If Home Buying Were Honest August 1, 2022 Ben Jones Uncategorized Housing bubbleNashvillenew constructionRaleighreal estate industrial complexShare ThisTweetSharePlus oneShareEmail Related Posts We’re Experiencing A Little Bit Of A Plateau A report from the Los Angeles Times in California. "Neal Baer, the pediatrician-turned-TV-writer is asking… There Are Too Many Properties On The Market, Too Many Sellers It's Friday desk clearing time for this blogger. "'About 15 years ago – this is… Revenge Of The Buyers https://www.youtube.com/watch?v=v4VsruxRIiM This Post Has 13 Comments From the first 10 minute video: NASHVILLE Part 2: How Far Prices Have to Fall to Be Affordable Again Ethan Flynn, CPA | Real Estate Jul 30, 2022 National affordability indexes don’t give the true picture of what is happening in hot housing markets. This is a look at Nashville’s affordability and what has to happen to get back to normalcy. The second 8 minute video: Home Builders starting to PANIC in Raleigh NC Jul 29, 2022 A recession is officially here, the Raleigh housing market has shifted, and some home builders in Raleigh NC are starting to panic as their new construction homes sit on the market. We tell you what is happening in the Raleigh real estate market and what you can do about it. The unethical business practices mentioned in this video are NOT a reflection of the majority of builders in the Triangle area. We are lucky to have many many great builders in our area. If you need some good builder recommendations, feel free to contact us. The third 9 minute video: Why You’ll Never Buy A House | Honest Ads Cracked Jul 29, 2022 What if Real Estate Companies and Realtors were actually honest about how horrifically terrible they are? Roger Horton investigates. Why is the Fed ruining the US economy? Orange County Register|11 hours ago Two years ago, the pandemic’s economic wallop prompted various parties — including the Fed — to rescue the briefly shattered economy. Yet “too much good stuff” in these various aid packages means it’s now payback time. I found a non-subscription link: ‘One key measure of business strength — the nation’s gross domestic product, adjusted for inflation — has declined in two straight quarters. Let’s politely say that’s a signal of economic distress.’ ‘Closer to home, Southern California’s hiring pace has cooled to 14,000 a month so far this year from 55,000 in 2021’s second half. Home sales in the six-county region are down 20% in a year. And one poll found California’s view of the financial future taking its biggest drop in nearly 14 years.’ ‘Tempering inflation requires economic influencers to work toward a difficult-to-swallow goal. Of course, everybody wants higher profits or pay. Yet who’ll cut their price for the greater good?’ ‘Let’s consider a dozen hazards the economy must dodge to deftly reduce inflation without a major business collapse. 1. THE FED ITSELF. The last time the central bank pushed its key rate up to today’s 2.5% was December 2018 as it was trying to chill inflation from that cycle’s peak of 3%. Yes, just 3%!’ https://www.msn.com/en-us/money/markets/why-is-federal-reserve-ruining-us-economy-with-rate-hikes/ar-AA109pA0 ‘The exposure of Chinese banks to the property sector tops that of any other industry. There were 39 trillion yuan of outstanding mortgages and another 13 trillion yuan of loans to developers at the end of March, according to data from the People’s Bank of China.’ The real estate market is “the ultimate foundation” for financial stability in China, Teneo Holdings managing director Gabriel Wildau said in a note.’ https://ph.news.yahoo.com/china-banks-may-face-us-350-billion-in-losses-from-property-crisis-044912837.html China is the only country where globalist scum media constantly talk about “financial stability”. ‘New Zealand’s borders fully reopened to visitors from around the world on Monday, for the first time since the COVID-19 pandemic closed them in March 2020.’ https://www.ctvnews.ca/health/coronavirus/new-zealand-fully-opens-borders-after-long-covid-19-pandemic-closure-1.6009822 Landfill report being inundated with urine soaked mattresses. Why would any sane person want visit that tyrannical hellhole? A friends SIL just moved there with her family. CRAZY!!! “In Sydney, where the downturn has been particularly accelerated, we are seeing the sharpest value falls in almost 40 years.” “A more substantial flow of advertised stock against a backdrop of falling demand is great news for active buyers, who will have more choice and less urgency, but bad news for vendors, who could find selling conditions become more challenging as advertised stock levels rise.” https://www.skynews.com.au/business/real-estate/likely-to-worsen-corelogic-records-another-decline-in-property-prices-as-sydney-and-melbourne-lead-housing-downturn/news-story/5790660c55859a4c610f56c7ee42ddbc ‘Hourigan invested $20,000 in Bitcoin and Ether in October, hoping to turbocharge his plan to buy an apartment. His inspiration: Adam Ghahramani, a close friend and crypto entrepreneur who was making a killing in digital tokens and had been enthusing about the sector for years. ‘ “I allowed Adam’s prolonged and particularly bullish exuberance about the state of crypto to have an outsized influence on my judgment,” said Hourigan, whose cryptocurrency investment has lost roughly half of its value as digital assets tumbled this year.’ “Brian loves bringing up my ill-timed investment advice at parties,” said 39-year-old Ghahramani, who manages charity NFT community Untamed Elephants. “At his recent Fourth of July event, I was the butt of jokes about my genius crypto strategies.” “There was a wider speculative fervor in the last rally — no matter what happened, you couldn’t go wrong,” said Colin Platt, a cryptocurrency consultant. “It wasn’t just about following friends and family, it was about seeing friends and family doing well and thinking that everything will be fine until the music stops for everyone.” ‘Crypto was one of the main beneficiaries in early 2020 as the outbreak of Covid-19 prompted central banks and governments to unleash unprecedented stimulus. The ultra-easy liquidity, coupled with savings fattened by government handouts and lower spending on travel, spurred a rush into risky assets that lasted into late 2021. ‘ ‘That’s when rising consumer prices emerged as a major concern for central banks after more than a decade of subdued inflation. As the Federal Reserve started to pivot, so did crypto investors: After peaking at close to $69,000 in early November, Bitcoin and the wider crypto complex began a rapid slide.’ https://www.ndtv.com/business/risky-bet-crypto-newbies-have-family-and-friends-to-thank-for-losses-3212316 So it wasn’t just shacks. Upper respiratory cough: imaginary coins go boom! “Just a flesh wound,” protests the Black Knight in Monty Python’s famous “Holy Grail” comedy, challenging King Arthur to continue their duel even after all his limbs have been severed.’ ‘Similar happy talk is coming from the management of California’s big public employee pension funds after CalPERS, the nation’s largest institutional investor, posted a loss of $29 billion. When CalPERS reported on its end-of-fiscal-year performance, its July 20th press release was headlined, “Challenging global public markets, strong private market returns lead to varied performance.” Varied performance, indeed.’ https://www.dailynews.com/2022/07/31/calpers-29-billion-loss-is-more-than-just-a-flesh-wound/ ‘As per a Bloomberg report, in a worst-case scenario, lenders could take a hit of up to $350bn after threats of mortgage boycott from homebuyers for stalled property projects. Deutsche Bank’s estimates suggest that at least 7% of home loans are at risk, the report said.’ “Banks are caught in the middle,” University of Hong Kong Business School professor Zhiwu Chen was quoted by Bloomberg as saying. “If they do not help the developers finish the projects, they would end up losing much more. If they do, that of course would make the government happy, but they add more to their exposure to delayed real estate projects.” https://www.retailbankerinternational.com/news/china-banking-fraud-victims-repayment/ ‘A NSW building company has gone into voluntary administration, leaving at least 30 homes in limbo. On Friday night, Sydney-based Willoughby Homes appointed external administrators. The company collapsed just over 24 hours after NSW Fair Trading suspended its building licence for failing to pay back debts ordered by a court.’ ‘Homeowners were informed via email late on Friday that David Mansfield and Jason Tracy of Deloitte’s turnaround and restructuring department had been appointed as joint administrators. A sister company of Willoughby Homes, Project 360 Degrees, which was run by the same leadership team, is also part of the administration proceedings.’ ‘It comes after an extensive news.com.au investigation found the company has been non-functional for some time, with build sites stalling for as long as a year, the company’s home building insurance not being reinstated and finally, all its offices being cleared out and phone lines going straight to voicemail.’ ‘News.com.au understands around 30 homes were in the pipeline to be built and that at least 10 creditors are owed money. There are also around eight staff members who will be impacted, although it’s understood they had all ceased working at the company in the last several weeks. Staff had not been paid their superannuation in the months leading up to the collapse and one staff member is owed $53,000 in wages.’ ‘One creditor, Regno Trades, is owed $184,000 and has a court date hearing this Wednesday calling for Willoughby Homes to “be wound up in insolvency”. https://www.news.com.au/finance/business/other-industries/builder-goes-into-administration-dozens-of-customers-and-creditors-left-in-limbo/news-story/a4994205efbae57b1ef5c9924c64eb17 Santa Ana, CA Housing Prices Crater 14% YOY As Double Digit Price Declines Blanket Orange County California https://www.movoto.com/ca/92706/market-trends/ As one national broker explained, “Most if not all mortgages made since the last housing bust are subprime.” Comments are closed.