skip to Main Content
thehousingbubble@gmail.com

A Sudden Feeling Of Remorse Has Fallen Over Me

It’s Friday desk clearing time for this blogger. “It’s been more than four months since residents were forced out of their homes at the Villa Del Sol Condos in Martin County, after an inspection found three of the buildings were unsafe. ‘Nobody wants to spend any more money,’ said Christine Chico, a resident on the property. Chico said the COA also sent out a survey asking if owners would like to continue working on the repairs to the buildings — which costs over $6 million split between 72 units. Chico said she’d rather sell. ‘I absolutely cannot pay that,’ said Chico. ‘I’m looking at possibly going into foreclosure, not being able to pay this. And I know there are other people in the community that are looking at the same thing.'”

“Two months after Hurricanes Helene and Milton damaged thousands of homes across Tampa Bay, the cleanup process is still in its early stages. Some families are cutting their losses and selling their homes as-is, but that could come at a cost to their buyers. Some are upfront, saying they’re being sold for land value only, but some say it is still unclear whether the home is salvageable and is subject to FEMA’s 50% rule. Some are less transparent. ‘There are some (homes) that are currently on the market listed as an ‘investors dream,’ ‘fix and flip,’ and those agents and those sellers probably don’t know at this point what the damage of that house is listed through FEMA,’ said realtor Ashley Stout-Fuchs. A quick search of our area in Zillow will find dozens of homes listed for sale with damage from Helene. ‘Most of these properties are cash, and that is a big amount of money to lose with such an uncertainty,’ said Fuchs.”

“Home insurance on Martha’s Vineyard is getting harder and harder for locals to obtain, as several mainstream providers have pulled their coverage from the Island. Paula O’Connor, the vice president of Vineyard Haven–based Mone Insurance stated that most of their clients at Mone are seeing an average price increase of about 30 percent this year. One homeowner, for example, just saw an increase in their premium from $13,000 to $35,000. Often agents are the bearer of bad news for local homeowners when larger companies decide to pull coverage or hike their prices. ‘People get upset, and obviously don’t like us very much right now, but we can only sell what we are offered from the carriers,’ O’Connor said.”

“Jerry Lewis’ former house has sold again for $1.53 million adding to a long list of transactions related to the property over the past few years. Nathan Strager, a Las Vegas-based real estate agent said the sellers were Brumbies Capitol, a private equity firm based out of Australia. ‘They financed a flipper three years ago that was going to renovate the property and turn around and sell it. Brumbies ended up foreclosing on the property in November of 2023,’ said Strager. ‘I listed the property for sale in January of 2024 and after almost twelve months of being on the market it sold.'”

“A Los Angeles estate owned by the late record-label executive Jerry Moss has sold for $28.95 million—some $24 million, or 45%— less than the original asking price of $53 million last year. The luxury market in Los Angeles is recovering from the impact of a new mansion tax that went into effect in 2023. In Bel-Air and nearby Holmby Hills, the number of single-family home sales rose 47.1% in the third quarter from the same period of last year, after a 51.4% year-over-year drop during the third quarter of 2023. The median sale price for the third quarter of 2024 dropped 9% year-over-year.”

“When San Luis Ranch was first approved to break ground in southeastern San Luis Obispo, the promise of a significant expansion of market-rate housing came with a goal of adding several acres of commercial space within walking distance. Now, those priorities appear to be changing. Applicant Williams Homes proposed exchanging the 150,000 square feet of commercial space originally planned for Lot 7 of the master planned community for 276 units of rental housing. ‘We think that bottom line, the commercial component of this does not work anymore,’ Williams Homes representative Glenn Adamick said. ‘This large commercial center just isn’t feasible — San Luis Ranch marketed this site for two-and-a-half years, and the only interest they got was a gas station or fast food restaurant.'”

“One resident who spoke during public comment said as one of the early San Luis Ranch homeowners, she felt ‘misled’ by the change in uses because her property backs onto the lot. ‘I’m worried about renters,’ the resident said. ‘They don’t respect their community, they have no investment, they might be college kids, they could be from out of the area, but you don’t take care of a place like your actual place that you bought.’ Resident Chad Allen, who purchased a house bordering Lot 7 in 2021, said he was disappointed that the new site use may obstruct views of the hills and that a large commercial space would not be coming to his neighborhood. ‘As a purchaser, you’re thinking ‘This is the property I’m going to get,’ and so that doesn’t really look good for us,’ Allen said. ‘We came in early trying to really enjoy this area, and it’s not what we signed up for us as a resident.'”

“Empty restaurants have become a post-COVID hallmark of downtown Boulder. With fewer workers commuting in, eateries are struggling to stay afloat, and large employers that once leased offices in Boulder’s downtown aren’t returning. Boulder leads U.S. metropolitan areas in remote work, with 28.1% of Boulderites working from home — more than double the national average of 13.8%. ‘COVID has been a disaster for office space, quite frankly,’ said Nate Litsey, a commercial real estate broker at Market Real Estate. ‘It was a huge disruption overnight. And today, downtown is about 33% vacant. Before COVID, we were at about 8%.’ ‘There’s a reset in office space,’ said Daniel Aizenman, director of development and design with Boulder real estate firm Conscience Bay Partners. ‘My guess is 20 to 25% of office space will never be back as office space.'”

“Toronto’s condo market is stirring slightly after a long period of dormancy. In the resale condo segment, a combination of interest rate decreases and depressed prices is drawing more interest from buyers, but industry players caution that weighty inventory will prevent sales and prices from taking off. Andre Kutyan, broker with Harvey Kalles Real Estate says the segment is saturated with inventory. Mr. Kutyan sold suite 4602 to his own client for $1.5-million, which is the same amount the seller paid when they purchased it from the developer in 2017. ‘As a seller, it’s very difficult to swallow,’ he says of the downturn in the condo market. To get the deal done, they sold it turnkey, right down to the kitchen implements in the drawers.”

“While buyers are circulating, they remain hesitant, Christopher Bibby, broker with Re/Max Hallmark Bibby Group Realty says, and most sellers need to be patient and willing to negotiate. Many still can’t grasp that the market pace has changed from the frenzy of previous years. ‘Their view is, we have to sell this in a week or two and that’s just not going to happen,’ he says. Bibby says agents need to give sellers the most precise information about market dynamics available so that the seller can decide on a realistic asking price. In some cases they interview multiple agents and become stymied when they receive conflicting advice. ‘Sometimes they make mistakes,’ he says. ‘There are still some people that are chasing a market that’s long gone. If their expectations are out of line, maybe it’s not the right time for them.'”

“A ‘ghost town‘ of half-built flat-pack homes has been completely demolished after standing unfinished for more than a year. The Meadow Grange development in Southend-on-Sea, Essex, was due to see 131 homes built. Dozens of empty shells of half-built houses, by developer Guinness Homes, have now been razed to the ground. Frustrated residents had repeatedly branded an ‘eyesore’ after the properties were left partially-built when specialist contractor Ilke Homes was placed in administration. Urban explorer Martin Halliday, who visited the site, said: ‘The land just looks ragged now – a mix of semi-abandoned building materials and wasteland. I hear there are plans for more new-builds to take the place of the ones recently demolished, maybe the new new-builds will actually conform to health and safety standards.’ It is not known how much the houses on Meadow Grange estate were going to sell for but they are part of the government’s shared ownership scheme. A local estate agent said they would estimate the 2-bedroom flat pack builds would sell for around £350k.”

“Pompano House, the Suffolk Park investment holiday home of The Block interior designer Darren Palmer and husband Olivier Duvillard, has gone under offer. The duo seem set to have incurred a loss of a $1m-plus on the property. After the couple bought Pompano House for $3.85m in the pandemic-induced 2021 regional property boom, it went to market with an initial $3.1m to $3.3m guidance in its September listing. It was then reduced to a range of $2.95m to $3.245m. It subsequently had an offer after the latest price guide of $2.55m to $2.8m. There have been a growing number of listings and discounts in Suffolk Park, with the time on the market trending up to 83 days from 60 days a year ago.”

“A 40-year-old man shared on social media that he’s starting to regret buying a resale HDB flat for S$1.1 million. ‘[I am] single, never married, salaried employee. I had just completed the purchase of my resale HDB flat, which cost me SGD1.1M, and I am taking over the house next month,’ he wrote on r/askSingapore, a Reddit forum, on Wednesday (Dec 11). ‘A sudden feeling of remorse has fallen over me since signing of the completion process at the HDB Hub.’ The man explained in his post that he couldn’t shake the feeling that he might have overspent on the property and feels uncertain about what to expect as he prepares to move into the new house next month.”

“Reflecting on these emotions, he wondered whether this was simply ‘buyer’s remorse’ or a sign that he had made a mistake. ‘Am I over worrying or is it what they call the buyer’s remorse? Have any one of you been in this similar situation like a sudden feeling of ‘maybe I should not have purchase it’ just simply appear etc.’ he wrote. In the comments section, a few Redditors reassured him that experiencing buyer’s remorse after a big purchase is completely normal. Some, however, expressed concerns about the high price he paid for the flat, questioning whether it was a sound financial decision. One Redditor remarked, ‘1.1m ? You are part of the problem lol keep raising prices higher.’ Another wrote, ‘Erm, 1.1m to shoulder solely alone. Not a very prudent decision.'”

This Post Has 76 Comments
  1. ‘Chico said she’d rather sell. ‘I absolutely cannot pay that,’ said Chico. ‘I’m looking at possibly going into foreclosure, not being able to pay this. And I know there are other people in the community that are looking at the same thing’

    Just like that Christine, yer giving it away. BTW this sh$thole is in Florida.

  2. ‘The duo seem set to have incurred a loss of a $1m-plus on the property. After the couple bought Pompano House for $3.85m in the pandemic-induced 2021 regional property boom, it went to market with an initial $3.1m to $3.3m guidance in its September listing. It was then reduced to a range of $2.95m to $3.245m. It subsequently had an offer after the latest price guide of $2.55m to $2.8m’

    That’s a mighty a$$ pounding there Darren and Olivier.

  3. You are being replaced.

    Colorado to expand health care to undocumented pregnant women, children (12/12/2024):

    “The program, known as Cover All Coloradans, will expand Medicaid coverage to low-income pregnant women and children regardless of their immigration status. It was created through the passage of House Bill 22-1289 in 2022.

    “I think what we know is everybody deserves access to health care,” said Adam Fox with Colorado Consumer Health Initiative, which helped push for the passage of the law.

    When the law was passed, the state projected that 3,600 people would enroll in the program at a cost of $34 million. The state now projects more than 15,000 people will enroll at a cost of $51 million.

    As we have more folks who are coming to our states, you know, newcomers who are coming here as migrants, there will be an increase of folks who are eligible for this type of coverage,” said Riley Kitts with the Colorado Children’s Campaign.

    Kitts said it’s encouraging that more people are signing up for the program.

    State Senator Barbara Kirkmeyer, R-Brighton, said with Colorado facing a $1 billion budget shortfall, it makes no sense to move forward with the program while the state considers cuts to other services like pediatric behavioral therapy.

    “I’m not understanding why we aren’t pausing the startup of this program when we have such a huge deficit,” said Kirkmeyer. “So to essentially come in and say we’re going to cut an existing program to low-income children in our state but then we’re going to expand it on the other side is irresponsible to me.”

    https://www.denver7.com/news/politics/colorado-to-expand-health-care-to-undocumented-pregnant-women-children

    1. So to essentially come in and say we’re going to cut an existing program to low-income children in our state but then we’re going to expand it on the other side is irresponsible to me

      I was wondering how they were going to finance this.

      Anyway, with the new Sherriff in town I suspect that most illegals will want to keep as low a profile as possible, meaning they might not sign up for this program.

      1. My quick back of the envelope math says if 3600 people is going to cost 34 million then 15,000 people is going to cost 141 million per the original estimates which were probably also too good to be true. That’s a pretty glaring discrepancy that no one seems to notice.

        1. And the legislature can’t raise taxes to fund it. The only way they can is by cutting expenses elsewhere. And with all those illegals already suckling at the state government’s teat, it might be hard to do. And they want to fund the homeless industrial complex too. And every time they ask voters for more money, the voters say no.

  4. ‘as one of the early San Luis Ranch homeowners, she felt ‘misled’ by the change in uses because her property backs onto the lot. ‘I’m worried about renters,’ the resident said. ‘They don’t respect their community, they have no investment, they might be college kids, they could be from out of the area, but you don’t take care of a place like your actual place that you bought’

    Plus they have smelly cooking resident. Better get out now while you can.

  5. ‘A ‘ghost town‘ of half-built flat-pack homes has been completely demolished after standing unfinished for more than a year. The Meadow Grange development in Southend-on-Sea, Essex, was due to see 131 homes built. Dozens of empty shells of half-built houses, by developer Guinness Homes, have now been razed to the ground. Frustrated residents had repeatedly branded an ‘eyesore’ after the properties were left partially-built when specialist contractor Ilke Homes was placed in administration. Urban explorer Martin Halliday, who visited the site, said: ‘The land just looks ragged now – a mix of semi-abandoned building materials and wasteland’

    They are tearing down new shacks – there’s a photo or two at the link.

    1. Tearing down houses with brick and mortar walls is more work than knocking down something made of sticks and drywall. That it was done shows there was zero hope of finishing those shacks and selling them for a profit.

      With over a million “newcomers” in Britain every year one would think that demand for housing would be up, but it wasn’t, at least not for places that actually require buyers with incomes. The newcomers are jockeying with each other for so called “council housing”

      1. So essentially a modern mud hut is going for so much money that no one can afford it. I couldn’t help but notice something about the government being on the hook for half of it. That’s some efficient synergy right there.

      2. “Tearing down houses with brick and mortar walls is more work than knocking down something made of sticks and drywall”

        You want pictures?

        I bought one, LOLZ

      1. The ISIS holdouts are primarily in the northern region around eastern Aleppo. To the north, Turkey has no love for ISIS either. Eastern Syria is rather barren with the exception of agriculture sprinkled along the Euphrates river, which meanders south-east all the way to Ramadi, Iraq.

        The Iranian funded Hezbollah fighters that Israel is concerned with are (were) clustered along Syria’s southern border where extensive fighting infrastructure has been built over two decades, but is being systematically destroyed by the IDF. The U.S. NRO has spent decades cataloging these targets and the order in which they should be destroyed. Crippling Iran’s military infrastructure is next.

        When U.S. President Jimmy Carter let the Shah of Iran fall from power back in the late 70s he likely set in motion the events we are currently spending $trillions to defeat.

  6. Nathan Strager, a Las Vegas-based real estate agent said the sellers were Brumbies Capitol, a private equity firm based out of Australia.

    Private equity locusts and speculator scum need to be barred by law from competing with legitimate home-buyers.

    1. Mexico and Canada have elected leftist boobs who are losing support by the day.

      Anyone who isn’t a peasant in Mexico was horrified when Sheinbaum was elected. I have cousins with college degrees who don’t even earn $1000 USD a month at their jobs, if they even have one. They tell me that there is a sense of utter hopelessness in Mexico.

      There are now no safe highways in Mexico. The only safe way to travel is by air. Mexico has become a failed state where the federal government in Mexico City pretends everything is fine. For the life of me I don’t see why anyone would invest in Mexico, as for all practical purposes it’s a narco state, despite Sheinbaum’s claims that it is not.

      One of my cousins says he hopes the US will invade and bomb the cartel bosses estates, though I think DJT will probably just finish the wall and have it patrolled.

    1. The only Christmas he celebrates is “Let it snow, let it snow, let it snow” all hoovered up into his swarthy beak, courtesy of U.S. taxpayers.

    1. The 50% Rule: Repair vs. Replacement
      When evaluating whether a damaged facility is eligible for replacement, FEMA compares the eligible repair cost with the eligible replacement cost and evaluates the feasibility of repairing the facility.

      A facility is considered repairable when:

      The cost to repair the disaster-related damage does not exceed 50% of the cost to replace the facility based on its pre-disaster design, capacity, and function; and
      It is feasible to repair the facility so that it can perform the pre-disaster function as well as it did prior to the incident.
      Repair Costs Replacement Costs
      The repair costs (numerator) is the cost of repairing disaster-related damage only and includes costs related to compliance with codes and standards that apply to the repair of the damaged elements only. This includes federally required codes and standards.

      The replacement costs (denominator) is the cost of replacing the facility on the basis of its pre-disaster design (size and capacity) and function in accordance with applicable codes or standards.

      https://emilms.fema.gov/is_1021/groups/70.html

    1. “She had been banking on Vice President Kamala Harris winning the presidency in November’s race. Now, she is terrified of what the future holds.

      “It was my wish for Kamala Harris to win,” Zarate said. “If she were president, my family would be safer.”

      GTFO

      1. There is going to be a lot of lawfare to prevent deportations. The Left is going to do everything it can to keep them here.

  7. You’ve got a lot of gall, Fauxahontus, bloviating about the “viceral” public reaction to the shooting of UHC CEO Thompson. Maybe if you and the captured Republicrat duopoly did your jobs and served the public interest instead of whoring for your FIRE sector lobbyists, people would feel like they had some kind of recourse after years of being screwed over by a corrupt, rapacious system that’s rigged against them.

    https://thehill.com/policy/healthcare/5034574-elizabeth-warren-unitedhealthcare-ceo-shooting-response-warning/

  8. ‘You’ll lose,’ Russian agents told Assad as they organised his escape

    Russia organised for Bashar al-Assad to flee to Moscow via its air base on the Syrian coast as rebels broke into Damascus on Sunday, Kremlin sources have said.

    Three sources close to the Russian government told Bloomberg News that its agents persuaded the dictator he would lose a fight with the rebels and that he needed to flee the country immediately.

    Assad followed the advice and reportedly fled Damascus without telling his closest advisers and friends in case he was betrayed.

    According to Sergey Markov, a pro-Kremlin commentator on Telegram, Moscow’s rescue of Assad proved that its government had already been successfully negotiating with the Syrian rebels.

    He said: “Russia helped the new Syrian government take Damascus without a fight. To do this, they reached a secret compromise with Assad that he would not give the order to defend the capital in exchange for the safety of Assad and his family members.”

    https://www.yahoo.com/news/ll-lose-russian-agents-told-145024528.html

    1. See also: when Zelensky flees to his dual homes in London and Florida, all paid for by U.S. taxpayers.

      Whoever is actually running the White House has a month left to run out the clock. Why not just personally give Zelensky $1 billion, to do with whatever he wants.

      None of this will surprise me, when it happens.

  9. She took a DNA test for fun. Police used it to charge her grandmother with murder in a cold case

    It was the middle of Jenna Gerwatowski’s workday at the local flower shop in Newberry, Mich., when she got a call from an unknown number.

    The now 23-year-old doesn’t usually answer unknown calls, but says she decided to pick this one up in May 2022.

    To her surprise, it was a detective from the Michigan state police.

    “He was like, ‘Have you heard of the Baby Garnet case?’” Jenna told CNN.

    Jenna had heard of it. In 1997, a deceased infant was found in a campground pit toilet at the Garnet Lake Campground – right where Jenna grew up. Investigators couldn’t find any leads on the identity of the baby or anyone who witnessed a person abandoning an infant, according to a news release from the Michigan attorney general’s office. The case went cold, and the “Baby Garnet” case became a known murder mystery in Jenna’s small town for decades.

    “Your DNA was a match,” Jenna says the detective on the phone told her. She was related to the dead infant from 1997.

    Jenna was in shock. The detective sounded sure, Jenna said, but she wondered how he had even obtained her DNA.

    About six months earlier, her friend had gotten a FamilyTreeDNA test for Christmas and Jenna decided to order her own. DNA from other Baby Garnet relatives led detectives to Jenna’s FamilyTreeDNA kit, according to court documents.

    The detective said a woman from Identifinders International, a genetic genealogy investigation firm, would call her about her DNA to help with identifying closer relatives, according to Jenna.

    According to court documents, detectives reopened the cold case in 2017 and then worked with a forensics company to extract DNA from Baby Garnet’s partial femur, before sending the results to Identifinders International.

    Jenna explained the situation to her mother when she got home from work.

    “It was just crazy,” Jenna said. “We were both sitting there like, I don’t even know who (the mother or father) could’ve been. We were both so confused and we’re like, it’s got to be somebody that we don’t know, you know, like a distant cousin or something.”

    One week later, Jenna was working at the flower shop when she got a distressed call from her mother.

    “She was like, ‘I really need you to come home. … It’s an emergency. Like, just please come as soon as you can,’” Jenna said.

    Jenna rushed home thinking someone died. Her cousin was sitting with her mom at their round wooden kitchen table. Police had contacted her cousin, who works as a victim’s advocate in the county prosecutor’s office, to explain the Baby Garnet situation to Jenna. It turned out it wasn’t a scam.

    “My mom had tears in her eyes,” she said. Jenna’s cousin had “just pure shock on her face. … You could hear a pin drop in there.”

    On June 1, 2022, detectives spoke with her mother, Kara, who agreed to provide her DNA. Kara was the half-sister of Baby Garnet, according to court records.

    “I feel like that is when, like, all of the puzzle pieces kind of started falling together for her,” Jenna said. “And she told detectives that, if it’s going to be anybody, it would be (her) mother.”

    Kara, now 42, had not spoken with her mother, Nancy Gerwatowski, since she was 18 because they had a bad relationship, and Jenna had never met her grandmother. Regardless, both were shocked Nancy, who was living in Wyoming when police questioned her, would be the one behind their town mystery.

    “I had grown up knowing about the case my whole life and then come to find out it was my grandma that did it?” Jenna said.

    The Michigan attorney general’s office alleges Nancy “delivered the newborn alone at her Newberry home, during which Baby Garnet died due to asphyxiation, and that this death could have been prevented by medical intervention (Nancy) Gerwatowski did not seek.”

    However, in a court filing, Nancy’s defence argues she unexpectedly gave birth while in the bathtub and the fetus “became trapped inside her birth canal.” She “attempted to pull the fetus out of her own body,” the filing says, but couldn’t deliver the fetus and lost consciousness “at some point in the delivery.” When she was finally able to deliver the fetus, it was dead, the filing says.

    Her defence argues that Nancy, like the average person in the county in 1997, did not have access to a telephone or cell line, so she couldn’t call 911. While she concedes in her legal filings she placed the stillborn fetus in a bag and left the remains at the campground, her defence attorneys argue she had been in shock after having had no pain medication during the traumatic birth.

    Nancy is charged with one count each of open murder, involuntary manslaughter, and concealing the death of an individual. Open murder carries a potential life sentence. Her defence is hoping to get the case against Gerwatowski dropped in its entirety Thursday, arguing the “state cannot prove the fetus was born alive,” according to the court records filed by Nancy Gerwatowski’s defence lawyer.

    “It was a very hard time … very traumatizing and very nerve-wracking,” said Jenna. “I’ve never met this woman, so it was hard for me to even grasp that concept, but even harder for my mom because that was her mother.”

    https://www.ctvnews.ca/world/she-took-a-dna-test-for-fun-police-used-it-to-charge-her-grandmother-with-murder-in-a-cold-case-1.7143002

  10. Former Aetna CEO says he’d eliminate employer-sponsored insurance to fix the U.S. healthcare industry in wake of UnitedHealthcare shooting

    The murder of UnitedHealthcare CEO Brain Thompson ignited a renewed wave of frustration over the U.S. healthcare system, which critics say has gained notoriety for being exorbitantly expensive while falling short at improving health outcomes. Mark Bertolini, former Aetna chair and CEO and current chief executive of Oscar Health, believes he’s found a solution to the industry’s pitfalls: the elimination of employer-sponsored health insurance.

    “Probably the most important thing is that healthcare has now become very individualistic: ‘I want it to be fit for me,’” Bertolini told CNBC’s “Squawk Box” on Thursday. “‘And when my employer buys my healthcare coverage, they buy for the average.’”

    Bertolini argues that relationships between insurers and physician practices tighten in mergers. Employers no longer have the same bargaining power against insurance providers to lower premiums, and that power of negotiation only diminishes for small-and mid-sized firms.

    “The companies have no leverage,” he said.

    https://www.msn.com/en-us/money/general/former-aetna-ceo-says-he-d-eliminate-employer-sponsored-insurance-to-fix-the-u-s-healthcare-industry-in-wake-of-unitedhealthcare-shooting/ar-AA1vNtom

    1. “eliminate employer-sponsored insurance to fix the U.S. healthcare industry”

      Remember what former U.S. Rep Dennis Kucinich (D-OH) had to say about that? I uses to live in his district.

      And yeah, he was managing RFK Jr’s campaign before he withdrew and joined Team 47.

  11. New Europe takes charge while Berlin and Paris distracted

    With Olaf Scholz and Emmanuel Macron each caught up in a domestic spat, a new dynamic duo is emerging to set the EU’s geopolitical direction.

    French President Macron saw his three-month-old government fall last week, and is now looking for someone willing to take on the gargantuan task of putting together a new one.

    In Berlin, the German traffic light coalition stopped on yellow as the liberal FDP left over budget disputes. Now, the remains of Scholz’ government find themselves in the minority, and new national elections await in February, with polls looking dismal for the current leadership.

    The once revered Franco-German tandem is, for now, stalled, leaving space for other players to take centre stage. In Brussels, Ursula von der Leyen now has the Commission she dreamt of, while in Warsaw, Prime Minister Donald Tusk is increasingly becoming the go-to when member states have a question that needs answering.

    In October, all 27 EU member states threw their weight behind the Polish approach to the instrumentalisation of migrants by Belarus and Russia on the country’s eastern border – ultimately resulting in the door being closed to asylum seekers.

    And only yesterday, the Polish push for tougher (and legally dubious) migration measures came full circle. Under certain circumstances, the Commission now allows for member states to bend EU law to stop arrivals – and hints that international law may be outdated.

    Poland’s prominence is also not lost on Macron. Seeking respite from events in Paris, the embattled French leader is currently in Warsaw floating the idea of sending a European peacekeeping force to Ukraine – should peace be achieved soon. Polish support is seen as crucial: the Central European country is on track to outspend all other NATO countries on defence this year.

    Similarly, leader of the German opposition and election frontrunner Friedrich Merz has also paid a visit to Warsaw. Merz has taken a notably different line to Scholz on German support for Ukraine – one closer to that of Warsaw.

    https://www.euractiv.com/section/politics/news/new-europe-takes-charge-while-berlin-and-paris-distracted/

  12. Border agents checking packages sent by courier to Canada for possible fentanyl smuggling

    Border agents are scanning letters and packages sent by courier to Canada to see if they are being used to smuggle fentanyl, MPs were told at a public-safety hearing Thursday.

    The MPs also heard that 4,000 organized crime groups are currently operating in Canada, including in the illicit fentanyl trade.

    Erin O’Gorman, president of the Canada Border Services Agency, said the agency has recently been talking with courier companies “who themselves don’t want to be shippers of lethal drugs” about the smuggling of pills and small quantities of drugs in packages and small containers.

    She said there has been a significant increase in small parcels sent since the pandemic, with the agency now focused on how they are being used to smuggle drugs.

    “As we’ve seen, a handful of fentanyl pills through the mail has become many doses out on the street and lives lost,” Ms. O’Gorman said, adding that both Canada and the U.S. are grappling with the fact that “smaller containers are being shipped through couriers.”

    Replying to questions from MPs, the RCMP Commissioner said there are a “significant number of organized crime groups” involved in the illicit drug trade in Canada.

    Mathieu Bertrand, RCMP chief superintendent for serious and organized crime and border integrity, said 4,000 organized crime groups are operating here. They include Canadian and foreign criminal organizations, such as Mexican cartels.

    https://www.theglobeandmail.com/politics/article-border-agents-checking-packages-sent-by-courier-to-canada-for-possibly/

    1. ‘said 4,000 organized crime groups are operating here. They include Canadian and foreign criminal organizations, such as Mexican cartels’

      K-da says they don’t have much drugs coming into the US. But what about the money laundering – it’s yer national specialty. And don’t the cartels get the chemicals to make fentanyl from China, who they would have to pay?

  13. $150K reward offered after Bay Area mail carriers robbed at gunpoint

    Mail carriers in the Bay Area are on edge this holiday season following two recent robberies.

    The United States Postal Service is offering a $150,000 reward for information leading to an arrest in each case.

    “It’s terrible. It’s horrible,” said Edward Fletcher, president of the East Bay branch of the National Association of Letter Carriers. “No letter carrier should wake up every day wondering if today’s the day they’re going to be robbed.”

    As the holiday season kicks into gear, officials report two mail carriers have been robbed at gunpoint.

    “We’re out there to be Santa Claus and get the packages delivered and out of the blue somebody comes up behind you and sticks a gun in your face,” Fletcher said.

    On Thursday, the postal service released a surveillance video of a suspect who approached a mailman on Parrott Street in Vallejo in late November.

    The suspect demanded the mailman’s master mailbox key at gunpoint.

    Surveillance cameras captured a similar robbery in Antioch on Nov. 29. Postal service officials said the video shows a woman in a blue jacket pulling out a gun. The woman then robbed the letter carrier and took his master key, according to postal inspectors.

    The head of the letter carriers union said the attacks are unacceptable, adding some mail carriers who have been victimized are too afraid to go back to work.

    https://www.msn.com/en-us/crime/general/150k-reward-offered-after-bay-area-mail-carriers-robbed-at-gunpoint/ar-AA1vLYoy

  14. Weber is open to fixing slow CA election results

    California’s 2024 election will finally, officially be done by Friday, when the Secretary of State’s office certifies the results.

    Leading up to that, Secretary of State Shirley Weber on Wednesday acknowledged concerns about the slow vote count in California, but stressed the need to ensure an accurate and transparent ballot counting process, reports CalMatters’ Yue Stella Yu.

    The process has come under fire in recent weeks, as newly-elected state legislators were sworn in even when counties were still counting ballots. One leading candidate for state Assembly was sworn in before her race was even called.

    Weber, in a call with reporters: “It’s not the first time that’s happened. That’s … one of the ongoing challenges we are dealing with.”

    Speed must be balanced with election security and voter access, she said. “If we decided not to verify ballots and not to look at signatures, then we’d have all of those who claim we are letting any and everybody vote raising hell about voting.”

    “It’s a challenge that we face and we will continue to face it and we continue to work on it,” she said, adding: “If those of you have any good ideas and we can look at and match it with this complex system, please let us know.”

    https://www.msn.com/en-us/news/politics/weber-is-open-to-fixing-slow-ca-election-results/ar-AA1vK380

    1. “Secretary of State Shirley Weber on Wednesday acknowledged concerns about the slow vote count in California…”

      Is it reasonable to expect a broke state to get it done quickly?

      1. $165 billion revenue error continues to haunt California’s budget
        Avatar photo by Dan Walters November 21, 2024
        A person wearing a navy blue suit and sitting on a chair behind a desk as they hold a stack of papers that read “The 2021-22 Budget” and “California’s Fiscal Outlook”.
        California’s Legislative Analyst Gabriel Petek warns government spending is outstripping revenue growth. In this Nov. 18, 2020 photo he holds a budget forecast in Sacramento. Photo by Rich Pedroncelli, AP Photo

        History will — or at least should — see a $165 billion error in revenue estimates as one of California’s most boneheaded political acts.

        It happened in 2022, as the state was emerging from the effects of the COVID-19 pandemic.

        Gov. Gavin Newsom’s Department of Finance, based on one short-term spike in income taxes, projected that revenues from the state’s three largest sources would remain above $200 billion a year indefinitely.

        Newsom then declared that the budget had a $97.5 billion surplus, although that number never appeared in any documents.

        “No other state in American history has ever experienced a surplus as large as this,” Newsom bragged as he unveiled a 2022-23 fiscal year budget that topped $300 billion.

        With that in mind, he and the Legislature adopted a budget with billions in new spending, most notably on health and welfare programs and cash payments to poor families.

        Within a few weeks, Newsom and legislators learned that real revenues were falling well short of the rosy projections. But the damage, in terms of expanded spending, was done.

        Two years later, buried in its fine print, the deficit-ridden 2024-25 budget acknowledged that sales taxes and personal and corporate income tax revenues would fall well short of the $200 billion a year projection, estimating a $165.1 billion shortfall over four years.

        https://calmatters.org/commentary/2024/11/california-state-budget-error/

  15. Why Wells Fargo’s San Francisco downsizing is bad news for California banking

    When news broke last week that Wells Fargo would be selling its longtime San Francisco headquarters and relocating to leased digs down the street, some viewed it as a gentle breakup — letting someone down easy only to eventually hit them with the hard truth.

    California’s most prominent financial institution has been intimately tied to the city since its Gold Rush-era founding in 1852. But over the last several decades Wells Fargo has gobbled up rivals, making it the nation’s fourth-largest bank and leaving it with far-flung operations across the country — and an executive team nearly 3,000 miles away.

    The announcement has prompted speculation that the company’s downsizing in the Bay Area is only a prelude to an eventual move of its official corporate headquarters to a lower-cost location such as Dallas or Charlotte, N.C., while its executive team stays on Wall Street — though Wells Fargo denies that.

    Whatever the eventuality, Wells Fargo’s departure from its longtime headquarters underscores the diminished role the state and city play as financial centers even as the Bay Area has transformed itself over the last half century into the world’s leading tech center, replete with scores of venture capital firms.

    In 1998, San Francisco was stunned when Bank of America, whose origins date to the early 1900s, announced it was merging with NationsBank and moving its corporate headquarters to Charlotte amid the same wave of industry consolidation that transformed its crosstown rival.

    However, skepticism has abounded given the Bay Area’s recent experience with Chevron, which sold its vast San Ramon headquarters in 2022 and moved to a smaller campus in nearby Bishop Ranch — only to announce in August it was packing up and moving to Houston. Another blow to San Francisco came last summer when Elon Musk announced he was moving the social media platform X, formerly known as Twitter, to Texas.

    William Deverell, a professor of history at USC, said there is no doubt that if Wells Fargo were to move out of state (where it employs 23,000), it would be a blow given the bank’s close identity with California as exemplified by its stagecoach branding — even though many other well-known corporations already have moved on.

    California’s days as a leading U.S. financial center are over, said David Bahnsen, founder of Newport Beach-based investment manager the Bahnsen Group. “I think it plays almost no role, and I think it’s a tragedy,” he said.

    https://www.msn.com/en-us/money/companies/why-wells-fargo-s-san-francisco-downsizing-is-bad-news-for-california-banking/ar-AA1vJlf7

    1. “In 1998, San Francisco was stunned when Bank of America, whose origins date to the early 1900s, announced it was merging with NationsBank and moving its corporate headquarters to Charlotte amid the same wave of industry consolidation that transformed its crosstown rival.”

      It’s a tragedy when a state government’s economic policies are so anti-business that they drive away the geese that lay golden eggs to friendlier climates.

      A.P. Giannini’s Bank of Italy started microlending to small-scale Italian farm operations in California’s Central Valley, long before microlending was a thing. The name eventually changed to Bank of America.

      https://www.myitalianfamily.com/resources/tragedy-triumph-ap-giannini-and-his-bank-america

      https://www.investopedia.com/articles/personal-finance/040715/what-microlending-and-how-does-it-work.asp

      1. I can put my down payment in T Bills and chill.

        Or I can buy an asset that requires monthly taxes, annual upkeep, and could easily drop in value overnight if liquidity dries up and unemployment increases.

        The days of driving a beater car for 2 years to save a down payment are over.

  16. Big Business that want to use AI is saying they need big energy to power AI. So, big investments to
    power nuclear energy for AI, while humans have rationed and unsustainable energy.

    Would it be a sane World to power AI and robots, while humans are deprived, eat bugs , you will own nothing, etc.
    AL/Robots figure strongly in the One World Order being forced on humanity. Hal wants to take over the ship.
    The Climate Change and Panademic emergencies
    are fraud and the Governments are in collusion with the Entities forcing this. Bulk of Countries 2months ago gave power for Global Governance to UN, for what they called “Black Swan Events.”

    Coming out what a joke health care is with the Health Ins Companies like United denying or stalling claims and people dying in huge numbers.
    Another tactic used by the Med system is intense pressure put on patients to just go on hospice, which is another form of denial of care.

    The governments paid for the Covid shots, and the hosp incentives for the mal practice deaths of thousands of people during Covid. Cover up of death and injury by Covid 19 vaccines, and a gas lighting of the injured by vaccines.

    They are still using the inaccurate PCR testing to determine any Panademics they want, testing of milk, eggs, cattle ,chicken ,the basic food supply.
    So, nobody wants the agenda of these Entities that have a pre planned agenda to enslave, deprive and depopulate populations of humanity.
    And the escalation of Wars, and Border invasions of US and other Countries is insanity along with transgender attack on minors by med cartel.
    And not to forget the deliberate censorship of dispute to the Fraudsters fraud and biggest crimes ever against Civilization.
    All deliberate, so pre mediated murder, and treason by Government and agencies.

    1. Big Business that want to use AI is saying they need big energy to power AI.

      It’s not just AI, it’s data centers in general, especially for the cloud. My employer isn’t even a first tier cloud provider and we open a new data center, full of power hungry servers and all air conditioned, every 2-3 weeks. I can only imagine how many AWS or Microsoft have.

      Keep in mind that “AI” is just a server with a GPU in it. Sure, the GPU is power hungry, but so are the CPU and memory chips

  17. [This is a very long but interesting/informative non-housing related article (actually it is a book review).]

    Provoked: The Long Train of Abuses that Culminated in the Ukraine War.

    https://mises.org/mises-wire/provoked-long-train-abuses-culminated-ukraine-war

    “A fox knows many things, but a hedgehog knows one big thing.” Scott Horton is the liberty movement’s foreign policy hedgehog, endeavoring to convince the American public of one essential truth: the folly of war. But within that sphere, Horton is a fox, weaving an encyclopedic knowledge of various conflicts into an elaborate and convincing tapestry that indicts elites, intellectuals, the military-industrial complex, and—with characteristic vitriol—neoconservatives in pushing the US toward unnecessary wars.

    Provoked: How Washington Started the New Cold War with Russia and the Catastrophe in Ukraine, fits this mold to a tee—not because Horton contorts facts to a preconceived narrative. Rather, because it is often the same people pushing conflict after conflict who, unsurprisingly, resort to the same, well-worn playbook. Horton’s tome is riveting, from beginning to end. Here, I will focus on the early post-Cold War years, since this part of the story is oft-neglected in contemporary debates about the origins of the Ukraine war.

    With the closing of the Cold War, and the USSR dissolving, the US faced a crisis of success: what use is the NATO military alliance without the Soviet enemy to align against? More broadly, what grand strategy should the US adopt now that containing communism was obsolete? For neoconservatives, whose answer post-Cold War was benevolent global hegemony, the solution was to adapt NATO. NATO must gradually absorb more European nations, while leaving Russia out in the cold—contained and encircled, in an even worse position than during the Cold War. NATO must expand its mission to keep European peace and expand Western democracy, or wither on the vine.

    [ This bears repeating: “NATO must expand its mission to keep European peace and expand Western democracy, or wither on the vine.”]

    From George H.W. Bush to today, the record meticulously compiled by Horton demonstrates that US and other Western leaders communicated to Russia leaders and officials that NATO would not expand east—and could even allow for Russian membership in NATO. Various efforts like the Partnership for Peace and the Organization for Security and Co-operation in Europe were promoted to foster this impression that Russia would be included in European affairs, alliances, and institutions, rather than these structures aligning against them. All the while, these same US and Western leaders took virtually the opposite positions internally, with the result that the US willfully misled the Russians. The exact internal and external postures waxed and waned over the years, but this ultimate pattern held firm. This was even though, all along, Russian officials warned about how they and the Russian people would react to NATO advancing east. What we see is, in terms with which Americans are well-familiar, “a long train of abuses and usurpations, pursuing invariably the same Object.”

    It began with George H.W. Bush, who promised Mikhail Gorbachev, after the fall of the Berlin Wall as the Soviet Union careened towards collapse, that the US would not take advantage of the situation. This was also reflected in a NATO resolution on June 7, 1991. Bush and his advisors promised that NATO would not expand if the Soviet Union would withdraw and allow German reunification. The 1990 settlement would only specify that the US would not put troops in East Germany, a nuance which Russia hawks have exploited to argue there was no promise not to expand NATO. But this does not fly. Horton asks the rhetorical question: what sense would it make for the Soviet Union to extract a promise not to put troops in East Germany, if the US had a free hand to bring the rest of Eastern Europe into a military alliance? This agreement only makes sense on a backdrop of agreeing not to expand NATO.

    The sins of the Clinton years were legion. In the early 90s, the US sent economists from the Harvard Institute of International Development to Russia to enact what came to be called a “shock therapy” economic policy. It was so badly designed and had such poor outcomes that many Russian thought it must be deliberate. Unsurprisingly, this did not dispose ordinary Russians to view the West favorably. Throughout the decade, Clinton and his advisors duplicitously offered Russia promises that a “Partnership for Peace” process would be pursued rather than NATO expansion—and that NATO would lose its military character—all the while planning to expand NATO.

    The Clinton administration was heavily involved in the Balkans wars of Bosnia and Kosovo, which present strong cases against “humanitarian” intervention. The result of Bosnia was that NATO proved itself capable of fulfilling a new mission, while the US solidified itself at the head of European affairs, each of which were necessary for subsequent NATO expansion. Kosovo further solidified NATO’s new role on the continent—even intervening in civil wars—while the bombing campaign against Serbia convinced Russians that the US was an aggressive, ruthless great power, who would violate international rules when it suited them. The US engaged in this aggressive war, in violation of the UN Charter, without approval of the UN Security Council (on which Russia sat). So much for the liberal rules-based international order. The US’s frequent remaking of the rules was a frequent complaint of Russia, including during the Iraq War.

    Moreover, when Russia went to war with break-away Chechnya, Clinton’s CIA and US allies supported Chechen rebels and separatist mujahideen fighters fighting on Chechnya’s side against the Russians, with the goal to disrupt an existing Russian oil pipeline running through Chechnya. This, too, Putin cited when invading Ukraine. (If this were all not bad enough, Horton shows how the Clinton administration supported the bin Ladenite terrorists in the Balkans wars and in Chechnya. Indeed, more than half of the September 11 hijackers were involved in these wars in the Balkans and Chechnya—often both.)

    Putin’s rise was itself a consequence of the Clintonian interventions in the 1990s: from the “shock therapy” economic policy, to helping Yeltsin get reelected in 1996, to Kosovo and Chechnya. As Horton points out, ironically, Putin invoked the Kosovo precedent of intervening in a civil war to “protect” an ethnic minority to justify invading Ukraine. In one stunning example from the Kosovo war, Horton recounted how the Clinton administration ordered the bombing of a Serbian TV station. These actions still influence Putin’s thoughts about the West today. Putin’s strike on a TV tower in Kiev in February 2022 likely called back to that conflict.

    The NATO-Russia Founding Act of May 1997 was another milestone in US duplicity toward Russia. It assured that NATO would not deploy nuclear weapons or “substantial” troops to new NATO nations’ territories. Importantly, the Clinton administration misled Russia into thinking the Founding Act would give Russia a genuine role in NATO deliberations—although it would not have a say within the NATO alliance itself—when, in the words of Clinton advisor Strobe Talbott, the US’s view was that “all we’re really promising them is monthly meetings.”

    Throughout Clinton’s term, the Clinton administration fed Russia the lie that claimed NATO’s mission was becoming political, rather than military, so agreeing not to expand NATO would be admitting that NATO’s mission was to contain Russia. He even said he would leave open the possibility of Russia entering NATO. But Horton shows they had no intention to do any of this. To make matters worse, in July 1997 NATO and Ukraine signed an agreement that would provide for training Ukraine’s military and improve their interoperability with NATO, and in August 1997 planned a military exercise involving several former Warsaw Pact states and Soviet republics to simulate US military intervention in an ethnic conflict in Crimea.

    No, this was not all. The US tried to cut out Russia from Caspian Basin oil by refusing to run a pipeline from Azerbaijan through Russia, pushing it to a Western route through Turkey instead. The US also backed the GUAM (Georgia, Ukraine, Azerbaijan, and Moldova) grouping to “speed European integration and exclude Russia influence from the South Caucasus,” according to Horton, which Russia strongly opposed, calling it an “Axis of Evil” in 2005. The Clinton administration also violated Bush and Gorbachev’s Treaty on Conventional Armed Forces in Europe in 1999, incredulously claiming that the “permanent US military bases in Bulgaria and Romania” were actually just temporary.

    The close of the Clinton years began a wave of “color revolutions” in Russia’s backyard. The key thing about these “revolutions” is that they are heavily funded and supported by foreign governments or NGOs, such as George Soros’ groups. Rather than directly or covertly overthrow an existing regime, these organizations operate “above board,” meaning they avoid specifically endorsing candidates—since that would be illegal—and instead fund and assist groups that promote more generic, non-partisan efforts like “democracy.” In context, of course, their activities are geared to “benefit . . . a favored candidate or party.” A favorite tactic is using “parallel vote tabulation” or exit polls, which are used to dispute official election results. The dispute typically spills over into street demonstrations with the goal of ousting the ostensible victor.

    The “revolutions” began in Serbia in 2000 with the ousting of Clinton’s bête noire Slobodan Milošević. As Horton sardonically comments, this culminated in the “sacking and burning of the [Serbian] parliament building in what would surely be called a violent insurrection by American Democrats if they had not been behind it.” Numerous other states would be targeted for color revolutions by the US and its Soros-backed NGO allies over the next decades.

    Incredibly, this only begins to scratch the surface of these early, post-Cold War provocations toward Russia that Horton documents, let alone the follies and misdeeds that occurred during the George W. Bush presidency and thereafter. Horton has persuasively made the case that the US provoked Russia over the course of three decades, knowing that Russia would respond with hostility toward NATO expansion. Yet, with reckless abandon, US leaders and officials pushed on, achieving their wildest dreams of NATO expansion and setting their sights on what was always their crown jewel—Ukraine. It did not have to be this way, and it still does not. But time is ticking. Defying expectations, President Biden manages to reach new heights of absurdity in his escalatory policy toward Russia, ticking off a box on Zelensky’s deadly five-point “peace” plan. The war cannot end soon enough.

  18. All Signs Point to a Real Estate Crash in Canada

    Jon Flynn Real Estate Stats

    3 days ago

    As the news continues to come in supporting the inevitable economic downturn, real estate won’t be spared this time. Unemployment is rising and the Bank of Canada will need to do whatever it can to reduce the collateral damage from the biggest bubble in Canadian history. The real estate crash is coming and I show you the data to prove it. Thanks for watching.

    https://www.youtube.com/watch?v=9jW03-Gl4YE

    17:15. There’s a funny clip of a UHS at the beginning, but at 43 seconds a segment on a Colgan Crossing protest where appraisals are coming in 400-500k less than they paid.

  19. Booker T & The MG’s with the Mar-Keys – live in Oslo, Norway

    [Colourised] 1967

    blues.in.colour

    1 year ago

    What a groove! Filmed in Oslo on April 7, 1967 by NRK – the Norwegian public broadcasting corporation. Here’s the excellent Booker T and the MG’s backing the Mar-Keys early in the Stax/Volt Revue show.

    0:00 Grab This Thing
    2:05 Last Night

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

    5:19.

  20. ‘One homeowner, for example, just saw an increase in their premium from $13,000 to $35,000’

    It’s still way cheaper than renting.

    1. The illuminati who live on Martha’s Vineyard and Nantucket are America’s royalty, and the country’s taxpayers should stand ready to make them entirely whole again.

  21. ‘There’s a reset in office space…My guess is 20 to 25% of office space will never be back as office space’

    Yer over-optimistic Dan.

  22. ‘Their view is, we have to sell this in a week or two and that’s just not going to happen…There are still some people that are chasing a market that’s long gone. If their expectations are out of line, maybe it’s not the right time for them’

    Yer right Chris, would be movers are dead weight. They’ll put you in the poor house.

  23. Only Two Of These Homes Sold (Peel Region Real Estate Market Update)

    Team Sessa Real Estate

    19 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 Dec 4, 2024. We also discuss how the market for two million dollar + homes is becoming an increasing challenge in these regions.

    https://www.youtube.com/watch?v=i6EXfmeEvY0

    10:31. Oh dear…

    1. Three college students killed in Tesla Cybertruck crash in California
      by: Jordan Baker
      Posted: Dec 1, 2024 / 10:37 AM PST
      Updated: Dec 1, 2024 / 10:37 AM PST

      PIEDMONT, Cali. (KRON) – Three recent high school graduates are dead after a Tesla Cybertruck crash just outside of Oakland, California, last week.

      Early Wednesday morning, the Cybertruck reportedly jumped a curb in Piedmont, crashed into a tree, and burst into flames. One person was pulled from the vehicle by a person in the vehicle behind them, according to Piedmont Police Chief Jeremy Bowers.

      Authorities were alerted to the crash by an iPhone within the Cybertruck automatically alerting dispatchers, as well as neighbors who saw the flames rising from the vehicle.

      https://fox5sandiego.com/news/three-college-students-killed-in-tesla-cybertruck-crash-in-california/

    1. Bonds
      10-year Treasury yield tops 4.4% as investors focus on the Fed’s rate decision
      Published Fri, Dec 13 2024 5:00 AM EST
      Updated 6 Hours Ago
      Sean Conlon
      Sam Meredith
      WATCH LIVE
      The benchmark 10-year Treasury yield moved higher on Friday as investors look ahead to the Federal Reserve’s final meeting of the year.

      The 10-year Treasury yield was up more than 7 basis points at 4.401% after jumping more than 6 basis points on Thursday to climb above the 4.3% level. Meanwhile, the yield on the 2-year Treasury was also more than 6 basis points higher at 4.247%.

      https://www.cnbc.com/2024/12/13/us-treasury-yields-investors-assess-inflation-data-and-fed-policy.html

  24. Does the downward spiral in distressed housing auction prices paid by commercial investors give you the alarming sense that a property bubble may be on the brink of collapse?

    1. HousingWire
      Inventory
      690,015
      -16,539
      30-yr Fixed
      6.84%

      Distressed properties signal a slowdown in 2025 housing market
      Institutional sellers have gradually lowered pricing over the past six months
      December 12, 2024, 10:42 am By Daren Blomquist

      Institutional sellers at distressed property auctions have gradually lowered pricing over the last six months as rising retail inventory and stubbornly high mortgage rates act as twin headwinds for buyers purchasing at these auctions. This downward pricing trend at distressed property auctions, combined with affordability constraints for retail buyers and rising rates of serious delinquency, foreshadows slowing home-price appreciation in 2025.

      Proprietary data from the Auction.com marketplace, which accounts for close to half of all properties brought to foreclosure auction nationwide, shows that banks, nonbanks and mortgage servicers selling on the Auction.com platform have slowly lowered their pricing at both foreclosure auctions and bank-owned (REO) auctions over the past six months.

      How auction pricing works

      Pricing in the auction context is best measured over time by the reserve set by the seller relative to the estimated after-repair value of the property being sold. The reserve, known as reservation price in auction theory, is simply the minimum amount a seller is willing to take to sell. The after-repair value is the estimated full market value of a property in fully repaired condition. By definition, most distressed properties sold at auction are in need of substantial renovations.

      One additional twist is that the reserve at foreclosure auction — also know as the credit bid — is often capped by statute at the total debt owed to the foreclosing lender. In some cases, this capped credit bid is lower than the market-driven reserve price. This is not the case for REO auctions, in which the seller is free of restrictions in setting the reserve and typically does so based on some variation of a net present value (NPV) analysis.

      https://www.housingwire.com/articles/distressed-properties-signal-a-slowdown-in-the-2025-housing-market/

Leave a Reply

Your email address will not be published. Required fields are marked *