Sunday, April 24, 2022

Some Thoughts on Kevin Drum's Housing Supply Post

 A few weeks ago, Kevin Drum wrote a blog post that expressed skepticism about "America’s housing crisis."  He got quite a bit of pushback against that, so he has followed up with a new post, doubling down on his skepticism.

It is a very interesting post, mostly because Drum does such an impressive job at convincingly feeling the parts of the elephant that make his point. The post is a study in rhetoric and in the limits of empirical debate to inform a conversation.  I would take some issue with most of the specific points of fact, but in a way that I suspect a skeptic would consider pedantic.  And, those points of fact are wrapped in a broader assertion that is expressed as a generality - a feeling - that hampers pedantry, and so the whole argument is somewhat protected from criticism.

I suspect that for a reader, this comes across much like my own work does.  My books are full of empirical reinforcement of a core idea, and so for the reader, they are either deeply argued concepts or Gish gallops, and the problem for those kinds of arguments is that they present a skeptic with a lot of work. The skeptic will require a deep engagement with the long line of points in order to have their mind changed, or to confirm their skepticism. The other choice is to write it off as a Gish gallop without doing that work. The problem is that that work is not free! Writing off the full argument can be a rational response! So, I find that with my work, many of the readers are in two categories: (1) those who weren't skeptical or for whom something about the work overcame their skepticism, and they either do deeply engage in it with a sense of self-directed discovery or they accept it as basically true, either in whole, or with some minor remaining potential caveats, and (2) skeptics who don't engage with it deeply. I'm not sure that there is a single skeptic that has deeply engaged with my work, and I can't blame them. It is necessarily a complex web that I have tackled and it would take a lot of work.

It's a bit of a paradox. If my work is worthwhile, it is essential. But, if it isn't worthwhile, then anyone who engages with it skeptically will find at the end that they wasted a lot of effort.

Anyway, back to Drum, the generality I take issue with is comments such as this:

But beyond that there are always individual places that are popular and expensive, and there are individual neighborhoods within those places that are even more expensive. These areas change from decade to decade as different cities get hot, and there's really no way around this. This doesn't indicate a housing shortage any more than high prices for Gucci bags indicates a shortage of purses.

It seems like folksy wisdom, and surely there is a basic truth to it. New generations tend to have it better than older generations, and frequently cry foul at conditions that their grandparents would have embraced or accepted. The current generation is no different than any other generation in this regard. But, this point is simply wrong. This is a new era in American housing. The most economically dynamic cities have been shedding domestic migrants by the hundreds of thousands for years now. That is anomalous. One can see this both within the history of those cities and in other cities. NYC and LA are dominant because when they originally were ascendant, they were magnets for the working class. Of course they grew so large because, given their economic draw, they were affordable!  Looking elsewhere, the norm until recent decades was for metro areas to grow when they are economically ascendent and to stop growing when they struggle.  During the early and mid-20th century, the Detroit metro population grew by nearly 3% annually. Back then there weren't individual cities with incomes far above the norm, like there are today. Over the early 20th century, people moved to opportunity and regional incomes were converging as a result. Today they can't, so some metro area incomes are skyrocketing away from the norm.  This is new!

Also, it isn't the nice neighborhoods that are getting expensive. It's the cheapest neighborhoods in the most housing constrained metros.  Here is a graph of home prices in the LA metro since 2000.  The pressure here is to trade down on the socio-economic status of a neighborhood in order to get into the LA metro. Young Americans aren't complaining that they can't move straight into Beverly Hills. They are actually bidding up home prices in Compton to try to get into a massive metro area that refuses to grow. Population growth of American cities with the most buoyant local incomes has been recently countercyclical. They barely ever grow, and when the economy starts to do better, they actually start shrinking.  This is really weird!  In fact, a decent portion of their ascendent local incomes is really just a side effect of the poorest residents systematically being forced to other cities. This is something that I would expect Kevin Drum, of all people, to be really bothered by. This isn't just the way it's always been.

On his more empirical claims, I will just lay out one of my pedantic points.  He highlights two facts that appear to downplay the supply crisis narrative.  First, he compares cpi housing inflation with cpi inflation excluding shelter.  He finds that housing inflation is up 7% more than non-shelter inflation since 2000. He says that of the data he highlights, this is only one of two metrics that point to a housing shortage, but they are "very tiny ones". I have a pedantic sub-point here. He uses "cpi housing" here, which includes furniture, utilities, etc.  There is a better metric - "cpi shelter", which only includes the actual shelter. But, even that includes things like lodging. You can even dig down deeper and look at "cpi rent of primary residence".  Here's a chart.



The measure he uses shows 7% excess inflation since 2000. "Shelter" excess inflation is 10%. "Rent of primary residence" excess inflation is 21%.  Is that still "very tiny"?

Then, he highlights "rent as percent of household income" from 2000 to 2020, which increased from 22% to 25%.  He counts this as a lack of evidence that rents are skyrocketing.

But, think about this for a minute. If rent inflation is high (and in fact, much higher than his "housing" metric suggested), and yet total spending on rent is relatively level, then that means that American households are greatly decreasing their relative real housing consumption.  Here are a couple of graphs showing how the long term trend in gross rent/GDP started rising in the late 1970s.  Before 1980, there was generally below-average rent inflation and growth in real housing consumption, which averaged out to a level 8.5%ish of GDP being spent on shelter. After 1980, rent kept taking more of US incomes, but after 1980, this was a combination of high rent inflation and below-average real housing consumption. The real consumption hasn't receded fast enough to make up for the inflation, so total spending on housing has increased.

There is one period where the 5 year rolling average in real housing expenditure growth was faster than real GDP growth - 2009-2012.  That isn't because we were building lots of housing then.  Ironically, that's because in 2007-2008, the Fed was convinced that we had too much housing, and as I described in "Building from the Ground Up", they basically lowered American incomes until Americans were willing or able to purchase less housing.  Since Americans were actually lacking in adequate housing and already spending more of our incomes on it than we would like to, this was catastrophic. That error - the same error Drum is still making about the supply problem - was basically the cause of the financial crisis and recession.

Since the crisis only worsened the housing supply issue, Americans have spent the last decade growing real housing consumption at the lowest relative rate since WW II because we have no other choice. Yet, as long as we continue to be deprived of adequate housing supply, this will only partially offset rising rents.

There are several implications of this. First, this certainly doesn't sit well with Drum's general assertion that younger generations expect to hit the ground running, increasing their housing consumption more and earlier than their parents and grandparents had. They are increasing their real housing consumption at a lower relative rate than any previous recent generations did.

Some people will try to suggest that the reduction in real housing consumption is voluntary - smaller families, the norm that as real incomes rise real consumption of housing tends to grow at less than a 1:1 ratio with income, etc. But, if that was the case, rent inflation should be lower. The fact that rent inflation is above average, even though real housing consumption has been low for decades, points to a substantial supply problem.

So, this is a case of Drum highlighting two "parts of the elephant" that look like they push against the housing supply narrative, when, in fact, taken together, they point to a supply problem.

Where I would like to conclude, however, is something that Drum gets right that many people don't.  He closes with:

What about all those investors snapping up houses so the rest of us can't buy them? Isn't that killing off the housing supply?

No. Housing supply is the same regardless of who owns the homes. Besides, corporate and real estate investors buy a small fraction of all the houses sold in America. There are a few specific areas where they're very active, but that's it.

The real lesson from this trend is not that housing supply is tight, but that in certain areas starter homes are selling too cheaply and apartment rents are too high. That's why it's profitable to buy low-end homes and turn them into rentals. This suggests that in certain places there's an imbalance of what's being built and what people want, but that's likely to balance out before long.

This is correct (except for thinking that it isn't evidence of tight supply)! And, I find this interesting for two reasons.

First, it would be easy for a skeptic to produce an empirical retort to his closing statement very similar to his retort here against the housing supply narrative.  They could show that low tier prices have been increasing along with rising institutional ownership. They could argue that when corporate owners buy up more of the housing stock, they ruthlessly raise rents, and that they are raising rents even though new construction has been growing for a decade.  They could point out that homeownership rates are lowest in the places where home prices have been bid up the highest. They could point out that prices are, in fact, rising the fastest where rents are rising the fastest.  Drum is right on this, and they would be wrong, yet there are many empirical points just lying in wait to support a number of sets of premises.

I suppose that means you should be skeptical of all of us. Or, unfortunately, it means that before you can really settle on a point of view here, you're going to have to put in a lot of difficult work parsing the various empirical assertions.

Second, this is a very good example of how mortgage suppression since 2007 has completely muddied the rhetorical waters on this issue, and made it very difficult to do that parsing.

Drum is right that the prices are too low and rents are too high in many places. The reason that is the case is because we killed off low-tier mortgage lending in 2008, which is part of what has made housing supply even worse.

Here's a chart of home prices from 2002-2015, by ZIP code income. The myth about 2002-2006 was that loose lending drove up the prices of low-tier homes to unsustainable levels, and busting the hobgoblin at the center of that myth was part of what we tried to do in 2008. We did it disastrously well.  Over the entire period from 2002-2015, low-tier home prices rose much less than high-tier prices. And, in fact, for the most part, they rose together from 2002-2006, and then we shit all over low tier mortgage lending and created a low-tier housing bust in the shadow of the primary housing bust that people are still making excuses for today. The crappy outcome of sucking 30% out of low-tier home prices relative to high-tier prices is bad enough. We should talk about that. But, that's not the end of it.

At the end of the day, though it's complicated, prices of homes are going to tend toward the cost of alternative new homes. So, you can't just push home prices around to wherever you want. If you push home prices unsustainably low, like we did to low-tier prices with suppressed mortgage lending, they will eventually want to rise again. And, the way they will rise is through rising rents.

As even Drum must agree, based on the charts he highlights, the housing bust did little to bring down rents.  So, now, the next chart, is a scatterplot where the 2002-2015 price appreciation is on the x-axis, and the subsequent rent inflation from 2015-2021 is on the y-axis.

Quite systematically, where a lack of mortgage financing drove prices down, rents increased excessively, until prices rose back up.  The graph (not shown) of price changes from 2002-2021 (rather than 2015) is flat. Prices at the low end and high end have increased similarly. But, to get there, low end rents had to skyrocket, because we made it extremely difficult for low-tier owner-occupiers to create demand as buyers (as opposed to renters), and so supply in the most credit constrained cities has been in the crapper for a decade.  With price/rent ratios still pushed down because of a lack of owner-occupier buying power, the only way for prices to rise back to their natural level was for rising rents to make up for low prices.

(Notice how the recent rise in low-tier rents and prices would seem to bolster the argument of people who falsely believe that the institutional buyers are the cause of all of that!)

Given all of this, if we aren't willing to stop suppressing mortgage lending, then institutional buyers funding build-for-rent neighborhoods is the only solution left for "balancing out" those markets, as Drum suggests they will.  There is a budding movement to stop that from happening, which is just one more step down the road of creating supply constraints and then trying to solve the damage of those supply constraints with more supply constraints. At least on this issue, it seems, Drum will be on the side of allowing new supply.

Or maybe, he'll take the same approach he takes about current supply conditions, when he writes:

Why are you willing to force people to move away from the places they were raised just so you don't have to look at an apartment building near your home?

I'm not. As far as I'm concerned, you may build as many apartment buildings as you want near me. I'm not trying to prevent higher density, I'm just gathering data about the amount of housing in the United States.

So, maybe he'll just watch as all his neighbors fight to block to build-to-rent neighborhoods so that the price and rent levels can't come back into balance, continuing to feel like his conscience is clean, and that the problem isn't severe enough to worry so much about his neighbors' consciences.  In the meantime, we are at quite a crossroad, because, if we find ourselves in a position where working class families can't get mortgages to build their own homes, cities keep fighting multi-unit infill developments, and now we start blocking the single-family build-for-rent developments that are one of the dwindling number of options for reversing our housing shortage, things are gonna get real dark.

43 comments:

  1. Great post! There are things I don't completely understand (like you said, it's a massive effort to understand all this stuff, more than I'm willing to make as just an amateur reading for my own interest), but I appreciate you laying it all out and trying to match intuition with statistics.

    My question- do you think the US will go the route of Canada? My impression is that housing is even more unaffordable there then it is here, with both higher home prices and lower incomes. But they still make it work... somehow, so apparently it is possible for things to get worse.

    ReplyDelete
    Replies
    1. Thank you!

      I do think Canada has a somewhat similar situation as us. I'm no expert on the details of their housing market, but my back of the envelope summary is that their metro supply problem in Toronto and Vancouver is probably more like Seattle, and that our really bad cities are worse, but that their prices may be relatively higher because of lower property tax rates, etc. Our rents are probably higher than theirs, in general, but our prices are lower because of overregulated mortgages since 2008. If we implemented local supply reform, we should hope to look more like Japan on housing, but lacking that, we should look more like Canada. As I laid out in the last part of this post, we tried to look better than Canada by forcing down prices, which has probably made us worse than Canada on rents.

      If you're interested, I really did try to simplify this stuff a lot in "Building from the Ground Up", and I would hope that if you're interested in the topic as a laymen, that you might find that the book provides some accessible insights on housing, the Great Recession, and today. My other book, "Shut Out" is, I think, a bit more into the empirical weeds.

      Delete
    2. LOVELY BLOG⌚️⌚️⌚️⌚️⌚️⌚️⌚️⌚️⌚️⌚️⌚️⌚️














      Investing on the cryptocurrency market has been a main source of income, that's why knowledge plays a very important role in humanity, you don't need to over work yourself for money.All you need is the right information, and you could build your own wealth from the comfort of your home!Binary trading is dependent on timely signals, assets or controlled strategies which when mastered increases chance of winning up to 90%-100% with trading. It’s possible to earn $10,000 to $20,000 trading weekly-monthly in cryptocurrency(bitcoin) investment, just get in contact with Mr Bernie Doran my broker. I had almost given up on everything about binary trading and never getting my lost funds back, till i met with him, with his help and guidance now i have my lost funds back to my bank account, gained more profit and I can now trade successfully with his profitable strategies and signals!!
      Reach out to him on Gmail (BERNIEDORANSIGNALS@GMAIL.COM) , or his WhatsApp : +1(424)285-0682 for inquiries













      ⌚️⌚️⌚️⌚️⌚️⌚️⌚️

      Delete
    3. ✅✅✅✅✅✅✅Highly Recommended!
      Very insightful, i will also say this here. Recording the success in Cryptocurrency, Bitcoin is not just buying and holding till when bitcoin sky-rocks, this has been longed abolished by intelligent traders ,mostly now that bitcoin bull is still controlling the market after successfully defended the $20,000 support level once again and this is likely to trigger a possible move towards $40,000 resistance area However , it's is best advice you find a working strategy by hub/daily signals that works well in other to accumulate and grow a very strong portfolio ahead. I have been trading with Mr Bernie doran daily signals and strategy, on his platform, and his guidance makes trading less stressful and more profit despite the recent fluctuations. I was able to easily increase my portfolio in just 3weeks of trading with his daily signals, growing my 0.9 BTC to 3.9BTC. Mr Bernie’s daily signals are very accurate and yields a great positive return on investment. I really enjoy trading with him and I'm still trading with him, He is available to give assistance to anyone who love crypto trading and beginners in bitcoin investment , I would suggest you contact him on WhatsApp : + 1424(285)-0682 , Gmail : BERNIEDORANSIGNALS@GMAIL.COM for inquiries , Bitcoin is taking over the world✅✅✅✅✅







      ✅✅

      Delete
  2. Great blogging. I usually say, "In macroeconomics, the nice thing is nobody is ever wrong."

    However, on the subset of housing, the constraint on supply as fundamental, and largely explanatory for very high rents and house prices all along the West Coast and several other markets.

    As I said, the only solution I think will work (and not likely anyway) is massive bribes to cities that un-zone near and in dense residential areas.

    The rural Senators will oppose and will have to be bought off with something else, like transportation subsidies. (Rural residents drive long ways).

    Even good sausage should not be seen in the preparation stage....

    ReplyDelete
    Replies
    1. Thanks Ben.

      I think you might be right in general, although I think it is similar to mid-20th century civil rights. There are a certain number of objectors who will be unmoved, and whose grandchildren will take for granted that they were wrong. There is no point in trying to buy off their support. One key is to know where the compromises need to be made. Many of the compromises demanded by the opposition are just smoke screens for maintaining the status quo.

      Delete
  3. This comment has been removed by the author.

    ReplyDelete
  4. I'm not sure if Twitter has killed this blog, but I appreciated the effort you put into this response to Drum. I also enjoyed your book---I'm training myself to stop using the phrase "Housing Bubble" and replace it with "Contagion City Housing Price Bubble." The supply constraints that have persisted since 2006 are a real and verifiable phenomenon that will continue to get worse and negatively impact household formation for Millennials. Releasing the stranglehold of local zoning regulations seems impossible for some regions (i.e. metro Boston and similar places).

    ReplyDelete
  5. Your blogs are authentic and great. Are you also searching for cheap nursing writing company? we are the best solution for you. We are best known for delivering quality essay writing services to students without having to break the bank

    ReplyDelete
  6. https://www.idiosyncraticwhisk.com/2022/04/some-thoughts-on-kevin-drums-housing.html

    ReplyDelete
  7. Looking for the perfect Rakhi gift online to send to your siblings in India? Look no further than Wrapping Happiness for Rakhi online shopping! Our in-house designed unique gifts will surely surprise your brother or sister during Raksha Bandhan 2022! Celebrate the bro-sis bond in your unique way.Premium Gift for Rakhi
    rakhi gifts Online

    Gifts for Rakhi

    ReplyDelete
  8. Normal saving of practically 20% on Your request Extra reserve funds and Free conveyance bargains and offers on napapijri discount code voucher code Napapijri Coupons, Promo Codes and Deals will help you with securing colossal endpoints on their external clothing collection.

    ReplyDelete
  9. This is an incredible space for a Web development Company in Lahore ! The location is perfect and the layout is fantastic. I'm sure Kevin Drum's team will love working here!

    ReplyDelete
  10. Great post! I completely agree that the current housing market is unsustainable and something needs to be done to increase the supply of housing. I think your ideas are spot on and I hope that policy makers take them into consideration.

    ReplyDelete
  11. Pretty nice post. I simply stumbled upon your blog and wished to mention that I’ve truly loved surfing around your weblog posts. Thank you so much for sharing. Also visit sokoto state university admission list portal

    ReplyDelete
  12. This comment has been removed by the author.

    ReplyDelete
  13. A cloud of uncertainty hangs over the global economy as the US economy contracts for the second consecutive quarter. In many countries of the world, it is considered an economic recession, but the United States will depend on additional data to make its final announcement. I am waiting for the detailed report. Cheap Dissertation Writing Services

    ReplyDelete
  14. Great post! I agree that the current housing market is unsustainable and something needs to be done to increase the supply of housing.
    Now its time to avail Hi Vis Traffic Jacketfor more details.

    ReplyDelete
  15. The flickering light of thousands of diyas, entertaining shapes made by blinking fairy lights, a chilly breeze, and a sense of excitement. Prayers, sweets, parties, and hopefully, fewer crackers. That’s Diwali! A festival that gives one the feel of the onset of winters and coziness. This year, it falls on October 24th.
    Diwali 2022: Celebrating the Festival of Lights with Gifts of Love! — Wrapping Happiness

    ReplyDelete
  16. Thank you ever so for you blog article. Thanks Again. Cool. adult piano lesson singapore

    ReplyDelete
  17. Your thoughts on Kevin Drum's Housing Supply are just like mine. I surely agree with you. Thanks for sharing this with us. I really appreciate that. Now it's time to avail Telemarketing Services for more information.

    ReplyDelete
  18. This comment has been removed by the author.

    ReplyDelete
  19. Kevin Drum, a journalist at Mother Jones, wrote a post criticizing supply-side economics and its relationship to the housing crisis. In his fiction books, he argues that the lack of supply has created a scarcity of housing and a number of other factors. He then proceeds to offer a number of potential solutions to the housing shortage.

    ReplyDelete
  20. Great blog
    CVWritingServices.ie is your trusted partner for exceptional CVs in Ireland. Our professional CV writing service helps you present your skills and experience effectively. Let us create a standout CV that sets you apart from the competition.

    ReplyDelete
  21. As a seasoned content writer and an avid homeowner, I cannot stress enough the importance of a well-installed fence in transforming your outdoor space. When it comes to safeguarding your property, ensuring privacy, and adding aesthetic appeal, hiring a professional fence installer is undoubtedly the way to go.

    ReplyDelete
  22. Your posts are neatly organized with the information. So continue sharing the beautiful blog with us. This was really impressive and creative article. Frederick Traffic Lawyer

    ReplyDelete
  23. Your blogs are really good and interesting. It is very great and informative. I'm not sure that there is a single skeptic that has deeply engaged with my work, and I can't blame them. It is necessarily a complex web that I have tackled and it would take a lot of work Fairfax Traffic Lawyer. I got a lots of useful information in your blog. Keeps sharing more useful blogs..

    ReplyDelete
  24. Profound gratitude to REVOX CREDIT SPECIALIST for his helping hands in my time of Despair, after going through series of late payments, foreclosure, insolvency and my score diminished, reducing my chances of securing a loan. He wiped all negatives items in my report and my score raised to 750+ within 6days. Reach him Via Email REVOXCREDITSPECIALIST@GMAIL.COM

    ReplyDelete
  25. Good day everyone, I just want to share my testimony on how I got my credit fixed and secured a mortgage even thou my ex husband almost ruined my life, my sister introduced me to Daniel who helped her fix her credit within a month, no magic just pure talent and expertise blended with professionalism, my credit was in a very bad shape earlier this year before I came in contact with Daniel, my credit score went from 433 to 810, it feels surreal but it happened to me and most importantly I’m happy he was able to wipe off my negative items and added the necessary tradelines, if you need his service you can contact him via his email DANIELKENCYBERSERVICES@GMAIL.COM OR 321 -348 - 0606.

    ReplyDelete
  26. I don’t know if I can thank Daniel enough for his intervention in my credit life, I came across some reviews on YouTube about him and they all spoke highly of him regarding how he fixed their credit and that made me give it a try and I’m proud to say I didn’t regret trusting him with my credit, he removed every negative items off my credit report and all debts marked as paid, he changed my life, his phone number is 3213480606 and his email address is Danielkencyberservices(at)gmail(dot)com, Tell him Nicholas recommemded him.

    ReplyDelete
  27. Now you can get discounted vouchers and coupons easily by Wadav.de

    ReplyDelete
  28. I love the blog that you made , I have respect for Kevin Drum and his work. Now it's time to avail Car Service in Fort Myers. for more information.

    ReplyDelete
  29. Your posts are flawlessly coordinated with the data. So keep imparting the lovely blog to us. This was truly noteworthy and innovative article. Orden de Protección Civil en NJ.||Abogado de la Corte de Tráfico de Nueva Jersey.

    ReplyDelete
  30. Kevin Drum's post on housing supply provides a comprehensive analysis of the complex issues surrounding increasing housing supply. It offers clear and logical arguments, making it accessible to readers interested in economics and urban development. Drum encourages constructive dialogue on sustainable solutions to the housing crisis, encouraging readers to consider the intricacies of housing policy. Leyes Matrimoniales de Nueva York Divorcio

    ReplyDelete
  31. Step into the world of urban development and housing dynamics as we dissect and discuss Kevin Drum's thought-provoking take on housing supply in this latest blog post. Drum's insights have sparked conversations and debates, and we're here to unravel the layers, offering our perspective on the critical issues he addresses. Thankyou For The Blog.
    lawyer for bankruptcy near me

    ReplyDelete
  32. Juliet and I want to utilize this platform to warn everyone about Cryptocurrency scams. Juliet and I were struggling financially a few months ago before a friend of mine gave me the name of a reputable and trustworthy company where I was assisted in recovering my stolen BTC and USDT. I accidentally transacted with a fake company, which led to my involvement in crypto investment fraud. I attempted to invest in Crypto, and I was conned out of $600,000 worth of Cryptocurrency. All thanks to Spyweb Cyber Security Service, A reliable and secure source to recover your crypto. I’m thankful we were able to get back our money. You can contact Spyweb Cyber with the information below.

    ( email: SPYWEB @ CYBERDUDE . COM )
    ( whats app: + 1 3 2 3 9 0 4 8 8 2 4 )
    ( website: SPYWEB . TECH )

    Goodluck

    ReplyDelete
  33. "Idiosyncratic Whisk" appears to be a phrase without a widely recognized or standard meaning. In a literal sense, it could be interpreted as a unique or peculiar way of whisking, possibly referring to an individualized and unconventional method of mixing ingredients using a whisk. Without additional context, the meaning remains open to interpretation.
    estate lawyer near me Virginia
    wills and estate lawyer near me

    ReplyDelete
  34. Guys FRESH FULLZ USA UK CANADA AVAILABLE
    NEW UPDATED FULLZ DEC-2023

    SSN DOB DL ADDRESS FULLZ
    SIN DOB ADDRESS FULLZ
    NIN DL ADDDRESS FULLZ
    REAL ID SCAN FRONT BACK WITH SELFIE
    CC CVV WITH BILLING ADDRESS
    CLONING DUMPS TRACK 101 & 202 WITH PIN CODES
    BUSINESS EIN COMPANY FULLZ IN BULK
    YOUNG AGE FULLZ
    HIGH CREDIT SCORES FULLZ
    FULLZ FOR KYC|UI|PUA|SBA|TAX RETUNR|UBEREATS|DOORDASH
    OFFICE365 LOGINS|LEADS
    SMTP|RDP|C-PANLE|WEB-MAILERS|SHELLS

    Many Tutorials are available fro
    Carding|Spamming|Cashout|Loan Methods|Scripting

    Legit & Verified stuff will be provided
    No scam, If anything found invalid will replace
    Guaranteed stuff

    CONTACT FAST
    Limited Stock Available

    TELEGRAM @killhacks | @leadsupplier
    ICQ 752822040 | @killhacks
    Skype @peeterhacks
    Email bigbull0334 @ onion mail . org

    Waiting for you GUYS

    ReplyDelete
  35. Effective greetings engage and entice, often hinting at the article's theme or invoking curiosity. Whether friendly and conversational or formal and informative, greetings serve as the initial handshake, inviting readers into the narrative or information. divorce lawyers near me

    ReplyDelete
  36. Which software and hardware do you use for the diagnosys?

    ReplyDelete
  37. Great post, it's so excited to read your blog thank you for sharing. Domestic violence law in virginia

    ReplyDelete