CCP is worried for the Growing Storm: 1M home buyers stop paying mortgages for unfinished properties
China Insights
Premiered 14 hours ago Subtitle correction: 1:45-1:59 ” 34.7 billion RMB, or about $5.14 billion US dollars”
The waves of people halting payments on mortgages for unfinished buildings have spread to 25 provinces in China. As of July 16th, the number of developments that have been issued a “notice of being forced to stop mortgage payments by all homeowners” has expanded to 25 provinces and 286 residential projects across China.
The China Banking Regulatory Commission responded by working with the construction sector and the Communist Party’s central bank to support local governments in their efforts to “ensure the delivery of buildings, people’s livelihood, and stability”. On the same day, more than ten banks, including six major banks, a number of joint-stock banks, and city merchant banks issued announcements, all saying that the risk of unfinished buildings was “controllable.”
Is this true?
The second 20 minute video:
The Housing Market Bubble Just Popped 💥
Jul 20, 2022
00:00-01:00 – Introduction
01:00-02:16 – Housing Correction: This is Only the Beginning
02:17-04:33 – Supply: New Housing Starts
04:34-06:18 – Demand: Home Buyers Have Left the Building
06:19-07:31 – The Market is “Normal” now? NOT!!
07:32-08:05 – The Shift! Where are we now?
08:06-09:33 – 10% Interest Rates in the Future?
09:34-11:28 – Is Wall Street Still Going to Buy Homes?
11:29-14:06 – Why all the buyers quit at once… Could the market drop $100,000?
14:07-16:33 – What could tip the housing market?
16:34-17:30 – Predictions: How soon til we see distressed real estate?
17:31-18:24 – Predictions: Record Real Exodus?
18:25-19:02 – What’s Next?
Central Florida.
The next 12 minute video:
SF Bay area housing market update July 2022: home price dropped, 60% of homes are not selling?
Jul 20, 2022 July 2022 Report: Housing market update for San Francisco Bay area 6 Counties(Alameda, Contra Costa, San Francisco, Marin, San Mateo and Santa Clara) + Sacramento County. Each County Median Price, Home Sales, current Inventories, Days on Market. Housing Sentiment index: is it good time to buy?
The 4th 4 minute video:
The Market is cooling in Houston, Texas! Price Reductions – Buyer Incentives
Jul 21, 2022 BRRR is the market cooling in Houston, Texas Price Reductions Buyer Incentives
In this video, we’re gonna talk about the market cooling in Houston along with the Texas Price Reductions Buyer Incentives.
The fifth 12 minute video:
Buy Low Sell High-Denver housing market update July 2022 – housing market trends
Jul 21, 2022 The housing market forecast is changing rapidly. Mortgage demand is down and Builders have rapidly decreasing confidence in the market. The Fed has promised rate hikes until they get inflation under control and it doesn’t seem we’re there yet. Every time they meet, mortgage rates seem to increase and there’s another meeting soon. With all these changes, how do you go about timing the real estate market?
Wait too long and the rates may be so high that the price point for a home you were looking at is no longer in reach. Then you’re waiting for real estate prices to tank. But will Seller’s play along? Pretty much the only Sellers who will sell in a softening market are the ones who have to – relocations, divorce, death, job loss / foreclosure.
Housing trends are volatile for the short term, but what’s the long term picture? Will prices drop as much as the naysayers say…what about the lack of supply?
This is sure a FUN market to watch!
The sixth 2:25 video:
Sarasota Florida Real Estate Update June 2022 / Housing Market Prediction for 2022-2023
Jul 21, 2022 Is the media lying about the housing market in general? In this video, we will review housing market data to help us understand what is going on in the Sarasota Florida real estate market and to make 2022-2023 predictions. Should you buy a house now or wait? We talk about what is going on in the housing market and how it may affect you as a home buyer or seller as we move ahead. I will review Sarasota Florida market trends as of June 2022 specifically.
The last 7 minute video:
Bank Of Canada Interest Rate Hikes Affect Variable Mortgages As Trigger Rate Approaches
Jul 20, 2022 Bank Of Canada Interest Rate Hikes Affect Variable Mortgages As Trigger Rate Approaches
The pace of interest rate increases is a lot faster than normal, and that’s a big concern for home owners who have already been stretched too thin at low rates.
Now, investors are now faced with both rising costs of living plus rising mortgage payments because variable mortgages are now approaching something called the trigger rate. So, in the video, I’ll dive into what these changes mean for Toronto real estate.
‘Global logistics company Flexport, which has a centrally located office on Market Street that once housed 500 employees, hasn’t been able to find a tenant to lease the space in more than two years.’
“We’ve had our office listed via CBRE for sublease throughout the pandemic but due to increasing inventory and the fierce competition on the sublease market, we haven’t been able to get a deal done,” Bill Hansen, Flexport’s global head of real estate, said in an interview.
Flexport founder and outgoing CEO Ryan Petersen previously told CNBC that the company couldn’t find anyone to take the office. He attached a sad face emoji to his message and said, “The space is awesome — we just signed at high rates and the market was super soft through Covid.”
‘At the downtown Rincon Center, where Twilio is located, the food court has been almost entirely stripped out, save for a couple longstanding tenants. Across the street at One Market Plaza, Mediterranean restaurant Cafe Elena is the only vendor open. Lights remain off at the other five just as they have since March 2020. One Market is home to Autodesk, several floors of Google offices and CNBC’s San Francisco studio.’
“Everyone is losing out— it’s just a matter of what extent,” said Colin Yasukochi, who leads CBRE’s Tech Insights Center.’
‘Bay Area commuters who take public transportation still prefer to stay home. The average daily ridership on Bay Area Rapid Transit plunged from over 400,000 in 2019 to under 80,000 last year. As of May, the number had ticked up to close to 136,000 per weekday, according to BART’s website.’
“We’re still wearing masks in our office, so it’s still a very present thing in our psyche,” Luck said.’
You’re still wearing masks in the office………………………. What a moron.
Mask mandates might be declared again in Los Angeles this coming Monday.
One more reason to avoid CLownifornia.
‘Both the new home order volume and average sales rate ticked lower on a monthly basis.’
“Home sellers and home buyers are adjusting to a new reality in the housing market,” said Ali Wolf, Zonda’s chief economist. “Home sellers are quickly understanding the days of frenzied demand are behind us and it takes an extra push to get buyers to close. Home buyers are reevaluating their finances given today’s home prices and higher interest rates. They are also weighing fears of a recession against an unrelenting desire to own a home.”
Blackstone posts $29M loss, touts relative strength of real estate holdings
The Real Deal|16 hours ago
Blackstone reported a net loss, but said its multifamily and logistics investments, which outperformed public REITs, will bring continued gains.
And these fookers want to lose mo money with additional realestate gambling. Can’t believe it….but then again, they can probably make it up in volume.
The nation’s largest homebuilder says more buyers are cancelling deals amid growing real-estate market pessimism
Business Insider|15 hours ago
Nearly 1 in 4 buyers canceled contracts with D.R. Horton, the nation’s biggest homebuilder, this past quarter as mortgage rates surged.
‘The European Central Bank raised rates for the first time in more than a decade on Thursday, boosting its benchmark interest rate by a half-percentage point. At the same time, the central bank rolled out a new flexible bond-buying program it’s dubbing the Transmission Protection Instrument, or TPI.’
‘The latter is an effort to smooth out the volatility triggered by the central bank’s shifting rate policy. “It actually makes no sense,” said Matt Miskin, co-chief investment office at John Hancock Investment Management, said of the ECB’s new policy approach.’
“Quantitative easing is easing and raising rates is tightening. They’re basically trying to do two things at the same time, which doesn’t make a lot of sense,” Miskin told Yahoo Finance Live in an interview. The TPI program is what’s referred to as “quantitative easing,” an additional set of tools central banks use to loosen monetary policy.’
‘CalPERS, the largest public pension fund in the country, announced a -6.1% return on investment for the 2021-22 fiscal year. This is the first time CalPERS has suffered a net loss for a fiscal year since 2009 during The Great Recession.’
‘The largest contributing factors to CalPERS fiscal letdown were a 13.1% decline in global stocks and a 14.5% decline in fixed-income investment. Its private equity investments were up. “This is a unique moment in the financial markets, and we’ve seen a deviation from some investing fundamentals,” said CalPERS Chief Investment Officer Nicole Musicco.’
“CalPERS, the largest public pension fund in the country, announced a -6.1% return on investment for the 2021-22 fiscal year.”
CalPERS needs 8% returns just to break even.
‘Recent pleadings filed in the bankruptcy case of First Guaranty Mortgage Corp. (FGMC) show the lender left its warehouse lenders holding the bag for a mound of debt.’
‘FGMC and its affiliate, Maverick II Holdings LLC, on June 30 filed to reorganize under Chapter 11 bankruptcy protection. Pleadings filed in the case — now pending in U.S. Bankruptcy Court in Delaware — show the lender owes more than $400 million to four warehouse lenders, which include Customers Bank, Flagstar Bank, Texas Capital Bank and J.V.B. Financial Group LLC.’
“With respect to nonagency loans and non-QM loans, warehouse lenders will finance between 90% and 95% of the original principal amount of the loan, which requires [FGMC] to use working capital to fund the remaining portion of the principal balance of the mortgage loans,” states a declaration filed with the court by FGMC CEO Aaron Samples. “As of the petition date [June 30], the debtors [FGMC and affiliates] estimate that they collectively owe the warehouse lenders approximately $418 million.”
‘Samples reveals in his declaration that FGMC was hemorrhaging cash just prior to filing for bankruptcy protection — posting a $23.3 million after-tax loss over the four months ending April 30.’
The first 20 minute video:
CCP is worried for the Growing Storm: 1M home buyers stop paying mortgages for unfinished properties
China Insights
Premiered 14 hours ago Subtitle correction: 1:45-1:59 ” 34.7 billion RMB, or about $5.14 billion US dollars”
The waves of people halting payments on mortgages for unfinished buildings have spread to 25 provinces in China. As of July 16th, the number of developments that have been issued a “notice of being forced to stop mortgage payments by all homeowners” has expanded to 25 provinces and 286 residential projects across China.
The China Banking Regulatory Commission responded by working with the construction sector and the Communist Party’s central bank to support local governments in their efforts to “ensure the delivery of buildings, people’s livelihood, and stability”. On the same day, more than ten banks, including six major banks, a number of joint-stock banks, and city merchant banks issued announcements, all saying that the risk of unfinished buildings was “controllable.”
Is this true?
The second 20 minute video:
The Housing Market Bubble Just Popped 💥
Jul 20, 2022
00:00-01:00 – Introduction
01:00-02:16 – Housing Correction: This is Only the Beginning
02:17-04:33 – Supply: New Housing Starts
04:34-06:18 – Demand: Home Buyers Have Left the Building
06:19-07:31 – The Market is “Normal” now? NOT!!
07:32-08:05 – The Shift! Where are we now?
08:06-09:33 – 10% Interest Rates in the Future?
09:34-11:28 – Is Wall Street Still Going to Buy Homes?
11:29-14:06 – Why all the buyers quit at once… Could the market drop $100,000?
14:07-16:33 – What could tip the housing market?
16:34-17:30 – Predictions: How soon til we see distressed real estate?
17:31-18:24 – Predictions: Record Real Exodus?
18:25-19:02 – What’s Next?
Central Florida.
The next 12 minute video:
SF Bay area housing market update July 2022: home price dropped, 60% of homes are not selling?
Jul 20, 2022 July 2022 Report: Housing market update for San Francisco Bay area 6 Counties(Alameda, Contra Costa, San Francisco, Marin, San Mateo and Santa Clara) + Sacramento County. Each County Median Price, Home Sales, current Inventories, Days on Market. Housing Sentiment index: is it good time to buy?
The 4th 4 minute video:
The Market is cooling in Houston, Texas! Price Reductions – Buyer Incentives
Jul 21, 2022 BRRR is the market cooling in Houston, Texas Price Reductions Buyer Incentives
In this video, we’re gonna talk about the market cooling in Houston along with the Texas Price Reductions Buyer Incentives.
The fifth 12 minute video:
Buy Low Sell High-Denver housing market update July 2022 – housing market trends
Jul 21, 2022 The housing market forecast is changing rapidly. Mortgage demand is down and Builders have rapidly decreasing confidence in the market. The Fed has promised rate hikes until they get inflation under control and it doesn’t seem we’re there yet. Every time they meet, mortgage rates seem to increase and there’s another meeting soon. With all these changes, how do you go about timing the real estate market?
Wait too long and the rates may be so high that the price point for a home you were looking at is no longer in reach. Then you’re waiting for real estate prices to tank. But will Seller’s play along? Pretty much the only Sellers who will sell in a softening market are the ones who have to – relocations, divorce, death, job loss / foreclosure.
Housing trends are volatile for the short term, but what’s the long term picture? Will prices drop as much as the naysayers say…what about the lack of supply?
This is sure a FUN market to watch!
The sixth 2:25 video:
Sarasota Florida Real Estate Update June 2022 / Housing Market Prediction for 2022-2023
Jul 21, 2022 Is the media lying about the housing market in general? In this video, we will review housing market data to help us understand what is going on in the Sarasota Florida real estate market and to make 2022-2023 predictions. Should you buy a house now or wait? We talk about what is going on in the housing market and how it may affect you as a home buyer or seller as we move ahead. I will review Sarasota Florida market trends as of June 2022 specifically.
The last 7 minute video:
Bank Of Canada Interest Rate Hikes Affect Variable Mortgages As Trigger Rate Approaches
Jul 20, 2022 Bank Of Canada Interest Rate Hikes Affect Variable Mortgages As Trigger Rate Approaches
The pace of interest rate increases is a lot faster than normal, and that’s a big concern for home owners who have already been stretched too thin at low rates.
Now, investors are now faced with both rising costs of living plus rising mortgage payments because variable mortgages are now approaching something called the trigger rate. So, in the video, I’ll dive into what these changes mean for Toronto real estate.
‘Global logistics company Flexport, which has a centrally located office on Market Street that once housed 500 employees, hasn’t been able to find a tenant to lease the space in more than two years.’
“We’ve had our office listed via CBRE for sublease throughout the pandemic but due to increasing inventory and the fierce competition on the sublease market, we haven’t been able to get a deal done,” Bill Hansen, Flexport’s global head of real estate, said in an interview.
Flexport founder and outgoing CEO Ryan Petersen previously told CNBC that the company couldn’t find anyone to take the office. He attached a sad face emoji to his message and said, “The space is awesome — we just signed at high rates and the market was super soft through Covid.”
‘At the downtown Rincon Center, where Twilio is located, the food court has been almost entirely stripped out, save for a couple longstanding tenants. Across the street at One Market Plaza, Mediterranean restaurant Cafe Elena is the only vendor open. Lights remain off at the other five just as they have since March 2020. One Market is home to Autodesk, several floors of Google offices and CNBC’s San Francisco studio.’
“Everyone is losing out— it’s just a matter of what extent,” said Colin Yasukochi, who leads CBRE’s Tech Insights Center.’
‘Bay Area commuters who take public transportation still prefer to stay home. The average daily ridership on Bay Area Rapid Transit plunged from over 400,000 in 2019 to under 80,000 last year. As of May, the number had ticked up to close to 136,000 per weekday, according to BART’s website.’
“We’re still wearing masks in our office, so it’s still a very present thing in our psyche,” Luck said.’
https://www.msn.com/en-us/news/other/san-francisco-businesses-struggle-to-hang-on-as-tech-workers-stay-home/ar-AAZQ4Vz
You’re still wearing masks in the office………………………. What a moron.
Mask mandates might be declared again in Los Angeles this coming Monday.
One more reason to avoid CLownifornia.
‘Both the new home order volume and average sales rate ticked lower on a monthly basis.’
“Home sellers and home buyers are adjusting to a new reality in the housing market,” said Ali Wolf, Zonda’s chief economist. “Home sellers are quickly understanding the days of frenzied demand are behind us and it takes an extra push to get buyers to close. Home buyers are reevaluating their finances given today’s home prices and higher interest rates. They are also weighing fears of a recession against an unrelenting desire to own a home.”
https://finance.yahoo.com/news/home-sales-decline-fifth-consecutive-130000220.html
Blackstone posts $29M loss, touts relative strength of real estate holdings
The Real Deal|16 hours ago
Blackstone reported a net loss, but said its multifamily and logistics investments, which outperformed public REITs, will bring continued gains.
And these fookers want to lose mo money with additional realestate gambling. Can’t believe it….but then again, they can probably make it up in volume.
The nation’s largest homebuilder says more buyers are cancelling deals amid growing real-estate market pessimism
Business Insider|15 hours ago
Nearly 1 in 4 buyers canceled contracts with D.R. Horton, the nation’s biggest homebuilder, this past quarter as mortgage rates surged.
‘The European Central Bank raised rates for the first time in more than a decade on Thursday, boosting its benchmark interest rate by a half-percentage point. At the same time, the central bank rolled out a new flexible bond-buying program it’s dubbing the Transmission Protection Instrument, or TPI.’
‘The latter is an effort to smooth out the volatility triggered by the central bank’s shifting rate policy. “It actually makes no sense,” said Matt Miskin, co-chief investment office at John Hancock Investment Management, said of the ECB’s new policy approach.’
“Quantitative easing is easing and raising rates is tightening. They’re basically trying to do two things at the same time, which doesn’t make a lot of sense,” Miskin told Yahoo Finance Live in an interview. The TPI program is what’s referred to as “quantitative easing,” an additional set of tools central banks use to loosen monetary policy.’
https://finance.yahoo.com/news/ecb-bond-buying-july-2022-175816871.html
‘CalPERS, the largest public pension fund in the country, announced a -6.1% return on investment for the 2021-22 fiscal year. This is the first time CalPERS has suffered a net loss for a fiscal year since 2009 during The Great Recession.’
‘The largest contributing factors to CalPERS fiscal letdown were a 13.1% decline in global stocks and a 14.5% decline in fixed-income investment. Its private equity investments were up. “This is a unique moment in the financial markets, and we’ve seen a deviation from some investing fundamentals,” said CalPERS Chief Investment Officer Nicole Musicco.’
https://www.kcra.com/article/calpers-pension-fiscal-retirement/40681463#
“CalPERS, the largest public pension fund in the country, announced a -6.1% return on investment for the 2021-22 fiscal year.”
CalPERS needs 8% returns just to break even.
‘Recent pleadings filed in the bankruptcy case of First Guaranty Mortgage Corp. (FGMC) show the lender left its warehouse lenders holding the bag for a mound of debt.’
‘FGMC and its affiliate, Maverick II Holdings LLC, on June 30 filed to reorganize under Chapter 11 bankruptcy protection. Pleadings filed in the case — now pending in U.S. Bankruptcy Court in Delaware — show the lender owes more than $400 million to four warehouse lenders, which include Customers Bank, Flagstar Bank, Texas Capital Bank and J.V.B. Financial Group LLC.’
“With respect to nonagency loans and non-QM loans, warehouse lenders will finance between 90% and 95% of the original principal amount of the loan, which requires [FGMC] to use working capital to fund the remaining portion of the principal balance of the mortgage loans,” states a declaration filed with the court by FGMC CEO Aaron Samples. “As of the petition date [June 30], the debtors [FGMC and affiliates] estimate that they collectively owe the warehouse lenders approximately $418 million.”
‘Samples reveals in his declaration that FGMC was hemorrhaging cash just prior to filing for bankruptcy protection — posting a $23.3 million after-tax loss over the four months ending April 30.’
https://www.housingwire.com/articles/warehouse-lenders-stung-by-fgmcs-bankruptcy/
Falling housing prices seem to be wildly popular with these youtube RE channels. They really seem to eeeet it up.
Don’t fight the Fed my good friends….. Don’t fight the Fed.
Kennewick, WA Housing Prices Crater 14% YOY As Double Digit Price Declines Blanket Washington State
https://www.movoto.com/kennewick-wa/market-trends/