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It May Already Be Too Late For Some Of Us Who – Sincerely, But Foolishly – Believed In The Dream

It’s Friday desk clearing time for this blogger. “‘Buyers in this current end-of-year market are finding gifts on a level rarely offered. Of the homes sold in November, about 50% had at least one price reduction before going under contract, and roughly 60% of the sellers provided concessions to buyers, many in the form of interest rate buydowns or repair credits,’ said Amanda Snitker, the new chair of the Denver Metro Association of Realtors Market Trends Committee and an area Realtor.”

“Anne Tuckett, a local realtor, explained why Utah continues to attract homebuyers. ‘Utah has a desirability to it,’ she said. Tuckett has been assisting 26-year-old Jennifer Nastroianni in purchasing her first home. Interest rates have fluctuated, but the pair has adapted. ‘Because the interest rates had gone up, my real estate agent was able to negotiate a lower offer than I had originally asked for,’ Nastroianni said.”

“Mary Fullerton lives in an elevated Crystal Beach home with an enclosure behind her garage. Hurricane Helene wiped everything away in September. Now, she said her flood insurance is leaving her high and dry. ‘This is my denial letter from Wright saying that you get nothing,’ Fullerton said. ‘You pay and pay and pay for the last five years, and then when you need it you get no coverage.’ The flood designation requirements apply to homes built after 1975 in Pinellas County, and Fullerton’s home was built in 1988. ‘That’s all news to me,’ she said. For Fullerton, seeing her flood insurance rates double since 2019, she feels this was a loophole she missed. Now, she is left with nothing to help rebuild her downstairs.”

“When I reached the difficult decision to sell my beloved cottage on Lido Key two years ago due to the encroachment of ‘hotel houses’ on all sides, I was persuaded that moving to a condominium – smaller and with no yard to maintain – would simplify my life and leave me more time for the things I love. Even when those fees went up before I’d had a chance to move in, for 11 months I thought I’d made the right decision. Then came the summer just passed and back-to-back hurricanes, both of which flooded my unit, destroying much of what was inside and nearly everything outside. That was devastating enough, but it was merely the opening salvo. Because, like so many others in Florida’s coastal communities, I am now caught in a financial tsunami worse than any flood – rapidly rising maintenance fees and major, ongoing special assessments.”

“Meanwhile, I am paying these costs while paying for housing elsewhere as my apartment, its interior gutted, remains unlivable while insurance claims that will cover only a fraction of its necessary repairs, are being settled. I’m told a neighbor who recently decided to get out at any cost sold for less than half of what I paid for my unit. At a less-than-optimal age, I could search for a more lucrative full-time job that might help cover the ever-escalating costs of staying put and replacing everything I lost. I can walk away at a near total loss. Or I can hope that the developer who has expressed an interest in buying the entire complex can convince those uninterested in selling to change their minds. Worst of all, it has pitted me against some of my neighbors, longtime owners whose apartments were unharmed and who can manage the rising costs. In the past month, I’ve been the recipient of both empathetic encouragement and blatant hostility that has depressed me as much as my financial situation. It would behoove those with the knowledge, power and creativity to address this impending crisis to seek long-term solutions before things get any worse. It may already be too late for some of us who – sincerely, but foolishly – believed in the dream.”

“After years of grappling with skyrocketing homeowners insurance premiums, relief may finally be on the horizon—but it won’t come quickly. The ongoing crisis is also having a ripple effect on the New Orleans real estate market. ‘You can’t buy a house or sell a house if you can’t afford the insurance,’ said Ron Henderson, Louisiana’s deputy commissioner of insurance. High insurance costs are forcing some homeowners to make difficult decisions. ‘What we have seen on our appraisal side of the business is people getting appraisals to determine their home’s value because they’re going to have to sell—they just can’t afford the insurance,’ said Albert Pumila, a real estate broker and licensed appraiser.”

“The attorney for radio talk show host DJ Envy, whose real name is Rashaun Casey, is blasting investors who say they were victimized in a real estate scheme orchestrated by the celebrity’s former business partner. In October 2023, federal authorities in New Jersey charged Cesar Pina, nicknamed ‘Flippin’ NJ, with wire fraud, accusing him of running a Ponzi-type real estate enterprise offering investors an opportunity to flip houses in distressed New Jersey neighborhoods. Pina often appeared on Envy’s syndicated radio show, The Breakfast Club. By that time, several investors who paid anywhere from $100,000 to a million dollars, had filed civil lawsuits against Cesar, his wife, and Casey. Cesar’s attorney tried to delay the civil lawsuits because of the criminal case, but a judge recently denied that request.”

“‘I would estimate that between $25 and $50 million that was taken from bank accounts,’ said Alexander Schachtel, who represents 12 investors. Attorneys for alleged victims claim Envy/Casey should be held liable for promoting Pina. ‘None of us would have invested with Cesar if it had not been for Envy’s endorsement,’ said Luis Hernandez, who paid $250,000 to invest.”

“Los Angeles officials tasked with enforcing the city’s years-old vacation rental rules said this week that illegal activity on booking websites remains widespread. While city officials debate how to crackdown on operators flouting the law, many smaller hosts say they believe the city’s rules have been impossible to navigate. Frank Krentzman said he rents out a single-family home he owns in Venice while living in a smaller unit on the same property. ‘They make the rules impossible to follow,’ Krentzman said, adding that it’s been impossible to reach people in the city’s Planning Department by phone or in person to figure out paperwork issues. ‘I comply. The city treats me like I’m a criminal at every turn.'”

“Councilmember Bob Blumenfield expressed reservations about hiring new staff to enforce the rules at a time when the city’s budget is strained. Instead, he pushed for setting up a ‘bounty system’ that would allow members of the public to sue illegal vacation rental operators and collect penalties through a private right of action. ‘We would empower the public to go after illegal rentals,’ Blumenfield said. ‘That would save us a lot of resources, too.'”

“170 Sudbury St., No. 513, Toronto. Asking price: $450,000 (October, 2024). Previous asking price: $479,000 (September, 2024). Selling price: $425,000 (November, 2024). This one-bedroom unit in a 10-year-old building near the railway corridor cutting across Queen and Dufferin streets was listed before the owner could complete some upgrades. To offset the inconvenience for the next owner, the price was set at $479,000. One buyer did bite during the first month, but the offer fell apart. ‘The condo needed a little fix-up here and there, so it was priced accordingly,’ said agent Ira Jelinek. ‘The list-to-sell ratio for condos in Toronto is under 50 per cent, so every time someone wants to sell a condo or puts it up for sale, you have less than a 50 per cent of getting it sold.’ Not ready to give up, the seller reset the price to $450,000. The strategy succeeded in reeling in a few more visitors and eventually resulted in a solid deal – for $25,000 under the reduced priced. ‘Lately, there’s a big slew of one-bedroom condos and lofts for sale downtown,’ Mr. Jelinek said. ‘We tried to get some investors to come through, but it turned out to be all end-users.'”

“The capital region alone has thousands of vacant new homes. Oikotie had about 3,650 vacant net homes in the region on its listing service, including 1,930 in Espoo, 1,240 in Helsinki and 490 in Vantaa. Helsingin Sanomat wrote that some of the leading residential constructors have become increasingly willing to entertain offers and enter into negotiations over price and other terms to spur the sales of new homes. ‘At the moment, we’re negotiating intensively about both prices and other terms related to the transaction,’ Pekka Helin, the director of housing services at YIT, commented to the newspaper. ‘We’re trying to reach a solution that satisfies both parties. There isn’t a specific amount [for discounts]. Let’s just say that we’ve got a variety of offers. People may ask for discounts of up to 30–40 per cent, but these aren’t something we’re prepared to do.'”

“The company has refrained from adjusting the listing prices because the values were determined at the start of construction. ‘The value is made up of the price level in the area. In Westend, for example, you’re in a high-end area. You can’t say the prices are inflated. We won’t start talking about the margins of individual flats,’ said Helin.”

“Experts in Melbourne say the housing market is in such dire straits that it’s changing forever the traditional perception of property as a wealth-creation investment. With apartments selling for 15-20 per cent less than their purchase price and some houses registering losses even after being held for eight years, few can see much improvement in the near future. ‘Prices are so weak, you can even buy an apartment in Melbourne now for about 30 per cent less than it would cost to build it,’ said Steve Fitzsimon, director of business growth at Melbourne Real Estate. ‘An apartment in Richmond that would cost $14,000-$15,000 a square metre to build and sell, i.e. around $700,000, you can pick up now for $500,000 or less.'”

“Jacob Caine, president of the Real Estate Institute of Victoria, said prices were so dire that a friend who bought a two-bedroom terrace house in Collingwood in 2017 for $1.3 million recently only managed to sell it for $1.15 million. Continued high interest rates and that despised land tax have also led to an exodus of investors from the market, creating more rental property shortages and pushing rents even higher. ‘There’s just a pervasive sense of doom and gloom, and consumer confidence is low,’ Caine said.”

“Korea’s real estate market is entering an even more sluggish phase following President Yoon Suk Yeol’s sudden declaration of martial law and the National Assembly’s subsequent reversal of the decree. Although the emergency status lasted just six hours, it fueled concerns about the domestic housing market among potential buyers and sellers, who have become increasingly skeptical about the stability of the government’s housing and real estate policies. ‘What will happen to the president and whether the administration’s real estate policies will be affected by the outcome are the questions on everyone’s mind right now,’ a realtor agency operator in Seoul said. ‘Who will want to come and see an apartment to buy at this point?'”

“Realtors said the longer the martial law fiasco continues, the more the country’s economic policies will remain influenced by it. In the long term, market demand will stay low and negatively impact real estate value. ‘It’s evident that more people will stay put, not buying, while the market keeps shriveling,’ another realtor agency operator in Seoul said. ‘But how fast this fiasco is wrapped up may present varying consequences. If done quickly, the impact will be weak. Otherwise, the blow will be severe.'”

“A Chennai-based Unitech homeowners’ association has addressed a letter to Chief Justice of India (CJI) Sanjiv Khanna, appealing to him to adjudicate the long-pending case related to the real estate company’s unfinished housing projects. The letter says ‘nearly 13,000 families’ are in a state of ‘unprecedented mental agony’ and ‘financial turmoil.’ The plight of senior citizens is worse due to their advanced age and vulnerabilities, it adds. ‘We look up to the Supreme Court as the beacon of hope for justice, and we believe that your leadership can bring an end to this prolonged ordeal. We kindly request you to consider our plea and take necessary steps to accelerate the proceedings, thereby providing much-needed relief to thousands of struggling families,’ the letter says.”

“Speaking to ThePrint, Iyarappan B, president of the association, said: ‘Before the SC took charge of the matter, the old board (of directors of Unitech) had shown some progress in construction. With the SC taking over, it (the case) has like totally stalled for us. I cannot blame the SC only. But it’s painful. There are no construction updates, especially for projects in Chennai and Bengaluru.’ The original plan proposed 18,786 residential units and 1,860 commercial units. Today, nearly 10,000 homebuyers are waiting for possession of flats, whereas the bulk have stuck to their demand for refund.”

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This Post Has 97 Comments

  1. ‘They make the rules impossible to follow,’ Krentzman said, adding that it’s been impossible to reach people in the city’s Planning Department by phone or in person to figure out paperwork issues. ‘I comply. The city treats me like I’m a criminal at every turn’…Councilmember Bob Blumenfield expressed reservations about hiring new staff to enforce the rules at a time when the city’s budget is strained. Instead, he pushed for setting up a ‘bounty system’ that would allow members of the public to sue illegal vacation rental operators and collect penalties through a private right of action. ‘We would empower the public to go after illegal rentals,’ Blumenfield said. ‘That would save us a lot of resources, too’

    Now you got a lawsuit on yer hands Frank.

  2. ‘Now, she said her flood insurance is leaving her high and dry. ‘This is my denial letter from Wright saying that you get nothing,’ Fullerton said. ‘You pay and pay and pay for the last five years, and then when you need it you get no coverage’

    Insurance doesn’t work if they have to pay Mary.

    1. I didn’t understand but I read the article and it’s pretty clear why insurance didn’t pay. (cliff notes: her house is raised up, but the garage has an enclosed living space that got flooded, the part above mean flood level (per the maps) is insured (her house which was undamaged), the garage and added on living area is not insured and was damanaged (as it’s below mean flood level)(basically a rec room, not allowed to be bedrooms per the article). This makes complete sense. I’m sure it’s laid out in the contract. People not understanding what they sign up for doesn’t make me feel sorry for them.

      1. The homeowner is a victim. Someone should’ve held her hand and walked her through the fine print. Where’s yer compassion?

        1. Technically, an agent sold or renewed her property insurance policy that she didn’t fully understand. Since that agent likely collected a commission they have a limited fiduciary responsibility to explain the disclaimers.

  3. ‘I can walk away at a near total loss. Or I can hope that the developer who has expressed an interest in buying the entire complex can convince those uninterested in selling to change their minds. Worst of all, it has pitted me against some of my neighbors, longtime owners whose apartments were unharmed and who can manage the rising costs. In the past month, I’ve been the recipient of both empathetic encouragement and blatant hostility that has depressed me as much as my financial situation’

    I came across something this morning that will really ruin yer day Carrie:

    Court decision hurts Florida condo owners wishing to sell | Opinion

    With critical deadlines coming at the end of this year, condo owners are facing dramatically and unexpected increased costs and the potential of having to leave their homes — but indecision from the Third District Court of Appeal over a key case is creating a market standstill, and threatening the homes and livelihoods of thousands of condo owners.

    By the end of 2025, condo associations will have to have assessed and begun the collection of funds required to address structural issues.

    For many older condominiums, the cost of owning a condominium unit is going to increase dramatically. Thousands of Floridians will face astronomical hikes in condo association fees and special assessments, and the number of bankruptcies and foreclosures in the state is expected to skyrocket.

    Condo owners may effectively have only one option remaining: agree to a bulk sale with a developer and the termination of their condominium declaration. In many cases the land underlying the building is very valuable and can actually result in unit owners getting a higher price per unit than they normally would in the market.

    At least that was an option, until a court ruling in March created a significant legal obstacle for developers to pursue bulk acquisitions.

    The ruling from the Third District Court of Appeal interpreted a provision of the condominium declaration to require 100% approval for the bulk acquisition, contrary to existing court decisions and the understanding of practitioners in the market. That means condo associations now need to reach a much higher threshold of approval by unit owners in order to be able to sell their property to a developer.

    Under this decision, one unit owner can effectively halt a bulk acquisition by filing a lawsuit.

    The decision has chilled the market. In-progress condo terminations have been left in limbo, and developers are backing away from any deal that has anything less than unanimous owner alignment — something that’s almost never seen.

    It’s a decision with massive implications, and if the Third District Court of Appeal does not reverse its decision in a rehearing, the case is expected to be appealed to the Florida Supreme Court.

    Billions of dollars are on the line, and thousands of Florida condo owners may be negatively impacted if they cannot find a financial resolution before the Structural Integrity Reserve deadline at the end of the year.

    https://www.msn.com/en-us/money/realestate/court-decision-hurts-florida-condo-owners-wishing-to-sell-opinion/ar-AA1vnNL8

    2. “By the end of 2025, condo associations will have to have assessed and begun the collection of funds required to address structural issues.”

      This is already ugly and the curtain hasn’t been pulled back yet.

      The small number of condos I know of with problems include one on the ocean in a high rent hood with $190k per unit assessments for balconies and breezeways with more coming.

      1. who knew that blowing off maintenance in a high maintenance area (seaside) for 20 to 50 years could lead to higher costs and more damages down the road. They law has been on the books for a few years, they had plenty of time to get out but they continue to choose poorly.

    3. The ruling from the Third District Court of Appeal interpreted a provision of the condominium declaration to require 100% approval for the bulk acquisition,
      I wonder if people will start buying one unit in an old building ready for demolition and then demanding a hefty premium to agree to sell that one unit so the developer will buy it.

    1. The Bitcoin Boom and Easy Money
      Asset prices suggest that financial conditions are hardly tight.
      By The Editorial Board
      Dec. 5, 2024 5:45 pm ET

      If financial conditions are as restrictive as Federal Reserve governors claim, markets haven’t received the message. Bitcoin surged past $100,000 for a day this week, while the Dow Jones Industrial Average is near 45,000. Investors are partying like the high times won’t end, and it’s hard to blame them when the Fed has promised more lubrication.

      Our friends in the financial press are chalking up the Bitcoin rally as a bet on a more crypto-friendly Trump Administration. No doubt the prospect of friendlier regulators contributed to the cryptocurrency’s 124% surge this year. But asset prices are high across the board—gold, junk bonds, stocks—often fueled by speculative and leveraged bets.

      One of the biggest momentum trades is MicroStrategy’s stock, which has gained 464% this year. Despite generating little revenue, the 35-year-old small software firm is valued at $91 billion. How so? It has amassed a huge Bitcoin reserve, now worth roughly $41 billion. Investors have piled into its stock as a way to make a bullish bet on Bitcoin.
      …
      https://www.wsj.com/opinion/bitcoin-prices-microstrategy-markets-assets-federal-reserve-810db1b9

    2. There are 2 looming risks that could spark a serious correction for the stock market, Moody’s chief economist says
      Jennifer Sor
      Dec 4, 2024, 9:51 AM PST

      – The stock market’s record-breaking run could end up seeing a sharp reversal, according to Moody’s.

      – The firm’s chief economist pointed to risks from two of Trump’s proposed policies.

      – He said he expected asset prices to trade “sideways” over the near term.

      Investors hoping for another stellar year for the stock market should stay cautious with risks on the horizon in 2025.

      US stocks could see a significant correction, thanks to high asset prices and two big risks facing the market in the coming year, according to Mark Zandi, the chief economist of Moody’s Analytics.

      “Asset prices are getting ahead of themselves,” Zandi said, speaking to The David Lin Report on Monday. He pointed to measures of lofty valuations, such as historically high stock, crypto, housing, and gold prices.

      “But I think there is a growing risk — a threat — that these lofty valuations and prices will unravel in a correction and a sustained decline in price, and I do worry about that as kind of a risk scenario,” he said.

      “With each passing day that stock prices continue to rise strongly, or corporate credit spreads in the bond market narrow, the more worried I get about that possibility — the greater the risk that we suffer a correction that will have significant macroeconomic implications.”
      …
      https://markets.businessinsider.com/news/stocks/stock-market-prediction-sp500-2025-outlook-correction-trump-tariffs-deportation-2024-12

      1. In my view, it’s pretty simple. The S&P P/E is around 25. Dividends are around 1%. Stocks are priced for massive appreciation, not on returns to investors from earnings.

  5. ‘Because the interest rates had gone up, my real estate agent was able to negotiate a lower offer than I had originally asked for’

    Higher interest rates = lower prices? That’s the opposite of what the REIC and Larry have been telling us Jen. Are you saying they are a lion?

    1. “Higher interest rates = lower prices?”

      Just like it says in any finance textbook ever written…go figure!

      1. But that means the GSE’s have been using taxpayer money to raise shack price for decades? That’s the opposite of what they were created for.

        1. “But that means the GSE’s have been using taxpayer money to raise shack price for decades?”

          Ta-da! Asset inflation ameliorates the excessive deficit spending in the middle east, which has been happening since the early 70’s. Before that, house prices were roughly the same across the country.

        2. https://www.epsilontheory.com/fannie-maes-affordable-housing-tm/
          FANNIE MAE’S AFFORDABLE HOUSING TM
          February 20, 2024 | Charles Marohn | 8 Comments | In Brief

          “I have personally struggled to engage with the housing
          conversation because I find it internally incoherent.”

          “That is not the case with the financial conversation. The financial world, a world of predator and prey, is very coherent
          when it comes to housing. And very sophisticated. Those in the financial world see themselves as the predators. Those
          seeking housing are the prey. The sophistication comes with how the predators construct and market their financial
          products to the prey, as well as to the various mediators, go-betweens, and overseers that foster these transactions.”

          “To that end, they merely expanded the playbook first developed in the Great Depression and then redeployed during the first decades of the postwar Suburban Experiment. For example, NPH called for a reduction of down payments.”

          “Fannie Mae — at that time a privately-owned Government Sponsored Entity (a private business with government backing) — responded by reducing down payment requirements from 10% to 3%. In 2001, Fannie Mae entirely eliminated the need for a down payment on mortgages they purchased. Obviously, lower down payments means less skin in the game for home purchasers, which means greater risk for lenders.”

          “This orgy of debt and price appreciation didn’t end well for Fannie Mae. Or, perhaps it did. In September 2008, as one part of the larger subprime housing crisis, Fannie Mae was rescued / nationalized, placed under the control of the federal
          government. It has remained nationalized for more than 15 years now.”

          “Once again, in the name of having more people take on more debt to pay more money for more homes, Fannie Mae is
          lowering down payments and extending loans to people with little to no equity and marginal credit scores.”

          “Fannie Mae, and all the other purveyors of centralized capital, are not interested in pursuing strategies that make housing broadly affordable. In fact, they will oppose any policy that actually makes prices go down. They are happy to provide more loans to more people, to increase the amount of debt we consume as a society, because that makes housing prices go up, which is what centralized capital requires.”

        3. https://x.com/m3_melody/status/1863216088210620638
          Melody Wright @m3_melody

          In case you are under any illusions as to what drives the dysfunction in the housing market

          Many other factors, but the underlying plumbing provided by our gov’t agencies creates the pathways needed for the juice to flow so housing can “sing”

          And the song is getting old

          John Wake @JohnWake
          “I’ve been told by several DC insiders that before 2008, Fannie Mae had virtually every public relations firm on retainer.”

          https://pbs.twimg.com/media/GdpTLlNWcAAvvBB?format=jpg&name=4096×4096

          8:38 AM · Dec 1, 2024 · 31.9K Views

        4. – One more “for the road.” 😂 Seems apropos when speaking of the U.S. housing GSEs…

          https://housingnotes.com/fannie-and-freddies-regulator-loves-moral-hazard-like-i-love-cranberry-sauce/

          Fannie And Freddie’s Regulator Loves Moral Hazard Like I Love Cranberry Sauce
          November 27, 2024
          Jonathan Miller – President and CEO of Miller Samuel Inc., a real estate appraisal and consulting firm

          + Fannie & Freddie Are Essential For The Homebuying Process By Expanding Capital For Mortgage Lending
          + The GSEs Did Not Learn Their Lessons From The Moral Hazard Of The Financial Crisis
          + The GSEs Maintain A Cultural Arrogance That Will Get Them Into Trouble If Freed From Conservatorship

          “First of all, Happy Thanksgiving to all my readers! Early in my career, I learned that certain costs never go down, namely taxes and conforming loan limits for mortgages. While in danger of going full wonk here on the day before Thanksgiving, conforming loan limits are the point where a conventional mortgage (purchased or guaranteed by the GSEs: Fannie Mae & Freddie Mac) becomes a jumbo mortgage and out of the purview of the GSEs (and the lower mortgage rates they enable). Their rates are lower largely because they enjoy the implied backing of the US government despite the GFC lessons of moral hazard after being taken into conservatorship. It has been my experience that the GSE culture has an embedded arrogance, much like Zillow. It’s been fascinating to see how the GSEs operate as an entity beholden to both the shareholders and the taxpayers. Here is an example of that behavior.”

    2. “Higher interest rates = lower prices?”

      \\

      – Yes. RRE prices are highly rate-sensitive. Prices went way up during the pandemic, but now rates are at least twice as high, but prices haven’t adjusted lower. RRE is the most unaffordable ever and the major cause of homelessness. Property insurance, taxes, maintenance and repairs are also now very expensive, as are most things since pandemic Bidenflation. This includes lots of post-pandemic additional stimulus in 2024 to try to help the pathetic D candidate. How did that work out?

      \\

      https://truflation.com/marketplace/truflation-us-aggregated
      US Aggregate Inflation Index TRUUS-AGG Updated December 6 2024
      25.98%
      Compounded inflation rate since Jan 2020

      \\

      – This was and still is .gov policy. Americans lost over 25% of their purchasing power over the last four years. Fact. Is that a lot? Banana republic economics and policy.

      \\

      – Inventory is again increasing and is back to pre-pandemic levels, but prices are still at sub-3% pandemic rates. I don’t see rates going back there in my lifetime. Price is at least 35-45% overvalued, or more if using the 3:1 historical price to income ratio.
      – Sales are largely frozen, but price follows sales. Let’s see how the spring ’25 selling season plays out.
      – Something’s gotta give, but (real) wages aren’t going up that much, thanks to 10M+ illegal invaders flooding our nation and intentionally suppressing wages. BTW, many of these “highly skilled” aliens have been building houses lately. I’m sure they’re all of the highest quality.

      \\

      https://x.com/texasrunnerDFW/status/1864000505548079194
      Amy Nixon @texasrunnerDFW

      Total inventory of homes for sale in the US has returned to 2019 levels

      And with that, we can finally kill and bury the false narrative,

      “No one with a 3% interest rate will ever sell”

      Quote
      Liz Ann Sonders @LizAnnSonders · Dec 3
      Total number of homes for sale in U.S. has increased to 1.86 million as of October; highest since November 2019 per ⁦@nardotrealtor⁩ @DataArbor⁩

      12:35 PM · Dec 3, 2024 · 51.1K Views

      \\

      – U.S. and global RRE is just another asset bubble. Gooberments and their lackey central banks did this; the result of easy (fiat) “money” (credit) policies.
      – With all of that said, oil and the 10 yr. U.S. Treas. note yield dropped today after the employment report, so maybe we will (finally) – after 15 years – get a recession in ’25? I think .gov (including the Fed) is deathly afraid of the (inevitable) collapse of The Everything / Central Bank Bubble. Can-kicking doesn’t prevent the inevitable, it only delays it. Stonk markets are still in the hopium phase, but valuations – like housing – have been inflated about as high as they can go. I’ll go with bond yields here, and lower rates won’t help housing in a recession. The 2025 economy should be “interesting.”

  7. Excuse me, can someone explain how you write words on bullets? This whole thing has the stench of fake news.

      1. CBS and The Independent just said “bullets”. You would think they’d know the difference. Apparently it’s standard practice for target shooters to write on casings so they can clean up after themselves. It still looks fake to me.

    3. It’s easier to diddle your workplace squeeze by getting a room at a different hotel. Waiting to see the housekeeper on the DailyMail.

    4. You can etch a word or letters in a casing with a laser easy enough. Whether he had the ability to do so I wouldn’t know, but that dude knew how to use that weapon, he cleared a jam and sure seemed to stay calm and focused on the task at hand.

      2. “…he cleared a jam…”

        A pistol designed for the additional mass of a silencer typically uses a different recoil buffer and spring especially if subsonic ammo is being used. Also, if mechanical engraving was used on the shell casings there might have been enough raised material to cause a tight fit in the chamber.

  8. Is renting instead of owning a home depriving you of the opportunity for a long and happy life, rich in government subidized benefits of home ownership?

    1. 12-05-2024
      NEWS
      Bad news for millennials: An Oxford study found a link between owning a home and living longer
      Research from sociologists suggests a rough housing market could hurt your health in the long term.

      Bad news for millennials: An Oxford study found a link between owning a home and living longer
      [Source Photo: George Becker/Pexels]
      BY Sadiya Kherani
      2 minute read

      A new study has revealed a few connections through which homeownership can impact longevity.
      …
      https://www.fastcompany.com/91240734/owning-home-homeownership-linked-to-longer-life-research-study-millennials

  9. Are you hoping a lax regulatory regime will magically impart real value to your digital tulips?

    1. World News
      El Salvador’s president is triumphant after his bet on bitcoin comes true
      By MARCOS ALEMÁN
      Updated 11:19 PM PST, December 5, 2024

      SAN SALVADOR, El Salvador (AP) — As bitcoin reached historic highs, surpassing $100,000 for the first tim e, El Salvador’s President Nayib Bukele was triumphant on Thursday about his big bet on the cryptocurrency.

      The adoption of bitcoin — which has been legal tender in the Central American nation since 2021 — never quite matched the president’s enthusiasm, but the value of the government’s reported investment now stands at more than $600 million.

      Bitcoin has rallied mightily since Donald Trump’s election victory last month, exceeding the $100,000 mark on Wednesday night, just hours after the president-elect said he intends to nominate cryptocurrency advocate Paul Atkins to be the next chair of the Securities and Exchange Commission.

      Just two years ago, bitcoin’s volatile value fell below $17,000. Bitcoin fell back below the $100,000 by Thursday afternoon, sitting just above $99,000 by 3 p.m. E.T.
      …
      https://apnews.com/article/bitcoin-elsalvador-bukele-musk-trump-5be81d375da5bbce883008b0799c0c1a

  10. The WEF message that “you will own nothing and be happy,” must be a lie if the article says you live longer if you own your home.

    The WEF, also thinks eating bugs as a main stay diet is great for humans.

    Its at the point that its clear that fake Science is just as fake as Fake News.

    They have already dictated “Climate Lockdowns” in places like Spain.

    Seriously, insane Narratives that are fake and ridiculous and a byproduct of “trust the science” bought off fraud.

    Trust the Science of fake Covid vaccines that are “safe and effective”, stops transmission, etc.

    Apparently Powers that Be can corrupt anything , buy off anything, and censor any dispute to their
    manufactured insane Narratives.

    How do you stop this outrageous pre planned power grab by the worse fraudster private party special interest anti life psychopaths ?

  11. WEST PALM BEACH — A 60-year-old manicurist with no criminal history will spend a year in federal prison for threatening to kill President-elect Donald Trump — a crime her attorney blamed on exposure to too much cable news.

    Martha Jane Schoenfeld left voicemails in June threatening to detonate bombs at two of Trump’s properties in Florida and Nevada. In exchange for her guilty plea, prosecutors recommended she be sentenced to one year of probation in lieu of prison.

    Schoenfeld and her attorney agreed. Trump, notified of the plea bargain like all federal crime victims are supposed to be, did too.

    The judge did not.

    U.S. District Judge Raag Singhal took the rare step Tuesday of exceeding prosecutors’ recommended penalty. Made wary by the two assassination attempts on Trump that followed Schoenfeld’s arrest, he sentenced the Boca Raton woman to 13 months in federal prison instead.

    Schoenfeld apologized Tuesday for the bomb threats, which she said she had neither the means nor the desire to carry out. According to prosecutors, Schoenfeld made the threats in voicemails to the Trump International Golf Club in suburban West Palm Beach and Trump International Hotel in Las Vegas on June 6.

    “There is a bomb I left on the site,” she said in one. “Hopefully you will get everyone evacuated, except for Trump.”

    Faced with the possibility of 20 years in federal prison, Schoenfeld pleaded guilty to one of two threat-related charges in September — forgoing her right to a trial by jury but ensuring that prosecutors would recommend she be spared from prison.

    “This was a lady in a condo that was watching too much MSNBC and got carried away,” her defense attorney Mark McMann said Wednesday. “We agreed the probation and the embarrassment was enough. She’s been through enough.”

    https://www.msn.com/en-us/crime/general/boca-manicurist-who-threatened-donald-trump-after-watching-too-much-msnbc-sent-to-prison/ar-AA1vkX08

      1. Seriously, I know someone that has TDS from watching CSNBC and CNN. Anything that happens is Trump’s fault, never the Biden Administration that is currently in power.
        This person actually believes Trump is Hitler and a Dictator.
        Its really bizarre, and nothing I say brings this person out of this break from reality.

        1. Did someone put a gun to your friend’s head and force them to watch CSNBC and CNN? Sounds like a case of the moth flying into the flame.

          1. I’m blessed to say I made it through the entire 2024 election cycle without seeing a single political ad on TeeVee.

        2. Anything that happens is Trump’s fault, never the Biden Administration that is currently in power.
          I know several of the same people. WTF? How does the war in Ukraine? And these same people think they are brilliant and everyone voting for Trump is stupid. Funny, when I asked if they thought they were smarter than Elon; no real answer other than “Trump is a fascist.”

  12. Two Ontarians collectively lost $230,000 after falling victim to separate AI-generated social media posts advertising fraudulent cryptocurrency investments.

    Tak Gord Takasaki, of Brantford, Ont., said when he was on Facebook earlier this year, he saw an ad with billionaire Elon Musk who supposedly said he could make money fast by investing in cryptocurrencies.

    “I wanted to invest and somebody phoned me and they set up the account,” said Takasaki. “Elon Musk had an ad that said AI is going to change the world of investments and he had guys on there like Wayne Gretzky and (Prime Minister Justin) Trudeau was on it lately.”

    Criminals are using AI to manipulate videos to make it appear like celebrities and politicians are endorsing crypto investments, but the ads are fakes.

    Takasaki started out by investing a small amount, but kept investing more money when it looked like his investments had quadrupled. When he tried to withdraw the funds, he said he couldn’t take the money out.

    “It goes out of the crypto wallet and then he told me he didn’t receive it and that’s when I said, ‘What’s going on here?'” said Takasaki.

    In the end, Takasaki was scammed out of $30,000.

    Another victim from the Greater Toronto Area told CTV News Toronto that her family is completely unaware that she lost all her retirement funds to a similar scam.

    “I saw an ad on Facebook and it was two famous celebrities talking about how you can make all this money on this app,” Marion said. CTV News Toronto agreed to identify her by first name only.

    Marion also started out by investing a small amount, but said she was excited to watch her investment of $200,000 grow to what appeared to be more than $500,000. Like Tasaki, however, when she wanted to withdraw, she said she couldn’t.

    “The scammer was so convincing that I was going to make way more investing with him than I could ever make with the banks, so I fell for it,” said Marion.

    In the end, Marion said she lost her life savings of $200,000.

    Takasaki said he borrowed the money on a line of credit. Not only is he paying interest each month, he still has to pay back his bank $30,000.

    Marion says she is devastated that she lost all her money. She said she is behind on all of her bills and may have to sell her home.

    “I just kept sending the money. It was like I was brainwashed and being controlled and manipulated and I just kept believing it and dreaming that I was going to have all this money,” said Marion.

    https://toronto.ctvnews.ca/it-was-like-i-was-brainwashed-2-ontarians-lose-230k-to-separate-ai-generated-cryptocurrency-ad-scams-1.7134248

    1. In the end, Takasaki was scammed out of $30,000.

      I marvel that anyone this stupid could ever accumulate $30K in the first place.

      1. I marvel that anyone this stupid could ever accumulate $30K in the first place.
        Maybe they took out a 2nd mortgage/HELOC?

    2. “Criminals are using AI to manipulate videos to make it appear like celebrities and politicians are endorsing crypto investments, but the ads are fakes.”

      When the prospectus’ cover is marquee image of a celebrity sports hero in the forefront and a background collage with a sports car in front of a resort hotel and a bikini clad woman lounging on yacht’s sundeck that little voice in your head should cry, run for the exit!!

  13. It was once Europe’s biggest car factory. Today it’s an icon of Europe’s deindustrialization

    For much of its life, Fiat’s Mirafiori factory in Turin was the top car maker in Europe. The vast, Fascist-era industrial spread in Northwest Italy pumped out almost 30 million vehicles after it reopened just after the Second World War, turning Fiat into a global brand.

    Today Mirafiori is the poster child for Italian – and European – deindustrialization. For Italy, it was a slow-burn crisis that suddenly accelerated in the spring, when Stellantis, Fiat’s parent since 2021, went from stock-market darling to dog at alarming speed.

    Early this week, Stellantis ousted chief executive officer Carlos Tavares, leaving the company leaderless and the future of Mirafiori and some of the company’s other factories in Europe and North America in doubt, as the market share of its brands goes into reverse. Its global portfolio includes Jeep, Dodge, Citroën, Peugeot, Alfa Romeo, Lancia and Maserati.

    Stellantis shares have plunged by more than half since their 2024 peak in March. Production at the company’s Italian factories fell by a quarter in the first half of the year, according to Fim-Cisl union data. In November, the company said it would close its Vauxhall van factory in England. There will be more blood, especially since electric vehicle sales are in near free fall.

    Mirafiori remains open, but its output has declined steadily in recent years. All car production was suspended this month, though the shutdown hardly came as a shock. The site was making only three slow-selling models: the Fiat 500e – the electric version of the iconic little 500 – and two low-volume Maserati sports cars.

    In its heyday, Mirafiori pumped out a million vehicles a year and had 60,000 employees. They worked in a “city within a city,” as Stellantis’s communications team calls it. Today, the plant officially employs 13,000, though the figure includes 1,800 who are being paid to stay home after the 500e and Maserati lines went idle. They are to return to work when production of the 500e resumes after the new year – if it resumes.

    Marco, a veteran Mirafiori engineer who would not provide his last name because he did not want to be seen as critical of his employer’s strategy, told The Globe and Mail before passing through the entrance gates Wednesday morning that the industrial site’s hollowed-out state has left him sad. “There is hardly anything left here,” he said. “More and more production is being moved to cheap locations overseas.” (Stellantis last year opened a factory in Algeria that will make six Fiat models.)

    https://www.theglobeandmail.com/business/international-business/european-business/article-it-was-once-europes-biggest-car-factory-today-its-an-icon-of-europes/

  14. Elon and Vivek Issue First DOGE Decision, And 94 Percent of Feds Will Be Hit First

    A Republican senator is proposing a bill that she says would give the Trump administration’s Department of Government Efficiency a head start on making government more efficient.

    Republican Sen. Joni Ernst of Iowa has proposed the REMOTE Act, which will monitor bureaucrats’ computer use and require agencies to report on the downside of telework, according to the U.K.’s Daily Mail.

    The bill would require that agencies review how much work remote federal employees actually do: including the “average number of logins made” by every federal worker and the amount of time spent on the federal network.

    “The American people gave us a mandate to shake up business as usual in Washington and drain the swamp. That starts with getting the bureaucrat class to climb out of the bubble bath, put away the golf clubs, and get back to work,” Ernst said, according to Politico.

    Ernst is the chair of the Senate DOGE Caucus and has met with Elon Musk and Vivek Ramaswamy to pitch her ideas, according to Fox News.

    One of Ernst’s major proposals is to reduce the number of federal employees who do not regularly come into their offices.

    Ernst recently released a report saying federal workers “have been found in a bubble bath, on the golf course, running their own business, and even getting busted doing crime while on taxpayers’ time.”

    “Just 3 percent of the federal workforce teleworked daily prior to the COVID-19 pandemic. Today, 6 percent of workers report in-person on a full-time basis, while nearly one-third are entirely remote,” the report said.

    “Most federal employees are eligible to telework and 90 percent of those are. Some come to the office as infrequently as once a week,” the report said.

    The report said that as thousands of federal workers allegedly do their jobs from home, “no one is checking to make sure everyone made it to work or even logged on to their computer. Backlogs for services are typical and accountability is rare. It took years to fire a senior IRS employee who routinely abused his remote work arrangement by playing golf during the workday for nearly a decade.”

    She noted one federal worker who conducted a remote meeting from a bathtub while taking a bubble bath.

    Ernst noted that remote work took root at the dawn of the pandemic.

    “Washington is still operating as if it’s March 2020. The headquarters of most agencies remain largely abandoned. Government employees are scattered and often unreachable,” her report said.

    “The failure of managers to set the right example and properly monitor teleworkers creates an ‘anything goes’ attitude with other employees,” the report said.

    The report said that over 90 percent of the employees at the Department of Housing and Urban Development work from home with only one day a week in the office required.

    The report also said that some federal workers pad their pay by claiming to work in one location while they actually work from home in an area where, according to federal rules, they should receive a lower salary.

    https://www.msn.com/en-us/politics/government/elon-and-vivek-issue-first-doge-decision-and-94-percent-of-feds-will-be-hit-first/ar-AA1vlW1A

    1. During CCP Flu, it took the IRS two years to pay out a refund on a final return I filed for a deceased relative.

  15. Story Bridge Adventure Climb proposes serving alcohol on top of Brisbane icon

    A proposal to allow people to drink alcohol on top of Brisbane’s Story Bridge has enraged nearby residents.

    The Story Bridge Adventure Climb company has plans to extend its walk along the entire length of the bridge and to serve drinks at the top.

    The plans were tabled at a Brisbane City Council meeting on Tuesday.

    The company wants to build stairs and safety lines to allow people to walk on the north side of the bridge.

    Next week council will debate whether to renew and amend the company’s contract, which would allow it to seek to connect the northern and southern climb routes in the middle.

    The new contract would also allow it to serve alcoholic beverages, provided relevant state government approvals were received.

    Petrie Point Apartments resident John Parker said the northern climb would violate the privacy of residents and allow people to peer directly into their bedrooms.

    He said the proposal to serve alcohol on top of the bridge was a “ludicrous” idea that would put climbers in danger. ‘That’s complete nonsense to me,” Mr Parker said.

    “If you go on the Sydney Harbour Bridge they breathalyse you, so to have alcohol mixed in with this just sounds immensely dangerous. I don’t know why they need to come to this end, except for the pressure from Howard Smith Wharves and the booze they can sell.”

    Fifth-floor apartment resident Monica Dawkins said the northern bridge climb would look straight into her daughter’s bedroom.

    She said the idea of people drinking alcohol and looking into her family home filled her with anxiety.

    “I just think we’ll have to close our blinds, when the whole point of where we’ve purchased is so we can have a view and feel like the outdoors is inside,” Ms Dawkins said. “We’re aware we’re in an entertainment precinct, but it’s one thing to go down to Howard Smith Wharves to having people on par with your window.”

    Mr Parker’s wife, Anne Juneau, said the Howard Smith Wharves precinct had become increasingly rowdy over the years.

    She said they often heard partygoers drunkenly celebrating at 3am.

    Ms Juneau said she feared the neighbourhood would become even noisier when the Story Bridge climb came to the wharves.

    “They whoop and holler for the longest time because they’re inebriated young people,” she said. “They throw themselves in our flowerbeds and hedges, then they come back the next day looking for their keys and phones. We watch this from our balcony — it’s hilarious.”

    https://www.abc.net.au/news/2024-12-06/brisbane-story-bridge-climb-proposes-serving-alcohol/104689738

  16. Can Denver solve homelessness? Mayor says progress — despite hiccups — shows that “the formula is quite clear.”

    Mike Johnston’s signature homelessness initiative quietly surpassed the sheltering goal he set for it this year, but the Denver mayor and his top advisers are eyeing a more challenging milestone in 2025.

    As the city brings at least 2,000 people off the streets next year — roughly matching the number sheltered in the initiative since its launch last fall — the bigger goal, in some ways, will be to place at least 1,000 participants in more permanent housing situations. That means shifting them beyond the tiny homes in micro-communities or rooms in converted hotels that the city has used as temporary shelters so far.

    The Salvation Army operates three of the four largest facilities in the All In Mile High shelter network. The 289-room former DoubleTree hotel, 4040 Quebec St., is the largest. The organization now calls that facility The Aspen.

    That shelter was the site of the program’s most painful failure. In March, two people in the program — Dustin Nunn, 38, and Sandra Cervantes, 43 — were fatally shot in that hotel.

    It was later revealed that the Salvation Army had not spent any of the $800,000 authorized by the city for security on the property. After the shooting, the city stepped in to take over that piece of the operation, hiring security guards, securing doors, installing metal detectors and beefing up cameras in the building.

    And while Johnston has touted All In Mile High’s success in closing 350 blocks of downtown Denver to camping, neighborhood residents and City Council members outside the city’s core say they have seen increases in visible homelessness and related drug activity this year.

    It’s an indication that, at least in some cases, people are moving around the city rather than moving indoors.

    “If trust doesn’t exist, you can’t get things done,” said Tony Frey, a West Colfax resident and a safety committee co-chair for the West Colfax Association of Neighbors. “If facilities like those in this program aren’t managed in a way that promotes safety effectively, more people are going to refuse help in the first place. And then they are going to travel down the (RTD) W-Line and into my alley and do nefarious things.”

    https://www.msn.com/en-us/news/us/can-denver-solve-homelessness-mayor-says-progress-despite-hiccups-shows-that-the-formula-is-quite-clear/ar-AA1vkko3

    1. Fentanyl and meth aren’t going away.

      In Denver there are zero consequences for public consumption of hard drugs.

    2. It was later revealed that the Salvation Army had not spent any of the $800,000 authorized by the city for security on the property.

      Salvation Army!
      Salvation Army!
      Put a nickle in the drum,
      Save another drunken bum.
      Salvation Army!
      Salvation Army!
      Put a nickle in the drum
      and you’ll be saved.

      For those who don’t know, the Salvation Army is a religious denomination, an offshoot of Methidism.

  17. Sanctuary cities resist Trump’s deportation plan. It could cost their residents. | Opinion

    Denver Mayor Mike Johnston recently became the latest Democratic leader to engage in a chest-pounding call to arms in resistance to the incoming Trump administration’s plan to deport people who entered the United States unlawfully.

    While a post-election poll by YouGov for CBS News shows that a massive 73% of adults want President-elect Donald Trump to prioritize the repatriation of illegal migrants, the mayor pledged to not only have Denver police “stationed at the county line to keep (Immigration and Customs Enforcement) out” but also that “you would have 50,000 Denverites there.”

    Johnston said it would be like a “Tiananmen Square moment” and answered yes when questioned whether he’d be ready to go to jail.

    That moment soon passed, however, as lawyers apparently explained to the mayor that armed resistance to the federal government is often called – wait for it – insurrection.

    It appears that Johnston was not keen on becoming the Jefferson Davis of the left, so he backpedaled, stating, “Would I have taken it back if I could? Yes, I probably wouldn’t have used that image.”

    https://www.yahoo.com/news/sanctuary-cities-resist-trumps-deportation-101323389.html

    1. “With Democratic cities joining the “resistance,” they may find the costs even higher”

      Doom loop gonna doom.

  18. Joe Biden’s pardon of his son is ‘cherry on the upside down cake of lies’ | Opinion

    President Joe Biden’s pardon of his son, Hunter, is the cherry on his upside down cake of lies — “No, I will not pardon my son,” “The border is secure,” and all the rest of the nonsense backed up by the fake media. As President Abraham Lincoln so aptly stated: “You can fool some of the people all of the time. You can fool all of the people some of the time. But you cannot fool all of the people all of the time.”

    The majority of the American people were not fooled by Biden’s press agents who touted his mental competence; “He’s the hardest working man I have ever seen. No one can keep up with him.” Even while a weaponized U.S. Department of Justice kept after former President Donald Trump with crazy legal interpretations and trumped up charges, the old warrior prevailed through the greatest barrage of adversity including assassination attempts. Even the swing states voted in his favor, defying the odds of the pollsters. In my view, the country has swung back toward sanity with an anticipated cabinet of strong vital leaders, replacing weirdos Biden installed as lackies. Thinking the American people could be swayed by a Beyonce concert instead of facts was a miscalculation toppled by hubris. Thank God.

    Banning Lary, Lexington

    https://www.msn.com/en-us/news/opinion/joe-biden-s-pardon-of-his-son-is-cherry-on-the-upside-down-cake-of-lies-opinion/ar-AA1vlnBV

  19. Letters to the Editor: A modest proposal for the 2028 Olympics: Make L.A. look like a miserable place to live

    To the editor: Mayor Karen Bass and her planning team for the Summer 2028 Olympics in Los Angeles are working hard to make sure the games will be traffic-free, magical, sparkly and squeaky clean. (“L.A. politicians ask Trump for $3.2 billion to pay for Olympic transportation projects,” Nov. 27)

    But if they succeed, their efforts will simply cause people around the world watching the Olympics on TV to move to Los Angeles. This will just make this crowded metropolis even more congested. Plus, we don’t have enough housing for the people living here already.

    I have an idea: Do the opposite.

    On Day 1 of the 2028 Olympics, everyone in L.A. with a car, SUV, truck or boat (on wheels) should take to the streets, arterials and freeways, causing gridlock.

    Next, let’s forbid LAX’s new Automated People Mover from going faster than 2 miles per hour. This should bring the airport to a halt.

    Then, let’s place “out of order” signs on all the bathrooms at the Olympic venues. A garbage strike in L.A. before and during the Olympics is another sound idea.

    If we band together as a community and take these simple steps, no one will ever want to move to Los Angeles again.

    Alex George, Santa Monica

    https://www.yahoo.com/news/letters-editor-modest-proposal-2028-110019985.html

  20. We see your joke about the 51st state, and raise you a reference to sacking the White House

    ‘Okay, but the last time you guys tried that, we burned down Washington.”

    That was not Prime Minister Justin Trudeau’s comeback after president-elect Donald Trump quipped – it was gentle ribbing! A sign of deep friendship! – that if Canada couldn’t take the tariff heat maybe it should throw in the towel and become the 51st state. In the Mar-a-Lago octagon, over meat loaf and a side of battle rap, the Canadian reply was allegedly nervous laughter.

    But as someone once said, better is always possible.

    If you’re going to fly into Palm Beach to do three hours of stand-up diplomacy at Donald’s Chuckle Hut, you’ve got to be prepared for hecklers. The next time Canada gets trolled, we need better material.

    Mr. Trump practices politics as a form of insult comedy. His audience craves the diss track and he drops them regularly. He’s the Don Rickles of political campaigners. He’s the Statler and Waldorf of international relations.

    Ever since he tagged Jeb Bush, his first political rival, as “low energy” and ran TV ads mocking him as “Jeb: for all your sleeping needs,” Mr. Trump had shown a talent for labelling opponents in ways that shortcut to their weaknesses and insecurities. Jeb really was vitality-lite. “Little Marco” Rubio really is diminutive. And Canada really is paranoid about becoming a wholly-owned subsidiary of U.S.A. Inc.

    When belittled by Americans – in a totally friendly way! As a gesture of respect! – generations of Canadians have reached back into history for an event in our shared unconscious, which we then throw down with a smile. Mr. Trudeau, who once referred to Canada as a post-national state and isn’t particularly in tune with the non-apology version of our history, may not be familiar with it.

    But Doug Ford sure is. Last week, I wrote that the Ontario Premier is who Team Canada ought to be sending onto Fox News to make this country’s case. And there he was this week, doing exactly that. He of course wanted to talk about the great economic relationship, the trillions of dollars in mutually-beneficial trade, and the deep bonds between long-time friends.

    But asked about Mr. Trump’s 51st state quip, he knew where to go. “The president has a good sense of humour, and it’s a funny comment. I guess he’s still upset that in 1812 we burned down your White House and he’s holding a grudge after 212 years.”

    Mr. Ford’s got the date wrong (it’s 1814), but whatever. The Fox News host laughed, uncomfortably. No comeback.

    If you’re a Canadian in the U.S. working through your prepared set of greatest hits – shared values, common institutions, brothers in arms from Normandy to Kandahar – and an American starts heckling, the War of 1812 is a good place to go. It really throws them.

    I did two university degrees in the States, and sometimes when I got needled – it was totally amicable! We were just funning! – about Canada being America’s little Marco, out came the line.

    In 2018, I spoke to a group of Canadian and American university students who had done an exchange in the other country. I asked how many of the Canucks, hit with a jocular American diss, had ever brought up the War of 1812. To my surprise, most had.

    Talking about how “we” captured and sacked Washington (strictly speaking the Brits did it, but at the time they were an “us” rather than a “them,” so by the transitive property of history, we did it) usually restores conversational equilibrium. But if your American interlocutors google what you’re talking about, and want to keep going, you may need more material.

    “You invaded twice and lost twice. Want to go best out of three?”

    “I feel like you’re still kind of obsessed with us. I mean, your national anthem is still all about that time we almost burned down Baltimore.”

    “Though have you ever been to Baltimore? Looks like you beat us to it.”

    “Fifty-first state? Not likely. Your first constitution begged us to join the U.S., anytime, no questions asked. You still waiting for a call back?”

    “Fifty-first state? More like the reverse. The last time you guys sent a flood of refugees across the border, we had to create two new provinces.”

    “A 25 per cent tariff? Okay, but good luck explaining to Joe Maga Lunchbucket that his factory is shutting down because you cut off his best customer.”

    “A 25 per cent tariff? Okay, but the less you buy from us, the less we can afford to buy from you. The math isn’t hard – even for graduates of the U.S. school system.”

    When’s the next show?

    https://www.theglobeandmail.com/business/commentary/article-we-see-your-joke-about-the-51st-state-and-raise-you-a-reference-to/

  21. Just checking local listings this morning and noticed a 12plex (nice, but older, decent location) and thought “I know I’ve seen that up for sale before”

    look at previous entries
    last year for sale at 850,000 for 6 months, no sale
    new realtor, now priced at ……………..650,000. That’s an awful big drop.

  22. If your “job” is writing lies for a living, WTF does retirement even mean?

    “After nearly 25 years as a New York Times Opinion columnist, Paul Krugman announced Friday that he plans to retire from the gig at the end of the year.

    The American economist and Nobel laureate has been a fixture at the paper since his first column on Jan. 2, 2000, where he predicted the beginning of the “Second Global Economy” steered by American ideals and the promise of globalization.

    Times’ Opinion editor Kathleen Kingsbury hailed Krugman’s “authoritative voice” and “lively writing” in a parting memo, praising his ability to clearly lead readers through what can often be a dense thicket of economic ideas.

    Kingsbury also applauded Krugman for speaking “hard truths ― sometimes as a lonely voice arguing unfashionable opinions.”

    https://www.huffpost.com/entry/paul-krugman-new-york-times-retiring-opinion_n_675321bbe4b083742309c09c

    Hard truths? What a joke.

  23. ‘What we have seen on our appraisal side of the business is people getting appraisals to determine their home’s value because they’re going to have to sell—they just can’t afford the insurance,’ said Albert Pumila, a real estate broker and licensed appraiser.”

    Gosh, I fear this could have a detrimental effect on Always Be Closing.

  24. By that time, several investors who paid anywhere from $100,000 to a million dollars, had filed civil lawsuits against Cesar, his wife, and Casey.

    If there’s a downside to seeing real estate speculators getting fleeced by con artists preying on their greed, I’m not seeing it.

  25. ‘None of us would have invested with Cesar if it had not been for Envy’s endorsement,’ said Luis Hernandez, who paid $250,000 to invest.”

    Maybe you geniuses can recoup yer “investing” losses by piling in to Hawk Tuah girl’s meme coin.

  26. People may ask for discounts of up to 30–40 per cent, but these aren’t something we’re prepared to do.’”

    Not yet. But those lowball offers might be as good as it’s going to get, greedheads.

    1. Yahoo Finance
      Associated Press Finance
      Wall Street parties like it’s 1998 as AI fuels gains unmatched since dot-com era
      FILE – American flags hang from the front the New York Stock Exchange, right, on April 11, 2024, in New York. (AP Photo/Peter Morgan, File) · Associated Press Finance · ASSOCIATED PRESS
      STAN CHOE
      Updated Thu, December 5, 2024 at 3:00 AM PST 2 min read

      NEW YORK (AP) — The S&P 500 is on track to close 2024 with a gain of nearly 27%, after setting 50 record highs this year. That’s on top of its 24.2% spurt the year before, a spectacular two-year run unmatched since the dot-com boom.

      This time around, it’s not dot-com stocks boosting the market but skyrocketing prices for companies in the artificial-intelligence business. Nvidia, for example, has more than doubled in value after surging over three times in 2023 because its chips are powering much of the move into AI. Super Micro Computer, which makes servers used in AI and other computing, has jumped nearly 48% this year after more than tripling last year.
      …
      https://finance.yahoo.com/news/wall-street-parties-1998-ai-223349622.html

      1. “…AI fuels gains…”

        The bird wants a rechargeable handwarmer. [gulp] Okay, browse on over to Amazon…

        “AI Hand Warmers Rechargeable 2 Pack, 6000mAh Electric Hand Warmers, AI Smart Chips…” LOL

    2. Mark Hulbert
      Wall Street isn’t worried about a stock-market crash. That’s why you should be.
      Stock traders have become even more bullish and complacent — and that’s a bearish sign
      Last Updated: Dec. 6, 2024 at 5:08 a.m. ET
      First Published: Dec. 5, 2024 at 4:49 p.m. ET
      The SKEW’s new high means that the great majority of traders have become even more bullish than they were before.
      Photo: Getty Images/iStock

      Yet another black cloud on the stock market’s horizon is the new all-time high for the CBOE’s SKEW Index.

      Most market commentators are putting a different spin on this index’s new high. They suggest that traders now believe a Black Swan event, such as a crash, has become more likely. But if that were so, it would be a positive development to contrarian investors, indicating that Wall Street is not as irrationally exuberant as other sentiment indices are suggesting.
      …
      https://www.marketwatch.com/story/wall-street-isnt-worried-about-a-stock-market-crash-thats-why-you-should-be-worried-3f393cb1

        1. Would he be willing to pull the plug on the Santa Claus rally if job openings were plentiful and inflation stubbornly high?

    4. This market maven raised his S&P 500 target three times this year. Now he says there’s too many bulls
      Provided by Dow Jones Dec 6, 2024 6:31am
      By Jamie Chisholm

      Contrarian indicators are making Ed Yardeni wary of a short-term pullback for stocks

      Fifty-six and counting. That’s the number of record closing highs the S&P 500 SPX has registered in 2024. And we’ve only just started what is usually one of the best months of the year for stocks.

      A market regularly reaching fresh peaks, with any dips swiftly bought, can make investors feel invincible. Such conviction helps power rallies, but may also contain the seed of their demise.
      …
      https://www.morningstar.com/news/marketwatch/20241206300/this-market-maven-raised-his-sp-500-target-three-times-this-year-now-he-says-theres-too-many-bulls

  29. ‘What we have seen on our appraisal side of the business is people getting appraisals to determine their home’s value because they’re going to have to sell—they just can’t afford the insurance’

    The good news is they can always sell Al.

    1. This is always true, provided the seller is willing to accept the price which the market is willing to bear.

      Since most would-be sellers are unwilling to accept a price representative of current buyer willingness-to-pay, potential homes for sale are generally either off the market or on the market but not selling.

  30. ‘Not ready to give up, the seller reset the price to $450,000. The strategy succeeded in reeling in a few more visitors and eventually resulted in a solid deal – for $25,000 under the reduced priced. ‘Lately, there’s a big slew of one-bedroom condos and lofts for sale downtown,’ Mr. Jelinek said. ‘We tried to get some investors to come through, but it turned out to be all end-users’

    You say that like it’s a bad thing Ira.

    1. ‘We tried to get some investors to come through, but it turned out to be all end-users’

      This is a very good development for a future return to affordability. The sooner all the investors who piled in to capture Quantitative Easing-funded price gains exit the market, the sooner end users of limited means can hope to buy at affordable prices that align well with their incomes.

  31. ‘At the moment, we’re negotiating intensively about both prices and other terms related to the transaction…We’re trying to reach a solution that satisfies both parties. There isn’t a specific amount [for discounts]. Let’s just say that we’ve got a variety of offers. People may ask for discounts of up to 30–40 per cent, but these aren’t something we’re prepared to do’…The company has refrained from adjusting the listing prices because the values were determined at the start of construction. ‘The value is made up of the price level in the area. In Westend, for example, you’re in a high-end area. You can’t say the prices are inflated. We won’t start talking about the margins of individual flats’

    Hold yer ground Pekka, don’t give it away!

    1. the values were determined at the start of construction

      Nobody will care what you paid for the land. Wait and find out.

  32. ‘Caine said prices were so dire that a friend who bought a two-bedroom terrace house in Collingwood in 2017 for $1.3 million recently only managed to sell it for $1.15 million. Continued high interest rates and that despised land tax have also led to an exodus of investors from the market, creating more rental property shortages and pushing rents even higher. ‘There’s just a pervasive sense of doom and gloom, and consumer confidence is low’

    So yer saying the entire minor respiratory illness bubble is gone and then some Jacob.

  34. Be Careful Who You Trust (Peel Region Real Estate Market Update)

    Team Sessa Real Estate

    15 minutes ago MISSISSAUGA

    This episode shows the current Brampton, Mississauga, Ajax, Whitby, and Pickering Real Estate home prices and market trends for the week ending Nov 27, 2024. We also discuss an issue that happened to someone who seemed to have been taken advantage of but ignored all the red flags as they were very familiar with the person who was supposed to have their best interest at heart.

    https://www.youtube.com/watch?v=-mGlEMbGQ9k

    12 minutes.

      1. “One economists suggested Fed officials are likely to cut rates simply because financial markets are betting they will.”

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