It's Friday desk clearing time for this blogger. "Lee Roberts, 74, the retired CEO of…
This Post Has 9 Comments
The first 16:40 video:
Warning! Biggest Downturn in 40 Years, $200K Price Drops in Ontario, 2022 Canadian Housing Market
Jon Flynn Broker of Record, Flynn Real Estate Inc.
Aug 2, 2022 This week I discuss the July real estate statistics from Vancouver, Calgary, and Ontario, all showing further price declines. I take about the alarming recent news from RBC predicting the biggest real estate slowdown or downturn in 40 years in Canada and even mention of a death spiral.
The second 8:17 video:
Aug 2, 2022 We all KNEW things were getting bad, but today Bryan is about to illustrate just HOW drastic the Las Vegas housing market REALLY has become!
The third 3:33 video:
The Hard Truth about Real Estate Deals in the 2022 Summer Fall
Rob Sartore
Aug 2, 2022 Rob’s weekly real estate market report for Sarasota, Manatee Counties goes WAY beyond the usual numbers with really powerful “get real” tips for both sellers and buyers in order to win the deal, and get you moving again!
Practical and hard truths are discussed like Seller’s lowering expectations and being realistic. Buyers being patient and always vigilant.
Let’s face it, buyers are NOT paying what they did only four months ago!
Prices are adjusting, and in real estate that is not a sudden event, it is rather a slow adjustment because so many individuals are involved, making their own separate decisions. Only over time do we come to understand that the real estate market is more like herding cats rather than packs of dogs when it comes to a changing market.
Sellers Listen up section and a Buyer Listen up section treats all parties fairly and some great advice for all.
Buyers, check out the option for submitting your contract with this special addition near the end!
The fourth 16:35 video:
Aug 3, 2022 Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate Market Report for the week of July 21 – July 27, 2022. This video will focus specifically on Brampton, Mississauga, Ajax, Whitby, Pickering.
The fifth 13:50 video with PDF slide:
Cape Coral Real Estate Market Update July End of Month Recap
Aug 2, 2022
Real Estate Tech: A Crumbling House of Cards
Modern MBA
Aug 1, 2022 In 2014, there was one Silicon Valley startup that was widely applauded for its ambition to revolutionize a massive high-stakes industry as old as the Middle Ages. That company was called Opendoor and their idea was to make it possible to buy or sell a home in just a few clicks. OpenDoor in 2014 was the perfect mix of all the hottest Silicon Valley trends from the 2010s – online to offline platform businesses, data science, machine learning, algorithms, artificial intelligence, and automation applied to the old-fashioned world of real estate.
OpenDoor was not flipping homes, instead, in their own words, they were a once-in-a-lifetime quote on quote market maker that could transform the American residential real estate. As OpenDoor built up hype, industry giants like Zillow and Redfin started to worry that they were missing out. This ushered in the “Instant Buying” or iBuying phenomenon, where Zillow, Redfin, and OpenDoor burnt millions of dollars flipping thousands of homes across the country based on algorithms.
Fast forward several years to 2020 where iBuying has revealed itself to be a short-lived fad. Zillow, the company with the biggest market share, presence, and pockets, terminated its iBuying business as a high-profile failure, laying off thousands of employees after losing over half a billion dollars. Even during low interest rates and the hot real estate market of the past 4 plus years, OpenDoor has never lived up to its billing as a market maker, with a current stock price of less than $5 a share and a public valuation below $3B, lower than its valuation three years ago in 2019.
In this episode, we’ll explore OpenDoor, the iBuying business model, and the long-running misconception that computers make better decisions than humans and the crumbling house of cards that is real estate technology.
Who doesn’t love a good Death Spiral?
This post has nothing to do with housing, but it has a lot to do with the blatant lies put out by the MSM …
“The Ukrainian government has raised its forecast for this year’s harvests of grain and oilseeds crops.
“A meeting chaired by Prime Minister Denys Shmyhal was told this year’s harvest is expected to be larger than was initially predicted — 65 to 67 million metric tons instead of the 60 million metric tons previously forecast.
“Shymal said that ‘despite all the troubles, the harvest continues. According to the information provided by the Ministry of Agrarian Policy and Food, during the harvest period, crop harvesting was carried out on an area of 3.5 million hectares, in fact, 12 million tons of grain of the new crop were collected’ Shmyhal said.”
Latest layoff came Tuesday and affected LOs, underwriters and processors: sources
“We were paid out on every file we did last year,” a former employee said. “Earlier this year, around March or April, they cut that back saying we couldn’t get paid out on anything unless we closed over 11 loans a month. Last year when it was busier we were able to close 20 to 30 no problem but with the economy as it is, it was a struggle to hit 10.”
From the article no severance payment was offered, according to a separation document reviewed by HousingWire.
My remembrance of prior serial mortgage layoffs; the earlier the termination, the better the severance package. I am still looking for several large originators to go BK/out of business and the start of firms consolidating in an effort to try and survive before the layoffs stop.
Oldsmar, FL Housing Prices Crater 15% YOY As Excess, Housing Inventory And Plunging Demand Ravages Gulf Coast Florida
As one national broker explained, “Paying multiples of construction cost (lot, labor, materials and profit) for a rapidly depreciating asset like a 20 year old house is the shortest path to poverty.”
Poll Finds Only 1% Of Americans See Russia As A Major Problem
Authored by Paul Joseph Watson via Summit News,
A new Gallup poll has found that a mere 1 per cent of Americans view Russia as a major problem, with far more concern expressed about inflation, bad governance and the state of the economy.
In a revealing illustration of to what degree people have lost interest in ‘the current thing,’ whereas 9 per cent of Americans viewed relations with Russia as the most important problem facing the country back in March, that number has now plummeted.
Broadly in line with how the media has relegated the Ukraine-Russia war to an afterthought (presumably disappointed over naive predictions Russia would be swiftly defeated), Americans have also lost interest.
Shortly after Russia’s invasion, the issue was seen as a top priority, but now just 1 per cent of Americans believe it is the most important issue facing the nation.
In contrast, 17 per cent of Americans see inflation as the most important problem right now, along with 17 per cent who say it’s bad government and 12 per cent concerned about the economy in general.
In fact, Russia doesn’t even break into the top 10, with Americans seeing crime, immigration and gun control all as more important matters.
8 per cent of Americans believing abortion to be the most important issue also represents a new record since Gallup began tracking it in 1984.
Notably, COVID-19, the January 6 hearings and climate change all fail to make the top 10 most important issues despite generally relentless media coverage.
As we previously highlighted, support for further US involvement in Ukraine collapsed when Americans were told exactly what that would entail for the economy and their cost of living.
The first 16:40 video:
Warning! Biggest Downturn in 40 Years, $200K Price Drops in Ontario, 2022 Canadian Housing Market
Jon Flynn Broker of Record, Flynn Real Estate Inc.
Aug 2, 2022 This week I discuss the July real estate statistics from Vancouver, Calgary, and Ontario, all showing further price declines. I take about the alarming recent news from RBC predicting the biggest real estate slowdown or downturn in 40 years in Canada and even mention of a death spiral.
The second 8:17 video:
Aug 2, 2022 We all KNEW things were getting bad, but today Bryan is about to illustrate just HOW drastic the Las Vegas housing market REALLY has become!
The third 3:33 video:
The Hard Truth about Real Estate Deals in the 2022 Summer Fall
Rob Sartore
Aug 2, 2022 Rob’s weekly real estate market report for Sarasota, Manatee Counties goes WAY beyond the usual numbers with really powerful “get real” tips for both sellers and buyers in order to win the deal, and get you moving again!
Practical and hard truths are discussed like Seller’s lowering expectations and being realistic. Buyers being patient and always vigilant.
Let’s face it, buyers are NOT paying what they did only four months ago!
Prices are adjusting, and in real estate that is not a sudden event, it is rather a slow adjustment because so many individuals are involved, making their own separate decisions. Only over time do we come to understand that the real estate market is more like herding cats rather than packs of dogs when it comes to a changing market.
Sellers Listen up section and a Buyer Listen up section treats all parties fairly and some great advice for all.
Buyers, check out the option for submitting your contract with this special addition near the end!
The fourth 16:35 video:
Aug 3, 2022 Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate Market Report for the week of July 21 – July 27, 2022. This video will focus specifically on Brampton, Mississauga, Ajax, Whitby, Pickering.
The fifth 13:50 video with PDF slide:
Cape Coral Real Estate Market Update July End of Month Recap
Aug 2, 2022
https://drive.google.com/file/d/14rJtzPKDzzdCfjqBSn4TQLS9rfAY_7iF/view
The last 31 minute video:
Real Estate Tech: A Crumbling House of Cards
Modern MBA
Aug 1, 2022 In 2014, there was one Silicon Valley startup that was widely applauded for its ambition to revolutionize a massive high-stakes industry as old as the Middle Ages. That company was called Opendoor and their idea was to make it possible to buy or sell a home in just a few clicks. OpenDoor in 2014 was the perfect mix of all the hottest Silicon Valley trends from the 2010s – online to offline platform businesses, data science, machine learning, algorithms, artificial intelligence, and automation applied to the old-fashioned world of real estate.
OpenDoor was not flipping homes, instead, in their own words, they were a once-in-a-lifetime quote on quote market maker that could transform the American residential real estate. As OpenDoor built up hype, industry giants like Zillow and Redfin started to worry that they were missing out. This ushered in the “Instant Buying” or iBuying phenomenon, where Zillow, Redfin, and OpenDoor burnt millions of dollars flipping thousands of homes across the country based on algorithms.
Fast forward several years to 2020 where iBuying has revealed itself to be a short-lived fad. Zillow, the company with the biggest market share, presence, and pockets, terminated its iBuying business as a high-profile failure, laying off thousands of employees after losing over half a billion dollars. Even during low interest rates and the hot real estate market of the past 4 plus years, OpenDoor has never lived up to its billing as a market maker, with a current stock price of less than $5 a share and a public valuation below $3B, lower than its valuation three years ago in 2019.
In this episode, we’ll explore OpenDoor, the iBuying business model, and the long-running misconception that computers make better decisions than humans and the crumbling house of cards that is real estate technology.
Who doesn’t love a good Death Spiral?
This post has nothing to do with housing, but it has a lot to do with the blatant lies put out by the MSM …
“The Ukrainian government has raised its forecast for this year’s harvests of grain and oilseeds crops.
“A meeting chaired by Prime Minister Denys Shmyhal was told this year’s harvest is expected to be larger than was initially predicted — 65 to 67 million metric tons instead of the 60 million metric tons previously forecast.
“Shymal said that ‘despite all the troubles, the harvest continues. According to the information provided by the Ministry of Agrarian Policy and Food, during the harvest period, crop harvesting was carried out on an area of 3.5 million hectares, in fact, 12 million tons of grain of the new crop were collected’ Shmyhal said.”
https://www.cnn.com/europe/live-news/russia-ukraine-war-news-08-04-22/h_661635d2b93f750ced11a51f57cbd2cc
Knock me over with a feather.
New American Funding eliminates hundreds of jobs
Latest layoff came Tuesday and affected LOs, underwriters and processors: sources
“We were paid out on every file we did last year,” a former employee said. “Earlier this year, around March or April, they cut that back saying we couldn’t get paid out on anything unless we closed over 11 loans a month. Last year when it was busier we were able to close 20 to 30 no problem but with the economy as it is, it was a struggle to hit 10.”
https://www.housingwire.com/articles/new-american-funding-eliminates-hundreds-of-jobs/
Why that’s savagely unhealthy!
From the article
no severance payment was offered, according to a separation document reviewed by HousingWire.
My remembrance of prior serial mortgage layoffs; the earlier the termination, the better the severance package. I am still looking for several large originators to go BK/out of business and the start of firms consolidating in an effort to try and survive before the layoffs stop.
Oldsmar, FL Housing Prices Crater 15% YOY As Excess, Housing Inventory And Plunging Demand Ravages Gulf Coast Florida
https://www.movoto.com/oldsmar-fl/market-trends/
As one national broker explained, “Paying multiples of construction cost (lot, labor, materials and profit) for a rapidly depreciating asset like a 20 year old house is the shortest path to poverty.”
Poll Finds Only 1% Of Americans See Russia As A Major Problem
Authored by Paul Joseph Watson via Summit News,
A new Gallup poll has found that a mere 1 per cent of Americans view Russia as a major problem, with far more concern expressed about inflation, bad governance and the state of the economy.
In a revealing illustration of to what degree people have lost interest in ‘the current thing,’ whereas 9 per cent of Americans viewed relations with Russia as the most important problem facing the country back in March, that number has now plummeted.
Broadly in line with how the media has relegated the Ukraine-Russia war to an afterthought (presumably disappointed over naive predictions Russia would be swiftly defeated), Americans have also lost interest.
Shortly after Russia’s invasion, the issue was seen as a top priority, but now just 1 per cent of Americans believe it is the most important issue facing the nation.
In contrast, 17 per cent of Americans see inflation as the most important problem right now, along with 17 per cent who say it’s bad government and 12 per cent concerned about the economy in general.
In fact, Russia doesn’t even break into the top 10, with Americans seeing crime, immigration and gun control all as more important matters.
8 per cent of Americans believing abortion to be the most important issue also represents a new record since Gallup began tracking it in 1984.
Notably, COVID-19, the January 6 hearings and climate change all fail to make the top 10 most important issues despite generally relentless media coverage.
As we previously highlighted, support for further US involvement in Ukraine collapsed when Americans were told exactly what that would entail for the economy and their cost of living.
https://www.zerohedge.com/political/poll-finds-only-1-americans-see-russia-major-problem
Mr bankster,, what issues can the demoncrats run on that matter to the voters? With stolen elections do they even care?