Bidenomics Strikes Again! Foreclosure Sale Notices For Commercial Property Loans Are Exploding, LA Apartment Sales Cratering (Newsom Creates New Potemkin Village For China Xi’s Visit)

Confounded Interest ^ | 11/16/2023 | Anthony B. Sanders

[Kaiser8408a]

Bidenomics strikes again!

After listening in horror to Joe Biden’s press conference after his summit with China’s Xi, I had to ask the following question: what does Joe Biden has in common with Georgia Tech? Answer? They are both rambling wrecks. Biden made a horrendous foreign policy blunder by calling Xi a “dictator” and almost blew it by nearly spillling the beans on our foreign policy negotiations with Israel. SecState Blinken had to intervene. We are represented by Winken (Harris), Blinken and Nod (Biden, who usually looks asleep or confused).

But back to the horrors of a slowing economy.

As the US economy slows down (like Biden himself), we are seeing further cracks in the real estate market. Foreclosure sale notices for commercial property loans are exploding.

And depending on the MSA, multifamily delinquencies are booming, like in Houston, Texas, New York City and Phoenix AZ.

Then we have this headline: “Not Just Office Towers – Commercial Real Estate Sales Crater Throughout Los Angeles.” It’s difficult to find big commercial real estate deals of any kind in Los Angeles.

A related headline screams “LA Apartment Sales Plummet 50% as Investors Confront New Taxes, Higher Costs.” Every submarket saw an increase in vacant units and a decline in year-to-date sales volume in the second quarter. Construction, interest rates, eviction protections, also define 2023.

Prepayments on Ginnie Mae MBS are extremely low.

But things are less than rosy in Communist China. China’s housing woes worsen as prices fall most in eight years.

But my favorite headline is from the Babylon Bee (a satire site): “After Five Minutes With Biden, Xi Gives Order To Invade Taiwan.”

[linMcHlp]

bttt

[The Duke]

There are times that I wonder if the entire purpose of this phase of American history is to depress real estate prices so that "the elites" can buy low, and then actually enable Trump to get elected so that those values bounce back up.

It's like a rigged boxing match. The mob boss can't control if his guy actually wins a fight, but he can certainly control when his guy "takes a dive". Maybe Biden is intended to "take the dive"(?)

[sauropod]

.

[Lockbox]

When you can’t buy at the price you want, what do the rich do? Get government to lower the value with laws, rules, regulations, inspections, fines…… Gee, then the rich buy “distressed” properties at the price they want…… and all is ok…..

[GailA]

BTT

[lurk]

My advice to every American right now would be to simplify and become debt free with a passion.