to the seller. ‘There were a number of properties that came on around the time we listed, and nobody was selling,’ Mr. Archibald said.”
The Helsinki Times. “Recent data from Statistics Finland indicates a notable increase in housing sales, suggesting a potential revival in Finland’s housing market. However, property prices have yet to follow suit, according to Veera Holappa, Senior Economist at Pellervo Economic Research (PTT). In September, prices for older apartments dropped by 1.2% nationwide compared to last year and 0.6% from the previous month. Turku and Tampere saw the largest year-on-year price declines, with drops of 5.0% and 4.4%, respectively. While prices in the Helsinki metropolitan area fell by 2.2% from the previous year, they rose by 1% from August.”
“‘The increase in transaction volumes is a positive sign, but prices are still showing volatility,’ said Holappa. ‘The large cities that previously seemed to stabilize are now seeing some pullback. We’re in a period where prices are zigzagging from month to month. Sellers may be more willing to negotiate, which could be helping to drive the increase in sales.'”
Newsroom New Zealand. “At some point the lower interest rates will be a catalyst for house prices to push upwards again but when that will be is hard to predict. Inventory (number of houses for sale) levels are still historically high. ‘The total stock is still almost 30 percent up on last year,’ says Sarah Wood, CEO of realestate.co.nz. Wood says stock levels are reducing but the overhang is likely to persist until investors return to the market. ‘After low levels of new listings in 2023, we’ve seen an influx over the last few months. New listings increased in September, rising 18.7 percent year-on-year, but more on par with what we would deem to be a ‘normal year’. This is the highest level of September new listings in three years, and it adds to the total number of houses on the market. There are now over 30,000 houses listed for sale – the highest they’ve been in a decade during the month of September.'”
“Wood says the struggling economy and uncertainty around employment continue to be a major factor in the high inventory levels. ‘We’ve also observed an increase in stock around places that are holiday home destinations. At the peak there were no listings in Pauanui (Coromandel peninsula) and now there are pages of them on our site.'”
Star Weekly in Australia. “An inner-west real estate agent has warned the local rental market could be headed for a ‘deeper and darker’ phase with an increasing number of landlords looking to sell up. Chief executive of Yarraville based Bond Estate Agents, Lee Marks, said the amount of rental providers looking to get out of the market had spiked in the past month. ‘What we’ve noticed recently is that a lot of rental providers are starting to feel the pain financially,’ said Mr Marks. ‘People want out.'”
“He said the combined effect of interest rates, land tax and the cost of maintaining rental properties had finally become intolerable for many landlords. ‘If you look at it from a financial perspective, for a million dollar loan at 6 per cent you’re looking at 6000 bucks per month in repayments and rentals at that level would only return at maximum, $3000 at that level so therefore the owners are out of pocket $3000 plus extra costs,’ Mr Marks said. ‘How is this sustainable?'”
“Mr Marks said the amount of landlords leaving the market had led to an oversupply in properties, evidence which was backed up by the Real Estate Institute of Victoria’s latest quarterly data which showed house prices declining across much of Hobsons Bay and Maribyrnong.”
This Post Has 120 Comments
The corrupt senile pedo just called 80 million Trump supporters “garbage.” Spin this, globalist scum media.
https://x.com/SteveGuest/status/1851421311785959703?
The Democrat-Bolsheviks drop the mask a little more each day.
https://x.com/JohnLeFevre/status/1851422390355435646?
One week from today, Wednesday morning, there could be an electoral college and general vote landslide too impossible to steal.
Or, we will be told that in PA, NC, GA, MI, WI, NV, AZ it will take *weeks* to count all the ballots.
Deep State gonna deep.
76% of Muricans fear “post-election violence.” I’m guessing such violence will play out exclusively in blue cities with Soros-installed DAs and “woke” police departments, but if the Soros scum try to bring their Mostly Peaceful Protests into small towns and rural areas, it won’t end well for them.
https://x.com/zerohedge/status/1851603745857048666
Or, we will be told that in PA, NC, GA, MI, WI, NV, AZ it will take *weeks* to count all the ballots.
Something like that. And then when the dust settles we will be told that Cameltoe won.
Gotta count every last ballot!
They had a pretty extensive operation last time, and even then they were only able eke out narrow wins. This time there are far more R’s coming out to vote early. They would have to count all the ballots — which are close to half R already — and then manufacture additional ballots on top of that. Then they would have to count them in front of Lara’s army of lawyers. They have to do this without 400 million Zuckbucks to pay for it. And if the fix were really in, there wouldn’t be the panic and infighting on the other side right now. I’m more optimistic.
They’ve been spinning this all day, with excuses like “apostrophe” and “stutter,” or just outright misquoting it to sound as if the “hate” was garbage and not the people.
Meh, despite what anyone says on X, it’s too late for any of this to move the needle. We’re in the GOTV phase now.
Tiesha Blackwell, yer better be careful or they will call yer Nazi or garage
If we cling to the current infeasible time line and approach, the consequences will be plummeting values for condos, huge spikes in maintenance fees, many people fleeing those units, few buyers to buy them and possible massive problems with empty and abandoned condo buildings.
Don’t threaten me with a good time.
‘This five-bedroom house 25 kilometres east of Calgary was packed with upscale appointments except for the one that mattered most to buyers: an enclosed, second kitchen for cooking aromatic dishes. ‘People said they wanted a spice kitchen, and the layout of the property made it difficult to put in a spice kitchen, so that was our biggest challenge’
I don’t think I’d want to live next to an igloo with a spice kitchen.
I have never heard of a spice kitchen. I have heard of canning kitchen in homesteader houses, but those are usually designed to be easy to clean, not to isolate smells.
Im just guessing, but given that it’s Canada, I”m sure you can put it down as a pajeet thing
‘Wood says the struggling economy and uncertainty around employment continue to be a major factor in the high inventory levels. ‘We’ve also observed an increase in stock around places that are holiday home destinations. At the peak there were no listings in Pauanui (Coromandel peninsula) and now there are pages of them on our site’
That would be yer short term rentals Sarah. This sh$thole was off 20% last I heard.
“According to new reports from the California government, while wages and the costs of services and wages are rising, the costs of goods are finally going down.
To celebrate, Big Brother is raising our ersatz chocolate ration from 20 grams to 15 grams.
CA government reports must use plummeting EV costs and real estate costs in the “cost of goods are finally going down” calculation there.
And your iPhone is faster for the same price.
‘Marks said the amount of rental providers looking to get out of the market had spiked in the past month. ‘What we’ve noticed recently is that a lot of rental providers are starting to feel the pain financially,’ said Mr Marks. ‘People want out’…He said the combined effect of interest rates, land tax and the cost of maintaining rental properties had finally become intolerable for many landlords. ‘If you look at it from a financial perspective, for a million dollar loan at 6 per cent you’re looking at 6000 bucks per month in repayments and rentals at that level would only return at maximum, $3000 at that level so therefore the owners are out of pocket $3000 plus extra costs,’ Mr Marks said. ‘How is this sustainable?’
Loanowners were fine with it when the prices were going up 10,000 pesos a month Lee.
“Tiesha Blackwell, 24, voted for Joe Biden in 2020 but says she is casting her ballot for Republican former President Donald Trump this year, and high food and housing prices are a chief reason.
Tiesha and millions of other low-order thinkers have no inkling that the Fed’s deranged money printing since 2008 is the #1 cause of unaffordable housing and soaring food prices.
All wars are bankers wars.
https://www.news.com.au/finance/economy/world-economy/would-shock-you-global-expert-reveals-horrifying-world-war-prediction/news-story/27d2981258234caafbaa8c399a8b4303
Ben,
Inspired by Margot Robbie’s bathtub scene in “The Big Short,” I will be releasing a series of “Francis Soyer in a Shower” YouTube videos explaining financial chicanery by the REIC & bankers. Please upgrade your servers to handle the massive crush of female viewers this will attract to the HBB.
SASB bonds were considered supremely safe bets, and credit-rating agencies initially rated many of them AAA.
The Big Short: Margot Robbie Explaining Mortgage Backed Securities in a Bathtub
https://www.youtube.com/watch?v=Ux43E2LiziE&t=69s
There were 247 condominium units sold during the same period, down 81 per cent from 2023.
Is that a lot?
‘We now have a market that is highly primed with elevated inventories, falling prices and a further 50 basis point rate cut. All that is needed is for buyers to jump off the sidelines,’ said Edward Jegg, research manager with Altus Group.”
Gosh, Edward – what if buyers on the sidelines are savvy enough to recognize that buying into a bursting housing bubble would be a disastrous financial decision?
Never forgive, never forget.
“The House report on HHS Covid propaganda is devastating. The Biden administration spent almost $1 billion to push falsehoods about Covid vaccines, boosters, and masks on the American people. If a pharma company had run the campaign, it would have been fined out of existence.
HHS engaged a PR firm, the Fors Marsh Group (FMG), for the propaganda campaign. The main goal was to increase Covid vax uptake. The strategy: 1. Exaggerate Covid mortality risk 2. Downplay the fact that there was no good evidence that the Covid vax stops transmission.
The propaganda campaign extended beyond vax uptake and included exaggerating mask efficacy and pushing for social distancing and school closures.
Ultimately, since the messaging did not match reality, the campaign collapsed public trust in public health.”
https://brownstone.org/articles/the-most-devastating-report-so-far/
Collapsed public trust? That’s quite the understatement.
Nuremberg 2.0 can’t come soon enough.
The free states are leading the resistance to Bill Gate’s clot shots.
https://x.com/liz_churchill10/status/1851435565075329421
The globalist scum media is in full-on damage control mode after Biden labeled 80 million Trump supporters as “garbage.” No matter how much you think you hate the garbage legacy media, it isn’t nearly enough.
https://x.com/saras76/status/1851616084983414894
Canada is a template for what the Democrat-Bolsheviks intend to impose on the former USA.
https://x.com/liz_churchill10/status/1851425647865799092
I am not garbage.
get ready for the deluge of “no one coulda knownnn!” and the always popular “We’re alllllllllllllll in this togetherrrrrrrrrrr”
* ah, I almost forgot “Fighting for MY HOUSE!”
when all else fails: emotional histrionics & perpetual victim$
* ah, I almost forgot “Fighting for MY HOUSE!”
https://i.ytimg.com/vi/vABRW7cA5s0/hq720.jpg
good find, InCO. hahahahaa!!
Headline from CNN:
Britain targets the wealthy as it hikes taxes by $52 billion
The United Kingdom is raising taxes by an eye-watering £40 billion ($52 billion), as the government seeks to plug a hole in its finances by targeting higher earners, wealthy foreigners and businesses.
UK finance minister Rachel Reeves, the first woman to ever hold the position, unveiled the measures Wednesday in the ruling Labour Party’s first budget since it won a landslide victory in a general election in July.
“Today, I am restoring stability to our public finances and rebuilding our public services,” Reeves said, arguing that the now-opposition Conservative Party had “failed” Britain, including by inadequately budgeting for required government spending.
And as capital flees Britain, they will say that no one saw it coming. Good thing London is still the money laundering capital of the world or they would really be in trouble.
It’s a quandary for a lot of the fixed income folks in our state.
And in case anyone’s new here, “fixed income folks” is the socially acceptable way to refer to “retirees who have been pigging out on ever increasing Social Security, corporate pensions, and 401(k)’s for the past 20 years.”
I hear Wal Mart is hiring.
“What are you doing now if you’ve got to sell it at a $100,000 hit, and you’re barely breaking even? ”
Presumably these people should have owned the unit outright by now. They should be able to sell without bringing money to the table, and use the fixed income to downsize even more. And yes, it’s entirely possible to downsize to, if necessary, a trailer park.
“fixed income folks” is the socially acceptable way to refer to “retirees who have been pigging out on ever increasing Social Security, corporate pensions, and 401(k)’s for the past 20 years.”
Oh, you mean those evil, dastardly boomers, right?
Many SASB bonds were tied to well-located high-rise office buildings, the kind of property that was considered a safe bet before the pandemic but is not so stable in a hybrid-work world. SASB bonds have been tied to 1407 Broadway in New York, the Gas Company Tower in Los Angeles and Chicago’s Aon Center, among others, Bloomberg reported.
Maybe next time investors will think twice about financing these Orwellian boondoggles.
Does it seem like the Fed’s supersized rate cut is helping to bring down mortgage rates?
Mortgage rates rise in the US after the latest FED announcement – Here’s why
by La Grada
10/30/2024 11:30
Mortgage rates continue to rise despite the summer rate cut from the Federal Reserve. This has left experts surprised, as just the mere anticipation of the rate cut lowered interest rates. Regrettably, the two-year low of 6.08% in late September did not encourage aspiring homeowners to purchase their new home.
…
https://lagradaonline.com/en/mortgage-rates-rise-after-latest-fed/#google_vignette
Current mortgage rates as of Oct. 30, 2024: Rates jump toward 6.8%
BY Glen Luke Flanagan
Deputy Editor, Credit Cards & Mortgage
Benjamin Curry
Updated October 30, 2024 at 6:27 AM PDT
…
https://fortune.com/recommends/mortgages/current-mortgage-rates-10-30-2024/
Is home price growth slowing in your area?
A reader sent these in:
Remember Jaguar?
Just read that they sold only 8,284 vehicles in the U.S. in 2023…
A near *80%* decline from 2017’s 39,594.
Looks like they are officially an endangered species.
https://x.com/GuyDealership/status/1850718629051892198
US Navy cost to fire different weapons
https://x.com/NoCapFights/status/1850705330826543440
Orange County in SoCal – Inventory up from last year by 50%. Prices and sales flat. Barely anyone showed up to my open houses this past weekend. I did put a low end Condo listing into escrow. No buyer leads. It’s slow.
https://x.com/BradDav28628108/status/1850910596528513240
I’m in Chino Hills. That sounds about right. Had a SFR listing in Eastvale this weekend. 4 parties through on Saturday 8 on Sunday. Two months ago would have been 12-18 each day.
https://x.com/MikeVelez909/status/1850927729056883008
Nearly every realtor I have spoken with in the past month has told me their buyers are on the sidelines until the elections. Prior to that, their buyers were on the sidelines waiting for rates to come down. Next month, my guess is their buyers will be waiting for Santa Claus! DFW
https://x.com/hohmanfinance/status/1851079502773866710
Also NH here, market as slowed down to a snail’s pace. I have 13 houses under contract but mostly new construction townhomes which there is always a draw for new construction. I’m seeing buyers market deals be made, seller concessions are back, slow open houses and showings down
https://x.com/MyBestLifeAppa1/status/1851073375772229705
Phoenix metro – Outskirts are getting killed. Market slowly going in favor of buyers bit by bit but central cities still favor sellers if the product is good and priced well. Luxury market performed real poor last month, we will see if it’s a trend…
https://x.com/MattDuSold/status/1851077590649618857
Lancaster Pa. Rental market has really slowed. Developers are extremely overbuilding 1-2 bedroom apartments. Too expensive. Won’t be a good ending.
https://x.com/Brian_missions/status/1851057197871996932
Boulder County and Denver metro: Its slow. Condos are suuuper slow. Slow over 2MUnder 1M is moving but not with urgency
https://x.com/sak80305/status/1851065260888793260
Colorado appears to dropping across the state. Lots of price drops and still appears there is little movement yet. I foresee more drops in price
https://x.com/jholman1219/status/1850944364731908606
SW Region – Mohave County. DOM climbing, buyers are unmotivated… After election and return of snowbirds it *may* loosen up a bit.
https://x.com/tgilesrealty/status/1850929709464395894
Southern middle TN
https://x.com/promuatn/status/1850899827220963473
DFW – Slow market. Buyers are visiting builders way more than existing resale inventory. Showings are down to a single showing maybe on a Sunday.
https://x.com/SwimBikeRunBBQ/status/1850897998235979830
Austin new pendings declining after a pop when rates dropped to 6%. Seeing sellers postpone listings, buyers not motivated
https://x.com/RealJeffH/status/1850907988384424424
Central Florida market continuing to soften since July. Rents continuing to decline as well. Some substantially.
https://x.com/LevelUp975/status/1851063189892436337
Condo insurance premiums are 🚀 in Hawaii.
https://x.com/CityNobu/status/1850990827298046361
Sevierville/Gatlinburg TN (STR investment properties) Lots of buying activity before EOY for tax purposes from investors. Aside from that prices coming down, concessions being given, properties sitting longer. Lots of sellers who bought 2022-2023 that want out are losing money.
https://x.com/SmokiesSTRagent/status/1850911395329519948
It seems like everyone is posting about mortgage rates hitting 7% again….My thoughts
Housing market is locked up right now…..historically low transactions…hard for real estate agents, especially teams…the ones who have huge ad spends to keep their teams floating…..
House prices will go down at some point, and they will go up at some point….as a residential agent, unfortunately it’s not a great time to be one.
I think the optimism about lower mortgage rates bringing a flood of buyers back to the market was kind of misplaced. We saw a mania to buy houses during the great flu.
That isn’t coming back.
Those in the business are looking at anything, star alignment, fortune tellers, etc. to have hope…that transactions would be unlocked. It doesn’t look like rates were going to unlock…so it should…. be prices? Or real wage growth?
https://x.com/DeerwoodRealty/status/1850950913533317588
50% of the agents should go find something else to do. I’m hopeful Trump can get things moving. Maybe he has something up his sleeve than none of us are aware of. But barring that, most agents don’t survive in a decent market. This is completely abysmal.
https://x.com/JohnMurphySC/status/1851053530389348524
JOLTS continues to track the live Indeed data closely – there are now less job openings than pre-pandemic – a real eye popper given that we have 15-20 million more people (possibly more) in the country…
Big drop in construction openings, bad time for seekers!
https://x.com/DonMiami3/status/1851268650352705908
Indeed Job Postings latest reading today taking its next leg down – lowest since February 2021 & tracking Canada and Australia.
Labor market continues to weaken after rate cut.
https://x.com/DonMiami3/status/1851304969947038184
Job openings fell sharply below pre-pandemic levels to just 7.443 million, a drop of over 400,000 month/month, signaling continued labor market weakening & slower hiring ahead
https://x.com/MacroEdgeRes/status/1851268920541336049
Downtown San Diego has a 12.3% vacancy rate, double the 6% citywide one.
When will these empty luxury apartments–that we were told would lower rents–“trickle down”?
https://x.com/NotoriousAirbnb/status/1850954578461933766
Ofc the mood now is one of absolute ebullience
51.4% of consumers expected stock prices to increase over the year ahead, the highest reading since the question was first asked in 1987
https://x.com/INArteCarloDoss/status/1851299965802594416
A propos of nothing, it is quite amazing that Democrats odds of winning the 24 Presidential elections have now crashed back down to their levels of last summer just before the disastrous Biden-Trump debate. Looks like the change in the comedian cast has had only a transitory effect on the trajectory.
https://x.com/INArteCarloDoss/status/1851223726357881139
Look at that drop in the private sector quits rate – this is a weak (& weakening) labor market…
https://x.com/DonMiami3/status/1851325170943984038
US Treasury Secretary Janet Yellen said that fraud in the banking system is becoming a huge problem
https://x.com/markets/status/1851350727819505883
If Yellen is recognizing a financial system “risk,” it’s already a crisis.
https://x.com/DiMartinoBooth/status/1851363692195009001
The U.S. Housing Market is on the verge of a vicious cycle in which very few people will be able to afford homes, warns Lennar, the 2nd largest home builder in the United States!
https://x.com/Barchart/status/1851353213682790822
Job openings plunge in Sep while the big increase in Aug was revised (drumroll please…) way down; this proxy for labor demand is not only way below the pre-pandemic trend but is also nearing the pre-pandemic level, having been in a downward trend since early ’22:
https://x.com/RealEJAntoni/status/1851391222847586364
An Amazon warehouse worker’s ‘thank you’ bag for working Prime Big Deal Days earlier this month
https://x.com/msainat1/status/1851268155928162411
The dramatic softening of labor market conditions means workers are losing leverage and employers are gaining it back. This is why firms are forcing people back to the office, or those folks will lose their jobs – expect the trend to continue as it gets harder to get a new job:
https://x.com/RealEJAntoni/status/1851392631437136328
“Toronto condo prices plunge at record pace, leaving investors on edge.”
https://x.com/ShaziGoalie/status/1851427248173138396
The NFIB survey’s upward shock in the cost of short-term money for Mom & Pop businesses jumps off the chart. It has risen from 4.1% in summer 2020 to 10.1% this autumn. Market historians may recall that the prior peaks (August 2000 and December 2006) were horrendous entry points for the stock market and for general systemic risk.
https://x.com/JeffWeniger/status/1851406914183454932
Oh, I’m sorry. You *don’t* want one of our 100+ empty 1bd 1ba units @ $5,135+/mo?
The Lindley 1331 Columbia St, San Diego.
https://x.com/NotoriousAirbnb/status/1851058831574675864
Newly Delinquent (Performing Matured) Multifamily Loan
– Solano Vista Apartments in Glendale, AZ
– 352 units
– Purchased in 2021 for $56mm ($159K per unit)
– 1974 vintage
– Debt of $26mm ($74K per unit)
– The loan matured on 10/7/2024. The borrower has requested a 90-day extension to allow time to refinance.
https://x.com/aryal1994/status/1851415807193948629
The scale of the flooding currently unfolding in Valencia, Spain is unfathomable. This is footage from Chiva, where a jaw-dropping 343 mm of rain was recorded in just 4 hours earlier today, between 4:30 PM and 8:30 PM.
https://x.com/WxNB_/status/1851375012688658443
The car market bubble:
~33% of Americans who financed their cars now owe more on their loans than the vehicle is worth.
This represents 31 million auto-loan accounts registered by the Consumer Financial Protection Bureau.
Making things worse, used vehicle prices in the US have dropped by ~22% over the last 3 years.
Additionally, 24.2% of vehicles traded-in had negative equity in 2024, the most in 4 years according to Edmunds.
These borrowers owed an average of $6,458 more than their car was worth when they traded it in, the most on record.
https://x.com/KobeissiLetter/status/1851334716873719894
California Man Arrested For Showing I.D. To Vote
https://x.com/TheBabylonBee/status/1851309824769683756
Joe Biden used his Driver’s License to vote today.
Democrats are the biggest hypocrites on this planet.
https://x.com/SteveLovesAmmo/status/1850956160981151766
Used vehicle trade-in values have gotten decimated over the past year:
Nearly every brand has experienced a *double-digit* decline in value from last year…
The worst offender? Fiat, declining a whopping 21%.
The best performer? Toyota, dropping only 8%.
https://x.com/GuyDealership/status/1851268218712662273
Kyte, a SF-based rental car startup, is pulling out of most U.S. markets and laying off 40%-50% of its team. The company raised $250M in credit from Barclays & Waterfall plus over $200M in equity from investors like Goldman Sachs and Ares.
https://x.com/dedkatbouns/status/1851349275621671422
30-Year Mortgage Rates aren’t slowing down! Now at 7.37%, the highest level since early July
https://x.com/Barchart/status/1851417928001855862
Just read that they (Jaguar) sold only 8,284 vehicles in the U.S. in 2023
Eurotrash, and even by that low standard they are junky.
Lancaster Pa. Rental market has really slowed. Developers are extremely overbuilding 1-2 bedroom apartments. Too expensive. Won’t be a good ending.
No problem, FEMA can house illegals in them, until Tren de Aragua takes over the complexes
Dang, I didn’t even think about that. Because that’s exactly what globalist governments will do, is print money to pay high rent to those LLs. Get out and vote…
But barring that, most agents don’t survive in a decent market.
Meaning that there are WAY to many realtors. But what else are they going to do? Few have any marketable skills.
there are now less job openings than pre-pandemic – a real eye popper given that we have 15-20 million more people (possibly more) in the country
And few of them are qualified to do anything beyond push a broom. They will become a permanent dependency group.
“….And few of them are qualified to do anything beyond push a broom. They will become a permanent dependency group….”
And many of them don’t even have the motivation to push a broom.
Here in Calif, its now all about “Where is my free stuff?”
Here in Calif, its now all about “Where is my free stuff?”
The swan song!
The U.S. Housing Market is on the verge of a vicious cycle in which very few people will be able to afford homes, warns Lennar, the 2nd largest home builder in the United States!
When I was a kid, the neighbors had very ordinary jobs: mail man, supermarket clerk, car mechanic, etc.
Now it takes two Corporate America salaries to afford a shack.
Now it takes two Corporate America salaries to afford a shack.
‘Why doesn’t anyone want to work anymore?!’
These borrowers owed an average of $6,458 more than their car was worth when they traded it in, the most on record.
Why trade it in? Why not drive it until it’s paid off?
“…Why not drive it until it’s paid off?…”
Here in the OC, it’s all about social status.
People buying things they don’t need, with money they don’t have, to impress people they don’t know.
“People buying things they don’t need, with money they don’t have, to impress people they don’t know.”
Madison Ave!
“…Orange County in SoCal – Inventory up from last year by 50%. Prices and sales flat….”
I follow the local OC market (Irvine, Newport) pretty close.
Can confirm the market is DOA.
Stopped by in recent weeks to a few open houses to pickup flyers.
The REIConplex agents suddenly want to be your best friend.
In the past, would see flyers on my front door / mailbox from agents bragging about recent “SOLD!!” for some local address. No more. Haven’t seen one of those for at least a year ago summer.
“Nearly every realtor I have spoken with in the past month has told me their buyers are on the sidelines until the elections. Prior to that, their buyers were on the sidelines waiting for rates to come down.”
Love how realturds will pull stuff outta their a$$es and present it as fact. Ask one of them to back their statements with hard data and you’re sure to get one of those tilt your head and look stupid looks.
Jaguar went all in on the electric stuff. Went from being grand touring hot rods (at the expensive side) with some cool motors, to saying “we’re going all electric by ’25”
why would anyone buy one? Who the hell wants an electric quiet sports car? defeats the whole point.
Also Land Rover and Jaguar are owned by the same Indian company.
Jaguar went all in on the electric stuff.
Haven’t electricals been the bane of British cars since forever? Now they want to sell all electric cars? The jokes write themselves.
Indeed. The sun set on the empire decades ago.
Robbers use face ID at gunpoint to empty bank accounts in Little Rock
Little Rock police are investigating after robbers allegedly held people at gunpoint to steal money from their bank accounts using Face ID on their smartphones.
On Monday, two men in Little Rock were victims of the same crime where money was taken through an app while at gunpoint.
“It’s a new generation now. So digital money, everybody uses it,” one of the men said.
He did not want to be identified but told his story in hopes others would learn from it. He remembered an acquaintance taking his phone and pointing a gun at his face. Moments later more than $3,000 was withdrawn through his Apple Pay account.
“I had 33 cents when I called. They cleared everything,” he said.
Although Little Rock police said Monday that this method of aggravated robbery is new for them, less bold versions of digital wallet fraud are common.
Telcoe Federal Credit Union Senior VP Michele Beasley said usually someone you know steals small amounts under your nose over time. “We do get several calls a day about fraud,” Beasley said.
It could be a week or longer before the man who was robbed said he might get his money back through a claim.
“I just got to change my ways around. I ain’t using that Apple Pay no more,” he said. “I ain’t using that digital money no more.”
https://www.yahoo.com/news/robbers-face-id-gunpoint-empty-235310194.html
“I just got to change my ways around. I ain’t using that Apple Pay no more,” he said. “I ain’t using that digital money no more.”
But it’s soooo convenient!
Samsung’s sudden $122 billion wipeout shows the cost of sleeping on AI
Just a few months ago, Samsung Electronics Co. looked primed to benefit from the global AI boom: profits were surging and its stock was rising toward an all-time high.
Now, South Korea’s biggest company has become a stark example of how quickly fortunes can turn in an industry where the spoils go to those who maintain a technological edge.
As concerns mount that the company is losing out to smaller rival SK Hynix Inc. in AI memory and failing to gain on Taiwan Semiconductor Manufacturing Co. in outsourced chipmaking, Samsung shares have tumbled 32% from this year’s peak on July 9. The company has lost $122 billion of market value in that span, more than any other chipmaker worldwide.
https://finance.yahoo.com/news/samsung-sudden-122-billion-wipeout-220000518.html
Sweden’s Nuclear Revival Questioned as Green Projects Falter
Sweden’s nuclear revival risks being undermined as more companies pull the brakes on large power-hungry green projects designed to clean up some of the world’s dirtiest industries.
A policy U-turn that would entail a massive buildout of reactors, the first to come online in more than 40 years, now appears more unlikely as uncertainty grows over how much electricity the Nordic region’s biggest economy will actually need in the coming decades.
Tremendously costly and time consuming to build, the government’s plan has nuclear reactors becoming the main building blocks of the energy system way into the next century as everything from transport to heavy industries gets electrified. Makers of fossil-free steel, electric vehicle batteries, green hydrogen and potential marine fuel e-methanol would contribute to a large slice of the demand increase.
But now, the $100 billion green-tech revolution is wobbling. Europe’s first home-grown battery maker Northvolt AB is fighting for its survival and has scaled back all expansion plans. At the same time, iron-ore giant LKAB is curtailing plans to produce fossil-free sponge iron at a site in northern Sweden, and state-owned utility Vattenfall AB earlier this month halted a project to make sustainable aviation fuel that was initiated in cooperation with Shell Plc.
Those snags are casting doubt on a forecast underpinning the government’s plans, which sees electricity consumption doubling to about 300 terawatt-hours over the next two decades. Energy Minister Ebba Busch is undeterred: at a briefing last week she said she’s not concerned about building too much capacity.
“We have a giant journey to make to catch up, to get electricity production that also enables more consumption,” she said. “And Sweden has gained a lot of investments on the notion that we have a lot of fossil-free electricity at stable prices. We don’t have that anymore.”
https://www.yahoo.com/news/sweden-nuclear-revival-green-hangover-190000963.html
Commuter culture blamed for business downturn in neighboring Bay Area town
SAN JUAN BAUTISTA, Calif. – Rising housing prices in the Bay Area are pushing residents to distant suburbs with longer commutes. However, those commutes are hurting businesses in communities that are seeing the most growth.
In San Juan Bautista, located in San Benito County, a local restaurant that has been open for 42 years was set to close at the end of this month. However, on Tuesday, the owner of Doña Esther’s on Franklin Street told KTVU that the restaurant would reopen in November with a limited menu.
“Weekends were always packed with lots of tourism,” said Joshua Cousins, who worked at the restaurant in the 1990s and is now a realtor in the area.
Cousins said several factors, including the pandemic, accelerated the downturn in tourism but the commuter culture is one of the main reasons.
“People drive, you know, two or three hours one way just for work. They hit it two times a day, and you know whether that is just money or time spent in the vehicle, they don’t seem to come out as much for tourism or just eating out in general,” Cousins said.
San Benito County’s population has exploded from 37,000 in the 1990s to about double that today. However, this growth has brought challenges.
“We never thought anything of driving here it was close by and the traffic wasn’t this bad as it is now. Now, in 2024, do you think about coming here? No, I don’t come as often because the traffic is so bad,” said Carlson.
https://www.msn.com/en-us/money/realestate/commuter-culture-blamed-for-business-downturn-in-neighboring-bay-area-town/ar-AA1tajXr
$42 million buyout program announced for Rancho Palos Verdes landslide area
Rancho Palos Verdes officials, the Federal Emergency Management Agency and Gov. Gavin Newsom’s Office of Emergency Services on Monday evening, Oct. 28, announced a $42 million voluntary buyout program for property owners in the Greater Portuguese Bend area where land movement has damaged homes and forced the shutoff of gas and electricity to scores of homes.
Land movement on the Palos Verdes Peninsula has accelerated over the past year because of heavy winter rains, leading to damage to some homes in Rancho Palos Verdes, along with roads and other infrastructure. Indefinite gas and electricity shutoffs have impacted hundreds of property owners in the area, Gov. Gavin Newsom declared a state of emergency in the area last month.
The Voluntary Property Buyout Program, fueled by dollars from FEMA’s Hazard Mitigation Grant Program, is intended to help eligible homeowners relocate to safer areas by “offering a fair market value for their properties based on pre-disaster appraisals,” according to a city statement. Properties purchased by the city through the program will be turned into open space — and subsequently deed-restricted, preventing future development risks in the vulnerable areas.
“This is a voluntary program, I’m going to reiterate this is voluntary,” said RPV City Manager Ara Mihranian at the town hall. “We’re not using any form of eminent domain or anything like that. If you want to, you can start to proceed with the process. If you’re not interested, you don’t need to.”
Mihranian said there will be a priority order since the $42 million might not cover all the interested homeowners.
“The highest priority If you own a lot that has a structure that’s been red tagged, you will move all the way to the top of the the eligibility or prioritization,” said Mihranian. “if it’s a yellow tag structure, you come next.”
There are two red-tagged homes in RPV, Mihranian said, and “six have been yellow tagged.”
“The impact of these landslides has been devastating to cities on the Peninsula,” Hahn’s motion said, “which have seen land movement as rapid as 1 foot per week, causing homes to be torn apart and infrastructure to be compromised.”
https://www.msn.com/en-us/news/other/42-million-buyout-program-announced-for-rancho-palos-verdes-landslide-area/ar-AA1t88WK
So FEMA has money for this? Some animals are more equal than others.
Guberments state/local are chipping in. The details of it are at the link (I didn’t read that part because I could see it’s typical complicated confusion).
“The Voluntary Property Buyout Program, fueled by dollars from FEMA’s Hazard Mitigation Grant Program,…”
Nothing that I read in this article indicated that any state funds were involved. The State of California’s involvement is limited to the “announcement” to share in the glory of the giveaway by FEMA (other people’s money)!
‘
“So FEMA has money…”
…for blue state votes!
for blue state votes!
For upper class blue state voters.
Some animals are more equal than others.
Why doesn’t homeowners insurance cover this?
Rancho Palos Verdes was redlined a long time ago.
GUNTER: Politicians foisting ‘green’ technology on homeowners is driving costs up
If you want an example of how political decisions drive up the price of new homes, Alberta has two clear examples being introduced right now, one by the city, the other by the province.
City council is currently debating whether to make developers pre-wire all new homes for solar panels and electrical vehicle (EV) chargers. Municipal politicians and planners are not to the point yet where they will require all new homes to be powered by solar panels and contain chargers for EVs.
However, our local politicians are so “green” obsessed they are very seriously considering making homebuilders add thousands of dollars to the cost of your next home by insisting all future builds be ready for solar panels and EV charging stations.
There is some sense in having your new home ready for solar power and EVs — if that’s the way you (as the buyer) think you might eventually go. But the choice should be yours, not council’s.
My wife and I last year looked at having our home rewired for an EV charger. She doesn’t often drive out of town. And even if she had to go farther on occasion, so long as we had one vehicle (mine) that uses gasoline, I could always drive her urban EV while she was away.
She might some day buy an EV, so we thought we should look at the cost of pre-wiring for a charger.
An electrician who specializes in installing chargers quoted us $16,000, and that wouldn’t even get us a charger with enough umph to charge a car in under 10-12 hours.
The province is also changing the building code to ensure new homes are handicap-accessible, even if the current buyers are not disabled. This is a nice idea, but it too can add thousands of dollars to a new home’s price.
Five years ago, when Vancouver required builders to install door handles instead of doorknobs (because knobs are harder for disabled people to turn), the result was nearly a $1,000 increase in home costs even for buyers without mobility issues.
https://www.msn.com/en-ca/money/other/gunter-politicians-foisting-green-technology-on-homeowners-is-driving-costs-up/ar-AA1t8kq8
So, not surprising Biden thinks millions of US Citizens are “garage”.
Biden also has said that half the Country are Enemies of State and a ” threat to democracy.”
Anything that threatens the One World Order dictorship and that power grab is the enemy to those powers.
Everything that has been done by Biden/Harris in last 4 years was the Agenda of the WEF and their co conspirators.
They showed their true colors way back with Trump Russian hoax and than pre- planned Covid 19 assault , and everything else designed to destroy the USA and other Countries.
Can’t erase the true colors of this global insurrection against humanity by these Powers That be that are fraudulent scum of the earth.
Biden also has said that half the Country are Enemies of State and a ” threat to democracy.”
And those veterans need reprogramming too!
Democrats are running for every Florida legislative seat; some live hundreds of miles away
Florida’s Democratic Party boasted in this year’s election it was contesting every seat in the GOP-dominated Legislature for the first time in decades.
In at least eight House races and two Senate races statewide those Democratic candidates don’t live in the legislative districts where they are running, according to recent voter registrations, candidate filings and other government records. In some cases, they live hundreds of miles away from the voters they are courting, and many have struggled to raise enough money to compete credibly against Republicans.
Joel Vodola, 45, of Orlando is running for House District 118 – in Miami, more than 200 miles away. Days before Election Day, Vodola said in an interview he was still looking for a place to stay in South Florida. Vodola, the former manager of a steakhouse that closed during the pandemic, said he couldn’t afford to move sooner.
Democrats lost a tight special election in the district last year by only 540 votes out of 8,766 ballots. Vodola has raised only $2,600, including loaning his own campaign $800, and spent nearly all that money on his $1,782 in filing fees. That compares to incumbent Republican Rep. Mike Redondo, who reported nearly $125,000 in campaign contributions.
Charles Andrew Lewis, 68, a retiree in Tallahassee, was running for the Senate seat in District 39 in South Florida, more than 480 miles away at the other end of the state. Lewis, who didn’t return phone messages, hasn’t reported spending any money on the race so far. He is running against incumbent Sen. Bryan Avila, R-Hialeah Gardens, who last won the seat by more than 24 points and has amassed more than $86,000 for the election.
Along Florida’s Atlantic coast, Joseph Alejandro Martinez, 27, of Coral Springs was running against Republican incumbent Robert Brackett in District 34 in Vero Beach – more than 100 miles away from Martinez’s home. The last Democrat to run there got walloped by 36 percentage points.
Martinez, who hasn’t participated in news interviews during his campaign, estimated his net worth in campaign documents as $1,000 but listed no employment income and a $15,000 car loan. Martinez said he was renting a home in Broward County and planning to buy a home in the district. He ended the phone interview after a few minutes and said he didn’t have time to answer other questions.
With just days left before the election, Martinez has raised and spent zero dollars on the race. His opponent, Rep. Robert “Robbie” Brackett, R-Vero Beach, raised $108,222 and spent nearly half that amount, including $17,000 on campaign and finance consultants.
Some of the recruited candidates were in no mood to talk about their uphill campaigns. Samuel Chang, 26, of Tallahassee, was running 150 miles away in District 4 in Fort Walton Beach in Florida’s Panhandle. The last Democrat to campaign there, in 2020, lost the election by nearly 50 percentage points. Chang, who works for the state Education Department, told a reporter on the phone he was too busy with his campaign for an interview.
Chang has spent zero dollars on the race so far and has raised $2,395 – compared to $135,328 raised by Republican incumbent Rep. Patt Maney, an attorney. Maney won his seat unopposed two years ago. He spent $74,237 on this year’s re-election, including $55,094 on campaign consultants.
Amid interviews with beleaguered candidates for this news article, two Democratic activists contacted the journalists working on the story and urged them to abandon their reporting. They included Margie Stein of 140 Florida Blue, part of the Democratic Party’s efforts to recruit House and Senate candidates in every district.
“These are districts that are not necessarily winnable,” Stein said in a podcast interview last month.
She described the party’s strategy as forcing Republican candidates to spend money and attention on challenges in their own districts and trying to increase Democratic turnout statewide to win other, higher-stakes races. “They bring out votes,” Stein said. “So, the winner is the person in the state who gets the most votes.”
Stein also posted on social media warning other candidates about the media inquiries and taunting the reporters, who are undergraduates in the University of Florida College of Journalism and Communications, that they needed a refresher in high school civics.
Stein called the reporters after they tried to interview Stephanie Lyn Leonard, 62, of Panama City Beach, who is running more than 60 miles away in District 5 in Marianna, west of Tallahassee. Leonard, a nurse anesthetist, has spent about $6,400 on her race, mostly on yard signs and T-shirts. No Democrat has even run in the district since 2008.
“How do you expect to represent the residents of a district if you don’t know how or where they live,” said incumbent Rep. Shane Abbott, R-Marianna, who spent $81,722 on his re-election campaign.
https://www.msn.com/en-us/news/politics/democrats-are-running-for-every-florida-legislative-seat-some-live-hundreds-of-miles-away/ar-AA1t8xYW
Germany’s economy is stagnant. But its quarrelsome government can’t agree on a way forward
Germany’s economy is struggling and the governing coalition has a lot of ideas on how to fix it. But it can’t agree which the right one is.
The latest outbreak of infighting in Chancellor Olaf Scholz’s government has raised questions about whether it will get anything done in the 11 months before Germany’s next election is due — and whether it will survive until then.
There’s agreement that the state of the German economy, Europe’s biggest, demands action. It is expected to shrink in 2024 for the second year in a row, or at best stagnate, battered by external shocks and home-grown problems including red tape and a shortage of skilled labor.
But there’s no unity on the solution. As Finance Minister Christian Lindner put it last week: “There’s no shortage of ideas. What there is a shortage of at present is agreement in the governing coalition.”
On Wednesday, official figures showed unexpected economic growth of 0.2% in the third quarter compared with the previous three-month period, but economists say the broader picture is that Germany is still mired in stagnation.
Scholz’s center-left Social Democrats, Vice Chancellor Robert Habeck’s environmentalist, left-leaning Greens and Lindner’s pro-business Free Democrats — a party that in recent decades has mostly allied with conservatives — set out in 2021 to form an ambitious, progressive coalition straddling ideological divisions that would modernize Germany.
The government can point to achievements: preventing an energy crunch after Russia cut off its gas supplies to Germany, initiating the modernization of the military and a series of social reforms. But the impression it has left with many Germans is of deepening dysfunction.
“Each party is going its own way — you get the impression they’re already in election campaign mode,” Clemens Fuest, the head of the Ifo economic think-tank, told ZDF television. “If that’s the case, if the chancellor can’t manage to get the government to pull together, then they should actually end the coalition.”
https://www.msn.com/en-us/money/markets/germanys-economy-isnt-growing-but-its-quarrelsome-government-cant-agree-on-a-way-forward/ar-AA1tb2OP
Immigration changes a ‘black eye’ for businesses, families, students, warns B.C. lawyer
The federal government’s promise last week to reduce immigration numbers was “politically motivated” and will hurt local businesses, international students and families trying to bring loved ones to Canada, warns a local immigration lawyer.
“Businesses are going to suffer. The people on the ground right now — the workers here, the people on temporary status — are suffering. The students (are) totally gutted,” said Victoria immigration lawyer David Aujla. “We had a really pro-refugee, pro-humanitarian outlook, accepting people who were in crises. I think that’s going to take a big hit. I think Canada’s now got a black eye.”
There will be a 20 per cent cut in 2025 in the number of newcomers granted permanent residency. This move was made, in part, to address the country’s lack of affordable housing by limiting the amount of people competing for lower-market rentals and homes.
Aujla, though, argues Ottawa is unfairly deflecting decades of government inaction on affordable housing onto newcomers. He accused Ottawa of “immigrant bashing,” following the lead of U.S. Republican presidential candidate Donald Trump who has promised mass deportation of undocumented immigrants.
Will Tao, an immigration lawyer with the Burnaby law firm Heron, worries these changes are designed to “nudge” people to leave Canada if they’re facing long waiting times to become permanent residents. “They’re obviously scared and concerned,” he said of his clients.
The impact includes post-secondary schools losing a “cash cow” of funding by losing international students, who pay far higher tuition than Canadian youth.
https://www.msn.com/en-ca/news/canada/immigration-changes-a-black-eye-for-businesses-families-students-warns-bc-lawyer/ar-AA1t8eb2
“Businesses are going to suffer. The people on the ground right now — the workers here, the people on temporary status — are suffering. The students (are) totally gutted,”
Gee, what could they possibly do? Perhaps go home?
“pro-refugee, pro-humanitarian outlook, accepting people who were in crises”
Aren’t these students mostly from India and China? Not exactly countries in crises, the kind with refugees who need asylum. So if we’re looking at other countries in crisis, how many real refugees have enough education in English — equivalent of high school, I guess — to qualify as a student at a Canadian university?
They can go back.
‘I’m ready for an election’: Bloc beginning talks to topple Trudeau gov’t as ultimatum expires
Bloc Leader Yves-Francois Blanchet is starting to talk to other opposition parties about bringing down Prime Minister Justin Trudeau’s minority Liberal government.
Today was the Bloc-imposed deadline on the Liberals to help pass a pair of bills in exchange for their continued support on confidence votes.
The Bloc has now sent a letter to the House leaders for the Conservatives and New Democrats, starting the conversation.
“This is what we said we would do, and this is what we’re doing,” Blanchet said in French, adding that he believes the government is at risk of falling.
Yesterday, Poilievre pushed Blanchet to help him send Canadians to the polls, while accusing the separatist leader of delivering “nothing” for Quebecers.
Responding today, Blanchet said Poilievre needs to realize that to topple the government, their filibuster needs to end so that other matters, such as a motion of non-confidence, can be advanced.
“Despite the impoliteness and comments of Poilievre, he needs us. And he could start by saying please,” Blanchet said. “But we won’t be doing anything that’s in favour of Conservatives, but in favour of Quebecers. And toppling the government is in favour of Quebecers.”
https://www.ctvnews.ca/politics/bloc-leader-blanchet-starting-talks-with-other-parties-about-bringing-down-trudeau-s-liberal-gov-t-1.7090735
“Despite the impoliteness and comments of Poilievre, he needs us. And he could start by saying please,” Blanchet said
Monsieur Blanchet seems to believe that the conservatives won’t win a majority in Parliament and will have no choice but to form a coalition government with the commies.
We’ll see how that works out for him.
Conservative Leader Pierre Poilievre thinks it would be “not fair” for the Liberals to oust Prime Minister Justin Trudeau now, as in his view they are “morally obligated” to keep him.
Poilievre’s comments come ahead of another potentially significant Liberal caucus meeting Wednesday, during which members are expected to continue discussions around the party’s leadership and the next election.
“I think the Liberals are morally obligated to keep Justin Trudeau,” Poilievre told 580 CFRA’s The Morning Rush host Bill Carroll in a radio interview on Tuesday.
When asked whether a change in Liberal leadership would affect the Conservative’s election strategy, Poilievre said it wouldn’t, but “it’s not fair for them to just put on a new coat of paint to pretend like they’re something different.”
“Let’s not kid ourselves. All the Liberal MPs went along with the carbon tax,” Poilievre added. “They’re all to blame for his catastrophic record, and they should all have the integrity to stand by him.”
Poilievre said the Liberals should not “slink away” from their record, and that “they should run on it with Justin Trudeau as the leader.”
https://www.ctvnews.ca/politics/poilievre-says-it-would-be-not-fair-for-liberals-to-replace-trudeau-as-leader-1.7091116
Liberals are morally obligated
Moral obligation is not in them.
Democrats alarmed Harris’s economic message isn’t breaking through
Democrats are frustrated Vice President Harris hasn’t done more to sell her economic message and worry former President Trump continues to have a sizable advantage on what many voters say is their No. 1 issue.
Harris has focused on attacking Trump in recent weeks. But she has lost ground to him in the polls, as voters say they are less likely to be motivated by additional criticisms of Trump, whose flaws are well-known after standing in the national spotlight for more than eight years.
“Where I don’t think she’s done a good enough job is, [Trump] gets away with saying, ‘The economy is the worst it’s ever been, there’s more unemployment, inflation is the highest it’s ever been.’ None of that is true,” said Steve Jarding, a Democratic strategist.
“It’s almost like he lies so much you get tired of refuting it, and I think that’s a mistake,” he said, referring to Trump’s ability to frame the Biden economy to voters.
One major Democratic donor told The Hill that Harris hasn’t properly made the case on the economy. “Her economic message hasn’t broken through,” the donor said. “And the economy is the issue most people care about. She narrowed the gap a little on the issue, but she’s left a lot of people wondering about her vision.”
Robert Reich, who served as secretary of Labor under President Clinton, wrote Monday that Harris’s message needs to “center on anti-elitist economics.”
“When all of [the polls] show the same thing — that Kamala Harris’s campaign stalled several weeks ago yet Trump’s continues to surge — it’s important to take the polls seriously,” he wrote in an essay published on Substack.
“She needs to respond forcefully to the one issue that continues to be highest on the minds of most Americans: the economy,” he said.
A Democratic strategist agreed that Harris’s messaging on the economy “left a lot to be desired.”
“I still think there are folks out there who can’t tell you what she plans to do,” the strategist said. “That should have been something our side hammered home every day.”
https://www.msn.com/en-us/news/politics/democrats-alarmed-harris-s-economic-message-isn-t-breaking-through/ar-AA1t7Mjf
Democrats alarmed Harris’s economic message isn’t breaking through
Oh, its breaking through just fine, as middle class households have to rely on increasing CC balances to make ends meet,
I’m not feeling the “joy” in paying $40 for a single bag of groceries.
“Where I don’t think she’s done a good enough job is, [Trump] gets away with saying, ‘The economy is the worst it’s ever been, there’s more unemployment, inflation is the highest it’s ever been.’ None of that is true,” said Steve Jarding, a Democratic strategist.
The time for gaslighting is past, Dems. Skyrocketing CC debt, rising credit and loan delinquencies speak the truth.
Denver City Council member calls to defund city’s Street Engagement Team
Denver City Council could be looking to change how money is spent to address homelessness in the city.
City Council member-at-large Sarah Parady has started that push, wanting to defund the city’s Street Engagement Team in the next city budget. With support from other council members already secured, that amendment could be made to the city’s budget before a final vote next week
“I think we’ve reached the point and time where we should really move that team,” said Parady.
The current role of the SET is to engage with the city’s homeless population and offer outreach solutions. But Parady said it hasn’t been effective.
“They will essentially just tell the person to move along,” she said. “It’s fairly rare for them to make a connection to a resource and when they do, it’s actually usually over to another city team so then you’re just kind of duplicating and bouncing people around.”
https://www.msn.com/en-us/news/us/denver-city-council-member-calls-to-defund-city-s-street-engagement-team/ar-AA1t2mvp
Denver City Council member calls to defund city’s Street Engagement Team
They need the money to house and feed illegals.
Yup, she’s going to need Pelosi’s plastic surgeon to tighten up that horse face after this is all over.
Trump War Room
@TrumpWarRoom
Kamala is exhausted — cracking under the rigors of a presidential campaign after she was installed as a nominee who didn’t earn a single vote. Yikes!
9:59 AM · Oct 30, 2024
·
https://x.com/TrumpWarRoom/status/1851625000589042124
rigors of a presidential campaign
What campaign? She won’t even talk with Joe Rogan.
“…who didn’t earn a single vote.”
She earned Willie Brown’s vote!
Here we go again, I wonder if they will have votes for Trump being rolled back on live tv like they did last time?
‘Election Results’ Shown on a Pennsylvania TV Station Were a System Test
The station has said the results aired mistakenly
By Alex Demas
Published October 30, 2024
ccording to several viral social media posts, a television station in Pennsylvania accidentally posted the state’s presidential vote results more than a week before the 2024 general election.
“A local PA news station did a system ‘test’ for election results this weekend. You’ll never guess what the ‘results’ were,” one X post says. Attached is a screenshot of a broadcast by WNEP 16—an ABC affiliate covering northeastern Pennsylvania—that shows 2024 election results at the bottom of the screen.
The results show Kamala Harris defeating Donald Trump in Pennsylvania with 52 percent of the vote.
“Wasn’t it like Venezuela that did this, too, where they accidentally released some vote totals a few days before the election?” asked one response to the post. “Too big to rig! We can’t let them steal another election,” says another.
The image also spread to Facebook, where users claimed it was proof that Pennsylvania vote totals were being rigged. “So has anyone seen this yet??? WNEP accidentally aired these PA results for the upcoming election!! And you’re going to tell me they don’t cheat??” said one user.
The images are real, but the claim that it demonstrated election fraud in Pennsylvania is false. WNEP said the results were broadcast accidentally as part of a test by the station and did not show real vote totals.
https://thedispatch.com/article/election-results-shown-on-a-pennsylvania-tv-station-were-a-system-test/
Real Journalists.
Yep, yellow journalism.
Donald J. Trump
@realDonaldTrump
Wow! York County, Pennsylvania, received THOUSANDS of potentially FRAUDULENT Voter Registration Forms and Mail-In Ballot Applications from a third party group. This is on top of Lancaster County being caught with 2600 Fake Ballots and Forms, all written by the same person. Really bad “stuff.” WHAT IS GOING ON IN PENNSYLVANIA??? Law Enforcement must do their job, immediately!!! WOW!!!
1:04 PM · Oct 29, 2024
·
27.6M
Views
https://x.com/realDonaldTrump/status/1851309196827828616
RFK Jr.: USDA
Robert F. Kennedy Jr.
3 hours ago
When President Trump gets me inside the USDA, we’re going to give farmers an off-ramp from the current system that destroys soil, makes people sick, and harms family farms.
https://www.youtube.com/watch?v=FUqUcbs7yb8
2:30.
I need your assistance. I live east of Colorado Springs where most houses have acreage and are homesteads. We have a builder who wants to put up 8,000+ homes and town homes in this cattle pasture across the street from us. In fact they want to put 40 town homes per acre across from folks with 1 house per 40 acres. The city and county councils’ meetings are coming up in November to discuss this development. Do you have any references or arguments I can use to discourage this development? No one around me wants this built. It will literally ruin this part of Colorado.
Move now before it gets built and you have to disclose it.
The only thing that speaks is developer’s money. I have never seen a development get whacked down. Citizens? who cares, they don’t pay any taxes or brown envelopes. Black pill but there’s no fixing the system by the system.
50 years in colorado (now i’m gone)
8000 new homes when existing homes are becoming harder and harder to sell? Where will they get the water rights?
As for how to stop them, there’s a good chance that brown envelopes are involved. If that is the case you will be hard pressed to out bribe the developers.
Thanks for your responses – that’s what I thought. I’m hoping this housing situation stalls the home building for a while.
Had an interesting conversation today with a neighbor who’s wife is a realtor. Asked how that whole seller doens’t pay the buyer’s realtor anymore thing is going?
He said he didn’t know much but he did know that anytime they showed a house (as seller’s agent) they were “required” (his words) to get the buyer to sign a representation agreement with them.
I asked how that helps the seller? I see just fine how it helps the agent, but I dont’ see how that helps the seller.
Realtors are cutting their own throat.
Tulsi Gabbard’s Emotional Speech
1 hour ago
In this passionate speech, Tulsi delivers an emotionally charged critique of Kamala Harris’ foreign policy stance and her disregard for the military.
https://www.youtube.com/watch?v=XvWhKGfpcaE
15:34.
‘told the Business Observer: ‘You know, if you’ve got folks who can’t afford to live in the place they’ve got to go and find somewhere else. And as we are already hearing, in the current economic environment, buying is not an option and renting as well. What do you do if you’ve lost your original purchase — that two-bedroom, two-bathroom condo that was affordable five years ago for $300,000? What are you doing now if you’ve got to sell it at a $100,000 hit, and you’re barely breaking even? It’s a quandary for a lot of the fixed income folks in our state’
It was still way cheaper than renting condo market expert.
‘The ad states, ‘Must not have a criminal record, any addictions, or pets. No guests, ever … sorry bout that, but seriously, who’d want to come visit this place?’
Yer going to end up with a squatter who won’t leave. Puts his feet on yer breakfast table scratching his a$$.
‘a proposition for Denver renters struggling to find a place to live that won’t bust their budgets. Would they take a studio apartment in a renovated skyscraper for $850 a month, under half the going market rent, with the catch being that they would have to share bathroom and kitchen space and likely skip a parking spot?…proposing a co-living, aka dormitory approach, as the answer to two problems — creating more affordable housing units and saving Denver’s aging skyscrapers, many of which face economic obsolescence. Office-to-residential conversions have been a hot topic the past couple of years, especially after the shift to remote work during the pandemic left many of the city’s signature office buildings half-empty and in default on loans. But initial optimism has turned to pessimism over conversion costs and engineering challenges’
This is central planning, these are technocrats. They built cities all over the globe no one needs, but they will fix it.
‘the losses will likely reach all the way up to buyers of the AAA portions of the debt’…‘There will be deals that are horrific, where the AAAs may not be paid off in full and there’s basically no bid for the asset’…‘The investment community thought the real estate would never become obsolete. It ended up being wrong’
So it will be different this time TJ.
They’ll Do Anything But Drop The Price (GTA Condo Real Estate Market Update)
Team Sessa Real Estate
21 minutes ago TORONTO
This episode looks at the current GTA Condo Markets – Toronto, York Region & Peel Region for the week ending Oct 23, 2024. We also discuss how builders will offer over-the-top incentives but refuse to lower their prices.
https://www.youtube.com/watch?v=25XsJSdh_O8
14 minutes.
Paul Krugman is a lying sack of sh*t, and the NYT paid him to publish these four paragraphs (Real Journalists):
“Polling suggests that as we go into Election Day, the Republicans’ advantage on the economy is substantially smaller than it was a few months ago. But if you look at the numbers, what’s astonishing is that the advantage doesn’t go the other way.
Wednesday’s data release on gross domestic product for the third quarter, the last one before the election, paints a portrait of remarkable economic success. One way to see how amazing that success has been — The Economist calls it “glorious” — is to compare where we are now with Congressional Budget Office projections released in January 2020, before Covid struck.
At the same time, inflation looks beaten: The Federal Reserve’s preferred measure of underlying inflation is close to its 2 percent target. What looked like a bump in inflation early this year was probably just a statistical blip …
Today’s political scene being what it is, Republicans will continue to denounce Biden-Harris economic policies as a failure. But if this is failure, what would success look like? Claims that we have a bad economy are about as credible as claims that armed migrants have taken over Times Square.”
https://archive.ph/q9XSl
Had to throw in the dig at the end there about your 20 million illegals, confirming what we all know, Parasite Class like yourself seek nothing but to destroy Western Civilization, while looting all of its money to send to Israel. Remember when the King of England kicked them all out of England eight centuries ago for “coin clipping” shaving the edges off of gold and silver coins?
Don’t remember that one? They don’t teach that in the taxpayer funded public education “system” and never will.
It’s bigger than an election, it’s about the needed removal of the Parasite Class from this country, permanently.
Just come out and say it, Washington Post, all online content moderation should be managed by Big Government.
“When Elon Musk acquired Twitter in 2022, he laid off swaths of workers tasked with moderating the platform and embraced an experimental approach: asking users to fact-check one another.
Musk has touted the crowdsourcing program, called Community Notes, as “the best source of truth on the internet.” But the majority of accurate fact checks proposed by users on political posts are never shown to the public, according to research from the nonprofit Center for Countering Digital Hate (CCDH) and a separate data analysis by The Washington Post — suggesting that the feature is failing to provide a meaningful check on misinformation.”
CCDH = yet another White Genocide “non-profit” organization.
“Despite such findings, the shortcomings of Community Notes rankle volunteers such as Marco Piani, who spend time crafting notes backed by reputable sources to fight misinformation on X. The 47-year-old physicist, who lives in Canada, has suggested notes on topics including coronavirus vaccines and diversity, equity and inclusion programs but said his proposed notes are rarely voted into public view.
He often watches misleading posts rack up hundreds of thousands of views while other Community Notes users spend days arguing over whether an accurate proposed note is necessary. “It is frustrating,” Piani said. “You’re trying to set the record straight on basic facts, and essentially it is lost like tears in the rain.”
https://archive.ph/ohzZV
Those aren’t tears in the rain, Marco. You pissed your pants. Again. It keeps happening. Go get your 15th booster.
Comedian’s job is to tell jokes right? Even offensive ones? It seems like people on the Left on selective rage
https://www.youtube.com/watch?v=J3cEaxiaBmE&t=70s
It’s clutchin’ time. Clutch those pearls harder.
“Robert F. Kennedy Jr., whose anti-vaccine history attracted right-wing followers to his failed presidential bid, said Donald Trump has pledged to give him “control” of the Centers for Disease Control and Prevention and other agencies if victorious in the election.
The former independent candidate, whose own political family dynasty disavowed his views on COVID-19, made the stunning remark in a livestream to followers, according to CNN. The network said it obtained video of it.
Kennedy named umbrella agencies over which he’d preside in some fashion, including the U.S. Department of Health and Human Services and the U.S. Department of Agriculture.
“The key that I think I’m ― you know, that President Trump has promised me is ― is control of the public health agencies, which are HHS and its sub-agencies, CDC, FDA, NIH and a few others, and then also the USDA, which is ― which, you know, is key to making America healthy. Because we’ve got to get off of seed oils, and we’ve got to get off of pesticide-intensive agriculture,” Kennedy said.
https://www.huffpost.com/entry/robert-f-kennedy-jr-control-cdc-trump_n_6721f8fbe4b03a564e7cbb96
Get off seed oils?
Remember when they closed all the GYMS (including the exercise room at the building I lived in) but kept open all the drive thru McFood “restaurants” and liquor stores and weed dispensaries?
Remember that one?
Never forgive, never forget. Fauci, and everyone with him, will meet their deserved fate with the noose ☠️
New York Times — They Used to Be Ahead in the American Economy. Now They’ve Fallen Behind (10/26/2024):
https://archive.ph/AxnfY
Ask yourself, are you any better off now than you were four years ago?
More involuntary urination.
The Atlantic — Elon Musk Wants You to Think This Election’s Being Stolen (10/30/2024):
“Only Musk can know what he thought he was buying two years ago, though it seems clear the purchase was ideological in nature. In any case, the true value of X—the specific, chaotic return on his investment—has become readily apparent in these teeth-gnashing final days leading up to November 5. For Musk, the platform has become a useful political weapon of confusion, a machine retrofitted to poison the information environment by filling it with dangerous, false, and unsubstantiated rumors about election fraud that can reach mass audiences. How much does it cost to successfully (to use Steve Bannon’s preferred phrasing) flood the zone with shit? Thanks to Musk’s acquisition, we can put a figure on it: $44 billion.”
Just say it: Shut it down. The Euro-NPC’s all want to.
“Nothing better encapsulates X’s ability to sow informational chaos than the Election Integrity Community—a feed on the platform where users are instructed to subscribe and “share potential incidents of voter fraud or irregularities you see while voting in the 2024 election.” The community, which was launched last week by Musk’s America PAC, has more than 34,000 members; roughly 20,000 have joined since Musk promoted the feed last night. It is jammed with examples of terrified speculation and clearly false rumors about fraud.”
https://archive.ph/ErGDz
President Trump climbs into a garbage truck wearing a reflective vest, shuts the door, looks at the real journalists from the fake news media and says… Any questions? LMAO
Oct 30, 2024
Former President Trump speaks to reporters from a garbage truck before his campaign event in Green Bay, Wisconsin.
https://youtu.be/rcvf-3w1_cA?si=TvRFQPSMWmjAN4yY
“President Trump climbs into a garbage truck…”
Brings tears to my eyes! LMFAO!!
Kyle Becker
@kylenabecker
DOMINION.🚨
Secretary of State Jocelyn Benson announces a *NATIONWIDE* issue affecting certain Dominion voting machines.
Benson said that split-ticket voters using a Dominion ICX Voter Assist Terminal (VAT) on Election Day should “be prepared for straight-ticket/split-ticket programming issues when marking their ballot.”
“Yeah, this is a nationwide issue with Dominion voter access terminals in, in the counties that use them in the voter access terminals,” Benson said. “Of course, not all the machines, just the ones that are accessible, have an issue. With the straight-party voting and a programming issue, that’s again affected the machines nationwide.”
Benson then said she was “unhappy” to learn that the voting machines actually contained flaws.
“I think all of us who used Dominion machines were unhappy to learn about this during the testing period and as early voting began, so we’re working with Dominion to seek accountability on that front, and also are working with our clerks to ensure voters are aware of this programming issue that will require them to ensure they are voting every section on the ballot,” she added.
According to WLNS, if a VAT (Voter Assist Terminal) user selects a straight-party vote and then chooses to split their ticket, they will receive an error message. However, they will still have the opportunity to correct the error and cast their ballot. This issue does not impact which candidates or issues a voter selects, but it may cause an inconvenience for VAT users who vote split-ticket.
The Department of State has indicated that the issue cannot be resolved before Election Day next week, though a fix is planned for future elections.
It is unknown if Dominion Voting Systems will sue the Michigan Secretary of State for pointing out the voting machine errors.
Last edited
1:57 PM · Oct 30, 2024
·
https://x.com/kylenabecker/status/1851684747799334923