A report from WPEC. "Florida's condo crisis continues to worry homeowners. Despite the well-intentioned law…
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From the first 11 minute video on Austin, TX:
Builders In Trouble! Renegotiating Home Buyer Contracts!
Aug 16, 2022
The second 6 minute video:
July Housing Market Update 2022 | Redondo Beach, CA | South Bay Los Aug 16, 2022 A possible recession, rising interest rates, buyers cancelling escrows?! What is happening in the Redondo Beach and South Bay housing market?? Let’s review the 4 statistics I am following to monitor what is happening in our local real estate market for the month of July!
The third 7 minute video:
Aug 15, 2022
Canadian real estate prices continued to decline in July with prices down almost $200,000 since peaking in February and sales down almost 30% since last year. But what about affordability? Is housing any more affordable in Canada with the decrease in prices and the increase in mortgage rates?
The average price of a home in Canada is down almost $200,000 since February, which, even with the increase in interest rates, has increased affordability.
Meanwhile, the benchmark price of a home in Canada, the price of a home representing the most popular set of features, has only declined about $90,000. Combined with higher mortgage rates, this has only created marginal improvements in affordability.
Prices are expected to decline further for the rest of the year, with much of the increase in interest rates already accounted for in current mortgage rates. So we could see increases in affordability as the year goes on.
The fourth 10:25 video:
Reno Housing Market Report August 2022 – Price Reductions Continue
Aug 16, 2022 The price reductions have started to accumulate more and we saw a median home price reduction for Reno/Sparks. As the market prepares to slow down as fall approaches, how will the market react?
The last 22 minute video:
Please Don’t Buy This Toronto Home! – Aug 10
Team Sessa Real Estate
Aug 16, 2022
Toronto Real Estate Market Report for the week of Aug 4 – Aug 10, 2022.
‘The probability of a “severe downturn” in the US housing market is on the rise, according to new guidance from credit reporting agency Fitch. Fitch’s likely projections suggest that US home prices could sink by 10% to 15% in the case of a major housing slump, alongside a roughly 30% decline or more in housing activity over the next few years.’
“The likelihood of a severe downturn in US housing has increased; however, our rating case scenario provides for a more moderate pullback that includes a mid-single-digit decline in housing activity in 2023, and further pressure in 2024,” Fitch analysts said in a release on Tuesday.’
‘The agency noted a severe downtown was “possible, but not yet probable,” with a minor slowdown still the most likely outcome for the housing market. The firm warned it could “lower our rating case projections if trends weaken beyond our expectations.”
‘Additionally, Fitch said its “stress case” for the housing market in the event of a sharp economic downturn suggested that homebuilder deliveries would sink by about 20% in 2023 and 10% in 2024. In that case, average sale prices of US homes could “fall to mid-to-high single digit percentages annually.”
“Builders that do not build sufficient cash reserves in a downturn would likely need to issue debt to rebuild inventory positions in a housing recovery, which would stretch credit metrics,” the analysts added.’
Washington Post Editorial Board — The country needs more Liz Cheneys (8/16/2022):
“Where many Republicans (including her opponent) say the 2020 presidential election was rigged, Ms. Cheney refuses to participate in election denialism. Where nearly all of her House colleagues refused to join Democrats in their efforts to investigate the Jan. 6 insurrection, Ms. Cheney has played a central role on the select committee seeking to hold to account those responsible. Her participation lent bipartisan legitimacy to the undertaking; her knowledge of her own party’s politics proved invaluable to understanding how that day’s horrible events came about.”
‘New Zealand’s central bank on Wednesday delivered its seventh straight interest rate hike and signalled a more hawkish tightening path over coming months to restrain stubbornly high inflation. The aggressive tone of the Reserve Bank of New Zealand’s (RBNZ) statement warning of future hikes being brought forward lifted the local dollar and pushed swap rates higher.’
‘The RBNZ raised the official cash rate (OCR) by 50 basis points to 3.0% as expected, a level not seen since September 2015, and crucially, it now sees rates at 4.0% by early next year, compared to a previous projection of 3.7%.’
‘Wednesday fourth straight 50-bps hike, along with earlier smaller increases that lifted the cash rate from a record low of 0.25% in October, marked the most aggressive tightening by the central bank since 1999.’
Gotta love how they are freaking out over a measly 3% rate, just wait until it’s 10%.
Here’s a video with an ad first:
Santa Clara County home prices falling faster than any U.S. metro area
The home prices in Santa Clara County are dropping fast. In the two-month span from the beginning of June to the end of July, the median home price in the county dropped 5.1%, the biggest drop in any major U.S. market.
From the first 11 minute video on Austin, TX:
Builders In Trouble! Renegotiating Home Buyer Contracts!
Aug 16, 2022
The second 6 minute video:
July Housing Market Update 2022 | Redondo Beach, CA | South Bay Los Aug 16, 2022 A possible recession, rising interest rates, buyers cancelling escrows?! What is happening in the Redondo Beach and South Bay housing market?? Let’s review the 4 statistics I am following to monitor what is happening in our local real estate market for the month of July!
The third 7 minute video:
Aug 15, 2022
Canadian real estate prices continued to decline in July with prices down almost $200,000 since peaking in February and sales down almost 30% since last year. But what about affordability? Is housing any more affordable in Canada with the decrease in prices and the increase in mortgage rates?
The average price of a home in Canada is down almost $200,000 since February, which, even with the increase in interest rates, has increased affordability.
Meanwhile, the benchmark price of a home in Canada, the price of a home representing the most popular set of features, has only declined about $90,000. Combined with higher mortgage rates, this has only created marginal improvements in affordability.
Prices are expected to decline further for the rest of the year, with much of the increase in interest rates already accounted for in current mortgage rates. So we could see increases in affordability as the year goes on.
The fourth 10:25 video:
Reno Housing Market Report August 2022 – Price Reductions Continue
Aug 16, 2022 The price reductions have started to accumulate more and we saw a median home price reduction for Reno/Sparks. As the market prepares to slow down as fall approaches, how will the market react?
The last 22 minute video:
Please Don’t Buy This Toronto Home! – Aug 10
Team Sessa Real Estate
Aug 16, 2022
Toronto Real Estate Market Report for the week of Aug 4 – Aug 10, 2022.
‘The probability of a “severe downturn” in the US housing market is on the rise, according to new guidance from credit reporting agency Fitch. Fitch’s likely projections suggest that US home prices could sink by 10% to 15% in the case of a major housing slump, alongside a roughly 30% decline or more in housing activity over the next few years.’
“The likelihood of a severe downturn in US housing has increased; however, our rating case scenario provides for a more moderate pullback that includes a mid-single-digit decline in housing activity in 2023, and further pressure in 2024,” Fitch analysts said in a release on Tuesday.’
‘The agency noted a severe downtown was “possible, but not yet probable,” with a minor slowdown still the most likely outcome for the housing market. The firm warned it could “lower our rating case projections if trends weaken beyond our expectations.”
‘Additionally, Fitch said its “stress case” for the housing market in the event of a sharp economic downturn suggested that homebuilder deliveries would sink by about 20% in 2023 and 10% in 2024. In that case, average sale prices of US homes could “fall to mid-to-high single digit percentages annually.”
“Builders that do not build sufficient cash reserves in a downturn would likely need to issue debt to rebuild inventory positions in a housing recovery, which would stretch credit metrics,” the analysts added.’
https://nypost.com/2022/08/16/severe-us-housing-downturn-possible-prices-could-fall-15-fitch/
Liz Cheney voted out of Congress by a landslide.
She and her war criminal father can burn in hell.
The Washington Post is globalist scum media.
Washington Post Editorial Board — The country needs more Liz Cheneys (8/16/2022):
“Where many Republicans (including her opponent) say the 2020 presidential election was rigged, Ms. Cheney refuses to participate in election denialism. Where nearly all of her House colleagues refused to join Democrats in their efforts to investigate the Jan. 6 insurrection, Ms. Cheney has played a central role on the select committee seeking to hold to account those responsible. Her participation lent bipartisan legitimacy to the undertaking; her knowledge of her own party’s politics proved invaluable to understanding how that day’s horrible events came about.”
https://archive.ph/Pc4vB
President Trump was correct when he stated that “the media is the enemy of the American people”
Aim for the Blue Checkmarks 🙂
A blast from the past, for those of you who were around in 2008, I think you’ll remember this:
https://www.youtube.com/watch?v=gc4BhpGnXCk
‘New Zealand’s central bank on Wednesday delivered its seventh straight interest rate hike and signalled a more hawkish tightening path over coming months to restrain stubbornly high inflation. The aggressive tone of the Reserve Bank of New Zealand’s (RBNZ) statement warning of future hikes being brought forward lifted the local dollar and pushed swap rates higher.’
‘The RBNZ raised the official cash rate (OCR) by 50 basis points to 3.0% as expected, a level not seen since September 2015, and crucially, it now sees rates at 4.0% by early next year, compared to a previous projection of 3.7%.’
‘Wednesday fourth straight 50-bps hike, along with earlier smaller increases that lifted the cash rate from a record low of 0.25% in October, marked the most aggressive tightening by the central bank since 1999.’
https://www.msn.com/en-us/money/markets/nz-central-bank-signals-aggressive-tightening-pace-after-50-bps-hike/ar-AA10Kk4s
Gotta love how they are freaking out over a measly 3% rate, just wait until it’s 10%.
Here’s a video with an ad first:
Santa Clara County home prices falling faster than any U.S. metro area
The home prices in Santa Clara County are dropping fast. In the two-month span from the beginning of June to the end of July, the median home price in the county dropped 5.1%, the biggest drop in any major U.S. market.
https://www.cbsnews.com/sanfrancisco/video/santa-clara-county-home-prices-falling-faster-than-any-u-s-metro-area/#x
I wonder if “homes” include condos and town houses?
Here’s a 3minute video on Orlando FL. Discusses buyers remorse.
https://www.fox35orlando.com/video/1105730
Buy now absolutely, cause there’s more choices to chose from.
Bonds and notes future prices are heading down …
https://finviz.com/futures_charts.ashx?t=BONDS&p=d1
Winter Park, FL Housing Prices Crater 14% YOY As Sellers Get Yanked Through A Knothole Backwards
https://www.movoto.com/winter-park-fl/market-trends/
As one economist joked, “Elvis sightings are more credible than anything a Realtor says.”