From the Daily Mail:
Home prices are falling in these 4 former boomtowns – it’s a bad omen for the rest of America
Home prices are falling in four former hotspots – as near-record housing costs push homebuyers away.
Three of the metros where prices are falling are in Texas, according to new insights from real estate company Redfin.
The sudden drop in values comes after millions of Americans fled to the state during the Covid-19 pandemic – pushing prices through the roof.
In Austin, home price sales have declined 2.9 percent year over year.
The so-called pandemic ‘boomtown’ has seen an influx of people in recent years – in part due to a thriving tech industry in the city.
Home prices in San Antonio and Fort Worth have both fallen 1.2 percent, according to the data, while sale prices in Portland, Oregon, are down 0.9 percent.
Nationwide, price drops are at their highest since November 2022, according to Redfin, which suggests other areas may also see costs decline soon.
Across the US, house prices rose 4.4 percent from a year earlier to an all-time high during the four weeks ending June 2, according to Redfin.
The median sale price during the period was $392,200.
But there are early indicators that the national price growth could soften soon, with one in 15 home sellers cutting their asking price over the time period.
…
Portland, Oregon, meanwhile, saw the fourth largest year-over-year price decline, according to Redfin.
In a reversal of growth trends, more people left Oregon that moved into the state in 2022.
According to Redfin, the typical active listing has been on the market for 46 days – up 2.3 percent year-over-year.
This suggests home listings are growing stale faster than they were a year ago, as high mortgage rates and housing costs are causing would-be buyers to back off.
From NBC:
NYC congestion pricing plan shelved indefinitely
The MTA is pushing “pause” indefinitely on New York City’s first-in-the-nation congestion pricing plan at the direction of Gov. Kathy Hochul, she announced in a taped statement Wednesday.
The toll program, years in the making, had been set to roll out later this month. No new start date has been set.
Hochul expressed concerns about the timing and state of city’s post-pandemic recovery. She fears there may be “unintended consequences” on hard-working New Yorkers if the plan were implemented at this point but remains focused on achieving the goals of congestion pricing, which include funding much-needed transit modernization as well as environmental sustainability.
The MTA is expected to circulate a list of projects that could be impacted without known funding, an official briefed on the plans said. Congestion pricing was expected to be a $15 billion windfall for the cash-strapped agency.
Implementing the toll now, though, would hurt everyday people too much, Hochul said. And midtown Manhattan hasn’t recovered to the point where this would be the right time for congestion pricing.
If the tax were implemented now, she says economically-strapped commuters may opt to return to working from home, leaving Manhattan offices, now with a 20% vacancy rate, emptier rather than pay the $15 car toll.
Welcome the new wave of corruption in NJ…
From NJ Spotlight News:
Murphy signs OPRA bill, dismissing corruption concerns
Despite pressure from progressives and civic organizations— and public opposition — Gov. Phil Murphy signed a bill that overhauls how people can access government records including contracts, budget documents, police files and more.
Murphy on Wednesday conceded the decision “will disappoint many members of the advocacy community,” including labor, environmental, justice and other organizations. He thanked them for making their voices heard.
“Perhaps the most troubling concern that I have heard is that signing this bill will both enable corruption and erode trust in our democracy,” he said in a lengthy statement of explanation for his decision to accept the bill as is and sign it into law.
“I understand we are living in a moment where our democracy feels more fragile than ever,” Murphy wrote, pointing to the criminal trials of former President Donald Trump and U.S. Sen. Bob Menendez (D-NJ) without initially naming either man.
“If I believed that this bill would enable corruption in any way, I would unhesitatingly veto it,” Murphy continued, noting several examples of his administration’s efforts to root out fraud and abuse in New Jersey. The health of the state’s democracy has improved since he took office, said Murphy, whose tenure in office ends in 18 months.
“I take the concerns regarding corruption and trust in our democracy extremely seriously. However, my responsibility as Governor is to evaluate the bill on the merits, regardless of how it may be perceived,” he continued.
…
An FDU Poll released in April suggested the public largely opposed making changes to the existing OPRA law. The survey showed 81% of registered voters supported the current law and just 14% favored the proposed tightening of access.
Reaction to the Murphy decision today was quick and strong.“The public opposition to S2930/A4045 was a powerful display of democracy at its best — advocates, stakeholders, and 81% of voters from across the ideological spectrum made it clear that New Jersey should be strengthening government transparency, not undermining it in backroom deals. It’s shameful that despite overwhelming concerns from their constituents, lawmakers fast-tracked, and the governor signed, a bill that severely restricts access to government records and limits the public’s ability to hold elected officials accountable,” ACLU of New Jersey policy director Sarah Fajardo said in a statement.
Sorry NJ, from Fierce Pharma:
Bristol Myers puts more than 860 jobs on chopping block in New Jersey as $1.5B savings campaign rolls ahead
The scope of Bristol Myers Squibb’s $1.5 billion savings drive is beginning to come into focus.
BMS is laying off around 863 employees in Lawrenceville, New Jersey, according to a Worker Adjustment and Retraining Notification (WARN) alert from the state. The latest round of staff reductions follows 75 cuts in Lawrenceville that took place in March, according to the state filing.
The move forms part of BMS’ campaign to shave off $1.5 billion in costs by the end of 2025, a company spokesperson confirmed over email. When the drugmaker announced the plan during its first-quarter earnings call in April, BMS said it expected around 2,200 roles to get the chop in 2024.
The whole healthcare/pharma sector in NJ has been taking a beating:
Siemens Healthcare – 162
Bayer – 35
Reckitt – 100
Novartis – 61
RWJ Barnabas – 79
BMS – 950+ (including cuts earlier this year)
The other beat down was in financial services:
BONY – 62
TD – 54
Prudential – 145
Citi – 187
JPMC – 91
UBS – 51
Barclays – 70
grim says:
June 8, 2024 at 6:04 am
Welcome the new wave of corruption in NJ…
I’ll add:
New Jersey businessman admits to bribing Sen. Bob Menendez with a Mercedes-Benz
Jose Uribe also said Friday that the senator’s wife, Nadine Menendez had accepted the bribes he paid.
You don’t understand high risk investing…it’s never over unless you lose it all. Just as fast as you lose it, you can make it. That’s why this is only a small percentage of your capital and separate from other investments.
And sorry, not sorry. If you aren’t taking big risks with some of your capital, you are doing it wrong. Grow a pair. It’s only money. Can’t be afraid to lose if you want to win. What’s the worst thing that can happen? You lose that money and learn some sort of lesson that makes you a better investor over time? And if you win, you change your life.
If you haven’t been playing crypto the past year, you are missing out. Lots of opportunities to make real money.
BRT says:
June 7, 2024 at 8:45 pm
It’s not a long term game if you make back to back to back -75% picks. That’s my point. The game is over unless you can 100x your remaining dollars.
Going to start impacting prices…less buyers in the market now.
Biotech/pharma industry is/has been in cut mode. These high rates are killing them.
grim says:
June 8, 2024 at 6:14 am
The whole healthcare/pharma sector in NJ has been taking a beating:
Verizon is offering voluntary buyouts.
Whew, I’m glad that OPRA bill got passed and signed, that was the issue in NJ that kept me up all night, since everything else is working perfectly. I guess the law makers can get back to doing the work of the people now that they do not need to worry about transparency issues.
Glad I didn’t take that RWJ Barnabas job.
“Home prices are falling in these 4 former boomtowns – it’s a bad omen for the rest of America”
What a weird spin- when the #1 expense for most Americans comes down it’s a good thing, not “a bad omen”!
Oc1: The people that bought at these high prices want the government to ensure their prices stay high and go higher. Many of these same people claim to be capitalists; they only are capitalist if it benefits them.
Brand-new bodycam footage of the investigation into New Brunswick’s City Council president directly after she drunkenly wrecked her luxury SUV several hundred feet from home.
Officer Taylor Tiongson-Cradic found Suzanne Sicora-Ludwig at the Edgebrook Road crash scene around 11:40 p.m. Friday, March 8, where her Range Rover had struck a tree, according to a police report shared to the city’s website.
Bodycam footage shared in a 1-hour and 30-minute video by DriveThruTours shows Sicora-Ludwig’s 2014 Range Rover up against a tree, with airbag deployment. According to the police report, the crash scene was just a few blocks from the council president’s home on Voorhees Road.
Sicora-Ludwig was unable to explain to Tiongson-Cradic what had happened, noted in the crash report, and the vehicle required towing from the scene.
The council president, displaying slurred speech and unable to provide updated registration, was hospitalized, where an officer overhead her say she’d consumed two martinis, DriveThruTours says citing police papers.
Bottoms up!
https://www.youtube.com/watch?v=mD1Qd7GBtDg
No insurance. No registration. How did she get past the license plate readers all this time?
0.263 4 hours after the crash. Gotta be more than 2 martinis.
No video of them searching her car. They always do that. Why not this time? Supposed to look for weapons, drugs, cash, etc. But no video on record doing this to her yet they do it to others.
Phoenix
All animals are equal, but some are more equal than others.
“BREAKING: 6.4% of home sellers cut their asking price over the last 4 weeks, the most in 18 months and 2nd highest since 2021.
Only October and November 2022 saw a larger percentage of price reductions.
By comparison in June 2023 and 2022, price reductions were only 4.4% and 3.9%, respectively.
As a result, the median asking price declined ~$3,000 to $416,623 in the last week, first drop in 6 months according to Redfin.
Meanwhile, pending US Home Sales dropped to their lowest level since 2020.
Is the US housing market starting to crack?”
I can’t wait for the cycle to restart. Small caps have been beat down for way too long.
Get ready for a sweet ark run when the cycle restarts.
If you’re going to ask close to 800K for a shit split, at least give us more than four pictures. And based on the one interior picture with trophies on the shelf in the living room, you know this joint is a snapshot of the 70s. Maybe mom is moving in with one of the kids and the kids will a) check the will and ensure even distribution and b) poison mom to hasten the process. In the meantime, let’s get ridiculous with the price and hope someone else’s inheritance becomes ours:
https://www.trulia.com/home/559-whitenack-rd-river-vale-nj-07675-38018238
Carpets have gone the way of the buggy whip but if you still have carpet on the stairs, you need to be slapped:
https://www.trulia.com/home/91-martin-dr-harrington-park-nj-07640-37930589
Tip: If you want to see the condition of current American society, go house shopping.
Can’t trust the PoPo. Can’t trust your politicians. Can’t trust your judges or your realtors, or your auto mechanic. Or your teachers, they, and the clergy, will bang your kids. Can’t trust your doctors either. Hehe.
The growth is fueled by a growing distrust of Big Medicine and confidence in home-testing borne from the Covid pandemic.
Venture capitalists and entrepreneurs told The Post that they envision a world where frequent at-home testing is a routine part of life, enabling everyone to become “the CEO of their own health,” said Luca Springer, who co-founded a Silicon Valley start-up that aims to make cancer testing as simple as a home-pregnancy test.
Patients in remission from cancer, for example, could use urine strips to check if the disease has returned, he said, confirming the results with their doctor. He noted that at one time home pregnancy tests were considered scandalous and that most cancers are still detected way too late.
It’s good to be the king. Hehe.
Financial disclosures for eight of the nine Supreme Court Justices were made public on Friday, revealing information about a gifted trip to Bali, free concert tickets to see Beyoncé, and nearly $1.6 million in book deals.
The annual disclosures come as the court faces mounting pressure over its transparency and accountability measures, particularly concerning potential conflicts of interest and ties to affluent donors. A string of revelations in recent years about some of the Justices and undisclosed gifts has only intensified public scrutiny and raised questions about the impartiality of the judiciary.
Justice Clarence Thomas acknowledged for the first time that he accepted luxury travel from Republican billionaire Harlan Crow for previously undisclosed trips he had taken in 2019 to Bali and a private all-male club in Northern California.
The two trips were at the center of a ProPublica report last year exposing Thomas’ unreported luxury travel, triggering unprecedented scrutiny over the wealthy benefactors close to the Justices and their commitment to ethics rules. The story claimed that Thomas and his wife, Ginni, took lavish trips paid for by Crow, a Texas real estate mogul and Republican megadonor, almost on a yearly basis for over two decades without disclosing them.
Fast; Or the kid could sell their house and move into Mom s house and live for free. Lots of bad kids out there financially abusing their parents.