Homes NOT SELLING!

1. From the first 5 minute video:

   LAS VEGAS
   Home Builders in Trouble? Builders Being Forced to Liquidate Inventory in Shift to Buyer’s Market
   Dan French
   Aug 21, 2022 There’s a ton of inventory builders are being forced to liquidate, dropping prices on new construction homes in order to push out the old. Discounts on closing costs are being thrown left and right as incentives, in what appears to be a huge shift towards a new Buyer’s Market.

   The second 11 minute video:

   The Charleston housing market just went from HOT to COLD
   Aug 21, 2022 Over the past few months, homes have started taking much longer to sell. The shifting real estate market is partly to blame, but sellers and their real estate agents have made the problem so much worse!

   The third 8:32 video:

   Homes NOT SELLING! Owners Forced To RENT…
   Jeremy Knight – Moving to Austin Realtor
   Aug 21, 2022

   The fourth 14:19 video from Phoenix AZ:

   Cruising the numbers – Prices and Inventory
   Rick McHone
   Streamed live 16 hours ago Today I look at several metrics for the Arizona real estate market including inventory, sales rate and appreciation .

   The last 5:21 video:

   Mortgage Rates on The Rise?
   Jason Coleman Arizona Loan Officer
   Aug 22, 2022 Mortgage rates on the rise again? What effect will this have moving forward on home prices?

   1. Regarding Jason Coleman’s interest rate question, if the fed wants 2% inflation as a baseline then savers need to get at least 3% for the use of their money, IMHO.

      Jason’s closing comment is funny, “Marry the house, date the rate.”

   2. Is 10,000 homes listed on the Las Vegas market accurate?

2. Pasco, WA Housing Prices Crater 22% YOY As Plunging Land Values And Diving Home Prices Stretch From Coast To Coast

   https://www.movoto.com/pasco-wa/market-trends/

   As a renown economist explained, “A house is a rapidly depreciating asset that empties your wallet every day it owns you.”

3. Britain’s economy shrank a record 11% in 2020, worst since 1709

   ‘The ONS’s initial estimates had already suggested that in 2020 Britain suffered its biggest fall in output since the “Great Frost” of 1709. But more recently the ONS had revised down the scale of the fall to 9.3 per cent, the largest since just after World War One.’

   ‘Even before the latest revisions Britain’s economic slump was the largest in the Group of Seven, and the latest downward revision makes it greater than Spain’s, which recorded a 10.8 per cent fall in output.’

   https://www.theglobeandmail.com/business/international-business/european-business/article-britains-economy-shrank-a-record-11-in-2020-worst-since-1709/

   1. that in 2020 Britain suffered its biggest fall in output since the “Great Frost” of 1709.
      Most most of you may not know this but in the late 1600’s into the very early 1700’s Britain had a mini Ice Age. And What was this mini ice age blamed on you ask: It was blamed on man and pollution, just like global cooling was in the late 1970’s into 1980.

   2. They should lock down and print trillions of pounds again. That’ll fix things.

      Remember when they were arresting people for having a picnic in an empty meadow?

      1. Don’t give them any idea. They are hoping China takes Taiwan or Ukrainian nuclear fiasco so they can print for ages.

4. Federal prosecutors said in court filings that the government plans to try to seize Baltimore State’s Attorney Marilyn Mosby’s Florida Gulf Coast vacation condo if she’s convicted of perjury and mortgage fraud.

   https://www.msn.com/en-us/news/crime/feds-file-notice-of-plans-to-seize-marilyn-mosby-e2-80-99s-florida-condo-if-she-e2-80-99s-convicted-in-perjury-mortgage-fraud-case/ar-AA10XERB

   1. “Mosby and her lawyers have maintained her innocence, claiming the charges are politically motivated and that vindictive and racist prosecutors are leading the case against her.”

      Gotta play that race card. 🙂

5. ‘Cash-strapped Chinese developer Shimao Group has proposed a two-class restructuring plan to offshore creditors to repay $11.8 billion over a period of three to eight years, according to two sources with direct knowledge of the matter and a document seen by Reuters.’

   ‘Shanghai-based Shimao, which first missed a public offshore bond obligation last month, is the first major Chinese developer to kick off negotiations on restructuring terms with creditors.’

   ‘Shimao’s restructuring plan will, however, exclude $2.3 billion offshore debt including offshore project loans, and loans backed by onshore financial institutions or governed by mainland Chinese law. Shimao did not respond to request for comment.’

   ‘Unhappy about the proposal, offshore creditors plan to request Shimao to treat all classes of offshore creditors equally, and prevent capital from flowing out from the offshore entities, according to one of the sources.’

   https://finance.yahoo.com/news/china-developer-shimao-looks-repay-060708363.html

   1. to repay $11.8 billion over a period of three to eight years

      3 to 8 years? I’m not sure the global economy won’t collapse before the end of the year, with China leading the way.

      No one is getting their money back.

      1. “No one is getting their money back.”

         That’s right.

         1. Double so if you are a gringo.

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