A report from CBS New York. "As New Yorkers flee the city amid the coronavirus…
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From the first 1:30 video:
Premiered Jul 13, 2022 The Mountain House real estate is changing so quickly. We went from a seller’s market to a buyer’s market in a couple of months. Inventory went up last month, and we’ll see a little shift in the real estate market.
The second 4:30 video:
Jul 13, 2022 Las Vegas real estate market forecast for 3rd quarter 2022. We see that Las Vegas real estate is not selling as fast as it was. We see that for Las Vegas Houses and condominiums. This is also true for Henderson and North Las Vegas.
The third 11 minute video:
Bay Area Real Estate On The Verge of Collapse
Jul 13, 2022 Redfin recently released a report of their top 10 places where real estate is cooling off faster than the rest. of the nation. There were 5 places from Northern California that was included in their top 10. Three of them were in the Bay Area. San Jose, Oakland & San Francisco. The questions is, is the bay area real estate market on the verge of collapse?
The fourth 9 minute video:
Biggest Toronto housing market drop ! When should you enter the market?| June 2022 Update
Jul 13, 2022 The Greater Toronto Area real estate market continued to cool down in the month of June 2022. The average sold price dropped to $1.14 million, 5.4% lower than last month, making it by far the biggest drop this year. Transaction down by 11%, reaching around 6,500. Many potential buyers are still by-standing, by sellers still haven’t started panic selling.
New Listings in June maintained relatively the same last the month before and at the same time last year, a small increase in active listings and inventory, this further solidifies the market as the Buyer’s Market.
With the price down and interest rate spiked, is it worth it to buy now? Are buyers paying more or less?
The video demonstrates the price fluctuation of Vaughan detaches and Toronto Condos, along with the change in interest rate. We then illustrate based on the average price and interest rate of each month, are buyers paying more or less mortgage each month.
01:00 Average sold price in June
01:53 Transaction volume in June
02:45 The sellers are anxious? New listings, active listings, inventory, and average days on market in June
04:27 Is it the right time to buy now? How much are we benefiting from interest rate rise and home price drop?
06:37 How are your monthly mortgage payment affected by price and interest rate?
The last 8 minute video:
Jul 14, 2022 Lakewood Ranch is seeing more inventory coming on the market. As interest rates rise, and inventory is remaining on the market for longer periods of time, we are experiencing a shift in the market.
Top 10 markets seeing cuts in asking prices:
Boise, Idaho: 61.5%
Denver, Colorado: 55.1%
Salt Lake City, Utah: 51.6%
Tacoma, Washington: 49.5%
Grand Rapids, Michigan: 49.3%
Sacramento, California: 48.7%
Seattle, Washington: 46.3%
Portland, Oregon: 45.7%
Tampa, Florida: 44.5%
‘Another somewhat bright spot in addition to a promising forecast is the rise in the nation’s inventory. Realtor.com reported that active inventory continued to grow, rising 28% above the same period in 2021, with several weeks of new listings coming online helping to boost the inventory level to nearly one-third higher than a year ago.’
‘The market is slowly shifting away from sellers and is becoming more in favor of buyers. Falling demand and increased housing supply mean buyers don’t have to compete as intensely and can take longer to find the right property for their situation — instead of being forced to buy a home because it was the only one available.’
‘As a result, sellers are having to adapt to the shift. Many cities where homes were receiving multiple offers and selling well above the asking price are no longer the hotspots they were during the pandemic, Sheharyar Bokarhi, senior economist at the real estate brokerage Redfin, said in a recent press release.’
“Sellers are adjusting their expectations in real-time as they realize they may not get the price their neighbors got two months ago,” Bokarhi said.’
‘In Boise, Idaho, more than 60% of homes on the market saw a price reduction in June, according to the Redfin report, the largest share among the 97 metro areas surveyed. Denver and Salt Lake City, for their part, are seeing more than 50% of homes for sale slide in asking price.’
“The country’s economic woes have already cooled the housing market, and they’re likely to continue dampening demand,” said Redfin Chief Economist Daryl Fairweather. “The Fed has signaled it may increase interest rates further to combat stubbornly high inflation, which could harm consumer confidence, and lower stock prices mean fewer prospective homebuyers can afford a down payment. I advise sellers to commit: If you decide to sell, do it quickly before demand falls further. And price carefully—this is not the time to test the waters. You’ll do more harm than good if you overprice and have to do a price reduction or take the home off the market.”
‘Agricultural Bank of China, China Construction Bank and Industrial Bank are among the Chinese lenders who said today that the risks associated with a growing number of home buyers refusing to repay their mortgages as developers struggle to deliver their properties on time, are generally controllable.’
‘The amount involved is not great, accounting for just 0.012 percent of the total outstanding mortgage balance at CNY660 million (USD97.9 million), the Agricultural Bank of China said. Therefore the risks are manageable.’
‘Buyers in around 150 housing projects across 20 provincial-level regions have banded together to demand that developers restart building and that the houses are delivered within a reasonable period of time otherwise they will stop repaying their bank loans, according to the latest data. Most of these unfinished projects are in smaller second, third and fourth-tier cities were there is a glut of properties on the market.’
‘Over the past fortnight, the Australian Bureau of Statistics has been releasing data from last year’s national census. Buried in the reams of data, which revealed among other things that Australia’s population has doubled in the past 50 years, was a startling figure regarding housing occupancy.’
‘According to the ABS, on the night of Census 2021 (10 August), of the 10,852,208 private dwellings counted across the country, a staggering 1,043,776 were vacant.’
“Call it a correction or an adjustment,” said Francis Braam, the owner and broker of Royal LePage Kelowna. “Over the last 90 days the average selling prices of a townhouse has come down around 8%, single-family homes down about 6% and condos have remained flat.”
“Any purchase is certainly going to be less stressful than it was six months ago. The panic buying, multiple offers with no conditions and homes going for well above list is over. Today’s buyer can take their time and negotiate.”
‘Uncertainty, by any measure, is high, and the risks greater than when the Fed trimmed its balance sheet prior to the pandemic. If buyers become scarcer at the margin for U.S. debt, it will mean higher-than-anticipated interest rates.’
“The contrast between the currently unsettled state of market conditions and the tranquil conditions that prevailed in 2017 suggests that this QT episode has the potential to be more disruptive compared with the benign start to the 2017 runoff,” Sengupta and Smith wrote.’
‘The commodity, used in used in everything from power cables to electric motors, dropped as much as 3% to sink below $7,000 a ton. Prices are down 35% from a record high set just four months ago when investors worried that Russia’s invasion of Ukraine could disrupt supplies in an already tight market.’
‘Now the focus has switched to demand concerns and the threats are stacking up. China — which accounts for half of all copper consumption — is struggling with the effects of Covid lockdowns, while Europe is battling an energy crisis. That’s happening as central banks around the world raise interest rates to fight soaring inflation.’
“Unfortunately, right now trying to locate a hard bottom in copper is proving to be a difficult task,” Phil Streible, chief market strategist for Blue Line Futures LLC, said by phone. “China, rates, recession fears and supply chain issues are still there. The dominoes are falling.”
‘Las Vegas led the way in June with 27% of pending sales canceled. Four Florida cities were directly behind: Lakeland (26.7%), Port St. Lucie and Cape Coral (25.7%), and Jacksonville (25.3%). The list of metro pending sales that fell out of contract as a percentage of overall pending sales (at least 1,000):
Las Vegas 27.2%
Lakeland 26.7%
Cape Coral 25.7%
Port St. Lucie 25.7%
Jacksonville 25.3%
New Orleans 25.3%
Palm Bay 24.9%
Orlando 24.5%
Phoenix 24.5%
Crestview 23.5%
‘Chinese authorities held emergency meetings with banks, Bloomberg reported on Thursday, citing people familiar with the matter. Several local governments also had met with homebuyers this week, analysts and local media said, without providing details.’
“A primary concern is if this snub spreads too quickly and more home buyers follow suit only because their projects are going slowly, or simply out of a pessimistic outlook for the property sector,” said Shujin Chen, equity analyst at Jefferies.’
‘Though banks own the pre-sold apartments as collateral, they would still likely suffer a loss, because they have yet to be finished and their values could drop while banks waited for their completion.’
“It’s challenging to sell the apartments under current market conditions. Plus, if there comes a massive wave of home auctions, prices will crash,” said Xiaoxi Zhang, China finance analyst of Chinese research group Gavekal Dragonomics.’
‘Though banks own the pre-sold apartments as collateral, they would still likely suffer a loss’
Ponzi scheme.
‘Non-QM lender Kiavi, which specializes in fix-and-flip and investor loans, has laid off 39 employees, sources told HousingWire on Thursday.’
‘An email sent to employees on Wednesday morning said Kiavi reduced the size of the firm by about 7% “to reduce our cost structure and protect the financial health of the company.” Kiavi has more than 300 employees, according to the firm’s website.’
“We were and are still doing so well,” an employee who requested anonymity told HousingWire. “The problem is we’re not backed by the government sponsored enterprises (GSEs). Because we are in the hard money space, we don’t have a lot of investors willing to buy our assets because of the rate hikes, is what our CEO told us.”
The Washington Post is the enemy of the American people.
Washington Post — We have reached the apex of election-fraud debunking (7/14/2022):
“The election was more than 600 days ago, more than a year and a half. Over that period, there’s been not one person who has stepped forward to admit participation in a nationally orchestrated plot to subvert the election in more than a half-dozen states, despite the fact that such an effort would take the involvement of dozens if not hundreds of people.”
The enemy of the American people.
“Beyond the lack of proven human involvement, there has been no demonstration of rampant fraudulent voting in any state. There have been plenty of cases of individual fraud, rooted out through the established, successful mechanisms that are in place to catch such illegalities. There are plenty such cases in every national election. What hasn’t emerged is any evidence of hundreds or thousands of votes having been illegally cast in any state.”
The enemy of the American people.
“Nonetheless, millions of people believe that the election was stolen. So how might they be dissuaded? Perhaps a robust articulation of all of the claims about fraud that have been raised to date? A delineation of the dozens of lawsuits filed in the wake of the election and how they were adjudicated? An explanation of specific clusters of claims, such as the “audit” of votes in Arizona?”
The enemy of the American people.
“Those who think the election was stolen will think that no matter what, adding or subtracting whatever “evidence” they want to assert that their belief is justified. It’s the logical approach of the religious zealot, giving primacy to the belief — as articulated by the subject of devotion — and not worrying about what undergirds it.”
The enemy of the American people.
“Those who believe Trump’s claims that the election was stolen are participants in a torrid love affair with the idea. There’s no dissuading, no telling them that their partner is toxic, dishonest and deceptive. Over time, one hopes, their feelings will simply fade and, while they’ll always harbor positive feelings toward the idea that election was stolen, they’ll move on.”
From the first 1:30 video:
Premiered Jul 13, 2022 The Mountain House real estate is changing so quickly. We went from a seller’s market to a buyer’s market in a couple of months. Inventory went up last month, and we’ll see a little shift in the real estate market.
The second 4:30 video:
Jul 13, 2022 Las Vegas real estate market forecast for 3rd quarter 2022. We see that Las Vegas real estate is not selling as fast as it was. We see that for Las Vegas Houses and condominiums. This is also true for Henderson and North Las Vegas.
The third 11 minute video:
Bay Area Real Estate On The Verge of Collapse
Jul 13, 2022 Redfin recently released a report of their top 10 places where real estate is cooling off faster than the rest. of the nation. There were 5 places from Northern California that was included in their top 10. Three of them were in the Bay Area. San Jose, Oakland & San Francisco. The questions is, is the bay area real estate market on the verge of collapse?
The fourth 9 minute video:
Biggest Toronto housing market drop ! When should you enter the market?| June 2022 Update
Jul 13, 2022 The Greater Toronto Area real estate market continued to cool down in the month of June 2022. The average sold price dropped to $1.14 million, 5.4% lower than last month, making it by far the biggest drop this year. Transaction down by 11%, reaching around 6,500. Many potential buyers are still by-standing, by sellers still haven’t started panic selling.
New Listings in June maintained relatively the same last the month before and at the same time last year, a small increase in active listings and inventory, this further solidifies the market as the Buyer’s Market.
With the price down and interest rate spiked, is it worth it to buy now? Are buyers paying more or less?
The video demonstrates the price fluctuation of Vaughan detaches and Toronto Condos, along with the change in interest rate. We then illustrate based on the average price and interest rate of each month, are buyers paying more or less mortgage each month.
01:00 Average sold price in June
01:53 Transaction volume in June
02:45 The sellers are anxious? New listings, active listings, inventory, and average days on market in June
04:27 Is it the right time to buy now? How much are we benefiting from interest rate rise and home price drop?
06:37 How are your monthly mortgage payment affected by price and interest rate?
The last 8 minute video:
Jul 14, 2022 Lakewood Ranch is seeing more inventory coming on the market. As interest rates rise, and inventory is remaining on the market for longer periods of time, we are experiencing a shift in the market.
Top 10 markets seeing cuts in asking prices:
Boise, Idaho: 61.5%
Denver, Colorado: 55.1%
Salt Lake City, Utah: 51.6%
Tacoma, Washington: 49.5%
Grand Rapids, Michigan: 49.3%
Sacramento, California: 48.7%
Seattle, Washington: 46.3%
Portland, Oregon: 45.7%
Tampa, Florida: 44.5%
https://www.cnbc.com/2022/07/14/these-are-the-10-cities-seeing-the-most-price-cuts-for-homes.html
‘Another somewhat bright spot in addition to a promising forecast is the rise in the nation’s inventory. Realtor.com reported that active inventory continued to grow, rising 28% above the same period in 2021, with several weeks of new listings coming online helping to boost the inventory level to nearly one-third higher than a year ago.’
https://dsnews.com/daily-dose/07-14-2022/softening-demand-to-open-new-buying-opportunities-in-the-weeks-ahead
‘The market is slowly shifting away from sellers and is becoming more in favor of buyers. Falling demand and increased housing supply mean buyers don’t have to compete as intensely and can take longer to find the right property for their situation — instead of being forced to buy a home because it was the only one available.’
‘As a result, sellers are having to adapt to the shift. Many cities where homes were receiving multiple offers and selling well above the asking price are no longer the hotspots they were during the pandemic, Sheharyar Bokarhi, senior economist at the real estate brokerage Redfin, said in a recent press release.’
“Sellers are adjusting their expectations in real-time as they realize they may not get the price their neighbors got two months ago,” Bokarhi said.’
‘In Boise, Idaho, more than 60% of homes on the market saw a price reduction in June, according to the Redfin report, the largest share among the 97 metro areas surveyed. Denver and Salt Lake City, for their part, are seeing more than 50% of homes for sale slide in asking price.’
https://money.yahoo.com/freddie-mac-says-mortgage-rates-142919916.html
“The country’s economic woes have already cooled the housing market, and they’re likely to continue dampening demand,” said Redfin Chief Economist Daryl Fairweather. “The Fed has signaled it may increase interest rates further to combat stubbornly high inflation, which could harm consumer confidence, and lower stock prices mean fewer prospective homebuyers can afford a down payment. I advise sellers to commit: If you decide to sell, do it quickly before demand falls further. And price carefully—this is not the time to test the waters. You’ll do more harm than good if you overprice and have to do a price reduction or take the home off the market.”
https://finance.yahoo.com/news/redfin-reports-home-supply-first-170000619.html
‘Agricultural Bank of China, China Construction Bank and Industrial Bank are among the Chinese lenders who said today that the risks associated with a growing number of home buyers refusing to repay their mortgages as developers struggle to deliver their properties on time, are generally controllable.’
‘The amount involved is not great, accounting for just 0.012 percent of the total outstanding mortgage balance at CNY660 million (USD97.9 million), the Agricultural Bank of China said. Therefore the risks are manageable.’
‘Buyers in around 150 housing projects across 20 provincial-level regions have banded together to demand that developers restart building and that the houses are delivered within a reasonable period of time otherwise they will stop repaying their bank loans, according to the latest data. Most of these unfinished projects are in smaller second, third and fourth-tier cities were there is a glut of properties on the market.’
https://www.yicaiglobal.com/news/agricultural-bank-other-chinese-lenders-say-risks-from-unpaid-mortgages-are-limited
‘Over the past fortnight, the Australian Bureau of Statistics has been releasing data from last year’s national census. Buried in the reams of data, which revealed among other things that Australia’s population has doubled in the past 50 years, was a startling figure regarding housing occupancy.’
‘According to the ABS, on the night of Census 2021 (10 August), of the 10,852,208 private dwellings counted across the country, a staggering 1,043,776 were vacant.’
https://www.yourlifechoices.com.au/government/one-million-homes-vacant-as-homelessness-rises/
Here is a list of home sales for every South Carolina housing market year over year in June.
Aiken: 332 (2021) | 355 (2022) | 6.9% Beaufort: 332 (2021) | 277 (2022) | -16.6% Central Carolina: 57 (2021) | 41 (2022) | -28.1% Charleston Trident: 2,694 (2021) | 2,185 (2022) | -18.9% Cherokee County: 48 (2021) | 41 (2022) | -14.6% Coastal Carolinas: 2,161 (2021) | 1,715 (2022) | -20.6% Greater Augusta: 1,127 (2021) | 977 (2022) | -13.3% Greater Columbia: 1,661 (2021) | 1,436 (2022) | -13.5% Greater Greenville: 1,772 (2021) | 1,692 (2022) | -4.5% Greenwood: 125 (2021) | 117 (2022) | -6.4% Hilton Head area: 708 (2021) | 593 (2022) | -16.2% Pee Dee: 292 (2021) | 249 (2022) | -14.7% Piedmont Regional: 883 (2021) | 787 (2022) | -10.9% Spartanburg: 598 (2021) | 510 (2022) | -14.7% Sumter/Clarendon County: 271 (2021) | 216 (2022) | -20.3% Western Upstate: 634 (2021) | 635 (2022) | 0.2%
https://www.islandpacket.com/news/state/south-carolina/article263423668.html
“Call it a correction or an adjustment,” said Francis Braam, the owner and broker of Royal LePage Kelowna. “Over the last 90 days the average selling prices of a townhouse has come down around 8%, single-family homes down about 6% and condos have remained flat.”
“Any purchase is certainly going to be less stressful than it was six months ago. The panic buying, multiple offers with no conditions and homes going for well above list is over. Today’s buyer can take their time and negotiate.”
https://www.kelownanow.com/watercooler/news/news/Real_Estate/Kelowna_housing_market_is_NOT_crashing/
‘Uncertainty, by any measure, is high, and the risks greater than when the Fed trimmed its balance sheet prior to the pandemic. If buyers become scarcer at the margin for U.S. debt, it will mean higher-than-anticipated interest rates.’
“The contrast between the currently unsettled state of market conditions and the tranquil conditions that prevailed in 2017 suggests that this QT episode has the potential to be more disruptive compared with the benign start to the 2017 runoff,” Sengupta and Smith wrote.’
https://www.msn.com/en-us/money/markets/fed-staff-say-balance-sheet-runoff-could-strain-treasury-market/ar-AAZzCN2
‘The commodity, used in used in everything from power cables to electric motors, dropped as much as 3% to sink below $7,000 a ton. Prices are down 35% from a record high set just four months ago when investors worried that Russia’s invasion of Ukraine could disrupt supplies in an already tight market.’
‘Now the focus has switched to demand concerns and the threats are stacking up. China — which accounts for half of all copper consumption — is struggling with the effects of Covid lockdowns, while Europe is battling an energy crisis. That’s happening as central banks around the world raise interest rates to fight soaring inflation.’
“Unfortunately, right now trying to locate a hard bottom in copper is proving to be a difficult task,” Phil Streible, chief market strategist for Blue Line Futures LLC, said by phone. “China, rates, recession fears and supply chain issues are still there. The dominoes are falling.”
https://www.yahoo.com/now/copper-selloff-deepens-drops-below-063744643.html
China’s economy shrinks 2.6% during virus shutdowns
https://apnews.com/article/covid-health-china-shanghai-bb6d3f92141afdd8bd191df957f5ffc9
Eat yer crowz Dan.
‘Las Vegas led the way in June with 27% of pending sales canceled. Four Florida cities were directly behind: Lakeland (26.7%), Port St. Lucie and Cape Coral (25.7%), and Jacksonville (25.3%). The list of metro pending sales that fell out of contract as a percentage of overall pending sales (at least 1,000):
Las Vegas 27.2%
Lakeland 26.7%
Cape Coral 25.7%
Port St. Lucie 25.7%
Jacksonville 25.3%
New Orleans 25.3%
Palm Bay 24.9%
Orlando 24.5%
Phoenix 24.5%
Crestview 23.5%
Also …
16. West Palm Beach 22.1%
21. Miami 21.5%
https://www.islandernews.com/realestate/trend-in-real-estate-deals-falling-through-before-completion-growing-florida-among-the-leaders/article_d32d93cc-041f-11ed-9f35-c3589b08d660.html
‘Chinese authorities held emergency meetings with banks, Bloomberg reported on Thursday, citing people familiar with the matter. Several local governments also had met with homebuyers this week, analysts and local media said, without providing details.’
“A primary concern is if this snub spreads too quickly and more home buyers follow suit only because their projects are going slowly, or simply out of a pessimistic outlook for the property sector,” said Shujin Chen, equity analyst at Jefferies.’
‘Though banks own the pre-sold apartments as collateral, they would still likely suffer a loss, because they have yet to be finished and their values could drop while banks waited for their completion.’
“It’s challenging to sell the apartments under current market conditions. Plus, if there comes a massive wave of home auctions, prices will crash,” said Xiaoxi Zhang, China finance analyst of Chinese research group Gavekal Dragonomics.’
https://finance.yahoo.com/news/china-property-protests-threaten-dent-074711661.html
‘Though banks own the pre-sold apartments as collateral, they would still likely suffer a loss’
Ponzi scheme.
‘Non-QM lender Kiavi, which specializes in fix-and-flip and investor loans, has laid off 39 employees, sources told HousingWire on Thursday.’
‘An email sent to employees on Wednesday morning said Kiavi reduced the size of the firm by about 7% “to reduce our cost structure and protect the financial health of the company.” Kiavi has more than 300 employees, according to the firm’s website.’
“We were and are still doing so well,” an employee who requested anonymity told HousingWire. “The problem is we’re not backed by the government sponsored enterprises (GSEs). Because we are in the hard money space, we don’t have a lot of investors willing to buy our assets because of the rate hikes, is what our CEO told us.”
https://www.housingwire.com/articles/fix-and-flip-lender-kiavi-lays-off-7-of-employees/
The Washington Post is the enemy of the American people.
Washington Post — We have reached the apex of election-fraud debunking (7/14/2022):
“The election was more than 600 days ago, more than a year and a half. Over that period, there’s been not one person who has stepped forward to admit participation in a nationally orchestrated plot to subvert the election in more than a half-dozen states, despite the fact that such an effort would take the involvement of dozens if not hundreds of people.”
The enemy of the American people.
“Beyond the lack of proven human involvement, there has been no demonstration of rampant fraudulent voting in any state. There have been plenty of cases of individual fraud, rooted out through the established, successful mechanisms that are in place to catch such illegalities. There are plenty such cases in every national election. What hasn’t emerged is any evidence of hundreds or thousands of votes having been illegally cast in any state.”
The enemy of the American people.
“Nonetheless, millions of people believe that the election was stolen. So how might they be dissuaded? Perhaps a robust articulation of all of the claims about fraud that have been raised to date? A delineation of the dozens of lawsuits filed in the wake of the election and how they were adjudicated? An explanation of specific clusters of claims, such as the “audit” of votes in Arizona?”
The enemy of the American people.
“Those who think the election was stolen will think that no matter what, adding or subtracting whatever “evidence” they want to assert that their belief is justified. It’s the logical approach of the religious zealot, giving primacy to the belief — as articulated by the subject of devotion — and not worrying about what undergirds it.”
The enemy of the American people.
“Those who believe Trump’s claims that the election was stolen are participants in a torrid love affair with the idea. There’s no dissuading, no telling them that their partner is toxic, dishonest and deceptive. Over time, one hopes, their feelings will simply fade and, while they’ll always harbor positive feelings toward the idea that election was stolen, they’ll move on.”
https://archive.ph/Jvq4g
80+ million voters that voted to re-elect President Trump will not be moving on.
The Washington Post is the enemy of the American people.
Sonoma, CA Housing Prices Crater 28% YOY As Inventory And Price Reductions Skyrocket Across California
https://www.movoto.com/sonoma-ca/market-trends/
As a noted economist explained, “If you have to borrow for 15 or 30 years, you can’t afford it nor is it affordable.”