“A Nation Built On Lies” (Part 2)

by James Quinn July 10th, 2018

In Part 1 of this article I detailed the damage done by the Deep State and the inevitability of another financial crisis destined to propel this Fourth Turning into its next most violent stage. Now I will examine whether Jordan Peterson’s rules for life can alleviate some of the pain headed our way.

A NATION BUILT ON LIES

Peterson’s reality-based assessment of our broken societal system has infuriated the social justice warriors and media propagandists whose narratives are based upon lies, misinformation, fake news, and a pliable dumbed down populace distracted by their techno-gadgets. The machinations of the Deep State (Wall Street cabal, Fed, captured politicians, shadowy billionaires, military industrial complex, surveillance agencies, corporate media) are dependent upon the masses believing their big lies and unquestioningly trusting their provably false narratives.

Telling the truth and demolishing these false narratives with facts is the only way to fight those who have chosen the side of evil. Remaining silent in the face of their lies allows tyranny to expand inexorably and fill the vacuum left by the dearth of courageous truth tellers.

The forces of tyranny are winning. Our banking, financial, political, and media structures are wracked by corruption and controlled by a “few” insiders for the benefit of themselves and their cronies. Smedley Butler said war was a racket, but every institution is now a racket, with a corrupt powerful cadre of evil men reaping riches at the expense of the many. Their rackets are based upon nothing but lies and the continued blissful ignorance of the masses to their flagrant criminal activities.

The dark side of human nature has been on full display as the country has been hijacked by organizations run by psychopaths like Brennan, Clapper, Comey, Soros, Dimon, Bernanke, Paulson, Rubin, Zuckerberg, Bezos and a multitude of lesser known, but equally dangerous, psychopaths infecting government, business and the media.

Those pulling the strings of our ever-degrading society share many of the same traits – superficially charming, pathologically deceitful, manipulative, accepting no responsibility for their actions, lacking empathy, absence of guilt, no humility, dishonest, treacherous, having a grandiose sense of self-worth, and prone to dangerous destructive risk taking. These are the people who rise to power when citizens become lazy, disinterested, willfully ignorant, distracted by social media, dumbed down by government run education, and easily led to believe falsehoods peddled by a media doing the bidding of the psychopaths in power.

Just listen to Brennan or Clapper on fake news CNN or MSNBC to get a glimpse of psychopaths in action. It’s almost as if they believe their own lies. The faux journalist millionaires questioning these scumbags aren’t paid by their corporate masters to uncover the truth, but perpetuate the narrative of lies.

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Silence in the face of evil and injustice is condoning such behavior. Wall Street banking executives, rating agency executives, mortgage lenders, government apparatchiks, corrupt politicians, and captured central bankers wrecked the worldwide financial system in 2008, while conducting the largest control fraud heist in history.

They reaped the riches on the way up and when it inevitably blew up, crushed the life savings of the peasants and should have bankrupted the Wall Street perpetrator institutions, they shifted the losses to taxpayers. Not one culprit of this earth-shattering fraud went to jail. The Deep State circled the wagons, protected themselves, and used their propaganda media to paint false narratives regarding the causes and perpetrators. Wall Street won. Main Street lost, again.

We are now experiencing a sordid replay, as a surveillance state coup initiated by Obama and carried out by top government officials in the DNC, FBI, DOJ and NSA against Trump should result in the imprisonment of these traitors in just system. Instead, the culprits continue to investigate the provably false accusations of Russian collusion as a distraction from their own crimes.

These psychopaths are so invested in their criminal charade, they are willing to risk conflict with Russia to retain their power and control over the surveillance state. Government apparatchiks go through the motions of pretending to investigate, issuing thousand-page reports, holding hearings, and presenting a picture of action to the ignorant masses. No one is prosecuted, no one will go to prison, and the Deep State remains in control. The white hats are not winning.

Ideologues remain firmly in dominion over the day to day machinations of our society. The ideologies of two party state are an over-simplification of a complex reality, based upon lies. Slogans and bullet points are a simple-minded substitute for the messy truth of a multifaceted world and are geared to appeal to the emotions of a populace who have been trained to feel rather than think by the State.

The remedies and solutions put forth by the two party Deep State ideologues to make the world a better place consistently make the world far worse for the majority. The remedies and solutions always result in further enrichment and hegemony of those implementing the remedies and solutions. Their blatant self-interest and hubris will ultimately lead to chaos and hopefully their downfall.

You can feel the pressure building daily as these men of low character ignore the dangerous environment they have created with no acknowledgement of the consequences of their actions. It is apparent chaos, confusion, and disarray are beneficial to the powers that be as they attempt to retain and expand their control over the operating systems of our society.

The never-ending culture war incidents propagandized by the mainstream media; organized violent resistance by BLM and Antifa paid for by Soros; and the gun grabbing protests staged after each school shooting by left wing funded organizations, are nothing but diversions designed to keep the population focused on trivialities while those in power pillage and loot the national treasury, leaving nothing but worthless IOUs.

There is no good guy superman coming to save the day. The lure of power and money distorts and derails the efforts of courageous men and women to try and change the system from within. Anyone telling the truth and challenging the status quo, as Representative Jim Jordan has been doing, is immediately attacked with false accusations and destroyed by the Deep State. Ask Snowden or Assange about the implications of revealing the truth about the Deep State.

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How do you defeat the Deep State? As aptly described ninety years ago by Edward Bernays, they constitute the invisible government manipulating the public mind, molding our tastes, presenting their ideas as our own, pulling the strings behind the curtain and dominating every sphere of our daily lives. When viewed from 50,000 feet it seems hopeless. How can one man or one woman do anything to defeat an enemy as strong as those of enormous wealth controlling the levers of politics, finance, banking, war, healthcare, education, media, and culture?

With millions of zombie-like citizens mesmerized by their screens and lacking critical thinking skills, basic mathematical skills, and willfully ignorant of the truth, it is more than an uphill battle. But there are men and women of strong character and courage willing to do whatever it takes to prevail against adversity and evil.

Anyone with their eyes wide open can see the country is on pathway towards chaos. The divisions grow deeper by the day. Animosity intensifies with each social justice incident flame, fanned by the pliant media. The violence escalates as competing factions represent the vanguard for the coming civil war. The polarizing presence of Donald Trump in the White House tweeting taunts at his enemies on the left, right and in the media, is acting as a trigger for the next phase of our current Fourth Turning.

We are on a journey into darkness, lost in a blizzard of lies and deceit, victimized by our own failure to tell the truth, accept the truth, and insist our leaders convey the truth. I know not whether good or evil will prevail in the coming tests, but the potential for catastrophe is high. Could the country descend into chaos and end up in the midst of totalitarian subjugation? After decades of suppression, when this fire starts, it will be devastating.

“Forest fires burn out deadwood and return trapped elements to the soil. Sometimes, however, fires are suppressed, artificially. That does not stop the deadwood from accumulating. Sooner or later, a fire will start. When it does, it will burn so hot that everything will be destroyed—even the soil in which the forest grows.” ― Jordan B. Peterson, “12 Rules for Life: An Antidote to Chaos”

Defeating the Deep State will not occur in one grand, do or die, battle. They must be defeated using guerrilla war tactics of hit and run by small units of courageous truth tellers. We know the Deep State is led by self-centered psychopaths who can become blinded by their own hubris and arrogance. They have been emboldened by their success during the 21st Century and have gotten reckless with their debt based financial schemes, surveillance activities, and blatant disregard for the democratic process.

Their machinations will lead to another financial crisis which will make 2008 seem like a walk in the park. This will offer the truth tellers an opportunity to present pure stark facts for others to hear and contemplate, so enough people can be convinced to find common ground and proceed forward towards a better tomorrow.

With Western values and norms, based on a common culture, common language, common religion, and shared responsibility for future unborn generations, being attacked and denigrated, many are wallowing in nihilism, falling prey to the despondency of purposelessness. Our nation was built upon a foundation of values and traditions built up slowly over two centuries. We learned to live together and organize our complex society through trial and error over long periods of time.

The recent attempts by vocal violent minorities to overturn centuries of social norms to adhere to their warped ideologies is tearing the civic fabric of our society. These attempts at social revolution are destabilizing, dangerous and will lead to violence in the streets. Inflicting the beliefs of a few upon the many is a recipe for disaster. The talk of civil war is permeating the airwaves and blogosphere.

It may seem quaint and naive, but for good to win out over evil will take individuals showing the courage to speak the truth when the majority don’t want to listen and have been brainwashed by the Deep State propaganda machine. There will be no savior riding in on a white horse to save the day. Believing that nonsense is for the weak minded and cowardly. Individuals must step forward and do the right thing.

I have dedicated the last nine years of my blog to promoting the truth in the face of a constant barrage of lies from my government, central bankers, Wall Street, and the fake news media. I’ve tried to tell the truth to the best of my ability. I’ve encouraged other truth telling people to make their voices heard. I post articles by others I believe to be truth tellers. At times it seems useless, as the liars and knaves continue to win.

Telling the truth has had negative financial impacts, as Deep State co-conspirators Google, Amazon and Yahoo have banned my site. Websites such as Seeking Alpha, Financial Sense, Op-Ed News and Safe Haven that once published my articles no longer do so, because my truth telling wasn’t beneficial to their bottom line. Wall Street scum and left wing social justice warriors have called my employer to demand my firing.

Each individual has an obligation to make a difference in this world by telling the blunt, unvarnished truth. This country is broken. It can only be repaired through the efforts of courageous truth telling individuals, willing to make a stand on behalf of future generations. If enough individuals can be persuaded to tell the truth and listen to the truth, a tipping point can be reached and the Deep State will crumble into a pile of toxic rubble. Everyone needs to follow Peterson’s simple rule: “Tell the truth. Or, at least, don’t lie.”

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“We must each adopt as much responsibility as possible for individual life, society and the world. We must each tell the truth and repair what is in disrepair and break down and recreate what is old and outdated. It is in this manner that we can and must reduce the suffering that poisons the world. It’s asking a lot. It’s asking for everything. But the alternative— the horror of authoritarian belief, the chaos of the collapsed state, the tragic catastrophe of the unbridled natural world, the existential angst and weakness of the purposeless individual – is clearly worse.” – Jordan B. Peterson, 12 Rules for Life: An Antidote to Chaos

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A NATION BUILT ON LIES

www.theburningplatform.com July 10th, 2018

“The greatest want of the world is the want of men — men who will not be bought or sold; men who in their inmost souls are true and honest; men who do not fear to call sin by its right name; men whose conscience is as true to duty as the needle to the pole; men who will stand for the right though the heavens fall.”Ellen G. White

The world becomes more chaotic by the day. Good luck finding a politician, business icon, or religious leader who is not bought and sold by corporate or special interests. Finding truth telling honest leaders in today’s world is virtually impossible. Charles Foster Kane, a quasi-biographical portrayal of William Randolph Hearst, is a fine representation of the billionaire clique that pull the strings in our warped, deceitful, greed driven, materialistic world.

Citizen Kane’s thematic portrayal of the American Dream is far more germane to our society today than it was when made in 1941. Financial affluence, material luxury, wielding power over others, and controlling the opinions of the masses through propaganda media, did not guarantee happiness or fulfillment for Kane or todays oligarchs. Kane was happiest as a poor child, living with his parents, playing in the snow on his sled – Rosebud.

Life is a tragedy, with the richest and poorest dead in the end. The only thing that really matters is your character and integrity. The societal hollowness created by those pushing the delusion of a materialistic American Dream based on an ever growing pyramid of debt has left a society morally deadened, psychologically damaged, living lives based on deception, and willfully ignorant of the truth.

Until individuals in this country choose to tell the truth and insist on being told the truth by the leaders they choose, chaos and ultimate collapse will be our destiny. Our economy, our currency system, our banking system, our political system, our mass media, and our public education system are built upon nothing but deception, lies, misinformation and falsity. The entire fetid cesspool of lies cannot withstand the glare of truth, as explained by Ron Paul:

The Rest Of The Story At The Link Below:

A NATION BUILT ON LIES

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Globalists Are Telling Us Exactly What Disasters They’re Planning For The Economy

Tuesday, 10 July 2018 Brandon Smith

This article was written by Brandon Smith and originally published at Birch Gold Group
Years ago when analysts used the term “globalist, there was an immediate recognition among liberty advocates as to who they were referring to. This was back when the movement for small government, the non-aggression principle and true free markets was small but growing. These days, it’s difficult to gauge how many liberty groups there are or even if they know what small government and the non-aggression principle represent, let alone what makes a “globalist” a globalist.

There are a lot of new and very green members to the push for freedom, and a lot of them seem to think “MAGA” is the pinnacle of the movement’s philosophy. But MAGA doesn’t represent much of anything tangible. Making America great again is not a plan, it’s just a goal. Or even less, just a catch phrase. Without concrete plans, the notion of achieving a goal is laughable.

Make no mistake, the globalists have concrete plans, some of them simple, some of them rather elaborate. But who are the “globalists”? There’s really no secret to it: ANY person or institution that promotes the philosophy of global centralization of economic or political power into the hands of a select few is probably globalist.

There is no specific nationality, ethnic group or religious group that makes up the globalist hierarchy. They come from every part of the world and from every conceivable background. They have their private clubs like the Bilderberg Group and the Bohemian Club. They also have their own institutional frameworks, like the Council on Foreign Relations, the Trilateral Commission, the Tavistock Institute, the International Monetary Fund, the Bank for International Settlements, etc. But, these are all distractions and misdirections.

At the core of their organization is the desire for total power, built upon full blown narcissism and sociopathy leading to naive notions that godhood, for them, is attainable.

Now, one might assume these globalists would never restrain themselves with such a thing as “rules of etiquette”; that chaos is their sole strategy. However, this is not entirely accurate. From my observations, it appears that they do follow some rules. One of those rules seems to be this: For whatever reason, they willingly and openly volunteer their plans or reveal future outcomes to the public for consumption before they implement those plans or trigger those outcomes.

The rationale behind this could be any number of things. Perhaps it is a method of gloating. Or, being high level narcissists, they would psychologically be in the habit of hinting at the crimes they plan to commit and then view our lack of reaction as “permission” to go forward. My theory – it is a combination of both, as well as the idea that revealing a plan and then enacting a plan without resistance gives that plan even more power than if it had been kept strictly hidden.

What the globalists want, ultimately, is public acceptance and submission to their authority. They don’t want to have to operate from behind the curtain. They are narcissists. They don’t like hiding.
What are some examples of this behavior?

In 2007, the Bank for International Settlements issued a public “warning” that loose monetary policy by central banks had created a dangerous credit bubble that would result in a global Great Depression. Of course, being the “central bank of central banks” and the moderator of all central bank policy, the BIS itself was well positioned to create such a crisis. Only months later the crash occurred, and we are still suffering the consequences.

In January of 2017, globalist George Soros “predicted” that Donald Trump would use his presidency to launch a trade war with China, and that this trade war would drive Europe and China closer together as political and economic allies while US influence wanes. This year, the US has indeed entered into a trade war with China as tariffs escalate and greater threats to Chinese investment in American markets percolate. And, China and major EU governments like Germany are indeed establishing much closer ties than ever before.

The Rest Of The Story Here

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Q: The Plan To Save The World

Q: The Plan To Save The World 6-29-18 SGTReport.com

To receive a Free copy of my book please click this here.

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This is the video I have been meaning to make for some time now. But a You Tuber named Joe Masepoes beat me to it. So for the first time ever, I share someone else's work in its entirety on my You Tube channel.

The PLAN is to reclaim the world from the cabal and return it to the people. And here's how it will work...

Q - The Plan To Save The World, by Joe Masepoes
https://www.youtube.com/watch?v=6cYZ8...

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Here It Comes – The Warnings About A “Civil War In America” Are Becoming Much Louder

When sitting members of Congress start talking about a coming civil war, it is time to start paying attention

Michael Snyder | Economic Collapse – June 26, 2018

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Civil conflict is coming to America, and it is going to tear our nation apart.

Earlier today I received an email from a good friend about the rising tide of anger and frustration that we are currently witnessing in America. After thinking about it for a few moments, I wrote back and told him that I don’t know if there is any way to stop what is coming at this point. In my entire lifetime, we have never been closer to a “civil war” in this country than we are right now. Let us work for peace, but it would be foolish to ignore the forces that are ripping the fabric of our society to shreds. In this day and age, the coming conflict will not be between two armies from specific geographical locations. Rather, it will be between groups of Americans with fundamentally different ideologies. However, just like in our first civil war, American cities will burn before it is all said and done. First there will be massive protests, then there will be widespread violence, and ultimately there will be mobs of lunatics running around smashing things, looting, stealing, killing and setting things on fire.

I have been warning about where we are heading as a society on The Economic Collapse Blog for quite a long time, but now the warnings about a coming “civil war” are becoming very loud in the mainstream media.

For example, in a Bloomberg opinion piece entitled “What Democratic Rage Would Look like” , political scientist Thomas Schaller made the following astounding statement: “I think we’re at the beginning of a soft civil war. … I don’t know if the country gets out of it whole.”

And Professor Glenn Harlan Reynolds, the author of “The New School: How the Information Age Will Save American Education from Itself“, made the following observations in his recent USA Today article entitled “Is America headed toward a civil war?”…

Will it get worse? Probably. To have a civil war, soft or otherwise, takes two sides. But as pseudonymous tweeter Thomas H. Crownnotes, it’s childishly easy in these days to identify people in mobs, and then to dispatch similar mobs to their homes and workplaces. Eventually, he notes, it becomes “protesters all the way down, and if we haven’t yet figured out that can lead to political violence, we’re dumb.”
Apparently, some of us are dumb or else want violence. As Crown warns, “We carefully erected civil peace to avoid this sort of devolution-to-a-mob. It is a great civilizational achievement and it is intensely fragile.” Yes, it is indeed fragile, and many people will miss it when it’s entirely gone.

But most alarming of all was a tweet that was posted by U.S. Congressman Steve Kingon Sunday…

GOP Congressman Warns Nation Headed to Civil War

“America is heading in the direction of another Harpers Ferry. After that comes Ft. Sumter.”

The Rest of The Article Can Be Read At The Link Below:

Here It Comes – The Warnings About A “Civil War In America” Are Becoming Much Louder

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All Connections, Scams, Corruption, It’s All About To Explode

June 18th, 2018 by X22 Report

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Shocking details in IG report reveal James Comey, Peter Strzok and FBI agents plotted TREASON against America

Thursday, June 14, 2018 by: Mike Adams

(Natural News) Stunning details from the newly-released IG investigative report — download from the DOJ here reveal a pattern of treason against the United States of America by James Comey, Peter Strzok and other deep state operatives inside the FBI and DOJ.

Among other bombshell findings, the IG report revealed that FBI agent Peter Strzok actively plotted to “stop” Trump from becoming President. Furthermore, that admission by Strzok was surreptitiously deleted from the texts the FBI previously handed over the Congress, demonstrating yet again that the FBI is engaged in a massive cover-up to hide its own role in committing treason against America. (The FBI, in other words, is engaged in obstruction of justice to cover up its own criminal behavior.)

HUGE=> IG Report Reveals Peter Strzok Text Messaged “We’ll Stop” Trump From Becoming President

James Comey used illegal, secret Gmail account to conduct FBI business

The report also finds that treasonous deep state actor James Comey used an illegal, secret email account on Gmail to conduct official FBI business, mirroring the criminal actions of Hillary Clinton who violated national security laws by operating her own secret email server. When Congress issued a subpoena for the tens of thousands of emails on Clinton’s server, she ordered them all destroyed. James Comey then covered up for Hillary’s crimes by publicly exonerating her for acts that clearly meet the definition of obstruction of justice.

IG Report Reveals Crooked Comey Used Secret Gmail Account For FBI Business

For his part, Peter Strzok was instrumental in the entire deep state conspiracy to overthrow the 2016 election and carry out a political coup in America, which is a crime of treason. Rep. Trey Gowdy sounded off on the findings today, issuing a press release stating:

[Peter Strzok’s] bias was so pervasive and toxic as to call into question any other investigations he was part of including his role in the investigation of what Russia did in 2016… His bias impacted his decision-making and he assigned to himself the role of stopping the Trump campaign or ending a Trump presidency. The FBI’s actions and those of former director Comey severely damaged the credibility of the investigation, the public’s ability to rely on the results of the investigation, and the very institutions he claims to revere.

FBI agents sold out America for free food and concert tickets

In addition, we’ve also learned that FBI agents traded leaks for free food and tickets to social events, handed out by conspiring members of the corporate-run media. In other words, the media was colluding with the FBI to overthrow the United States of America by bribing FBI agents, who sold out their country for little more than meals and event tickets. (Read fbicorruption.news to stay informed.) As the IG report states:

[We have] identified numerous FBI employees, at all levels of the organization and with no official reason to be in contact with the media, who were nevertheless in frequent contact with reporters… [FBI agents were] improperly receiving benefits from reporters, including tickets to sporting events, golfing outings, drinks and meals, and admittance to nonpublic social events.

In other words, the FBI was actively committing treason and got caught. James Comey ran the entire operation. Yet to this day, he remains in such a state of denial about the rule of law that he continues to claim he did nothing wrong.

The consequences for treason include the death penalty

While I support everyone’s right to a fair trial and a competent defense, it’s becoming increasingly clear that a long list of individuals inside the FBI and DOJ need to be indicted and charged with treason. If found guilty in a court of law, one of the penalties for treason is the death penalty.

Through their actions, conspirators like James Comey and Peter Strzok have not only proven they are unfit to serve the American people; they are very likely going to face serious criminal indictment for their attempted conspiracy to overthrow the United States of America. Their acts of treason carry severe consequences, and We the People are beyond “fed up” with a two-tiered justice system where crooks in Washington D.C. seem to get away with everything and face no consequences for their crimes. It’s time to hold these people accountable for their failed coup attempt and charge them with the crime they committed: TREASON.

If the FBI and DOJ fail to clean out the deep state operatives who deliberately acted to subvert our democracy and nullify an election of the People, then America will lose any remaining faith in the institution of federal government. This, in turn, will lead to secession, civil war or other extreme outcomes that ultimately spell the end of America as we know it. After all, if the federal government is clearly run by criminals and policed by criminals who exonerate all their deep state buddies from serious crimes, why should the American people believe anything the government does (or says) at all?

We are facing a “do-or-die” moment for the future of this nation. We either hold these deep state criminals accountable for their crimes, or America is lost forever.
Watch my video for full details:

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Big Globalist Deals are Money Laundering Frauds – Dave Janda

By Greg Hunter On June 13, 2018

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By Greg Hunter’s USAWatchdog.com

Radio host Dr. Dave Janda says Trump is bringing big changes to the world with tough talk on trade. At the end of the G-7 economic forum, Trump said America is “like the piggy bank that everyone is robbing, and that ends.” Trump is basically saying America has been cheated in trade deals for decades and countries like China, Canada and Mexico are ripping us off. Janda, who has deep political and Intel sources, says, “Yes, that is correct. Go back to 1992 and Ross Perot. He was demagogued by the media as a crazy man. He was marginalized. He was ridiculed. 110% of what Ross Perot said about NAFTA is correct. It was a great ‘sucking sound’ of jobs leaving and manufacturing jobs leaving. Who benefited by that? Multinational corporations that are run by the globalists and political leaders. . . . All these agreements that are created by the globalists are money laundering fronts. Whether it’s NAFTA or whether it’s the Iran deal, they are all money laundering fronts.”

The success President Trump had this week with North Korea is tied to trade and China. Janda says, “So, you are going to see a positive development on the peace front. Then you are going to see some backing down of trade war talk with China. Then you are going to see another development with the North Korea peace process and more backing down. People need to realize the peace initiative and trade agreements are working hand in hand. I believe Trump is going to use that same model of negotiation and that same linkage, and Trump is going to take that model he developed in North Korea and China and he’s going to take it to Iran.”

Also, this week, is the expected release of the Inspector General report on the DOJ and FBI handling of the Hillary Clinton email investigation. The report examines how a decision was made months before the investigation was completed that Clinton would be exonerated of any crimes even though she clearly committed numerous crimes. Janda predicts, “I believe the Globalists are in the crosshairs, and when this report comes out, I believe it’s going to be heavily redacted. Understand something, that’s not where this is going to end.” Janda predicts President Trump will order the report to be unclassified and released un-redacted. Janda contends, “That Inspector General report is going to open the door and open people’s eyes. . . . A very high source has told me for months that both Hillary Clinton and Barack Obama have violated the Espionage Act on many occasions.”

Janda says the debt based financial system is headed for a reset. Janda says the reset will not only reset the debt but clear out corruption and “restore the rule of law.” Janda also says, “I have political sources that have said a reset will occur. I do not have a time frame for the reset . . . . I believe Donald Trump will preside over the largest bankruptcy in history, and that is why he’s there. I also believe that this reset will involve an escalation in the price of gold and silver, and the manipulation will be terminated.”

Join Greg Hunter as he goes One-on-One with Dr. Dave Janda, host of the “Operation Freedom” radio show, for an in-depth interview.

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More than half of US housing markets were overvalued in April

by Diana Olick CNBC.com June 5th, 2018

Home prices nationwide jumped 6.9 percent in April from a year ago, according to the latest monthly value report from CoreLogic.
While that is slightly less than the 7 percent annual jump in March, it is still making more and more markets unaffordable.
Of the nation’s 50 largest housing markets, 52 percent were considered overvalued in April.

As the sharp gains in home prices continue, more markets are seeing values higher than their local economies can support.

Prices nationwide jumped 6.9 percent in April from a year ago, according to the latest monthly value report from CoreLogic. While that is slightly less than the 7 percent annual jump in March, it is still making more and more markets unaffordable.

Of the nation’s 50 largest housing markets, 52 percent were considered overvalued in April. CoreLogic determines affordability “by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals (such as disposable income).” In March, 50 percent of markets were considered overvalued.

A market is considered overvalued when home prices are at least 10 percent higher than the long-term, sustainable level. By the same metric, 34 percent of the largest markets were considered at value and 14 percent were undervalued.

Not all expensive markets, however, are considered overvalued. San Francisco, for example, where prices are up more than 12 percent from a year ago, is considered at value, because local incomes can support the area’s prices. Boston is also considered at value.

Overvalued markets include Denver, Washington, D.C., Houston, Miami, New York, Las Vegas and Los Angeles.
CoreLogic revised its annual home price growth for all of 2018 to 5.3 percent from 5.2 percent.

High demand and very short supply continue to drive up home prices. The supply of homes has been dropping for three years. While more homes came on the market this spring, they have been selling at the fastest pace on record, according to the National Association of Realtors.

Homebuilders are slowly ramping up production, but most of that is at the move-up or luxury level, not at the entry level, where most of the demand is. Sales of newly built homes fell in April, according to the U.S. Census, even as supplies in that category rose. This is likely because of higher prices.

“The best antidote for rising home prices is additional supply,” said Frank Nothaft, chief economist for CoreLogic. “New construction has failed to keep up with and meet new housing growth or replace existing inventory. More construction of for-sale and rental housing will alleviate housing cost pressures.”

Rising mortgage rates also continue to weaken affordability. Rates have been rising steadily since this year. While they did take a step back last week, as bond yields dropped, they are on the rise again this week. Mortgage applications to purchase a home have also been falling for several weeks.

Some argue that the improving economy will support higher home values. So far that appears to be the case. Overall home sales have been weakening, but most blame that on lack of listings more than weakened affordability, although higher prices have to be sidelining some buyers.

“Extremely low inventory conditions in most markets are preventing sales from breaking out, while also keeping price growth elevated,” said Sam Khater, chief economist at Freddie Mac. “Even if rates climb closer to 5 percent, sales have room to grow more, but only if current supply levels start increasing more meaningfully.”

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