From Quartz:
America’s housing market is cracking
After more than two years of relentless price increases, the fundamentals are shifting. Home prices are starting to fall, unsold inventory is piling up to levels not seen since the 2008 financial crisis, and buyers — from first-time purchasers to luxury shoppers — are walking away from deals or demanding steep discounts.
The combination of mortgage rates hovering around 7% and mounting economic uncertainty around tariffs has created a host of reasons for a buyer to hesitate. What’s emerging is a market where sellers are making concessions and buyers hold the cards — a dramatic reversal from the bidding wars and cash offers that defined the market.
Home prices in the 20 biggest U.S. metropolitan areas fell 0.12% in March from the previous month, according to the S&P CoreLogic Case-Shiller index. It’s a small dip, sure, but it marks the end of a relentless upward march that has defined the housing market since January 2023.
The bigger shift is happening in supply. Unsold completed new single-family homes hit 117,000 in April — the highest level since July 2009, according to Census Bureau data analyzed by housing researcher Lance Lambert. That’s a 31% jump from the previous year, and it’s happening at a time when homebuilders are getting increasingly nervous about demand.
Even luxury buyers are backing away. Luxury home sales fell 10%in April from a year earlier, marking the steepest decline since 2023, according to Redfin data. This isn’t just about mortgage rates — these are cash buyers and jumbo loan borrowers who theoretically have more financial flexibility. But the retreat among wealthy buyers reflects a broader pattern of anxiety spreading even among the top 5% of U.S. households, with some $7 trillion sitting in money-market funds rather than being deployed into assets like real estate and stocks.
For buyers, the landscape is becoming more negotiable.Almost half of sellers are already offering concessions, according to Redfin, and inventory levels are at the highest point since September 2020.
Desperately Seeking Friskies
The supercharger shutdown on the turnpike is going to be brutal for Tesla owners on the eastern seaboard.
That’s THE main long-distance corridor.
Overpriced food concessionaire will take years to build out capacity, and I can’t imagine the price. Will NJ require electric station attendants to plug in vehicles, because it might be too dangerous for mere mortals to do it?
…unsold inventory is piling up to levels not seen since the 2008 financial crisis…
Not here. Maybe in Holyoke, Massachusetts but not here.
Moneygrab…They are going to be allowed to charge more per Kw/h to charge perhaps twice as much.
Overpriced food concessionaire will take years to build out capacity, and I can’t imagine the price.
($17.25 for a 12 ounce beer) x (45 minute charge) = $276.37
The economy is in terrible shape. Too much economic uncertainty.
New budget increases deficit by 4 Trillion.
“ The combination of mortgage rates hovering around 7% and mounting economic uncertainty around tariffs has created a host of reasons for a buyer to hesitate. What’s emerging is a market where sellers are making concessions and buyers hold the cards — a dramatic reversal from the bidding wars and cash offers that defined the market.”
we want more factory workers and plumbers.
what’s wrong with electric station attendants?
grim says:
June 3, 2025 at 6:28 am
Overpriced food concessionaire will take years to build out capacity, and I can’t imagine the price. Will NJ require electric station attendants to plug in vehicles, because it might be too dangerous for mere mortals to do it?
Grim, I think the upshot will be that the Tesla owners will queue more with the low life Chevy and Toyota unwashed for the chargers.
The change over should be relatively painless. All the Hardscape is done so you have the bays and all the power is run and can be reused. It should be turn off the power, 4 bolts disconnect and reinstall the new unit.
Upside is that there should be a glut of used Tesla chargers to be had, so you can pick one up for your home setup.
17 year old daughter had her first accident yesterday. Cops came, incident report but nothing turned into insurance yet, but daughter was deemed to be at fault. Had her turn signal on, but wasn’t turning, driver pulled out. Really low speed due to speed bumps in town.
Other driver, brand new car, had a bit of front bumper damage. Looked pretty cosmetic on a plastic bumper. They agreed to settle it out of pocket. Will meet them at the body shop we agreed upon to get an estimate.
Any downsides to paying out of pocket if it’s reasonable? Teen insurance is already ridiculous. I figure a few grand now may save a lot of money towards premiums for years. I’ll get a liability waiver signed if we do go out of pocket. I figure if its too much $$ for front sensors damage or something I can always turn it into insurance?
I would imagine Tesla would completely gut the infra if they need to remove them.
Retirees hate the south now, sorry Florida.
https://www.businessinsider.com/baby-boomer-homeowners-retirees-moved-from-sunbelt-to-midwest-2025-4
Hughes,
I don’t think there are any downsides for paying out of pocket, but once the popo has papered the kid I wonder if there is still a penalty.
And those sensors. I have watched plenty of videos. Guy needs a new ac condensor, or radiator. Front bumper must come off. Radiator job 1k. Cost to recalibrate sensors, another 400. Some guys outsource that job because the equipment to do it is pricey depending on the vehicle, and also that if someone claims their next accident is caused because it wasn’t calibrated correctly, they have liability.
Things were better when you just bought a used chrome bumper from the junkyard for 20 bucks.
No one can drive a car in Amerikkka without a sensor to tell them how to drive.
Oh, and if someone should need a car that costs over 60k, they should have to pay the additional costs of repair. Just because I happen to hit your 100k car doesn’t mean I should have to pay for the repair of your pretentious vehicle. In fact, I hope someone carjacks your car today and leaves you on the side of the road.
Drive something normal.
hughesrep,
Good move. If any complications, you could pivot as you’ve stated.
Fast: Bergen Co real estate listings have increased 44 percent from this time last year.
3b,
That must be below route 80, where the more common folks live. The last time a unicorn was sighted below route 80 was in 1967. North of exit 160 is where the heavy hitters begin to play.
My wife hit a parked bmw pulling out of driveway. ( The joy of living in a cult de sac and not needing to look behind you). I’ve done it as well so can’t complain.
We went with a venmo payment. Bmw driver went to a shop I recommended, the estimates are all computer generated so no need to shop around . Cost was $800 for a 3 inch gash and broken plastic red side reflector ( not a light) . Easy $750 she probably kept and just pop a new plastic reflector in.
2bd, 1bth, ‘as is’ condition. 899K. Suzanne says yes!
https://www.trulia.com/home/518-helena-ave-wyckoff-nj-07481-38064019
Smart move Hughes. I’m glad the other party is willing to settle without insurance – and it may be in their best interest to (make sure you tell them) – because it will be way faster.
My daughter got into a very small accident – the other girl was at fault. The car is worth about $5K .. and luckily the assessor deemed it to be repairable. However it’s been in the shop for 6 weeks now and my daughter was given a rental car. The way it is going, the rental payments will exceed the price of the car!
On the other hand, I got my Honda’s entire body work – sliding door, lower panel, airbags, seat stitching all done in 6 weeks when I got it done out of pocket (and with some cajoling of the shop owner).
After not having any accidents for 20+ years, we ran into a series of accidents (luckily all minor) the last 2 years.
Grim, I sense a business opportunity here.
A mobile gas to electric generator that will come to a Tesla stranded on the highway! Brilliant, eh? :-)
Even if your daughter had her signal on, it is incumbent on the driver pulling out to ensure that the vehicle with right-of-way turns. How is your daughter at fault? Am I rusty on my driver rules?
I just did the same yesterday. Waited for signaling car to commit. I see others do the same.
hughesrep says:
June 3, 2025 at 7:34 am
17 year old daughter had her first accident yesterday. Cops came, incident report but nothing turned into insurance yet, but daughter was deemed to be at fault. Had her turn signal on, but wasn’t turning, driver pulled out. Really low speed due to speed bumps in town.
Other driver, brand new car, had a bit of front bumper damage. Looked pretty cosmetic on a plastic bumper. They agreed to settle it out of pocket. Will meet them at the body shop we agreed upon to get an estimate.
Any downsides to paying out of pocket if it’s reasonable? Teen insurance is already ridiculous. I figure a few grand now may save a lot of money towards premiums for years. I’ll get a liability waiver signed if we do go out of pocket. I figure if its too much $$ for front sensors damage or something I can always turn it into insurance?
Chicago says:
June 3, 2025 at 9:46 am
Even if your daughter had her signal on, it is incumbent on the driver pulling out to ensure that the vehicle with right-of-way turns. How is your daughter at fault? Am I rusty on my driver rules?
The person who is at fault is determined by what a police officer writes on his accident report unless you have dashcam or other footage to refute it.
I was hit once by a police officer’s son. PoPo tried to doctor up the evidence. I had taken photos at the scene of the crash. It went from I was guilty to he was guilty very quickly as the insurance company will fight to not pay out a claim that isn’t their customers fault no matter what the police write.
That’s one thing I learnt – that insurance doesn’t care about the police report, except to get the initial information from them. The assumption of insurance is that everyone lies (and lots do). No wonder our costs are sky high.
Fck privacy. We need cameras everywhere.
The assumption of insurance is that everyone lies (and lots do).
The problem is that the court systems don’t prosecute those that lie in court.
It’s work for them. And they are lazy.
No one gets prosecuted for perjury, even if the evidence hits a judge in the face like a brick.
My ex recently commtted a HIPPA violation, a judge was made aware of it, did nothing. And being a licensed provider, she knows the law she was breaking.
Do they really care about prosecuting criminals?
Nope.
2nd reduction bringing us to $1.1m – the market is shifting
One million per 50k apartments.
20 bucks each.
Anyone who says crime doesn’t pay ain’t doing it right!
D.C. Attorney General Brian Schwalb (D) announced a settlement of more than $1 million in a lawsuit alleging that multiple property management companies conspired to inflate rents in 50,000 apartments in the city through the RealPage company’s pricing software.
RentL0rd says:
June 3, 2025 at 10:47 am
Fck privacy. We need cameras everywhere.
RL
Watch body cam videos on you tube. Watch the CIvil Rights Lawyer on there, he has a channel.
You can learn plenty on how it REALLY works.
On the accident, as long as there isn’t a sensor that needs replacing, just do the whole thing without getting the insurance companies involved. Sometimes, the sensor issue won’t show for a few days. This happened to me when a prick (guess the car) backed up into me out of a parking space. Fucker was the nicest guy in the world until my sensor issue showed up and the cost went from zero to 2K. He agreed to pay half. I still didn’t go through insurance, because even multiple no fault accidents will raise your rates. Especially when you have a 17-year old learning to drive.
By the way, Chicago is likely correct. Blinker or no blinker, your kid still has the right of way. This is probably why they are so willing to work without insurance. Nonetheless, it may be easier paying the tiny bill then getting insurance involved since even no faults hurt the young ones. I have a feeling my policy went up $650 since my 19 year old got rear-ended twice in half a year. Both not his fault and no claim with our insurance, but they can do what they want.
If I were you, try to get the other dude to cover half. If he balks, call him an asshole and write him a check. Remember to put “asshole” at least in the memo line of the check.
YO,
I told you all the market was shifting late last year. You can’t win them all.
There are three things that I really don’t consider as part of my retirement plan. That’s social security, an inheritance and property value appreciation. I’ll probably receive all three. Though, in case I don’t, I leave them out of the equation.
11:46 totally! You called it. We’ll adjust until it goes.
There’s a side of me that would keep it and rent it, because it’s such a great house.
I’d even retire here, but being a landlord probably is not ideal. We’re in at a fairly reasonable rate here. Lots of amenities. But, we’d prefer a clean break.
Even if your daughter had her signal on, it is incumbent on the driver pulling out to ensure that the vehicle with right-of-way turns. How is your daughter at fault? Am I rusty on my driver rules?
That was my thought too. Hughsrep’s daughter had the right of way- the other turning car has to wait until it’s safe to turn.
In a situation like that, I always wait until the car signalling a turn actually starts turning before I move.
Dedicated to Stu:
https://m.youtube.com/watch?v=inLzmWAQzL0
I always thought the same thing on the turn signal, doesn’t mean much, person at the stop sign has the responsibility to yield. Had even taught my daughter the same when she was on the other side of the situation. She did learn that lesson.
My BIL is a retired trooper, he said it wasn’t my daughter’s fault. On duty trooper said my daughter was in the wrong because of her turn signal, maybe they don’t teach them anymore. No tickets for anyone.
Couple of insurance guys I know via golf said to go through insurance, they are there for any future liability. Insurance adjusters don’t have to come to the same conclusion as the police, cops are just reporters.
I think I’ll wait until after the estimates. Crickets out of the other party so far, not going to push it. I’ll pay for the damage on my daughter’s car out of pocket if I don’t hear from them.
Last year minor fender was quoted $3k to fix because “sensors” needed replacement.
I rarely see people using blinkers anymore. Some people turn them on AFTER they initiate the turn. I’m so used that I turn them on even when am only one.
Gym parking is very tight and a while back saw guy in massive pick up with a large flag on the back smashing small car while trying to park. Of course, he took off
Has anyone converted an attic into a usable storage area? the entry to my attic is through a small closet door and I’m looking for ideas on getting a ladder in place. I’m getting a guy to come by tomorrow but I’m thinking either a drop ladder of some sort and maybe get rid of the closet door. There isn’t much room for any other ladder as far as I can tell.
If I’m not going to move, I may as well get the max storage out of the house. With the kids from college dumping their junk all over the house.. i’m in need of more space.
Excerpt Op-Ed WSJ. Gerard Baker
The rot in many American universities is so deep and so extensive that a four-year presidency will be nowhere near enough to begin to reverse it through suasion, incentives and dialogue. Ben Sasse argued on these pages last week that the best outcome would be if these threats induced wider change. As Voltaire’s Candide noted, the British used to think it was useful to shoot an admiral from time to time, to encourage the others.
The charge sheet has the university dead to rights. Through its admissions process it has actively discriminated against many of the most gifted Americans based on their skin color. Through its hiring practices and teaching it has created an oppressively intolerant monocultural intellectual microclimate. Through its massive inflation of administrative bureaucracy it has enforced and policed these rigidities at great cost, paid for by steep tuition hikes as its $53 billion endowment has made it a hedge fund with a university attached. And through its aggressive pursuit of international students it has built a little elite globalist community of highly privileged like-minded students and academics.
It isn’t alone. Last week we were treated to the spectacle of the president of the graduating class at the Massachusetts Institute of Technology using a graduation event to denounce Israel’s “genocide” of Palestinians. To their credit, MIT’s leaders later barred the student from attending the full commencement ceremony. But this is the face of America’s academic institutions—privileged, extremist little Maoists spouting ahistorical drivel and bigoted cant to people who thought they were attending a celebration and got a Nuremberg rally.
Powerful stuff ChiFi..!
2:28 – There’s a lot to unpack there.
But I’ll say this. Two things can be true. That most Palestinians are brainwashed to hate Jews. And Israel is committing genocide of Palestinians. Moderate jews agree with this assessment.
As for the rest of the stuff… Yes, college fees have skyrocketed. But don’t forget that our higher education has brought out the best and the brightest innovations. This is a one sided assessment. College enables people to think critically. Republicans are crying about it, because most of their policies are on the morally and ethically wrong.
When did cold cuts become rich people food? Roast turkey was $12.99 a pound today.
Musk torches Trump budget bill: ‘Disgusting abomination’
PUBLISHED TUE, JUN 3 2025 1:40 PM
Kevin Breuninger
Elon Musk blasted the big tax-and-spending-cut bill backed by President Donald Trump.
Trump’s “one big, beautiful bill” is a “disgusting abomination” that will boost the federal deficit, the Tesla and SpaceX CEO said.
Musk until recently led DOGE, the Trump administration’s effort to cut government spending.
Elon Musk on Tuesday tore into the massive tax-and-spending-cut bill backed by President Donald Trump, calling it a “disgusting abomination” that will explode federal budget deficits.
“I’m sorry, but I just can’t stand it anymore,” Musk wrote in a post on his social media site X.
“This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination,” added the Tesla and SpaceX CEO.
Musk added in a follow-up post that the bill “will massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden America citizens with crushingly unsustainable debt.”
Grim 7:43,
That article is literally two anecdotes, neither leaving Florida, but including one guy who decided to give up New Orleans to rent a room in Flint for $400/month.
When did cold cuts become rich people food? When rich people stopped cooking. Cold cuts are terrible for your heart anyway. Way, way, way too much salt. The only time I’ll eat cold cuts is on a sub and that’s about once a month. Worst of all, the price is so cost prohibitive. You can get chicken for $2 a pound. Pork for $2 a pound. Even decent cuts of beef for $5-$8 pound. Why the heck would you pay $13 pound for water and salt injected turkey, that will go bad in three days. Just buy a small turkey for $2.50 a pound, or even a turkey breast for $3.00 a pound. Pop it in the oven for a couple of hours, and thin slice it yourself and freeze the leftovers. A real turkey breast sandwich is ten times better than a cold cut turkey. Especially if you smoke it.
Chi, excellent joke. I committed it to memory. It will go over well with nearly any crowd.
On the Israeli genocide thing. Israel is finally beginning to lose the image battle. It doesn’t help that Trump wants to steal the Gazan territories for himself and Bibby. It’s really not a good luck for Israeli politics. But just as the majority in Israel thinks Bibby has gone too far, they are suffering from what most Americans are. There are many policies where the majority of Americans think Trump is going to far. But outside of protest, which would probably fall on MAGAs deaf ears anyway, the majority is powerless to do anything. As for a student or celebrity bringing attention to the Palestinian plight? I’m okay with it. Either we have free speech or we don’t. If you don’t like what the college is teaching, go to another college. If you don’t like the FOXNews lies? Turn the channel. As much as I hate all of the misleading information out there, I still believe people must choose themselves what to believe. As for my take on the Gazan genocide? Name me another genocide where the victim could have stopped the genocide at any point if they simply laid down their weapons and released the hostages they were holding. Go on, name me one.
And here is the most radical twist with the recent increase in anti-semitic hate crimes in America. The more they occur, the more it justifies Bibby’s actions of doing whatever it takes to keep Israel the safe haven for Jews all around the world. Ironic.
I mean, the reason it costs $13 a pound is because someone added the correct spices popped it in the oven for you, and paid the utilities and distribution. It’s not a ripoff, it’s just capitalism. There are (should?) boundaries to this cheapo thing.
Though only tangentially related to your post, I want to add that I am so much better off since I stopped choosing food based on price. I see what good food does to my body and as far as I’m concerned it’s worth it and more.
If ya’ll started eating your body weight in pounds of protein per day, you could probably drop like five pant sizes over the course of a year. Can’t believe I was “working out” like a moron for a decade, turns out all I had to do was eat the right things.
It seemed odd to me that cold cuts cost more than most cuts of grass fed beef and more than some wild caught fish.
Hegseth orders the name of gay rights activist Harvey Milk scrubbed from Navy ship.
Lib, 3:37 – The Palestinian-Israeli conflict is a vicious cycle. The change needs to come from within (both parties).
We live in the absolute dumbest timeline.
Lib: Lots of left wing sites out there blaming the Mossad did the attack in Colorado. Others saying even if not Mossad than it’s understandable that the attacker did what he did. The guy came to this county overstays his visa, and then attacks innocent Americans peacefully demonstrating in support of the hostages held by Hamas, no destruction and violence like the Columbia protests and others. You can’t make this stuff up. I don’t know what the answer is, quite frankly I don’t think there will ever be peace in that part of the world.
I do know that on Oct 7, 2023 Hamas attacked Israel, unprovoked, and slaughtered 1200 innocent people and took hostages, some of them still held. The Israelis responded with brute force, but at any time Hamas could have released the hostages, and refused and still refused. This action was carried out by Hamas in order to prevent a peace agreement from being signed by Israel and Saudi Arabia. Hamas deliberately sacrificed thousands of their own people to prevent a peace deal.
The fighting of course gives cover to all the anti semitism voices out there. And there are many.
Lib: The fake news and false information is coming from both sides. You have people on the left that truly believe that it’s only Fox that traffics in this, and that CNN and CNBC and The NY Times and Washington Post are the voices of truth and reason. That is simply false, and I go on some of the left wing site, and The NY Times comments section, and I can tell you there are just as many stupid , ignorant, and dumb, gullible people on the left as there are among any MAGA supporter. And some of them loudly boast about how highly educated they are.
VSG: Turning blinkers on after already changing lanes or making a turn is one of the first things I noticed when moving to NJ years ago.
Lib: People throw around the term genocide without undermining the definition. Genocide is the deliberate, planned extermination of a particular group of people, as in the Jewish Holocaust. The destruction and death in Gaza is horrific, no denying it, but it is not the Israeli intent to exterminate the Palestinian people.
The answer is to see through the far left rhetoric. To support Israel.
I think people conflate being Jewish with supporting Zionism. What’s going on there is not that different than what is going on here.
Just read that Florida vetoed UFs appointment of one of the best college president candidates out there. The last DeSantis appointment spent 30K on sushi before being fired. This is what passes for MAGA politics today.
And 3B, yes, there are cult members on both sides.
I’m programed to love Israel. We have cousins there since the 40’s from the diaspora. People all over the Country. My maternal grandparents were “survivors” escaping Koenigsburg in 1939. Leaving behind their parents to die …. Israel will always have a place in my heart. I understand why Israel exists. That is key. To truly understand her purpose. Ascension to Israel? It’s always a possibility. Not my goal though. I’m sure I could be talked into it. I love being around fellow Jews.
6:45 – There is no lack of support for Israel. However there is a dearth of leaders who can be diplomatic behind the scenes and bring people of different ideologies together for some consensus. Throwing a social media tantrum just deteriorates the situation on the ground.
I was just listening to Yuval Harari about how important it is for leaders to “have a wall between their mind and mouth”.. and tread with diplomacy to build trust. His views on politics and also ai and algorithms are something to listen to.
Lib, please stop denigrating lunch meat. Deli is Life.
Israel and the PLO came close a number of times to a peace agreement. The Palestinians always scuttled it right near the finish line. Israel had pulled out of Gaza 20 years ago, and Hamas and the PLO fought a civil war for control; the PLO lost. If there was a Palestinian state established tomorrow, the 2 groups would be fighting against each other again.
Arafat was as corrupt as any American politician.
There has never been peace in the Middle East, there will never be peace in the Middle East.
A Israel controlled Palestine would do nothing but sew the seeds for generations of war and terror.
White males of European origin are the cause of the world’s injustices for the last 2,000 years. Eradicate white males. Problem solved.
Okkkay booomer
Grim: Sadly, that seems to be the reality. It would make sense for Israel to somehow extricate themselves from the Palestinian Territories, which they had done with Gaza, and been of it for 20 years. Now, that is finished and the Israelis will reoccupy it. Hamas has accomplished absolutely nothing by all of this. As for the West Bank, there are multiple Israeli settlements, so there not going anywhere. I don’t see any kind of solution.
Grab a big mug of your favorite drink and watch this amazing exchange with Yuval Harari and Ari Melbar.
https://www.msnbc.com/the-beat-with-ari/watch/power-games-trump-s-medieval-politics-decoded-by-yuval-harari-and-thwarting-ai-lies-scams-240794181722
It’s an hour long and who knows you may have heightened “consciousness” afterwards. None of what he says by itself may be a surprise but boy, what an intellect!