A report from Go Banking Rates. "What goes up must come down. The market’s downward…
This Post Has 28 Comments
From the video:
‘Premiered Jun 9, 2022 You may have heard it being talked about on the news, but more and more people who purchased real estate at the beginning of the year are now regretting it. In January and February 2022, home prices were hitting all time highs across the GTA. Once inventory caught up prices started to drop. This has left many of those who bought during those months to be sitting on a loss of anywhere from 5-15% of their home value. For those who haven’t closed on their property yet, it’s bringing forth the question of if they should even close or simply forfeit their deposit… the answer is NO. You’re risking a lot more than just your deposit!
In this video, I talk about the buyer’s remorse that’s circling our real estate market. I also share my thoughts on how you should handle the situation if you’re dealing with it.
Hah!
I was just sitting down getting my morning lattè and overheard a couple of real estate professionals chatting…
“Well, we were going to close yesterday for 499 and he said 449 and so I said 469”
Check out this comment…. People actually understand.
“Housing market is built on mortgage fraud.Your information is worthless now.You should have made a video about it before,now is to late.”
Meanwhile…..
Mount Kisco, NY Housing Prices Crater 11% YOY As Hudson Valley Housing Market Turns Toxic On Soaring Mortgage Defaults
He doesn’t really make clear that his advice is for Canada not US.
Why would anyone make a contract on a home in a falling market in Canada? You’re totally boned either way. woof. That market is going to completely freeze up as soon as buyers figure out they are on the hook forever.
US… Canada… A distinction without a difference.
Colorado Springs, CO Housing Prices Crater 26% YOY As Inventory Tsunami Slams Denver Area
My daughter lives close to one of these luxury student housing developments in Bellingham, WA. Occupancy there was fine until COVID19 closed the University campus sending the students back home to save money despite their lease agreements, which the courts likely failed to uphold. For the investors, things like elevators and fire suppression equipment continue to incur regular costs regardless of occupancy.
2:53. Buyers remorse, using helocs to fund retirement. What could go wrong?
If the house was worth so much that they could HELOC it, why not just sell, downsize to a condo or a single-wide, and pocket the extra? Oh wait, that makes too much sense. And IIRC, even single-wides in K-da are exorbitant.
“And IIRC, even single-wides in K-da are exorbitant.”
Can’t imagine heating a K-da single-wide for 8-mo/yr.
“many people surveyed recently bought homes that have variable mortgages and are quickly seeing their payments rise by hundreds a month”
IMHO you have dain bramage if you recently bought a home with a variable rate mortgage.
I wonder if stonk investors face similar remorse?
The Financial Times
Federal Reserve
Wall Street braced for sharp Fed rate rise to fight soaring inflation
Expectations grow that US central bank will raise borrowing costs by 0.75 percentage points
Federal Reserve chair Jay Powell
Federal Reserve chair Jay Powell has acknowledged that raising interest rates to get inflation under control is likely to lead to ‘some pain’
Colby Smith in Washington 2 hours ago
The Federal Reserve is on Tuesday set to begin discussing whether to increase the pace of its monetary tightening in the face of worsening inflation as expectations rise that it will raise interest rates by 0.75 percentage points.
The Federal Open Market Committee will convene for a two-day gathering just days after the latest economic data suggested that price pressures had become more relentless than expected.
Before figures released on Friday — which showed prices jumped another 1 per cent in May from the previous month — the Fed had signalled it was poised to approve a second consecutive half-point rate increase.
But a larger rise of 0.75 percentage points is now likely to be under consideration.
Markets have almost fully priced in that outcome with economists at JPMorgan, Goldman Sachs and Barclays all now anticipating a 0.75 percentage point rise — which would be the first since 1994.
Equity markets were battered on Monday by rising concerns that intense inflation will trigger a further sharp tightening of US monetary policy.
The US S&P 500 slumped almost 4 per cent to close at its lowest level since the start of 2021. US stocks were set to steady on Tuesday, with futures contracts tracking the S&P 500 up 0.2 per cent. In Europe, the region-wide Stoxx 600 share index fell a further 1.1 per cent after a 2.4 per cent slide in the previous session.
The Wall Street Journal first suggested that Fed officials would discuss a 0.75 percentage point increase.
…
The Keynesian fraudsters at the Fed might “discuss” a .75 hike, but unless their investment banker accomplices have directed them to hike sharply enough to tank the markets & initiative the next Great Muppet Reaping, they’ll stick with piddly .5 or .25 hikes.
The crypto market has now lost $2 trillion in value. Here are 5 shocking facts from crypto’s Black Monday
This is a GREAT article, Ben! Not the usual fluff that I expect from Yahoo. Now I’m really rooting for BTC to drop below 21000. I think Elon can absorb any hit, but I’m not so sure about Saylor.
Austin, TX Housing Prices Crater 12% YOY As Double Digit Price Declines And Skyrocketing Inventory Blanket Texas
Children are being infected with up to THREE viruses at a time because COVID measures have worn down their immune systems and made them vulnerable to illnesses usually only caught in winter, experts warn
As one defaulted borrower explained, “We knew I couldn’t afford the house at closing…… but nobody said anything so we did it anyway.”
Die, speculator scum.
Whitby votes to BAN second homeowners from buying new builds and plots to make outsiders pay DOUBLE council tax in first round of battle against holiday lets that are ‘pricing locals out of the housing market’
Even the globalist oligarchs are seeing their Yellen Bux wealth evaporate.
World’s 500 richest people including Elon Musk, Mark Zuckerberg and Jeff Bezos have lost $1.4 TRILLION in 2022 amid rocketing interest rates and inflation, report finds
The world’s 500 wealthiest lost a combined $1.4 trillion this year, it has been revealed – a loss spurred by rocketing interest rates and record inflation.
The decrease, announced in a Capgemini World Wealth report Tuesday, represents a stark turnaround from gains seen last year, when corporations and billionaires raked in record profits during the pandemic, as millions others lost their livelihoods.
The report shows that US billionaires alone – such Elon Musk, Jeff Bezos, and Mark Zuckerberg – have seen their fortunes cut by roughly $800 billion.
It’s a Sahara Dust day here in Region IV.
As of yet no Camel hair or Desert Fox fur has been detected.
This guy should avoid giving legal opinions. The forfeit of deposit can often be the only damages, depending on how the purchase and sale agreement is written. Typically, there is a “liquidated damages” provision in these agreements which specifies the measure of damages ahead of time and it typically is the deposit in my experience, but you need to review the agreement and have a lawyer look at it if you want a full understanding.
FWIW…. LD isn’t automatically imposed. The losses have to be proven and quantified.
From the video:
‘Premiered Jun 9, 2022 You may have heard it being talked about on the news, but more and more people who purchased real estate at the beginning of the year are now regretting it. In January and February 2022, home prices were hitting all time highs across the GTA. Once inventory caught up prices started to drop. This has left many of those who bought during those months to be sitting on a loss of anywhere from 5-15% of their home value. For those who haven’t closed on their property yet, it’s bringing forth the question of if they should even close or simply forfeit their deposit… the answer is NO. You’re risking a lot more than just your deposit!
In this video, I talk about the buyer’s remorse that’s circling our real estate market. I also share my thoughts on how you should handle the situation if you’re dealing with it.
Hah!
I was just sitting down getting my morning lattè and overheard a couple of real estate professionals chatting…
“Well, we were going to close yesterday for 499 and he said 449 and so I said 469”
Check out this comment…. People actually understand.
“Housing market is built on mortgage fraud.Your information is worthless now.You should have made a video about it before,now is to late.”
Meanwhile…..
Mount Kisco, NY Housing Prices Crater 11% YOY As Hudson Valley Housing Market Turns Toxic On Soaring Mortgage Defaults
https://www.movoto.com/mount-kisco-ny/market-trends/
He doesn’t really make clear that his advice is for Canada not US.
Why would anyone make a contract on a home in a falling market in Canada? You’re totally boned either way. woof. That market is going to completely freeze up as soon as buyers figure out they are on the hook forever.
US… Canada… A distinction without a difference.
Colorado Springs, CO Housing Prices Crater 26% YOY As Inventory Tsunami Slams Denver Area
https://www.movoto.com/co/80906/market-trends/
Diane video says rates at 6.13%:
https://www.msn.com/en-us/video/other/mortgage-rates-spike-as-inventory-rises/vi-AAYoUjs
The Auraria Student Lofts have been the subject of complaints and lawsuits over bad leases, broken elevators and faulty plumbing.
https://businessden.com/2022/06/13/distressed-downtown-apartment-building-files-for-bankruptcy/
My daughter lives close to one of these luxury student housing developments in Bellingham, WA. Occupancy there was fine until COVID19 closed the University campus sending the students back home to save money despite their lease agreements, which the courts likely failed to uphold. For the investors, things like elevators and fire suppression equipment continue to incur regular costs regardless of occupancy.
K-da video:
https://www.msn.com/en-ca/money/companies/homeowners-worried-about-rising-household-debt-and-interest-rate-hikes/vi-AAYqrGA
2:53. Buyers remorse, using helocs to fund retirement. What could go wrong?
If the house was worth so much that they could HELOC it, why not just sell, downsize to a condo or a single-wide, and pocket the extra? Oh wait, that makes too much sense. And IIRC, even single-wides in K-da are exorbitant.
“And IIRC, even single-wides in K-da are exorbitant.”
Can’t imagine heating a K-da single-wide for 8-mo/yr.
“many people surveyed recently bought homes that have variable mortgages and are quickly seeing their payments rise by hundreds a month”
IMHO you have dain bramage if you recently bought a home with a variable rate mortgage.
I wonder if stonk investors face similar remorse?
The Financial Times
Federal Reserve
Wall Street braced for sharp Fed rate rise to fight soaring inflation
Expectations grow that US central bank will raise borrowing costs by 0.75 percentage points
Federal Reserve chair Jay Powell
Federal Reserve chair Jay Powell has acknowledged that raising interest rates to get inflation under control is likely to lead to ‘some pain’
Colby Smith in Washington 2 hours ago
The Federal Reserve is on Tuesday set to begin discussing whether to increase the pace of its monetary tightening in the face of worsening inflation as expectations rise that it will raise interest rates by 0.75 percentage points.
The Federal Open Market Committee will convene for a two-day gathering just days after the latest economic data suggested that price pressures had become more relentless than expected.
Before figures released on Friday — which showed prices jumped another 1 per cent in May from the previous month — the Fed had signalled it was poised to approve a second consecutive half-point rate increase.
But a larger rise of 0.75 percentage points is now likely to be under consideration.
Markets have almost fully priced in that outcome with economists at JPMorgan, Goldman Sachs and Barclays all now anticipating a 0.75 percentage point rise — which would be the first since 1994.
Equity markets were battered on Monday by rising concerns that intense inflation will trigger a further sharp tightening of US monetary policy.
The US S&P 500 slumped almost 4 per cent to close at its lowest level since the start of 2021. US stocks were set to steady on Tuesday, with futures contracts tracking the S&P 500 up 0.2 per cent. In Europe, the region-wide Stoxx 600 share index fell a further 1.1 per cent after a 2.4 per cent slide in the previous session.
The Wall Street Journal first suggested that Fed officials would discuss a 0.75 percentage point increase.
…
The Keynesian fraudsters at the Fed might “discuss” a .75 hike, but unless their investment banker accomplices have directed them to hike sharply enough to tank the markets & initiative the next Great Muppet Reaping, they’ll stick with piddly .5 or .25 hikes.
The crypto market has now lost $2 trillion in value. Here are 5 shocking facts from crypto’s Black Monday
https://finance.yahoo.com/news/crypto-market-now-lost-2-220636668.html
Wasn’t it a trillion in a$$ poundings just the other day?
Once the supply of Greater Fools dried up, the party was over. Cry it out, baggies.
Bitcoin crashes to almost $20,000 in crypto meltdown: Investors are left nursing heavy losses as panic tears through ‘wild west’ market
https://www.dailymail.co.uk/money/markets/article-10912475/Bitcoin-crashes-crypto-meltdown-Panic-grips-wild-west-market.html
Here is a chart that sums up current sorry state of Crypto
Global Cryptocurrency Charts
Total Cryptocurrency Market Cap
https://coinmarketcap.com/charts/
This is a GREAT article, Ben! Not the usual fluff that I expect from Yahoo. Now I’m really rooting for BTC to drop below 21000. I think Elon can absorb any hit, but I’m not so sure about Saylor.
Austin, TX Housing Prices Crater 12% YOY As Double Digit Price Declines And Skyrocketing Inventory Blanket Texas
https://www.movoto.com/austin-tx/market-trends/
A chart …
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiozdu1BUmZDzaS6PVwGOzcHhOCHRRPZrohTACi1UP3i-CBkUYD1uRVa3lC9QLz4lHbwxRl2Sw1shpNoUTHq6TFPMUGxumPxIuFXtBaVkzBCbjAgwSm30U9br0BMzEa4hr5gTiWkcxTTBX_xXnc5G66O3odFl86L5RbQZqtCM-_Cj_sRB-J5w/s416/Over6.PNG
Lockdowns were never about public health.
Children are being infected with up to THREE viruses at a time because COVID measures have worn down their immune systems and made them vulnerable to illnesses usually only caught in winter, experts warn
https://www.dailymail.co.uk/news/article-10913639/Children-infected-three-viruses-time-COVID-measures-worn-immune-systems.html
Chantilly, VA Housing Prices Crater 11% YOY As Double Digit Price Declines Blanket Fairfax County VA
https://www.movoto.com/va/20120/market-trends/
As one defaulted borrower explained, “We knew I couldn’t afford the house at closing…… but nobody said anything so we did it anyway.”
Die, speculator scum.
Whitby votes to BAN second homeowners from buying new builds and plots to make outsiders pay DOUBLE council tax in first round of battle against holiday lets that are ‘pricing locals out of the housing market’
https://www.dailymail.co.uk/news/article-10913519/Whitby-votes-END-second-home-ownership-2-111-votes-favour-just-157-against.html
Even the globalist oligarchs are seeing their Yellen Bux wealth evaporate.
World’s 500 richest people including Elon Musk, Mark Zuckerberg and Jeff Bezos have lost $1.4 TRILLION in 2022 amid rocketing interest rates and inflation, report finds
https://www.dailymail.co.uk/news/article-10915201/Worlds-richest-including-Elon-Musk-Jeff-Bezos-Mark-Zuckerberg-lose-1-4-TRILLION-2022.html
The world’s 500 wealthiest lost a combined $1.4 trillion this year, it has been revealed – a loss spurred by rocketing interest rates and record inflation.
The decrease, announced in a Capgemini World Wealth report Tuesday, represents a stark turnaround from gains seen last year, when corporations and billionaires raked in record profits during the pandemic, as millions others lost their livelihoods.
The report shows that US billionaires alone – such Elon Musk, Jeff Bezos, and Mark Zuckerberg – have seen their fortunes cut by roughly $800 billion.
It’s a Sahara Dust day here in Region IV.
As of yet no Camel hair or Desert Fox fur has been detected.
This guy should avoid giving legal opinions. The forfeit of deposit can often be the only damages, depending on how the purchase and sale agreement is written. Typically, there is a “liquidated damages” provision in these agreements which specifies the measure of damages ahead of time and it typically is the deposit in my experience, but you need to review the agreement and have a lawyer look at it if you want a full understanding.
FWIW…. LD isn’t automatically imposed. The losses have to be proven and quantified.