Las Vegas New Home Sales hit a new LOW! Hope in the rental market and more…
Aug 26, 2022 Las Vegas New Home sales hit a new low and so much more…
The second 2:44 video:
Mortgage “trigger point”: Why interest rate hikes could set off a financial bomb for Canadians
Global News
Aug 26, 2022 Rising interest rates can soon set off a financial bomb for tens of thousands of Canadian homeowners who have fixed payment, variable rate mortgages.
RBC estimates roughly 80,000 variable mortgages will hit what’s called a “trigger point” after the next couple of interest rate hikes by the Bank of Canada. Of those variable mortgages, they say it’ll mean an average increase of $200 per month.
The third 7 minute video:
Canada’s Big Banks Prepare for Mortgage ‘Trigger Point’ with Bank of Canada set to Raise Rates
Mark Mitchell – Mortgage Broker London Ontario
Aug 26, 2022
Canada’s Big Banks are preparing for tens of thousands of homeowners to reach their “Trigger Point,” the rate at which the banks need to revise the terms of mortgage, as the payment no longer covers the interest.
As such, three of Canada’s top banks are actively preparing customers for their options when/if that ‘trigger point’ is hit – with some offering to extend amortizations, others planning to increase mortgage payments, and others discussing the potential for lump sum payments.
The last 8 minute video:
INSIDE Info on the FLORIDA HOUSING MARKET // CNBC’s Housing Recession
Aug 25, 2022 What’s happening in Florida real estate right now? Here is my inside information on the Florida Housing Market. As a top realtor in the area, this is what I am seeing right now in Palm Beach County.
According to the latest news this past week, the US is in a “Housing Recession”. What does this mean to the real estate market specifically in Florida?
Map Shows Nearly 200 Housing Markets That Could See 20 Percent Price Drop
‘The map was compiled by Fortune based on data from Moody’s Analytics. The research company found that 183 of the 413 largest regional housing markets in the U.S. are “overvalued” by more than 25 percent. The map shows that some of those significantly overvalued markets include Boise, Idaho, which is overvalued by 71.7 percent, and Flagstaff, Arizona, which is overvalued by 60.6 percent.’
Is there a future for NFTs, or is it another example of a pandemic-fuelled boom gone bust?
In my opinion this was the absolute dumbest thing to come out of the Pandemic. The woman in the article refers to buying a “doodle” for $10K as “part of her personal journey.” OK
During an interview on “Cavuto: Coast to Coast,” Friday, National Association of Home Builders CEO Jerry Howard discussed the housing market’s expected economic pivot following Federal Reserve Chair Jerome Powell’s signal for an additional interest rate hike.
JERRY HOWARD: Well, right now, I mean, obviously, 5.5% [mortgage rate] is better than 6%, but we’re afraid that it’s going to get up over 6%. Don’t think it’ll reach 7% this year, but we believe that it’s going to continue to go up. And so other options for adjustable rates, as you mentioned, are going to have to be put on the table if we’re going to continue to have home sales. But right now, there is so much downward pressure on us from the financing end.
Because you got to remember, when interest rates go up for the consumers, they’re also going up for the builders. And the ability to get money in capital to buy land and entitle the land and develop the land is also greatly impeded. It adds to the costs. That adds to the costs that the consumer has to pay. The mortgage adds to the cost, and pretty soon the demand is going to be quashed.
“I think we only need 100 basis points more,” Wharton business school professor Jeremy Siegel told CNBC’s “Squawk Box Asia.” “The market thinks it’s going to be a little more — 125, 130 basis points more. My feeling is we won’t need that much because of what I see as a slowdown.”
“If you want to do it all at once, or you want to do it over a period of two to three meetings — it won’t make that much of a difference,” he said.’
‘Siegel added housing costs, which are a significant factor of core inflation, said that housing have recently “gone down by a record amount exceeding any six-month period.”
“The actual on-the-ground in the United States, is that real estate prices are actually beginning to go down,” Siegel said.’
‘Siegel added that he’s “disturbed” there isn’t much discussion over what he called a “productivity collapse,” calling it the biggest puzzle that the Fed needs to address in upcoming meetings.’
“We’ve added 3.2 million workers, yet we’ve had declining GDP like we have never seen before,” he said. “This is a productivity collapse of unheard in proportions, and it’s very significant.”
“What are they doing? How many hours?” he said. “Are we misreporting? Are people that are working from home not really working from home?”
Well see Jeremy when you tell millions of people they are unessential they kinda take that to heart. Then you tell millions of probably your most productive people that they MUST take the death shot, well people don’t really appreciate that. Then you double/triple the price of everything EXCEPT wages so no matter how hard you work you can never get ahead……….. well pretty much people are uninterested in this so called “deal” of yours and they aren’t going to participate anymore. Oh sure, they are showing up to work………..but getting things done?????? Nah, that’s over.
Also diversity is our strength. Taking 3 “diverse” peoples to do what used to take 1 white guy to do the same job isn’t super productive.
<<>> huh………..there’s a shocker.
Oh sure, they are showing up to work………..but getting things done?????? Nah, that’s over.
AKA quiet quitting.
We’ve added 3.2 million workers
Have we? I ask because most businesses have fewer employees than before the lock downs and they can’t seem to find more workers.
Could it be that the missing workers are either
-Dead
-Unfit to work
-Retired and don’t want to work
-Just don’t want to work.
I wonder just how many people has the jab removed from the workforce. People who can no longer be on their feet for extended periods, who can’t lift semi heavy objects, who can no longer focus their minds, etc., because they are jab injured.
Clearly, that chart shows a major spike in the last two years, bigger than any other in the graph and it does coincide with the introduction of the jab. And for all we know, this could be but the tip of the iceberg, there could be disabled people who are not being counted because they don’t fall under the conventional definition of being disabled.
there could be disabled people who are not being counted because they don’t fall under the conventional definition of being disabled
Rocket Mortgage offers buyouts again as home loan market shrinks
Detroit News|12 hours ago
The Detroit-based lender also reduced its workforce in April with a similar program that involved Amrock, its title company.
Rocket offers more buyouts to some employees as rising rates crimp mortgage market
Crain’s Detroit|13 hours ago
Amid an increasingly challenged mortgage market, the country’s largest lender is initiating another attempt at trimming its headcount, Crain’s has learned. A spokesperson for Rocket Companies Inc., the Detroit-based parent of Rocket Mortgage,
Better.com conducts another round of layoffs
HousingWire|15 hours ago
Amid a shrinking mortgage market and delays in its plan to go public, Better.com made another round of layoffs on Friday.
Better.com fired around 250 employees in fourth round of layoff: Report
Business Standard|19 hours ago
In a report published on TechCrunch, Better.com’s list containing the names of the people who will be laid off from the company on Friday, was leaked internally on August 23, 2022
Better.com to fire over 250 employees in 4th round of layoff
Mint|12 hours ago
Apparently, a list of employee names who were to be fired on Friday (August 26) was leaked on Tuesday, August 23
Real estate startup Reali to shut down
HousingWire|11 hours ago
California real estate startup Reali is shutting down, with plans to lay off most of its employees in September.
S.F. corruption: Real estate mogul with deep political ties found guilty of bank fraud
‘Federal prosecutors convinced the jury that Makras defrauded mortgage lender Quicken Loans in a $1.3 million real estate loan to former Public Utilities Commission head Harlan Kelly, who has yet to be tried on a number of charges, including for his own role in this scheme.’
‘In order to get more money at a lower interest rate, prosecutors argued, Makras falsely inflated the amount of debt that Kelly owed to Makras’ real estate investment firm by $200,000. At the same time, Makras concealed other debts Kelly owed, including a $70,000 personal loan from Makras.’
‘Makras’ real estate firm’s $715,000 loan as well as his personal loan to Kelly were paid off with the Quicken Loans money, prosecutors said.’
As one national builder explained, “Our material and labor cost is lower today than it was 10 years ago.”
Amid a shrinking mortgage market and delays in its plan to go public, Better.com made another round of layoffs on Friday.
No mortgage company is going public in the near future. Yesterday’s (?) article mention Better’s burn rate. I seriously wonder if they will make it thru this production slowdown.
From the first 12 minute video:
Las Vegas New Home Sales hit a new LOW! Hope in the rental market and more…
Aug 26, 2022 Las Vegas New Home sales hit a new low and so much more…
The second 2:44 video:
Mortgage “trigger point”: Why interest rate hikes could set off a financial bomb for Canadians
Global News
Aug 26, 2022 Rising interest rates can soon set off a financial bomb for tens of thousands of Canadian homeowners who have fixed payment, variable rate mortgages.
RBC estimates roughly 80,000 variable mortgages will hit what’s called a “trigger point” after the next couple of interest rate hikes by the Bank of Canada. Of those variable mortgages, they say it’ll mean an average increase of $200 per month.
The third 7 minute video:
Canada’s Big Banks Prepare for Mortgage ‘Trigger Point’ with Bank of Canada set to Raise Rates
Mark Mitchell – Mortgage Broker London Ontario
Aug 26, 2022
Canada’s Big Banks are preparing for tens of thousands of homeowners to reach their “Trigger Point,” the rate at which the banks need to revise the terms of mortgage, as the payment no longer covers the interest.
As such, three of Canada’s top banks are actively preparing customers for their options when/if that ‘trigger point’ is hit – with some offering to extend amortizations, others planning to increase mortgage payments, and others discussing the potential for lump sum payments.
The last 8 minute video:
INSIDE Info on the FLORIDA HOUSING MARKET // CNBC’s Housing Recession
Aug 25, 2022 What’s happening in Florida real estate right now? Here is my inside information on the Florida Housing Market. As a top realtor in the area, this is what I am seeing right now in Palm Beach County.
According to the latest news this past week, the US is in a “Housing Recession”. What does this mean to the real estate market specifically in Florida?
Map Shows Nearly 200 Housing Markets That Could See 20 Percent Price Drop
‘The map was compiled by Fortune based on data from Moody’s Analytics. The research company found that 183 of the 413 largest regional housing markets in the U.S. are “overvalued” by more than 25 percent. The map shows that some of those significantly overvalued markets include Boise, Idaho, which is overvalued by 71.7 percent, and Flagstaff, Arizona, which is overvalued by 60.6 percent.’
https://www.msn.com/en-us/money/markets/map-shows-nearly-200-housing-markets-that-could-see-20-percent-price-drop/ar-AA118xUc
“Map Shows Nearly 200 Housing Markets That Could See 20 Percent Price Drop”
The predictions are becoming ever more dire! Could we possibly be witnessing a collapsing bubble in real time?
How much would you pay for this? NFT market in the dumps after exploding in popularity last year
Is there a future for NFTs, or is it another example of a pandemic-fuelled boom gone bust?
https://www.theglobeandmail.com/business/article-nft-market-value-collapse/
Is there a future for NFTs, or is it another example of a pandemic-fuelled boom gone bust?
In my opinion this was the absolute dumbest thing to come out of the Pandemic. The woman in the article refers to buying a “doodle” for $10K as “part of her personal journey.” OK
During an interview on “Cavuto: Coast to Coast,” Friday, National Association of Home Builders CEO Jerry Howard discussed the housing market’s expected economic pivot following Federal Reserve Chair Jerome Powell’s signal for an additional interest rate hike.
JERRY HOWARD: Well, right now, I mean, obviously, 5.5% [mortgage rate] is better than 6%, but we’re afraid that it’s going to get up over 6%. Don’t think it’ll reach 7% this year, but we believe that it’s going to continue to go up. And so other options for adjustable rates, as you mentioned, are going to have to be put on the table if we’re going to continue to have home sales. But right now, there is so much downward pressure on us from the financing end.
Because you got to remember, when interest rates go up for the consumers, they’re also going up for the builders. And the ability to get money in capital to buy land and entitle the land and develop the land is also greatly impeded. It adds to the costs. That adds to the costs that the consumer has to pay. The mortgage adds to the cost, and pretty soon the demand is going to be quashed.
https://finance.yahoo.com/news/rising-interest-rates-could-leave-203209148.html
“I think we only need 100 basis points more,” Wharton business school professor Jeremy Siegel told CNBC’s “Squawk Box Asia.” “The market thinks it’s going to be a little more — 125, 130 basis points more. My feeling is we won’t need that much because of what I see as a slowdown.”
“If you want to do it all at once, or you want to do it over a period of two to three meetings — it won’t make that much of a difference,” he said.’
‘Siegel added housing costs, which are a significant factor of core inflation, said that housing have recently “gone down by a record amount exceeding any six-month period.”
“The actual on-the-ground in the United States, is that real estate prices are actually beginning to go down,” Siegel said.’
‘Siegel added that he’s “disturbed” there isn’t much discussion over what he called a “productivity collapse,” calling it the biggest puzzle that the Fed needs to address in upcoming meetings.’
“We’ve added 3.2 million workers, yet we’ve had declining GDP like we have never seen before,” he said. “This is a productivity collapse of unheard in proportions, and it’s very significant.”
“What are they doing? How many hours?” he said. “Are we misreporting? Are people that are working from home not really working from home?”
https://www.cnbc.com/2022/08/26/whartons-jeremy-siegel-on-fed-rate-hike-ahead-of-jackson-hole.html
Well see Jeremy when you tell millions of people they are unessential they kinda take that to heart. Then you tell millions of probably your most productive people that they MUST take the death shot, well people don’t really appreciate that. Then you double/triple the price of everything EXCEPT wages so no matter how hard you work you can never get ahead……….. well pretty much people are uninterested in this so called “deal” of yours and they aren’t going to participate anymore. Oh sure, they are showing up to work………..but getting things done?????? Nah, that’s over.
Also diversity is our strength. Taking 3 “diverse” peoples to do what used to take 1 white guy to do the same job isn’t super productive.
<<>> huh………..there’s a shocker.
Oh sure, they are showing up to work………..but getting things done?????? Nah, that’s over.
AKA quiet quitting.
We’ve added 3.2 million workers
Have we? I ask because most businesses have fewer employees than before the lock downs and they can’t seem to find more workers.
Could it be that the missing workers are either
-Dead
-Unfit to work
-Retired and don’t want to work
-Just don’t want to work.
I wonder just how many people has the jab removed from the workforce. People who can no longer be on their feet for extended periods, who can’t lift semi heavy objects, who can no longer focus their minds, etc., because they are jab injured.
Close to 3 million per Population – With a Disability, 16 Years and over
Clearly, that chart shows a major spike in the last two years, bigger than any other in the graph and it does coincide with the introduction of the jab. And for all we know, this could be but the tip of the iceberg, there could be disabled people who are not being counted because they don’t fall under the conventional definition of being disabled.
there could be disabled people who are not being counted because they don’t fall under the conventional definition of being disabled
IIRC, that data comes from a survey where people self-identify as disabled. More info here: All Evidence Suggests The COVID Vaccines are Causing a Spike in Disability and a Potential Catastrophe for Our Economy.
Rocket Mortgage offers buyouts again as home loan market shrinks
Detroit News|12 hours ago
The Detroit-based lender also reduced its workforce in April with a similar program that involved Amrock, its title company.
Rocket offers more buyouts to some employees as rising rates crimp mortgage market
Crain’s Detroit|13 hours ago
Amid an increasingly challenged mortgage market, the country’s largest lender is initiating another attempt at trimming its headcount, Crain’s has learned. A spokesperson for Rocket Companies Inc., the Detroit-based parent of Rocket Mortgage,
Better.com conducts another round of layoffs
HousingWire|15 hours ago
Amid a shrinking mortgage market and delays in its plan to go public, Better.com made another round of layoffs on Friday.
Better.com fired around 250 employees in fourth round of layoff: Report
Business Standard|19 hours ago
In a report published on TechCrunch, Better.com’s list containing the names of the people who will be laid off from the company on Friday, was leaked internally on August 23, 2022
Better.com to fire over 250 employees in 4th round of layoff
Mint|12 hours ago
Apparently, a list of employee names who were to be fired on Friday (August 26) was leaked on Tuesday, August 23
Real estate startup Reali to shut down
HousingWire|11 hours ago
California real estate startup Reali is shutting down, with plans to lay off most of its employees in September.
S.F. corruption: Real estate mogul with deep political ties found guilty of bank fraud
‘Federal prosecutors convinced the jury that Makras defrauded mortgage lender Quicken Loans in a $1.3 million real estate loan to former Public Utilities Commission head Harlan Kelly, who has yet to be tried on a number of charges, including for his own role in this scheme.’
‘In order to get more money at a lower interest rate, prosecutors argued, Makras falsely inflated the amount of debt that Kelly owed to Makras’ real estate investment firm by $200,000. At the same time, Makras concealed other debts Kelly owed, including a $70,000 personal loan from Makras.’
‘Makras’ real estate firm’s $715,000 loan as well as his personal loan to Kelly were paid off with the Quicken Loans money, prosecutors said.’
https://www.msn.com/en-us/news/crime/s-f-corruption-real-estate-mogul-with-deep-political-ties-found-guilty-of-bank-fraud/ar-AA1190Mo
The 2020 election was stolen.
Joe Biden is not the legitimately elected president of the United States.
Democrat Party is a criminal cartel domestic terrorist organization.
The Day Of The Rope is coming…
Oakton, VA Housing Prices Crater 22% YOY As Northern Virginia Slides Into An Abyss Of Mortgage Defaults And Foreclosures
https://www.movoto.com/oakton-va/market-trends/
As one national builder explained, “Our material and labor cost is lower today than it was 10 years ago.”
Amid a shrinking mortgage market and delays in its plan to go public, Better.com made another round of layoffs on Friday.
No mortgage company is going public in the near future. Yesterday’s (?) article mention Better’s burn rate. I seriously wonder if they will make it thru this production slowdown.