It's Friday desk clearing time for this blogger. "Some listings are still getting multiple offers,…
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From the first 2 minute video:
Home prices in North Texas are dropping
CBSDFW
Aug 25, 2022 Experts say the direction of the market depends on where interest rates go.
The second 14 minute video:
Home Prices Make No Sense In Vaughan, Richmond Hill & Markham – Aug 17
Team Sessa Real Estate
Aug 25, 2022
Vaughan Home Prices, Richmond Hill Home Prices & Markham Home Prices for the week of Aug 11 – Aug 17, 2022.
‘High home prices and this year’s run-up in mortgage costs have pushed out many would-be buyers, chilling transactions in a swift turnaround that has sent shock waves throughout the real estate industry.’
‘Home sellers are cutting their asking prices, and brokerages are laying off staff. Builders are slowing construction starts while stepping up incentives to lure customers as inventory piles up. With mortgage applications stuck at a 22-year low, some non-bank lenders are struggling to stay in business.’
‘Digital mortgage lender Better.com is conducting its fourth round of layoffs since December 1, 2021, multiple sources tell TechCrunch. The latest cuts reportedly affect all departments.’
‘It is unclear at this time how many people in total will be laid off in this latest round, but one impacted worker estimated that it would be “at least 250 or more” and that they “will all be from the U.S. side.” Another source said the company seemed to be “going for higher corporate salaries.”
‘Notably, Better.com also recently announced a spate of new executive hires that no doubt were not cheap for the company. One source told TechCrunch that the company’s “burn rate is so high, there will probably not be enough to operate past December without additional funding.”
‘Better, along with others catering to home buyers, has been hit hard by the increased mortgage interest rates and challenging macro environment, as well as the questionable actions of its CEO and co-founder, Vishal Garg. Earlier today, real estate tech company Reali announced it was winding down operations and laying off its staff — after raising $100 million a year ago.’
Digital mortgage lender Better.com is conducting its fourth round of layoffs since December 1, 2021,
I said it earlier and I will say it again. I believe this company won’t make it thru this slowdown. Think about how it treated employees in the first round of layoffs. And if they do make it thru the slowdown no one worth a damn would go to work for them based on their prior actions. Plus, some people, including me, would never consider getting a mortgage from them and I would try to persuade anyone thinking about using them to reconsider.
Pueblo, CO Housing Prices Crater 31% YOY As South Central Colorado Housing Market Chokes On Soaring Inventory And Mortgage Fraud
From the first 2 minute video:
Home prices in North Texas are dropping
CBSDFW
Aug 25, 2022 Experts say the direction of the market depends on where interest rates go.
The second 14 minute video:
Home Prices Make No Sense In Vaughan, Richmond Hill & Markham – Aug 17
Team Sessa Real Estate
Aug 25, 2022
Vaughan Home Prices, Richmond Hill Home Prices & Markham Home Prices for the week of Aug 11 – Aug 17, 2022.
‘High home prices and this year’s run-up in mortgage costs have pushed out many would-be buyers, chilling transactions in a swift turnaround that has sent shock waves throughout the real estate industry.’
‘Home sellers are cutting their asking prices, and brokerages are laying off staff. Builders are slowing construction starts while stepping up incentives to lure customers as inventory piles up. With mortgage applications stuck at a 22-year low, some non-bank lenders are struggling to stay in business.’
https://au.finance.yahoo.com/news/us-mortgage-rates-soar-5-140000886.html
‘Digital mortgage lender Better.com is conducting its fourth round of layoffs since December 1, 2021, multiple sources tell TechCrunch. The latest cuts reportedly affect all departments.’
‘It is unclear at this time how many people in total will be laid off in this latest round, but one impacted worker estimated that it would be “at least 250 or more” and that they “will all be from the U.S. side.” Another source said the company seemed to be “going for higher corporate salaries.”
‘Notably, Better.com also recently announced a spate of new executive hires that no doubt were not cheap for the company. One source told TechCrunch that the company’s “burn rate is so high, there will probably not be enough to operate past December without additional funding.”
‘Better, along with others catering to home buyers, has been hit hard by the increased mortgage interest rates and challenging macro environment, as well as the questionable actions of its CEO and co-founder, Vishal Garg. Earlier today, real estate tech company Reali announced it was winding down operations and laying off its staff — after raising $100 million a year ago.’
https://www.yahoo.com/video/better-com-confirms-fourth-layoff-001351813.html
Digital mortgage lender Better.com is conducting its fourth round of layoffs since December 1, 2021,
I said it earlier and I will say it again. I believe this company won’t make it thru this slowdown. Think about how it treated employees in the first round of layoffs. And if they do make it thru the slowdown no one worth a damn would go to work for them based on their prior actions. Plus, some people, including me, would never consider getting a mortgage from them and I would try to persuade anyone thinking about using them to reconsider.
Pueblo, CO Housing Prices Crater 31% YOY As South Central Colorado Housing Market Chokes On Soaring Inventory And Mortgage Fraud
https://www.movoto.com/co/81001/market-trends/
As one Colorado broker explained, “Working with the lender to get the appraisal number you need is how it’s done… and always has been.”.
Placerville, CA Housing Prices Crater 14% YOY As El Dorado County Sellers Desperately Seek Buyers And Slash Prices Double Digits
https://www.movoto.com/placerville-ca/market-trends/
As one El Dorado county seller lamented, “I was broke when I bought this place. Now I’m bankrupt.”