It's Friday desk clearing time for this blogger. "Buyers started returning to San Francisco’s downtown…
This Post Has 21 Comments
The first 12 minute video:
Jul 20, 2022 Home builder sentiment is falling and Charlotte NC builders are feeling the impacts. Builders across the Charlotte area are offering crazy incentives to drive traffic to their neighborhoods, which means great opportunities for buyers!
The second 2 minute video:
Jul 19, 2022 Tracy, Ca Real Estate is changing so quickly. Are the home prices going down? 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. Is now the right time to buy? Is real estate worth investing in? Is Tracy, Ca the right place to buy?
The third 19 minute video:
Jul 19, 2022 This is the best video for Vancouver real estate news if you are wondering how far will prices will drop in Vancouver, or are property prices down in Vancouver real estate, Lower Mainland real estate or Fraser Valley real estate.
If you want to know how far have home prices dropped in Vancouver real estate, or Greater Vancouver real estate, or any real estate market in the lower mainland, then this video has all of the answers for you.
The last 10 minute video:
Jul 20, 2022 Check out this Buckeye Arizona Market Update with a Desert Dreamers special guest, Sintia Salvador! This is everything you need to know about Buckeye and the real estate market.
“Is Tracy, Ca the right place to buy?”
A bedroom community to Silicon Valley featuring a one way 90-minute traffic-free commute…if you wake up early enough.
To the Editor:
Well, I’ve been following the price of my house On Zillow, this is the first time I’ve seen it drop–also, for all of you who get to read the Daily Sun, the weekly pre-owned house supplement has really grown. IMHO with the recent increase in Fed interest rates, the cracks in the housing bubble will get wider until it bursts.
Get ready for a deep recession.
‘Sales of existing homes fell 5.4% in June, the fifth straight month of decline, as higher prices dampened sales even though more properties were available to buy, the National Association of Realtors reported on Wednesday.’
“We view the rapid acceleration in home sales over the past two years, which was generated in part by the pandemic itself and in part by low interest rates, as a temporary surge,” Ruben Gonzalez, chief economist at Keller Williams, said ahead of the report’s release.’
‘Mortgage applications fell for the third week in a row, hitting the lowest level since 2000, according to a separate release Wednesday by the Mortgage Bankers Association. “Buyers can’t figure out what is the right price,” said Mark Zandi, chief economist at Moody’s Analytics. “Sellers are very reluctant to give up” on the price they expected to sell for a few months ago, he said.’
Demand is weakening rapidly and housing is going into a deep freeze, says Moody’s Zandi
CNBC
Mark Zandi, Moody’s Analytics chief economist, joins ‘Power Lunch’ to discuss the state of housing, what the supply and demand picture in housing is saying and where he expects to see the biggest price slides.
‘But sellers should take note this brisk time on the market is not likely to last, said Yun. “This could be the last time we see such a swiftness in the market.”
‘While inventory is ticking up, there are still longstanding shortages of housing, said Yun. With builders cutting back on single-family construction and boosting construction of multifamily buildings, they may be betting on more people getting priced out of buying and renting instead.’
“I don’t foresee any oversupply coming, even as sales retreat,” Yun said.’
‘After another tough quarter in which Netflix reported a loss of 970,000 subscribers, the company announced an $80M write-down connected to its exit of some real estate leases.’
“We’ve adjusted our cost structure for our current rate of revenue growth,” a letter from Netflix to its shareholders read. Doing so meant incurring “an $80m non-cash impairment of certain real estate leases primarily related to rightsizing our office footprint,” the letter said.’
‘The company also incurred $70M in severance costs. The company has laid off hundreds of workers since June.’
Pandering to the Rainbow isn’t paying off? That’s unpossible!
‘JPMorgan Chase confirmed reports last month that it was cutting jobs because of “cyclical changes in the mortgage market.” However, it would not give details on how many jobs in Jacksonville were impacted or how many employees it has in Northeast Florida. JAXUSA Partnership, the economic development division of JAX Chamber, reports the company has 3,900 area workers.’
‘JPMorgan Chase said it is trying to reassign affected mortgage workers into other positions in the company. Besides its mortgage center, the company began opening bank branches in Northeast Florida under the Chase brand in 2013. Chase has 20 branches in the Jacksonville metropolitan area, according to the Federal Deposit Insurance Corp.’
‘Wells Fargo & Co., another major bank with a big Jacksonville presence, also reported a drop in mortgage lending volume.
The San Francisco-based bank said its mortgage originations fell 31% in the first six months of the year to $72 billion and its mortgage banking income fell 63% to $980 million.’
“The mortgage market is expected to remain challenging in the near term, and it’s possible that we have a further decline in mortgage banking revenue in the third quarter,” Chief Financial Officer Mike Santomassimo said in Wells Fargo’s July 15 conference call with analysts. “We are making adjustments to reduce expenses in response to the lower origination volumes, and we expect these adjustments will continue over the next couple of quarters.”
Happy Valley, OR Housing Prices Crater 13% YOY As Soaring Mortgage Defaults And Skyrocketing Inventory Blows The Doors And Windows Off Portland Housing Market
As one local broker explained to his clients, “You may as well start slashing double digits if you want to sell….. because the bottom is a long way down.”
Morehead City, NC Housing Prices Crater 21% YOY As Outer Banks and Coastal Carolina Housing Inventory Soars As Panic Selling Begins
As one coastal Carolina broker explained, “Our entire market is vacation homeowners and 95% of want out right now. They see the handwriting on the wall.”
Phoenix, AZ Housing Prices Crater 13% YOY As Arizona Sellers Capitulate And Demand Collapses
As one industry insider commented, “The stench of mortgage and appraisal fraud is too obvious to ignore anymore.”
Listening to the Tracy, CA RE guy is hilarious.
“There’s a lot of confusion in the market right now.”
Dude, the only thing confusing is you…desperately trying to instill buying confidence in a market that’s clearly imploding before our very eyes.
desperately trying to instill buying confidence
The next payment on his Lexus will be due soon.
“The next payment on his Lexus will be due soon.”
Yeah, I can’t lie how appropriate it was seeing those two Mortgage clowns in the movie “The Big Short” walking into the crowded job faire with deer in headlights looks on their faces.
Seth says, “You can always refinance your home!”
It must take olympic level mental gymnastics to pay those prices in Tracy. Tracy will never be anything more than a place to sleep in between commutes. Fun factoid: Tracy is next door to Manteca which means fat/lard in spanish. It’s a charming area. Another fun factoid: Tracy is a lot closer to Lodi than San Jose. Would hate to get stucco there.
“Tracy is next door to Manteca which means fat/lard in spanish.”
Let’s not forget Tracy’s a few miles away from Stockton…voted one of the most miserable cities to live in the NATION by Forbes. So much unreported crime and violence and high gang presence. One local Comedian said if you triangulate Tracy, Manteca and Stockton to the center of the earth, it terminates at the Devil’s butthole.
The first 12 minute video:
Jul 20, 2022 Home builder sentiment is falling and Charlotte NC builders are feeling the impacts. Builders across the Charlotte area are offering crazy incentives to drive traffic to their neighborhoods, which means great opportunities for buyers!
The second 2 minute video:
Jul 19, 2022 Tracy, Ca Real Estate is changing so quickly. Are the home prices going down? 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. Is now the right time to buy? Is real estate worth investing in? Is Tracy, Ca the right place to buy?
The third 19 minute video:
Jul 19, 2022 This is the best video for Vancouver real estate news if you are wondering how far will prices will drop in Vancouver, or are property prices down in Vancouver real estate, Lower Mainland real estate or Fraser Valley real estate.
If you want to know how far have home prices dropped in Vancouver real estate, or Greater Vancouver real estate, or any real estate market in the lower mainland, then this video has all of the answers for you.
The last 10 minute video:
Jul 20, 2022 Check out this Buckeye Arizona Market Update with a Desert Dreamers special guest, Sintia Salvador! This is everything you need to know about Buckeye and the real estate market.
“Is Tracy, Ca the right place to buy?”
A bedroom community to Silicon Valley featuring a one way 90-minute traffic-free commute…if you wake up early enough.
To the Editor:
Well, I’ve been following the price of my house On Zillow, this is the first time I’ve seen it drop–also, for all of you who get to read the Daily Sun, the weekly pre-owned house supplement has really grown. IMHO with the recent increase in Fed interest rates, the cracks in the housing bubble will get wider until it bursts.
Get ready for a deep recession.
Phil Berkowitz
Village of Tamarind Grove
https://www.villages-news.com/2022/07/20/housing-bubble-has-started-to-crack/
‘Sales of existing homes fell 5.4% in June, the fifth straight month of decline, as higher prices dampened sales even though more properties were available to buy, the National Association of Realtors reported on Wednesday.’
“We view the rapid acceleration in home sales over the past two years, which was generated in part by the pandemic itself and in part by low interest rates, as a temporary surge,” Ruben Gonzalez, chief economist at Keller Williams, said ahead of the report’s release.’
https://www.msn.com/en-us/money/realestate/home-sales-drop-for-fifth-consecutive-month-as-rising-mortgage-rates-offset-growing-inventory/ar-AAZMx6K
Housing Market Alarm as Home Sales Plunge for Fifth Month in a Row
https://www.msn.com/en-us/money/realestate/housing-market-alarm-as-home-sales-plunge-for-fifth-month-in-a-row/ar-AAZNcqe
‘Mortgage applications fell for the third week in a row, hitting the lowest level since 2000, according to a separate release Wednesday by the Mortgage Bankers Association. “Buyers can’t figure out what is the right price,” said Mark Zandi, chief economist at Moody’s Analytics. “Sellers are very reluctant to give up” on the price they expected to sell for a few months ago, he said.’
https://www.mansionglobal.com/articles/u-s-home-prices-hit-new-record-of-416-000-in-june-as-sales-continued-to-slide-01658333647
Demand is weakening rapidly and housing is going into a deep freeze, says Moody’s Zandi
CNBC
Mark Zandi, Moody’s Analytics chief economist, joins ‘Power Lunch’ to discuss the state of housing, what the supply and demand picture in housing is saying and where he expects to see the biggest price slides.
This is a 4 minute video:
https://www.msn.com/en-us/money/news/demand-is-weakening-rapidly-and-housing-is-going-into-a-deep-freeze-says-moodys-zandi/vi-AAZNx2Z
‘But sellers should take note this brisk time on the market is not likely to last, said Yun. “This could be the last time we see such a swiftness in the market.”
‘While inventory is ticking up, there are still longstanding shortages of housing, said Yun. With builders cutting back on single-family construction and boosting construction of multifamily buildings, they may be betting on more people getting priced out of buying and renting instead.’
“I don’t foresee any oversupply coming, even as sales retreat,” Yun said.’
https://edition.cnn.com/2022/07/20/homes/existing-home-sales-nar-june-2022/index.html
‘With each passing month it appears price appreciation is less strong than earlier months,’ said Lawrence Yun, NAR´s chief economist.’
https://www.dailymail.co.uk/news/article-11032693/Mortgage-applications-plunge-22-year-low-rates-double.html
‘After another tough quarter in which Netflix reported a loss of 970,000 subscribers, the company announced an $80M write-down connected to its exit of some real estate leases.’
“We’ve adjusted our cost structure for our current rate of revenue growth,” a letter from Netflix to its shareholders read. Doing so meant incurring “an $80m non-cash impairment of certain real estate leases primarily related to rightsizing our office footprint,” the letter said.’
‘The company also incurred $70M in severance costs. The company has laid off hundreds of workers since June.’
https://www.bisnow.com/los-angeles/news/commercial-real-estate/netflix-office-footprint-rightsizing-q2-113877
Pandering to the Rainbow isn’t paying off? That’s unpossible!
‘JPMorgan Chase confirmed reports last month that it was cutting jobs because of “cyclical changes in the mortgage market.” However, it would not give details on how many jobs in Jacksonville were impacted or how many employees it has in Northeast Florida. JAXUSA Partnership, the economic development division of JAX Chamber, reports the company has 3,900 area workers.’
‘JPMorgan Chase said it is trying to reassign affected mortgage workers into other positions in the company. Besides its mortgage center, the company began opening bank branches in Northeast Florida under the Chase brand in 2013. Chase has 20 branches in the Jacksonville metropolitan area, according to the Federal Deposit Insurance Corp.’
‘Wells Fargo & Co., another major bank with a big Jacksonville presence, also reported a drop in mortgage lending volume.
The San Francisco-based bank said its mortgage originations fell 31% in the first six months of the year to $72 billion and its mortgage banking income fell 63% to $980 million.’
“The mortgage market is expected to remain challenging in the near term, and it’s possible that we have a further decline in mortgage banking revenue in the third quarter,” Chief Financial Officer Mike Santomassimo said in Wells Fargo’s July 15 conference call with analysts. “We are making adjustments to reduce expenses in response to the lower origination volumes, and we expect these adjustments will continue over the next couple of quarters.”
https://www.jaxdailyrecord.com/article/mortgage-business-drops-as-rates-rise
Happy Valley, OR Housing Prices Crater 13% YOY As Soaring Mortgage Defaults And Skyrocketing Inventory Blows The Doors And Windows Off Portland Housing Market
https://www.movoto.com/happy-valley-or/market-trends/
As one local broker explained to his clients, “You may as well start slashing double digits if you want to sell….. because the bottom is a long way down.”
Morehead City, NC Housing Prices Crater 21% YOY As Outer Banks and Coastal Carolina Housing Inventory Soars As Panic Selling Begins
https://www.movoto.com/morehead-city-nc/market-trends/
As one coastal Carolina broker explained, “Our entire market is vacation homeowners and 95% of want out right now. They see the handwriting on the wall.”
Phoenix, AZ Housing Prices Crater 13% YOY As Arizona Sellers Capitulate And Demand Collapses
https://www.movoto.com/az/85007/market-trends/
As one industry insider commented, “The stench of mortgage and appraisal fraud is too obvious to ignore anymore.”
Listening to the Tracy, CA RE guy is hilarious.
“There’s a lot of confusion in the market right now.”
Dude, the only thing confusing is you…desperately trying to instill buying confidence in a market that’s clearly imploding before our very eyes.
desperately trying to instill buying confidence
The next payment on his Lexus will be due soon.
“The next payment on his Lexus will be due soon.”
Yeah, I can’t lie how appropriate it was seeing those two Mortgage clowns in the movie “The Big Short” walking into the crowded job faire with deer in headlights looks on their faces.
Seth says, “You can always refinance your home!”
It must take olympic level mental gymnastics to pay those prices in Tracy. Tracy will never be anything more than a place to sleep in between commutes. Fun factoid: Tracy is next door to Manteca which means fat/lard in spanish. It’s a charming area. Another fun factoid: Tracy is a lot closer to Lodi than San Jose. Would hate to get stucco there.
“Tracy is next door to Manteca which means fat/lard in spanish.”
Let’s not forget Tracy’s a few miles away from Stockton…voted one of the most miserable cities to live in the NATION by Forbes. So much unreported crime and violence and high gang presence. One local Comedian said if you triangulate Tracy, Manteca and Stockton to the center of the earth, it terminates at the Devil’s butthole.