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Before We Were Doing All These Ridiculous Things

A report from Go Banking Rates. “‘Buyer’s remorse and cancellations shortly after contract are increasing. Builders state buyers are nervous about a potential recession, struggling to get comfortable with higher payments, or expecting home prices to decline,’ Jody Kahn, senior vice president with JBREC, told CNBC, adding that in her mid-June survey she continued to see cancellations on the rise.”

From Market Watch. “Texas saw the highest rate of cancelations (when buyers terminate a contract for a new home), followed by the broader Southwest, and Northern California.A quarter of home builders are reducing their prices, according to the John Burns Real Estate Consulting survey. ‘Scary times,’ a home builder in Nashville, Tenn. told the company. ‘Hoard cash and hang on for the ride!’ ‘Someone turned out the lights on our sales in June!’ one builder in Atlanta, Ga. told the company. ‘Sales have fallen off a cliff,’ an Austin, Texas builder said. ‘We’re selling 1/3 of what we sold in March and April.’ A Boise, Idaho builder said that builders are slashing new home prices by 15% to 20%.”

From KOIN in Oregon. “‘You can only burn white-hot for so long,’ explained Drew Coleman, founder of Opt Real Estate in Portland. In June, the average home sale price in the Portland metro area was $633,300 compared to $649,600 in May.”

From Bisnow New York. “The number of signed contracts for condo sales in New York City has been falling since April, according to the latest report from Douglas Elliman. New condo contracts signed in Manhattan last month fell by 29% compared to the previous June. ‘What we’ve seen drop off is the buyer that was stretching themselves to begin with, who were only able to buy because interest rates were beyond historic lows. I think that that buyer has been weeded out of the marketplace for now,’ Brown Harris Stevens Development Marketing President Stephen Kliegerman told Bisnow.”

From Mansion Global. “Higher mortgage rates are causing some buyers to pull the plug on their deals. ‘When mortgage rates shot up to almost 6% in June, we saw a number of buyers back out of deals,’ said Lindsay Garcia, a Redfin real estate agent in Miami. ‘Some had to bow out because they could no longer get a loan due to the jump in rates.'”

The Kitsap Sun. “The median residential home price in Kitsap County jumped from $550,000 to $600,000 in June, a record-high price for homebuyers who are increasingly finding it difficult to afford a home, according to Northwest Multiple Listing Service. Meanwhile, median home prices in Washington state dropped slightly from $660,000 to $650,000. Active listings rose from 288 listings in May to 606 listings in June, an inventory increase of 110%. Ultimately, Frank Wilson, Kitsap regional manager at John L. Scott Real Estate summarized Kitsap’s new housing market this way: ‘More houses on the market, longer market times, stabilizing home prices, fewer showings and open house visitors, fewer offers at one time, and more adjustments.'”

From KXAN on Texas. “The president-elect of the Austin Board of Realtors said she expects ‘a little bit of a decrease’ when it comes to future Austin home prices as the previously red-hot housing market begins to show some signs of cooling off. ABOR President-Elect Ashley Jackson said she doesn’t expect the price drop to be significant and stressed that the market’s fundamentals remain strong. ‘No, we are not in a housing bubble. There are indicators that things are flattening out. The market is slowing down a little bit. It’s kind of taking the edge off of the fever pitch that we’ve been in for the past few years. But we are not in a bubble…Now, conversely, we have high inventory, and we’ve got a good selection of homes, more like 2019 numbers, pre-pandemic numbers. So buyers will have a few more options out there. Instead of one house being for sale in neighborhood, you may find two to five houses for sale in neighborhoods. We’re just kind of taking the edge off of what was a wild market for the past few years.'”

The Bay Area Newsgroup in California. “After two years of soaring home prices, the Bay Area housing market may have entered a cooling phase as rising mortgage rates put a squeeze on buyers. But that doesn’t mean home values are suddenly falling back to Earth. Far from it. Even so, housing experts say the breakneck pace of year-over-year price growth appears to have peaked – though few are predicting a housing crash on the horizon. ‘We’re just seeing more of a normalizing to pre-pandemic conditions,’ said Selma Hepp, CoreLogic deputy chief economist. ‘It wasn’t sustainable.With fewer buyers out there, what we’re starting to see is more price reductions and more homes staying on the market longer.'”

“Ramesh Rao, a real estate agent with Coldwell Banker Realty in the South Bay, said over the past few months he’s seen homes regularly going for under the asking price. That was unthinkable over much of the past two years as house hunters. ‘My advice to all clients if they’re sellers is: Today is better than tomorrow,’ he said.”

“Despite the recent price increases, Janine Hunt with Red Oak Realty in the East Bay said her local market is beginning to experience a ‘needed correction.’ In the Berkeley and Oakland area, more properties are coming online and staying for sale longer, she said, and the buyers that remain can afford to take their time looking for the right home and sometimes expect asking prices to come down.”

From WRAL in North Carolina. “Adwerks is the latest company that serves the real estate market to lay off workers, as the company confirmed it has laid off about 40 employees to WRAL TechWire. This decision from Durham-headquartered Adwerx follows announcements of layoffs at two mortgage companies with locations in Charlotte earlier this year. The layoffs are coming as the company had scaled up in some ‘non-core initiatives,’ said Dan London, the company’s head of marketing. The company is now unwinding those areas outside of real estate that just didn’t pan out as well as the company had hoped,’ London told WRAL TechWire.”

From 12 News. “Higher interest rates are causing Arizona’s housing market to tap the breaks. That’s having all kinds of ripple effects among buyers and sellers. A real estate agent with 20 years of experience selling homes in the Valley says we’re ‘in an adjustment period.’ ‘Everyone is pulling back a little bit,’ said Kelly Hall. ‘Can people afford it with the increase in interest rates? That’s the question they will have to be honest with.'”

“In the last couple of years there was an average of 3,500-4,500 homes on the market in the Valley in a given time period, said Kelly Schmidt, Executive Sales Agent with the Jason Mitchell Group in Scottsdale. That number is now around 17,000, quadruple the amount. ‘I have a friend who has a listing he put up in Peoria that hasn’t gotten a peep in one week, which six months ago was unheard of,’ said Schmidt. ‘I’m able to negotiate deals now. Before we were waiving repairs, waiving inspections. We were doing all these ridiculous things.'”

The Globe and Mail in Canada. “When Tara Rudd and her husband bought a cottage with a view of Ontario’s Lake Couchiching in January, they planned to quickly renovate the home and flip it in the spring. But when they put the updated house on the market in May, they received just one offer, which turned out to be a bust. In no rush to sell, the pair switched gears two weeks ago and entered a market that, despite recent economic jitters, has barely cooled, if it has at all: vacation rentals in cottage country.”

“A year ago, Ms. Rudd and her husband would have had no problem selling the one-storey, open-concept cottage. With closed international borders limiting options for vacationers and many urban dwellers working from home, buyers flooded cottage country during the first two years of the pandemic. As sales jumped, so did prices. Real estate agent Alexis Victor said one property on the Severn River attracted 78 offers. But as the Bank of Canada began to raise interest rates this spring, Ms. Victor said, ‘the tap turned off.'”

From News.com.au in Australia. “A prominent real estate industry coach says he is ‘really stressed’ after ‘almost no buyers’ showed up to his auctions over the weekend in the wake of the Reserve Bank’s third interest rate hike in three months. Auctioneer Tom Panos has called on the RBA to consider the impact of its aggressive rate hikes on the real estate market, which continued to fall last month led by declines in Sydney and Melbourne.”

“‘There have been 20 per cent drops in three months in certain parts,’ he said. ‘For instance the Central Coast is one of those. So again, all I’ve got to say to you is – the Reserve Bank please keep your eyes out on real estate. It is having an impact. There is no question about it. It’s concerning buyers, we have vendors who have significantly reduced what they were hoping to get.'”

“He added that there was a subset of buyers who purchased between late 2019 and the end of 2021 who ‘now have assets that are now significantly worth less than what they paid for.’ ‘Now of course that’s not a problem if you’re a normal property person that’s playing the long game and not a bitcoin in-and-out type person trying to time the market,’ Mr Panos said. ‘But my friends, all I’ve got to say to you is right now, if you are a vendor and you are thinking of selling your asset, you’ve got to be a very brave person to hold off not putting it on now. You want to be putting it on in the next week or two. I don’t want to see you putting it on in September, October, November.'”

“‘Sell it now. Get on the phone, get on the front foot, nine o’clock Monday morning ring an agent, say tell me what can you get for my property right now and what do you think the property’s going to be worth in three months time,’ he said.”

“The sharpest declines were seen in Nobby in Queensland‘s Darling Downs region, where prices fell more than 24 per cent over three months. That was followed by Mulgoa in NSW’s Blue Mountains, down nearly 23 per cent, and several ACT suburbs – Griffith, Giralang, Hawker, Farrer, Lyneham and Red Hill – all down more than 20 per cent. NSW Central Coast suburbs West Gosford and The Entrance North were down around 20 per cent. Other hard-hit areas included Allansford in Victoria, Dandenong South in Melbourne and Larrakeyah in Darwin.”

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This Post Has 193 Comments

      1. People hate people who are right all the time. Like they say, “the truth hurts.” Libs couldn’t handle the truth. They melted like the “wicked witch of the west.” Whoever coined TDS hit solid gold.

          1. From the comments: “Elon would have pulled a Monica Lewinsky on him in that Oval Office” 🤣🤣🤣

  3. From the 17 minute video above:

    Prices Coming Down! | Phoenix Real Estate Market Update | Phoenix, AZ
    Premiered 13 hours ago The Phoenix real estate market continues to soften with two cities on the cusp of a buyer’s market and everything else following shortly behind. A number of cities are seeing median sales prices this month lower than last month…will sales prices truly decline? Watch to get all the details!
    *Source: Cromford Report

    00:00 Introduction
    00:26 Jobs Report
    02:00 Mortgage Rates
    03:38 Recession and Mortgage Rates
    05:44 Contract Ratio by City
    08:17 CMI Definition
    09:11 CMI by City
    11:24 Overall CMI
    13:15 Median Sales Price Declines

  4. ‘No, we are not in a housing bubble. There are indicators that things are flattening out. The market is slowing down a little bit. It’s kind of taking the edge off of the fever pitch that we’ve been in for the past few years. But we are not in a bubble…

    “It’s just a gully.” — Lying UHS from “The Big Short” as Baum & Co. confirm a bursting housing bubble in Florida circa 2006 or 2007.

      1. Can someone explain that phone exchange for me? Having not seen the movie, I suspect I’m missing some important context. I sense that the guy buying the SWAPs knows what’s going on. I’m not sure about the gym dude though.

        1. You could download an SRT file (the dialog) of the movie. Open an incognito browser, and search for “srt file, the big short 2015”

          1. Dialog isn’t the problem. I don’t understand the gym dude’s perspective and motivation.

          2. Ryan Gosling as Jared Vennett: a salesman from Deutsche Bank who decides to sell Burry’s credit default swaps for his own profit. The character of Vennett is based on Greg Lippmann.

          3. Lippmann was the executive in charge of global asset-back security trading at Deutsche Bank. He bet against subprime mortgages before the market collapsed and made billions of dollars.

  5. ‘Scary times…Hoard cash and hang on for the ride!’ ‘Someone turned out the lights on our sales in June!’…‘Sales have fallen off a cliff,’…‘We’re selling 1/3 of what we sold in March and April.’ A Boise, Idaho builder said that builders are slashing new home prices by 15% to 20%’

    HBB showed this new shack bust was coming weeks ago.

      1. ** ‘Sell it now. Get on the phone, get on the front foot, nine o’clock Monday morning ring an agent, say tell me what can you get for my property right now and what do you think the property’s going to be worth in three months time,’ he said. ”

        hey, even better than having to deal with this type of mess is . . .wait for it . . .
        wait . . .
        for …
        it ..

        NOT TO BE IN IT IN THE FIRST PLACE!

        use your OWN brain & common sense and you will not be easily backed into a corner.
        something that people do not practice:
        common sense.

        not emotional decision making.
        not peer pressure.
        not ego driven.

        c.o.m.m.o.n. sense

        (Tom says m-o-o-n spells moon)

  8. The control freaks of the CCP, like their Democrat-Bolshevik ideological clones, have a pathological fear of social unrest due to public anger over their corruption and collusion with criminals. So far they haven’t labeled the public protests “insurrections.”

    Chinese banks to repay some customers after footage of mass protests spreads

    https://www.news.com.au/finance/economy/world-economy/chinese-banks-to-repay-some-customers-after-footage-of-mass-protests-spreads/news-story/27c366de24549cb0578425155140ff9e

    Chinese officials have given an update after yesterday’s massive protest ended with police manhandling angry locals.

    Customers of rural Chinese banks whose withdrawals have been frozen will begin to get some money back on Friday, regulators said, after depositors clashed with authorities at a rare protest over the weekend.
    China’s rural banking sector has been hit hard by Beijing’s efforts to rein in a property bubble and spiralling debt, in a financial crackdown that has had ripple effects across the world’s second-largest economy.

    Four banks in Henan province froze cash withdrawals in mid-April in the face of regulatory scrutiny into alleged mismanagement, leaving thousands of savers without funds and sparking sporadic demonstrations.

    In one of the largest such rallies, hundreds gathered Sunday outside a branch of the People’s Bank of China in Henan’s capital Zhengzhou demanding their money.

  9. Re: My advice to all clients if they’re sellers is: Today is better than tomorrow,

    Makes me wonder what his advice to buyers is . . .

    1. “Always Be Closing” mitigates against truth-telling. The NAR is an industry of dissemblers, as millions of FBs are about to find out the hard way.

    2. Q: “Makes me wonder what his advice to buyers is . . .”

      A: “It’s a good time to buy.”

      ABC – Always Be Closing.

      1. Well, 4,800-sqft is really nice to have, but cooling and heating it won’t be any fun, and $2.2M is pretty rich for Las Vegas especially with neighbors only spitting distance away.

          2. Yup, the golf cart garage and the car garage. I was expecting an inside shot, roll-away tool box, the “rigid tool” girl calendar, etc., the man cave play room. Thanks!

          6. I’d need (not want) industrial-sized supplies of sunscreen, lotion and antidepressants.

        2. Desertscape yard, small windows, lots of stucco, decades long drought. I live in a very poorly run Midwestern state and I have a garden in my tiny yard with tomotoes, peppers, kale, chard, raspberries, blackberries, pumpkin, red onion, chives and herbs, and I can sit in my yard at 2 pm on a hot day under a shaded tree, several miles east of a 925 foot deep freshwater lake full of trout, salmon and whitefish. My blue state sucks, for sure, but I’m not gonna move to a Republican red state to live like house for $2M.

    5. It sold for $1,167,489 on 10/23/2020 and was put on the market 7/1/2022 asking $2,400,000.

      So, they put it on the market for twice what they paid less than 2 years ago. 🤡

  12. Note to Chinese stampers of little feet: if you want your dinero back, violent protests are the only way to get the corrupt CCP’s attention.

    China to Repay Bank Scam Victims After Protests Turn Violent

    https://www.bloomberg.com/news/articles/2022-07-12/china-to-advance-repayments-for-customers-in-biggest-bank-scam?sref=ibr3A0ff

    Chinese authorities will start repaying most of the victims in the nation’s biggest bank scam after hundreds of angry customers took to the streets again over the weekend to ratchet up pressure on the government.

    Clients from the four rural banks in the central province of Henan and one in Anhui will be repaid “in advance” starting Friday, according to statements by local branches of the China Banking and Insurance Regulatory Commission. Individuals with deposits of up to 50,000 yuan ($7,400) will be repaid first, with arrangements for the rest subject to further notice.

    1. **”Note to Chinese stampers of little feet: if you want your dinero back, violent protests are the only way to get the corrupt CCP’s attention.”

      ” The scoops are on their way. The scoops are on their way! I repeat: the scoops are on their way. “

      1. ” The scoops are on their way. The scoops are on their way! I repeat: the scoops are on their way. “

        Next batch of Soylent, coming up?

  15. The 2020 election was stolen.

    Trump won the 2020 election. This isn’t Facebook, this isn’t Twitter, and this isn’t Reddit. Here we can discuss that the 2020 election was, in fact, stolen.

    2. One of the main reasons I know the election was rigged was the fact that they won’t even talk about it, and are stonewalling like an angry, jilted lover who walks right by you and does not even acknowledge you are there, like you don’t exist.

      1. “…does not even acknowledge you are there, like you don’t exist.”

        That’s the latest progressive technique utilized within the federal government these days, e.g., no rebuttal argument because you don’t exist.

  16. ‘I’m able to negotiate deals now. Before we were waiving repairs, waiving inspections. We were doing all these ridiculous things’

    I was saying it was ridiculous all along. There should never be red hot blah, in shack markets. Ever. Right Jerry? Larry?

    Bueller?

  19. A quarter of home builders are reducing their prices,
    I got 3 emails from a UHS in Northeast Florida letting me know about the great deals and price cuts on new homes in J-ville and Palm Coast. He responded instantly to my follow up emails.
    Funny thing, I think the last time I spoke to someone about looking at homes there was about 2018.
    Must be desperate for clients if they contacted me.
    I also magically started getting emails from Myrtle Beach again.

    1. The beauty of it all is contractors can afford to slash prices 70% and not lose their ass.

      Debt Donkeys? Not so much.

    2. About 8 weeks ago they were still having lotteries for new shacks in Phoenix and elsewhere. The video on New Braunfels shacks said it all.

      That’s OK MSM, yer following me around weeks behind in a quickly changing market.

    3. I also expect the e-mails to resume from desperate housewife realtors from wayyyy back in the day of my kids in elementary school, purloined from the field trip/PTA/volunteer lists.

      too funny, as they wouldn’t give me the time of day in my 22 year old van, picking up the kids daily but realized, too late, that not everyone with a bit o’ coin desires to keep up/out-do the jones’ driving the latest shiny bauble.

      (yes, you have to MANUALLY open that sliding door.
      kills me every time !!!)

      2. I asked my son’s aide too put his backpack in the trunk of my 2001 BMW Z3 a couple months ago. She asked me to pop the trunk.

    1. Inconceivable! ABQ Dan assured us the PRC banking regulators were models of Confucian moral rectitude, while CCP cadres, like their ideological clones, the Democrat Party’s Comrades of Proven Worth (D), were wholly devoted to serving the people.

  21. ‘What we’ve seen drop off is the buyer that was stretching themselves to begin with’

    Sound lending?

  22. Libtards reaping what they voted: Malibu edition.

    Malibu residents on edge after man seen on video damaging homes, vehicles with pickaxe

    https://ktla.com/news/local-news/malibu-residents-on-edge-after-man-seen-on-video-damaging-homes-vehicles-with-pickaxe/

    Residents along Pacific Coast Highway in Malibu are on edge after homes and vehicles have been damaged by a man seen on video wielding a weapon that resembles a pickaxe or a hatchet.

    Several of the homes are next to each other, and neighbors say the man keeps coming back.

    Residents who want to remain anonymous say he’s been seen on camera at least three nights in the past week. They say they don’t feel safe.

    2. Decades ago in San Marcos, CA this also happened in the apartment complex where I was renting. Dozens of cars had their windows smashed.

  23. “ABOR President-Elect Ashley Jackson said she doesn’t expect the price drop to be significant and stressed that the market’s fundamentals remain strong. ‘No, we are not in a housing bubble.”

    Woman….. you’ve got rocks in yer head.

    Las Vegas, NV Housing Prices Crater 19% YOY On Triple Digit Inventory Rise

    https://www.movoto.com/nv/89118/market-trends/

  24. This is what the Green New Deal looks like when implemented.

    ‘It will be hard to find a farmer left’: Sri Lanka reels from rash fertiliser ban

    Hannah Ellis-Petersen in Rajanganaya
    Wed 20 Apr 2022 00.39 EDT

    For the farmers of Sri Lanka, their problems began in April last year when President Gotabaya Rajapaksa, who now stands accused of pushing the country into financial ruin, implemented a sudden ban on chemical fertilisers.

    https://www.theguardian.com/world/2022/apr/20/sri-lanka-fertiliser-ban-president-rajapaksa-farmers-harvests-collapse

    Sri Lanka troops open fire as protest over fuel turns to riot

    19 Jun 2022

    Sri Lanka’s military opened fire to contain rioting at a fuel station as unprecedented queues for petrol and diesel were seen across the bankrupt country, officials said.

    https://www.aljazeera.com/news/2022/6/19/sri-lanka-troops-open-fire-to-contain-fuel-riots

    Sri Lanka protests see thousands storm president’s palace and swim in pool

    Jul 9, 2022

    https://youtu.be/1m9eGhCfWHM?t=66

    1. Interesting how what Rosa Koire who sadly has passed away, warned about in her book Behind the Green Mask is playing out right before our eyes. Well, if you take the MSM blinders off anyway.

      Cued up at 4:29 although the 6:21 is well worth listening to.

      Sri Lanka riots & worldwide protests: It’ll get to a point where it cannot be ignored’ | Neil Oliver

      Jul 11, 2022

      https://youtu.be/XKuqSVv3i0c?t=269

        1. Speech by President Gotabaya Rajapaksa at the “ World Leaders Summit of COP26″, UN Climate Change Conference, Scotland, UK | 01 November 2021

          1. The WEF’s tentacles are everywhere.

            How many will die in Sri Lanka before the dust settles? Will they be the first “beneficiaries” of The Great Reset?

  26. Our Market Is Changing: Now What?
    Jul 12, 2022 Have you heard? A huge shift is currently happening in our housing market. Sales are down for the first time in a long time due to rising interest rates, and that will have major implications for buyers and sellers. If you’re looking to sell your home soon, what should you do? Myrtle Beach.

    https://www.youtube.com/watch?v=imNwZypB9oY

    4:29.

  27. Spokane Real Estate Market Update
    Jul 11, 2022 Let’s take a look at what’s happening in the Spokane real estate market. In June of 2022 we had a total of 703 Sold homes with prices ranging from $161,000 up to $1.8 million. Average sold price reached $482,439 & the median price reached $443,254. Days on market ranged from 0 – 92 with an average of 8 and a median of 4.

    2022 Year To Date has seen 3,346 Sold homes with an average sales price of $464,550 and a median of $430,000. Days on market average 11 with a median of 4.

    Overall Closed sales in 2022 are down from 2021 which you can see in this graph. Additionally you can see that our total number of active listings has significantly increased compared to 2021 and for June even surpassed the levels seen in June of 2020.

    Average sales price decreased ever so slightly in June 2022 compared to May of 2022 and overall the averages prices are well above the averages in 2021 & 2020. The median sale prices also decreased in June by about 2%.

    Inventory levels are beginning to increase, there is currently about 1.5 months of inventory which still favors sellers but not as extremely as our previous 1-2 week levels. The rising interest rates and home prices have forced some buyers and caused others to willingly opt out of the market bringing demand down. Remember that a balanced market that doesn’t favor either sellers or buyers and has an inventory level of 5.5-6 months.

    Let’s look at the market segments. Homes selling for $300,000 or less made up 12.5% of the sales since June and sold for an average of $11,000 over asking price. Homes selling in the $300,00 – $450,000 range made up 42% of the sales and sold for an average of $12,000 over asking. The $450,000 – $600,000 range made up 26% and sold for an average of $11,000 over asking. While 17% of sales were in the $600 – $900,000 range and sold for an average of $8700 over asking.

    What the hell does this mean for you? Home sellers, if you’ve been trying to time the market this is likely the time for you to pull the trigger. Increasing inventory levels mark the beginning stages of a market shift.

    Home buyers, your competition is dwindling which provides you more opportunity to get your offer accepted. Instead of 30 offers on the cutest house of the week, there may only be half a dozen!

    https://www.youtube.com/watch?v=859ivKxU1jg

    4 minutes.

    1. How would there be multiple offers on a house (he says “half dozen” when days on market is up to 11 and increasing??????? That makes ZERO sense.

  28. Is the Market going to Crash ? – Brantford Real Estate Market update
    Jul 12, 2022 Sales are down 20% and Home Prices are down at least $100,000, Is the Market going to crash? This is the Brantford Real Estate Market update for June 2022. We go over how this effects home buyers and home sellers in the City of Brantford.

    ⏱️ Time Stamps ⏱️
    ==================
    0:00 – Intro
    0:20 – Number of Homes Sold Brantford June 2022
    1:00 – Average Sales Price for Brantford homes
    2:26 – Back to where we were
    3:18 – What we are seeing
    3:45 – Inflation Rate June 2022
    4:26 – Bank of Canada Interest Rate Hikes
    5:33 – What this means for Buying a home in Brantford
    6:58 – What this means for Selling your home in Brantford
    8:30 – Is the Housing Market going to crash?

    https://www.youtube.com/watch?v=sxa00kfuVdM

    10 minutes.

  29. Where is Boise, Idaho Housing Headed?
    Jul 11, 2022

    Here are some quick facts we’re discussing right now regarding the Boise Real Estate Market and Ada County: – Inventory is UP
    – Both Closed and Pending sales are DOWN.

    In 2021, the average agent sold 3.6 homes whereas Own Boise sold 164. Our team sells 45X more homes than the average agent. We sell 90% of the homes we list whereas the average agent sells 83%. We average 7 days on the market whereas our competitor averages at 16 days, meaning we sell homes more than twice as fast. Finally, our original list price vs. sold price is 101.8% compared to the average agent’s 86.2%. Which means we get our sellers 15.6% more money, or $89,734 their pockets based on the average sold price of $575,218.

    https://www.youtube.com/watch?v=cuvBKozdba4

    17 minutes. Sawin and a slashin.

    1. She’s relatively intelligent (I know that’s not saying much): if interest rates go up, then prices must come down.

  34. The Phoenix Real Estate Market has SHIFTED – What does it mean if you are wanting to SELL?
    Jul 11, 2022 The Phoenix Real Estate Market has SHIFTED – What does it mean if you are wanting to SELL?

    The market has changed, interest rates are up, homes are coming on the market faster than we have seen in two years, so what does it mean if you are thinking of selling a house?

    As a prospective seller, you continue to hold an advantage as demand is outpacing supply, but the days of getting insane over asking prices offers with no inspections and an appraisal offer.

    Details matter & prepping your home for sale still has a big impact. Over the past year I saw more and more sellers assuming Buyer’s will pay top dollar for anything, but taking the time & effort to prepare your house for market can mean the difference between one offer, or multiple offers and tens of thousands more dollars in your pocket.

    https://www.youtube.com/watch?v=ktbYlxRwfs4

    1:34. Glendale AZ.

  35. Via ZH article: LoanDepot To Fire Another 2,000 Workers As Mortgage Market Implodes. “We anticipate continued challenging market conditions, with mortgage originations projected to decline by roughly half in 2022 from 2021, including an accelerated decline in the second half of 2022, followed by a further decline in 2023,” said Chief Financial Officer Patrick.

    1. I see a lot of Veep references made with respect to the Biden administration. Alas, having never seen it, they’re all lost on me.

    2. IIRC, Biden stole Jill from her first husband. I’m sure he was angry at the time, but hopefully understands now that PedoPeter actually did him a favor by taking Jill off his hands.

      1. “IIRC, Biden stole Jill from her first husband.”

        She was a hottie back in her prime years, IMHO.

        1. And no doubt Jill knew that Brandon was going to be more successful that her college football playing hubbie.

        1. It’s turned into a complete $hithole in every borough in the matter of months. At least I have a legit excuse to say FU when I get called into headquarters, which is rare. In spite of the deadly risk it is there, I still can’t convince my 23 year old university educated $150k/yr daughter not to go there to visit friends.

          FWIW…. stay out of the subways.

        2. Hard to believe she couldn’t pronounce “bodega” given the recent self defense stabbing in a NYC bodega.

          Every Democrat-Bolshevik quivers with righteous rage every time a hard-working bodega employee defends themselves from assaults by Youth for Biden.

      2. “That floozy wouldn’t survive 5 minutes in the Bronx.”

        The ladies have an exceptional survival instinct if cornered.

  38. Real Estate market update – June 2022 – King County
    Jul 11, 2022 Real Estate market update – June 2022 – King County

    The real estate market is changing here in King County Washington. We have more inventory coming out, and with interest rates on the rise that has affected buyers buying power and in turn affected the buyers demand in the market. Because of these two things happening at the same time(more inventory, and less demand), housing prices have dropped by 4% month over month. However, we are still up 14% on the year. I expect to see a pretty slow summer and likely a few more percent of average price dropping. But, this is good news for buyers as they can get into homes without crazy bidding wars. The interest rates will likely come down as we enter a recession so listen all the way until the end to learn some strategies for getting your payment down today while capturing the lower prices.

    https://www.youtube.com/watch?v=Fw7GcerUHMg

    14:30.

  39. New Construction Incentives Get Ready!
    Jul 11, 2022
    New construction incentives are on the rise. Yes, the 2022 Florida housing market is starting to change and some, not all, of the builders are offering attractive new construction incentives to draw in the buyers. If you are looking to relocate to Florida and new construction is on your mind, you should watch this video. There are many new construction projects in western Port St Lucie Florida, builder like Kolter, Pulte, Divosta, Taylor Morrison and many more are offering up closing cost incentives, lot discounts and upgrade incentives all for those looking to buy new construction in Florida. I specialize in new construction so call me now to find out how you can capitalize on some of the best construction deals.

    12 minutes. At 8 minutes 50% off lots + incentives. Speculative builds for sale. Worth watching in full if yer interested in this area or if you get a kick out builders getting a$$ poundings.

    How would you feel if you paid full price for those lots?

    2. “How would you feel if you paid full price for those lots?”

      Like Kamala Harris leaving Willie Brown’s apartment at 3AM.

      1. “Like Kamala Harris leaving Willie Brown’s apartment at 3AM.”

        While he’s sleeping like a baby, spent.

    3. 50% off lots + incentives

      Boy, that was quick, a 50% haircut on land. Gee, nothing to see here…

  40. Irvine Market Update – Irvine, CA | June 2022
    Jul 12, 2022 Real estate is one of the best investments right now, and it’s a great time to be in the real estate business. In this video, I talk about why the real estate market is shifting to Irvine, California, and why you should buy while the market is going up. I’m going to talk about the latest numbers and what experts think about them.

    https://www.youtube.com/watch?v=lJU1fCBe9gw

    4 minutes.

    1. shifting to Irvine

      To?! I’m supposed to trust her with a contract for $1M+ purchase?!

      1. Irvine is a fascinating city to research. The land was originally purchased by the Irvine Land Company and the whole city is one big company town. That company has grown so rich that they even own big projects in San Diego and other places now. Never buy into anything Irvine related until you fully understand the history of the company. They exist for one reason and that is to extract as much money as possible from you. I’m sure the realtors there are required to either be really dumb or accomplished liars.

        1. Pretty well sums it up:

          2022

          Donald Leroy Bren (born May 11, 1932) is an American businessman who is chairman and owner of the Irvine Company, a US real estate development company. Bren’s net worth is $16.2 billion, making him number 112 on the 2022 Forbes Billionaires List.

        2. IIRC, if you buy a house in Irvine, you don’t own the land it’s built on. It belongs to the Irvine Land Company.

          1. “WHAT IS A COMMUNITY LAND TRUST?”

            “A community land trust (CLT) is an independent, non-profit organization that acquires and holds title to land for the purpose of providing permanently affordable housing opportunities. A CLT uses a 99-year, renewable ground lease to give owners of the homes exclusive use of the land. The ground lease is the mechanism for preserving affordability of the home. The ground lease contains certain restrictions on the use of the home and specifically a limit on the amount that the home can be resold. The future sales price is determined by the resale formula which is designed to provide a fair return on the homeowner’s investment, but keep the price sufficiently below market rate prices so that the home will be affordable to the next income-eligible buyer.”

            “WHY DOES THE ICLT SELL THE HOUSE BUT NEVER THE LAND?”

            “Owning the land underneath each home is the way that the ICLT maintains the affordability of the home permanently and ensures that there will always be affordable homes available for homebuyers. Because the land trust owns the land, each homeowner must enter into a ground lease contract with the land trust.”

            https://www.irvineclt.org/faq#:~:text=Owning%20the%20land%20underneath%20each,contract%20with%20the%20land%20trust.

    2. Oh boy, here we go.

      Couple of points:

      Cut from Regina Chen video:

      “…Real estate is one of the best investments right now, and it’s a great time to be in the real estate business…”

      No where in this video did Regina Chen explain *why* R/E is a ‘best investment’ or *why* ‘it’s a great time to be in the real estate business’ or *why* Irvine specifically.

      I have lived in Irvine for 43 years.

      It was once wide open, clean, and virtually no crime.

      Regina Chen was even born when I moved in, so I would like to update some of her fantasy with reality.

      1) Traffic in Irvine is at the breaking point. It has logarithmically increased in the last 10 years primarily due to overbuilding of high density apartments, condos, by the Irvine Company.

      2) Homeless people weren’t even a concept 10 years ago. Just an hour ago on my daily lunch time bike ride, I passed *at least* 3 homeless. On one of the bike trails just earlier this year, a homeless women with small daughter built an encampment (since removed) complete with a cook stove. [Authors comment: At least she was neat and clean]

      3) The Irvine ‘Great Park’ (was supposed to be like NYC Great Park) has turned into a politicians dream: A corrupt money pit, with little progress other than a parking lot and a Orange helium balloon to for kiddy rides.

      4) Trash is everywhere and getting worse daily. In the streets, on the bike trails, in shrubbery adjacent to sidewalks. Starting to look like Downtown LA.

      5) Crime is on the rise. We just had a full blown robbery at the local CVS (Alton/Jeffrey Rd.), just a few weeks ago. Apparently, the gangsters walked in, jumped the counter, grabbed whatever and walked out. Just like has been reported many times here on the HBB about San Francisco.

      1. But you have a Houston’s Restaurant! The NYC location had the best apple martinis and French Dip Au Jus sandwiches.

  43. realtor m.o. all boil down to 2 things:

    prices rise: buyers must act now Now NOW!!
    prices fall: sellers must act now Now. NOW!!

    every
    single
    time

    1. fake news: real estate prices never fall. Ask any realtor.

      But yeah, more proof that realtors are working for The Deal, not for you.

      1. With all the layoffs in mortgage banking, residential construction and all the used House Sellers not closing deals, there will be a surge in applicants for other, non related jobs. Unfortunately there won’t be much hiring for those jobs either. And ever if there was, who would hire a realtor?

        2. car dealers. Same thing, working for the deal, selling the payment, knowing little about the industry you’re in.

  45. Linked from ZeroSludge:

    “Four weeks ago, Starbucks CEO Howard Schutz told the NY Times that the company was assessing increasing threats to public safety over it’s “all inclusive” 2018 bathroom policy that encouraged homeless people and drug addicts to make copious use.

    Now, the company is now shuttering 16 locations in major cities over incidents related to drug use and ‘other disruptions’ in its cafes, according to the Wall Street Journal.

    The company on Monday announced that it would be permanently closing six stores each in Seattle and Los Angeles, as well as two in Portland, OR, and single locations in Philadelphia and Washington DC by the end of the month.

    The move comes after workers reported incidents involving drug use by customers and members of the public – which, logically, comes after the company’s 2018 virtue signaling campaign which eventually included the installation of needle deposit boxes at various locations after employees signed a petition demanding the company do more to protect them.”

    https://www.zerohedge.com/political/starbucks-closing-16-stores-major-cities-due-increasing-threats-bathroom-drug-dens

    Sounds like a Democrat Party sh*thole city problem.

    “They’re not sending their best”

    1. Speaking of StarCucks, until recently there was one right next door to the local King Soopers, even though there is also one inside Kings. I’d say they coexisted for at least 10 years, until the outside one was suddenly closed.

    2. Now, the company is now shuttering 16 locations in major cities over incidents related to drug use and ‘other disruptions’ in its cafes, according to the Wall Street Journal.

      Get woke, go broke. No f##ks given. Starbucks is also a major corporate sponsor of the BLM-Antifa rent-a-mobs.

    3. “drug use by customers and members of the public ”

      Like who didn’t see that coming? SBUX’s lockable single-room restrooms are perfect for shooting up.

      1. SBUX’s lockable single-room restrooms are perfect for shooting up.

        Wonderful. I don’t know about you, but I always like a visual of a needle in a dirty junkie’s arm to go with my morning coffee. Die, Starcvcks.

  46. London’s Heathrow, and other European hubs, are imposing daily passenger caps, which are far lower than what the airports were handling pre-pandemic.

    The excuses given are lack of personnel to operate the airport at full capacity … but I wonder … I wouldn’t be surprised if the number of flights and passengers allowed will continue to be reduced. I wonder if the real goal is to reduce travel and tourism.

    1. “…I wonder if the real goal is to reduce travel and tourism….”

      OR

      to [justify] increase the cost of a typical airline ticket.

      More profit for the carriers and the terminals, with less hassle.

  48. University of California Berkeley

    4 Year Sticker Price

    Year California Residents
    1 $41,528
    2 $41,692
    3 $41,857
    4 $42,023

    Year Non Residents

    1 $71,282
    2 $71,564
    3 $71,847
    4 $72,132

    Now lets hear from a University of California Berkeley professor Khiara Bridges.

    Greg Price
    @greg_price11
    ·
    Follow
    Hawley: Why are you using the term “person with a capacity for pregnancy” instead of “woman?”

    Bridges: “Your line of questioning is transphobic and opens trans people to violence.”

    Hawley: “You’re saying I’m opening up people to violence by saying women can have pregnancies?”

    https://twitter.com/greg_price11/status/1546891926997188608?s=20&t=xlm8PmbJ4itE02cSpGTgbA

  49. Fun reading for those smart enough not to be fooled by the Ukraine loving, double-boosted, virtue signaling traitors here in the USA.

    The World Braces For Europe’s July 22 “Doomsday

    https://www.zerohedge.com/markets/world-braces-europes-july-22-doomsday

    Here is a sample of what Wall Street expects to happen then: European stocks plunging 20%. Junk credit spreads widening past 2020 crisis levels. The euro sinking to just 90 cents, before a full-blown recession slams the world’s 2nd biggest economy.

    And all this power in the palm of Putin’s hand, almost as if he knew precisely how much leverage he had back in February while Europe was – as always – completely clueless.

  50. I’ve been lurking here on and off for 17+ years. I’m starting to feel some deja vu, but this RE bubble and the last have very different feature sets. The only thing I know for sure is that valuations are so out of whack that a correction has to occur. The thing is in 2005, we knew it was going to be a hard crash, we didn’t know how/what the fed would do to cushion the blow.

    Now? While I think the fed will restart the printer at the drop of a hat, I just can’t wrap my head around the entire macro picture here. So I have no idea if this is going to be a hard crash, or a small crash truncated by fed printing, or possibly no crash, or maybe an even worse crash due to counter-party contagion and an even more inflated valuation bubble. There does not seem to be a Meredith Whitney this time around to bring to light all the really deep dark financial shenanigans happening behind closed doors.

    The fraud, grift, and moral hazard from 15-20 years ago are of course all still present and accounted for. But there are still tons of home sales going on with little discounts outside the normal suspects (phoenix, las vegas).

    I know this is a permabear community, so I am asking in this comment what you all think is happening? Give me the worst of the worst in the most technical gory details that you got.

    Thanks in advance.

    2. ‘this is a permabear community’

      I don’t think that is a fair statement. Speaking for myself I’ve been involved in real estate for many years in various capacities. Currently as a landlord, which I’ve been doing since 2011. I expect to retire early using real estate.

      Economically it’s been my position we are in a long lasting bubble. Bubbles always pop. We’ll see what happens. This situation wasn’t created by you or me. We’re stuck with it. But there will be some opportunity ahead possibly and you can bet I’m making plans. It’s good to see your name again.

      1. ‘this is a permabear community’

        It only appears that way against the backdrop of a long-term asset bubble that was prolonged over the 2009 through 2022 period by a protracted period of extraordinary accommodation by the global central banking community.

        Inflation has caught up with them, and is forcing them to end their accommodative stance very quickly. Risk asset markets are coming apart at the seams as a result.

        That is all.

        3. Actually there’s a bit more. The US pandemic response included massive fiscal and monetary stimulus, boosting the demand side of the economy at the very moment that pandemic shutdowns of various national economies created a negative supply shock. This planted the seeds of inflation.

          Putin’s war added further negative supply shocks in the volatile food and energy sectors to the existing ones. This exacerbated inflation and forced central bankers into action in order to contain it. Hence the punchbowl has been removed, and speculators and borrowers whose economic game plan depended on low interest borrowing are SOL.

          1. “While I think the fed will restart the printer at the drop of a hat, I just can’t wrap my head around the entire macro picture here.”

            They seem interested to avoid the runaway train of inflation that central bankers allowed to accelerate in the 1970s to the point where it required a major recession to rein it in. So for now, they seem content to use slightly higher rates to fuel the controlled burn of risk asset speculators to keep the lid on inflation. It’s hard to see how they can run the printing press again at this point and maintain any credibility in their efforts to control inflation.

          2. Another seldom discussed current matter: HODLers who leveraged up to the hilt to buy risk assets at bubble prices now find themselves underwater and unable to repay their creditors off the procedes from selling devalued stocks and cryptocurrencies.

            This problem is soon going to manifest itself in the real estate sphere.

    3. what you all think is happening?

      Lots of things are happening. The housing bubble is but one of them. But unlike during the previous housing crash, there are new things afoot, like The Great Reset. What is happening now in the Netherlands is of great interest, and will be of even greater interest if it spreads.

        1. If your country is being run by WEF alumni, it’s in a lot of trouble. The lights will go out, the water taps and gas station pumps will run dry and there will be no food. It will be a trip back to the stone age.

    4. “But there are still tons of home sales going on with little discounts outside the normal suspects (phoenix, las vegas).”

      We are 3 months removed from an all-time high RE frenzy. Think mid 2006. Expecting real estate to crash and crater in 3 months is not realistic.

      “this is a permabear community” agreed with respect to people posting here daily in 2013 and 2014 and 2015 and…Many others posted here quite a bit between 2006-2009, bought some real estate and went on with life, and came back recently. Maybe listen to them.

    5. thank you for this comment and would you mind telling – if you got interviewed by us -(GermanTV) in 2010 in Las Vegas?

        1. ‘You should ask Donk’.

          But ‘Donk’ can’t answer the question – and that’s what I don’t get?
          I haven’t offended or insulted anybody – why telling me to ‘ask Donk?

      2. No that was not me, I’ve never been interviewed for financial stuff before.

        Also I find it hilarious y’all don’t think you are permabears.

        1. ‘No that was not me’
          thank you and about: ‘Also I find it hilarious y’all don’t think you are permabears’.

          For how many years you have to predict that a bubble will burst before you become a ‘permabear’?

          1. ‘For how many years you have to predict that a bubble will burst’

            It did burst, spectacularly. This is a pointless discussion if you are going to ignore facts.

          2. ‘It did burst, spectacularly’

            Yes – in 2008 and there were Visionaries who predicted it nearly to the right month (and also bought at the lowest point of the market around 2010-11) but then – as another bubble started building again weren’t there predictions of a new bust for over 7 years now?

        2. don’t think you are permabears

          Prices are too high. They’ll come down. Wait for it. Life is better without debt.

          You call that “Permabear”?

    6. I know this is a permabear community

      I’m bearish based upon price. If prices are allowed to revert back to fundamentals, then I’d no longer be bearish. Unfortunately, that has never occurred since the last bubble. They fell hard in many areas, but were pumped right back up by the FED before they ever found a bottom.

  52. Rebel News arrives in Leeuwarden, where Dutch farmers protest outside government building

    Jul 8, 2022 ‘They don’t need our nitrogen, they need our land.’

    Unlike almost all of our mainstream media competitors, Rebel News doesn’t receive any government funding.

    https://www.youtube.com/watch?v=yeGjKVmHAlE

    7:38.

    1. Jul 8, 2022 ‘They don’t need our nitrogen, they need our land.’

      All those migrants need a home!

    2. Rebel News arrives in Leeuwarden, where Dutch farmers protest outside government building

      Jul 8, 2022

      1,315 Comments

      Donna Stokes-Manning
      3 days ago
      Farmers have been talking in the US that they are being asked to not produce food. If they do they get paid less when they sell their products and if they do not plant thy will be paid per acre more money than they would receive if they do plant. Thank goodness some are not going along with it. You can bet some farmers around the globe are being paid for the same thing.

      linda lewis
      3 days ago
      In uk farmers get £10,000 A HECTER NOT TO FARM LAND

      LibertyMatrix
      LibertyMatrix
      2 days ago
      “And what’s interesting to know is that the dutch minister who has pushed this nitrogen law, has a brother-in-law who is the owner of the dutch online supermarket called Picnic. Guess who
      invested 600 million dollars in Picnic last year? Bill Gates, the man who wants to eat fake meat.” ~ Eva Vlaardingerbroek

  54. Another day, another dive deeper into the CR8R on Wall Street.

    Where did all the dips buyers go?

    1. Stock Market Today
      Stock Market Takes Sudden Drop In Late Trading; Several Earnings Reports Ahead
      VIDYA RAMAKRISHNAN 03:26 PM ET 07/12/2022

      After trading quietly for most of the day, the stock market took a sudden fall around 3 p.m. ET, sending indexes to session lows.

      The S&P 500 was down 0.8% in lower NYSE volume while the Dow Jones Industrial Average lost 0.5%. The Nasdaq was down 1% in lower volume, while the small-cap Russell 2000 fared better with a drop of 0.2%. The Innovator IBD 50 ETF (FFTY) was down 1.4%.
      …
      https://www.investors.com/market-trend/stock-market-today/stock-market-takes-sudden-drop-in-late-trading-several-earnings-reports-ahead/

    1. The Financial Times
      Twitter Inc
      Twitter sues to force Elon Musk to complete $44bn deal
      Move follows billionaire’s attempt to walk away from buying social media company
      Elon Musk said last week that Twitter had breached the deal agreement by failing to supply him with information about bots and other spam accounts on the platform
      Hannah Murphy in San Francisco and Ortenca Aliaj in New York 7 hours ago

      Twitter has asked a Delaware court to force Elon Musk to honour his $44bn agreement to buy the company, setting the stage for a high-stakes legal battle between the billionaire entrepreneur and the social media platform.

      The Silicon Valley company filed the lawsuit in Delaware chancery court on Tuesday, just days after Musk announced he planned to terminate the deal, alleging Twitter had breached the merger agreement by not sharing sufficient information on fake accounts.

      In the strongly-worded complaint, Twitter’s lawyers said Musk’s claims were “pretexts and lack any merit”. They argued the Tesla chief executive was trying to back out of the deal rather than “bear the cost” of the rout in tech stocks.
      …

    2. Market capitalization of Twitter (TWTR)
      Market cap: $26.02 Billion

      As of July 2022 Twitter has a market cap of $26.02 Billion. This makes Twitter the world’s 631th most valuable company by market cap according to our data. The market capitalization, commonly called market cap, is the total market value of a publicly traded company’s outstanding shares and is commonly used to measure how much a company is worth.

      https://companiesmarketcap.com/twitter/marketcap/

      2. “As of July 2022 Twitter has a market cap of $26.02 Billion.”

        Seems like Jack could still afford micro-brew at Twitter’s current market value?

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