Austin Housing Market – Terminated Contracts & Plunging Demand
Aug 1, 2022 What does it mean for the Austin housing market when new mortgage applications are down 20% year over and year? What about cancellations of existing sales contracts for homes under construction being at the highest rate since the start of the pandemic? Buyers are becoming more cautious and builder sentiment is plunging.
The second 5 minute video:
Why Dallas Fort Worth New Home Owners Are Forced To Sell in 2022
Aug 2, 2022 It’s no secret that the Dallas-Fort Worth area is one of the fastest growing in the country. But what happens to all of those new homeowners who are forced to sell?
In this video, we take a look at some of the reasons why people are forced to sell their homes and what it means for the market as a whole. If you’re thinking about buying or selling in DFW, make sure you watch!
The third 13:24 video:
Aug 2, 2022
Toronto Real Estate Market Report for the week of July 21 – July 27, 2022.
The last 8:15 video:
Condo Sellers Face Major Decisions As Sales DOWN BIG!
Aug 2, 2022 In this video, I discuss the latest with the Toronto real estate market. Condo sales across the GTA Condo Market were down 35% year over year when we look at Q2 of 2022 vs Q2 of 2021. I discuss some of the more macro conditions in place causing this drop in sales in the Toronto Real Estate Market and GTA Real Estate Market, and the decision most Toronto Home Sellers face.
‘To the naked eye, this collapse may not seem all that unusual. Canada’s entire cannabis sector is reeling. The market peak was in September, 2018, a month before recreational cannabis was legalized. Four years later, many mid-tier producers have merged with rivals simply to stay alive. Canopy’s share price has collapsed from $67.74 on Sept. 7, 2018 to $3.39 as of Friday’s market close.’
‘That Canopy would be indistinguishable from the rest of the lot was once unfathomable. It was the first mover. The disciplined producer that didn’t make reckless acquisitions. The one that would last. “It’s a monumental fall from grace,” said Nadine Sarwat, an equity analyst at Bernstein.’
‘The recent spiral is particularly bruising for Constellation Brands Inc., the U.S. alcohol giant that invested a total of $5.2-billion in Canopy back when it seemed like recreational weed could be the next big thing. The value of that investment is now close to a goose egg – so immaterial that Constellation is hardly ever asked about it.’
Ben, What are we supposed to do with all these unemployed marijuana growers? China has a billion people too many, what are they supposed to do with them? I am not asking rhetorical questions.
You point out the huge oversupply of humans that will get worser as the bubble collapses. What do you advise should happen to these humans?
What are we supposed to do with all these unemployed marijuana growers?
Have them grow food!
But that’s not sexy and the road to IPO riches.
Canada doesn’t want farmers to grow food. It’s bad for the planet. Trudeau has a plan 2030 like the Netherlands.
I was listening to one of those farmers the other day. He said around 80% of farmland is grass, and the only way to convert that to food is with animals.
Canada doesn’t want farmers to grow food. It’s bad for the planet.
First they want us to stop eating meat. Now they want us to stop eating!
‘In a sign of the continuing toll from decades-high inflation, Americans loaded an extra $46 billion on their credit cards during the second quarter and their balances saw the sharpest increase in more than 20 years, according to the Federal Reserve Bank of New York.’
‘At the same time, the data showed more debts were going delinquent in credit cards, car loans and elsewhere. “The second quarter of 2022 showed robust increases in mortgage, auto loan, and credit card balances, driven in part by rising prices,” said Joelle Scally, administrator of the New York Fed’s Center for Microeconomic Data’.
“While household balance sheets overall appear to be in a strong position, we are seeing rising delinquencies among subprime and low-income borrowers with rates approaching pre-pandemic levels,” Scally added.’
‘Online brokerage Robinhood is cutting 23% of its staff, with CEO Vlad Tenev citing a drop in trading activity, high inflation and a “broad crypto market crash”—the move comes after Robinhood laid off 9% of its full-time employees in April, a set of cuts Tenev says “did not go far enough.”
Big Red had a large culling this week. While official numbers were not announced, it is estimated that 10,000 out of 140,000 were let go, mostly from low profit and unprofitable divisions. Estimated savings are expected to be a billion plus.
Also, Oracle has acquired Cerner and and rumors are there were thousands let go from the new Cerner division alone.
‘Rithm Capital, formerly known as New Residential Investment, lost $3.3 million in the second quarter of 2022, largely due to fees caused by its break from Fortress Investment Group and a decline in residential mortgage originations.’
‘The real estate investment trust has shed hundreds of jobs at its mortgage companies throughout 2022, with the most recent layoff occurring in July. The originations business segment lost $26.4 million, down from a $26.5 million profit in the first quarter.’
‘Multichannel lender Finance of America (FoA) has laid off hundreds of employees across several rounds in the second and third quarters of 2022. The layoffs come amid a mortgage market downturn and a larger company restructuring, multiple current and former staffers told HousingWire.’
‘The Texas-based company reduced its workforce across centralized operations and branches, cutting processors, underwriters, appraisers and the support team, with its most recent layoff on July 15, sources said.’
“As the volume goes down, the number of people you need goes down. And that’s hard. You’ve got to let people go,” Patti Cook, the former chief executive officer, told HousingWire in an interview in late March. “We have let people go both onshore, in the U.S., and we have a big operation in Manila – we’ve had to reduce staff there as well.”
Ben, what are we supposed to do with all these unemployed processors? Someone just blew up the Georgia guide stones, which called for only 500 million people. As the rulers thin the animal farm, who dies first?
who dies first?
The “useless eaters”?
I do wonder if the purpose of the famine being engineered is to heavily cull the bottom half of nations and remove a couple of billion. Maybe this is why The Joetato Regime has quietly resumed work on the wall. They only want so many Nuevos Americanos. Plus the Mexicans might get more serious about securing their borders with Guatemala and Belize.
It’s cratering. Housing is cratering.
Charleston, SC Housing Prices Crater 27% YOY As Land And Lot Prices Plummet
From the first 7:38 video:
Austin Housing Market – Terminated Contracts & Plunging Demand
Aug 1, 2022 What does it mean for the Austin housing market when new mortgage applications are down 20% year over and year? What about cancellations of existing sales contracts for homes under construction being at the highest rate since the start of the pandemic? Buyers are becoming more cautious and builder sentiment is plunging.
The second 5 minute video:
Why Dallas Fort Worth New Home Owners Are Forced To Sell in 2022
Aug 2, 2022 It’s no secret that the Dallas-Fort Worth area is one of the fastest growing in the country. But what happens to all of those new homeowners who are forced to sell?
In this video, we take a look at some of the reasons why people are forced to sell their homes and what it means for the market as a whole. If you’re thinking about buying or selling in DFW, make sure you watch!
0:00 Intro
0:41 Mortgage Payment
1:34 Property Taxes
4:10 Financial Situation
The third 13:24 video:
Aug 2, 2022
Toronto Real Estate Market Report for the week of July 21 – July 27, 2022.
The last 8:15 video:
Condo Sellers Face Major Decisions As Sales DOWN BIG!
Aug 2, 2022 In this video, I discuss the latest with the Toronto real estate market. Condo sales across the GTA Condo Market were down 35% year over year when we look at Q2 of 2022 vs Q2 of 2021. I discuss some of the more macro conditions in place causing this drop in sales in the Toronto Real Estate Market and GTA Real Estate Market, and the decision most Toronto Home Sellers face.
‘To the naked eye, this collapse may not seem all that unusual. Canada’s entire cannabis sector is reeling. The market peak was in September, 2018, a month before recreational cannabis was legalized. Four years later, many mid-tier producers have merged with rivals simply to stay alive. Canopy’s share price has collapsed from $67.74 on Sept. 7, 2018 to $3.39 as of Friday’s market close.’
‘That Canopy would be indistinguishable from the rest of the lot was once unfathomable. It was the first mover. The disciplined producer that didn’t make reckless acquisitions. The one that would last. “It’s a monumental fall from grace,” said Nadine Sarwat, an equity analyst at Bernstein.’
‘The recent spiral is particularly bruising for Constellation Brands Inc., the U.S. alcohol giant that invested a total of $5.2-billion in Canopy back when it seemed like recreational weed could be the next big thing. The value of that investment is now close to a goose egg – so immaterial that Constellation is hardly ever asked about it.’
https://www.theglobeandmail.com/business/article-canopy-growth-cannabis-investors/
Busted.
Ben, What are we supposed to do with all these unemployed marijuana growers? China has a billion people too many, what are they supposed to do with them? I am not asking rhetorical questions.
You point out the huge oversupply of humans that will get worser as the bubble collapses. What do you advise should happen to these humans?
What are we supposed to do with all these unemployed marijuana growers?
Have them grow food!
But that’s not sexy and the road to IPO riches.
Canada doesn’t want farmers to grow food. It’s bad for the planet. Trudeau has a plan 2030 like the Netherlands.
I was listening to one of those farmers the other day. He said around 80% of farmland is grass, and the only way to convert that to food is with animals.
Canada doesn’t want farmers to grow food. It’s bad for the planet.
First they want us to stop eating meat. Now they want us to stop eating!
‘In a sign of the continuing toll from decades-high inflation, Americans loaded an extra $46 billion on their credit cards during the second quarter and their balances saw the sharpest increase in more than 20 years, according to the Federal Reserve Bank of New York.’
‘At the same time, the data showed more debts were going delinquent in credit cards, car loans and elsewhere. “The second quarter of 2022 showed robust increases in mortgage, auto loan, and credit card balances, driven in part by rising prices,” said Joelle Scally, administrator of the New York Fed’s Center for Microeconomic Data’.
“While household balance sheets overall appear to be in a strong position, we are seeing rising delinquencies among subprime and low-income borrowers with rates approaching pre-pandemic levels,” Scally added.’
https://www.msn.com/en-us/money/personalfinance/americans-e2-80-99-credit-card-debt-just-had-the-biggest-jump-in-more-than-20-years-new-york-fed-says/ar-AA10evLX
‘Online brokerage Robinhood is cutting 23% of its staff, with CEO Vlad Tenev citing a drop in trading activity, high inflation and a “broad crypto market crash”—the move comes after Robinhood laid off 9% of its full-time employees in April, a set of cuts Tenev says “did not go far enough.”
https://www.msn.com/en-us/money/news/robinhood-lays-off-23-25-of-its-staff-here-are-the-major-us-job-cuts-as-recession-fears-grow/ar-AAZAfzF
Big Red had a large culling this week. While official numbers were not announced, it is estimated that 10,000 out of 140,000 were let go, mostly from low profit and unprofitable divisions. Estimated savings are expected to be a billion plus.
Also, Oracle has acquired Cerner and and rumors are there were thousands let go from the new Cerner division alone.
‘Rithm Capital, formerly known as New Residential Investment, lost $3.3 million in the second quarter of 2022, largely due to fees caused by its break from Fortress Investment Group and a decline in residential mortgage originations.’
‘The real estate investment trust has shed hundreds of jobs at its mortgage companies throughout 2022, with the most recent layoff occurring in July. The originations business segment lost $26.4 million, down from a $26.5 million profit in the first quarter.’
https://www.housingwire.com/articles/rithm-capital-posts-3m-loss-as-it-right-sizes-mortgage-business/
Why that’s “savagely unhealthy” – clowns.
Worser!
‘Multichannel lender Finance of America (FoA) has laid off hundreds of employees across several rounds in the second and third quarters of 2022. The layoffs come amid a mortgage market downturn and a larger company restructuring, multiple current and former staffers told HousingWire.’
‘The Texas-based company reduced its workforce across centralized operations and branches, cutting processors, underwriters, appraisers and the support team, with its most recent layoff on July 15, sources said.’
“As the volume goes down, the number of people you need goes down. And that’s hard. You’ve got to let people go,” Patti Cook, the former chief executive officer, told HousingWire in an interview in late March. “We have let people go both onshore, in the U.S., and we have a big operation in Manila – we’ve had to reduce staff there as well.”
https://www.housingwire.com/articles/foa-cuts-workforce-amid-company-restructuring-market-downturn/
Ben, what are we supposed to do with all these unemployed processors? Someone just blew up the Georgia guide stones, which called for only 500 million people. As the rulers thin the animal farm, who dies first?
who dies first?
The “useless eaters”?
I do wonder if the purpose of the famine being engineered is to heavily cull the bottom half of nations and remove a couple of billion. Maybe this is why The Joetato Regime has quietly resumed work on the wall. They only want so many Nuevos Americanos. Plus the Mexicans might get more serious about securing their borders with Guatemala and Belize.
It’s cratering. Housing is cratering.
Charleston, SC Housing Prices Crater 27% YOY As Land And Lot Prices Plummet
https://www.movoto.com/charleston-sc/market-trends/