For the Wine and Cheese Board Refugees
Comments
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Maybe a rebranding to Charcuterie Board bored and a relaunch? It’s 2023!creepycoug said:The FTX collapse has caused one hedge fund to default on close to $40 million in debt. That's just what we know about because this is still new. Now, I'm not one who cries in his soup over the troubles of hedge funds; and have my own view about their role in a civilized society. But, I digress.
Could this be the beginning of a serious shit show? Like, when Lehman defaulted on its short term debt obligations - that it was raising at break neck pace to shore up its liquidity issues - that, in turn, caused the originators of the money market fund (the Reserve) to break the buck, with the larger shit show that followed.
Reading the background of this ... you have fucking children in charge of billions of dollars. What little I've learned in life includes the overwhelming importance of judgment obtained through years of experience. I don't care if this Binkman-Fried and Ellison chick are classic examples of Charles Murray's Super Zips; they both fucked the fuck up and neither is, I think, quite as bright as the world has suggested to them.
@godawgst @HoustonHusky @UW_Doog_Bot @anybodywithafuckingclue
@YellowSnow @DerekJohnson - this really belongs in the record shop, but Yella is a purist elitist snob. -
And there goes Silvergate…
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https://mercurynews.com/2023/03/01/southern-california-home-sales-fall-to-all-time-low-2/
Closed sales this past January — which reflect deals signed during the holiday season — fell to 9,938, the lowest number of transactions in records dating back 35 years, real estate data firm CoreLogic reported Tuesday, Feb. 28.
An average January has about 17,000 closings.
READ MORE: California home-price drops bigger than U.S. declines
“It’s always going to be slow (during the holidays). But not that slow,” Compass agent Ken Osborn said Sunday at an open house in Long Beach. “That’s why we go back to the basics. Meeting people. Talking to people. Holding open houses.”
January’s sales tally was down 42.8% from January 2022, when homes were selling twice as fast. Sales have dropped from year-ago levels for 14 consecutive months.
Prices also have been dropping on a monthly basis, falling for eight straight months, CoreLogic figures show.
The median price of a Southern California home — or the price at the midpoint of all sales — fell to $670,000 in January, CoreLogic reported.
That’s down $90,000 from the price peak reached last spring, and down $500 from January 2022.
It was the first year-over-year price drop in almost four years.
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The global housing market could be a bubble in danger of a correction, and U.S. home prices alone could drop by 19.5%, economists at the Dallas Federal Reserve warn.
Citing an affordability crisis, authors Lauren Black and Enrique Martinez-Garcia wrote in a Tuesday Dallas Fed report: “If the observed price-to-rent ratio grows at an explosive rate relative to its fundamental-based ratio estimated with long-term interest rate and rent growth data, the bubble hypothesis merits attention,” Business Insider reports.
The U.S. and German housing markets, in particular, face erratic real estate market activity and rising interest rates, and with that, rising mortgage rates, that are driving a “risk of a deep global housing slide,” the economists warned.
If U.S. home prices fell, or corrected, by 19.5%, the real estate market would be more in line “with its fundamentals” and become more affordable, the researchers said.
Thirty-year mortgages topped 7% in October and are currently 6.62%. Case-Shiller data Tuesday shows that U.S. home prices have fallen for six months straight. Existing-home sales have declined for six straight months, according to the National Association of Realtors.
Home prices are now 4.1% below their June peak, and Goldman Sachs forecasts home prices will decline another 6.1% in 2023.
Painful but every bubble pops -
Not BlackRock but...
And as I mentioned previously a lot of these Real Estate groups are locking down their investments and preventing people from withdrawing their money to try and hide their losses...
https://www.reuters.com/markets/us/blackstone-blocked-investor-withdrawals-71-billion-reit-february-2023-03-01/
This clown show apparently paid its CEO an obscene amount last year...its amazing how non-zero interest rates start bringing reality back to the casino...
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I paid people to get out of their foreclosure for Blackstone. Good times. Hanging at auctions with a few million in cashier checks with sunshine and pretty girls
They bought their stock at a steep discount in California and only homes less than 10 years old. This was 2012
How they managed to fuck that up is a mystery -
So when does Dementia Joe say Blackstone is too big to fail?RaceBannon said:I paid people to get out of their foreclosure for Blackstone. Good times. Hanging at auctions with a few million in cashier checks with sunshine and pretty girls
They bought their stock at a steep discount in California and only homes less than 10 years old. This was 2012
How they managed to fuck that up is a mystery
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Silvergate shutting down, looks like SVB is next.
Didn’t have them on my bongo board. Looks like they had a top notch Risk guru…
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Definetly didn’t have SVB.
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Corporate folk at the office today spent the entire afternoon talking VC clients off the ledge. Many are 100% exposed to SVB. WhoopsBob_C said:Definetly didn’t have SVB.
