It's Friday desk clearing time for this blogger. "The housing market in Houston and across…
This Post Has 11 Comments
The first 3:35 video:
WHO’S MARKET ARE WE REALLY IN? SACRAMENTO, CA MARKET SHFT. | Sep 1, 2022 Is the Sacramento, California Housing Market SHIFTING in 2022? Let’s talk about what’s happening in the Sacramento, California housing market!
Sacramento, California is one of the most under credited cities in California and were the capital! The Sacramento housing market has been strong for many years, but recent data shows that it is going back to normal.
For one, the housing market is experiencing a shift from a seller’s market to a buyer’s market in Sacramento, California. That means more inventory and less competition on homes here in the Sacramento, California housing market. So is this a good thing or a bad thing? Is Sacramento, California headed for a recession, or is this good news for the Sacramento, California housing market and buyers looking to make a move to Sacramento, California?
The second 11 minute video:
Where Are Home Prices Headed In Brampton, Mississauga & Durham Real Estate – Aug 24
Team Sessa Real Estate
Sep 1, 2022
Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate Market Report for the week of Aug 18 – Aug 24, 2022.
The third 14:21 video:
Where is the Housing Market Going | David Ruff
Sep 1, 2022 In this video I share with you my very thoughts about all the things that are happening right now in real estate, the continuously rising interest rates, my advice, what you should be doing and where I see the housing market is going in the coming months.
The fourth 11:33 video:
Brampton House Prices Keep Tanking. August Showing Lowest Prices Of The Year So far.
Honest real estate talk
Sep 2, 2022 Brampton real estate update for August, 2022. Number of sales was slightly higher than July but it was still the 2nd slowest month of the year. Prices kept sinking and therefore average prices for homes were the lowest we’ve seen this year.
The fifth 14 minute video:
Home Sellers Iron Grip Loosens as Bidding Wars Ease, Price Cuts Rise | Sep 2, 2022 Segment 1 – Home Sellers Iron Grip Loosens as Bidding Wars Ease, Price Cuts Rise
We air the Real Estate Voice show every Saturday, if you cannot listen to the whole show, it is available on Barb’s site: BarbHasTheBuyers.com, OR search Barb & most podcasts like IHeart Radio
Every week the Real Estate Voice covers great information about people’s primary assets – their home. What will we be covering today?
1. Home Sellers Iron Grip Loosens as Bidding Wars Ease, Price Cuts Rise
2. Top Ten Mistakes Buyers Make to Find Homes for Sale
3. 27 Tips to Drive Up the Sale Price for Your Colorado Springs Area
4. How Choosing a Colorado Springs Area Real Estate Agent can Cost You or Save You Thousands & Hot New Listings
Barb, indications are the housing market is cooling off quickly, with rising interest rates & inventory do you think the change is the market will drive prices down?
#1 Current Market Conditions
1. Rise in Current Available Inventory of Homes
a. Bidding wars are less frequent
b. Inventory typically looks like a Bell Curve
Real Estate is Very Local!
CURRENT INVENTORY IS RISING!
• Inventory of Available Homes at STILL LOW!
• Inventory of Available Homes UP FROM 2021 by 52.3%
• YET: DOWN BY 7% Compared to PRE COVID 2019 (Normal Summer Season Increase) 1781 All Types of Properties (SFA, TH, Condo, Patio) (up 331) 1610 SF Homes (2019 = 1846) (236)
LOW SUPPLY – STRONG DEMAND! 11% MORE SALES THAN 2019
Two Years of LOW SUPPLY/HIGH DEMAND – STARTING TO NORMALIZE from the FOMO Days
“The housing market isn’t crashing, but it is experiencing a hangover as it comes down from an unsustainable high,” Redfin deputy chief economist -Taylor Marr
Looking Backwards the Market Looks very Rosy: What’s Happening Now Matters More! Fewer Buyers Facing Competition
“This week’s rate hikes will further stretch homebuyers’ budgets to the point that many more may be priced out,” Marr said in the report.
PIKES PEAK SHOWED 20.7% Dropped Their Price! 29% of Home Sellers Got Contracts Last Week Yet 470 Sold 522 New Listings (indications of rising Inventory)
Previous Week:
What Does This Mean for Sellers?
1. Price REALISTICALLY not OPTIMISTICALLY
2. You cannot fully rely on Historic Sales to Substantiate what it will sell for NOW.
3. Why? Interest Rates! More Competition!
Expectations of Home Values
Zillow Existing Home Sale Forecast:
We are talking about a decline in buyer demand in the real estate market…What are the expectations predicted as we head into this recession?
Sales Price to List Price Ratio – Lagging Indicator Market was HOT – now it’s NOT
• Average went from 103.5% to 103.2%
• But with a Surge of Inventory Expect These Trends to DECELLERATE!
• Price Appreciation Cooling Off
• PRICES MAY EVEN FLATTEN
• It’s all about Consumer Confidence!
“Homebuilder confidence dipped lower in May for the sixth month in a row. Homebuilding is a leading economic and housing indicator, and the decline in confidence suggests that housing is cooling.” – First Americans Economist
• Sixty percent of housing experts polled by Zillow don’t believe the housing market is in a bubble, compared to 32% who do.
• The panel expects to see a short recession by 2024 as the Federal Reserve works to tame inflation.
The panel raised home price growth forecasts for 2022 as demand stays strong
The last 7:44 video:
Caledon Nosedives $657,000 in 8 Months & Down 9% From Last Year for Detached Homes
Honest real estate talk
Sep 2, 2022 Caledon real estate market sold more homes in August than it did in July but the prices continue to drop. Every type of home including detached homes was down in August.
Detached homes are down 9% since August of last year.
Need an honest Realtor®
Vic Singh
From the first video all I’m hearing is PLEASE…my Mercedes lease is behind-my lease on my rented house is behind…my credit cards are maxxed out…I will not go to a menial job, but then it may just be my imagination. I have heard this plea from the real estate agents before during the last RE downturn . Todays SacBee talks about 5000 homes coming on line, our adjoining county to the north is in the midst of building a massive amount of new homes just 16 miles from the capitol, soon to be available, if they will be built with the slow down. I went to a community meeting about the Antelope area, and the plans are to build 1600+ new apartments next to a just finished small community and the new neighbors are complaining about the possibility of those new apartment owners passing through their neighborhood. But nothing was said about the poor-downtrodden-people of no consequence that are about to be pushed farther back into the homeless category.
BofA’s Hartnett: “Next shoe to drop will be Canada/Aussie banks”
Rome’s Testaccio neighbourhood has been associated with food for two millenniums. In ancient times, it was filled with warehouses that stored the grains, wines and oils brought up by river barges from the cargo ships that docked at Rome’s Mediterranean port. In the late 1800s, it became a working-class area anchored by the mattatoio, one of Europe’s biggest slaughterhouses.
Today, the slaughterhouse is a modern art gallery but many of the restaurants that fed off it remain in place, making Testaccio a must-go destination for lovers of authentic Roman cuisine. One of those restaurants is Da Bucatino. It opened in the 1880s, survived two world wars, various recessions, the 2008 financial crisis and (barely) the pandemic that began in early 2020 and forced it to close for about a year.
The owners of Da Bucatino wonder whether the beloved trattoria, and others nearby, will survive the latest assault on their livelihood – the energy crisis, triggered by Russia’s invasion of Ukraine.
Paolo Di Stefano, 55, whose family bought the restaurant in 1979, showed me the latest electricity bill when I visited the medium-sized restaurant, with a dozen employees, on Thursday evening. In July, their electricity bill alone was €8,072 (the equivalent of almost $11,000). The same one a year earlier was €2,387. Arrivederci, profits. “We stay open just to keep our employees working,” he said. “We aren’t making any money.”
He expects a similar 300- to 400-per-cent rise in his gas bill. Some of the food items he buys at the local markets, like pecorino cheese, which is made from ewes’ milk, have almost doubled in price since the war started in February.
I ask why he can’t just raise the menu prices. He hasn’t, at least not yet, for fear of losing customers, many of them unrich locals who are also struggling themselves to pay outrageous electricity and gas bills. Virtually every retailer, every restaurant, across Rome faces a similar predicament and Mr. Di Stefano fears that many of them, weary from the pandemic, will soon call it quits. “They are all afraid of having to close,” he said.
“I ask why he can’t just raise the menu prices. He hasn’t, at least not yet, for fear of losing customers, many of them unrich locals who are also struggling themselves to pay outrageous electricity and gas bills.”
“… unrich locals who are also struggling themselves …”
Which means he will lose customers no matter what he does.
€8,072 (the equivalent of almost $11,000)
While you weren’t looking, the exchange rate went to 1:1. Hasn’t been as high as claimed for a decade.
As I mentioned in another thread, the goal here is to destroy the economy, plunging hundreds of millions of Europeans into poverty, so dire that they will accept the great reset.
Atlanta-based AmeriSave Mortgage Corp. exited the wholesale channel this week, a decision that comes after the mortgage lender has imposed rounds of layoffs across the company, according to former employees and business partners.
The first round of layoffs happened in July. After that, the former employee said staff “were told that we wouldn’t have to worry about a second round of layoffs as they laid off more people than they anticipated.”
In August, the retail division was also a target of a workforce reduction. At least 20 employees in the engineering team were let go, according to a former employee who was laid off on Aug. 22. Positions included project managers, business analysts, engineers, a senior vice president and an executive vice president.
“They hired aggressively in April and May,” the former employee said.
A major American bank has launched a new program to help first-time minority buyers finance a home purchase with no down payment or closing costs. It’s a boon to buyers at a time when rising interest rates and low home inventory have stacked the deck against them.
It’s also the latest response to longstanding criticism that banks favored white borrowers.
Bank of America’s test plan is rolling out in Los Angeles, Dallas, Detroit and Charlotte and aimed at predominantly minority neighborhoods in those cities. It offers loans to minority buyers without the need for a down payment, closing costs or private mortgage insurance (PMI), an extra cost that’s customary for buyers who put down less than 20% of the home’s purchase price.
Crucially, the program also requires no minimum credit score, with eligibility focused instead on a borrower’s solid track record of rent payments and regular monthly bills like utilities and phone. Before applying, buyers must finish a homebuyer certification course that counsels them on ownership responsibilities and other considerations.
But the move quickly drew mixed responses online, as Bank of America (and other large lenders) have been criticized in the past for predatory lending practices — especially when loaning to minority groups.
Something that boggles my mind that I just cannot fathom why it gets ignored is the direct intervention of the Fed in the housing market.
The Fed has 2.7 TRILLION in MBS’s. In the zip code i work, the ratio median home price to median income got up to almost 20. 20!!!
I know it’s something the blog here talks about all the time, as do many others like zerohedge, but the absolute lack of awareness outside financial and housing blog spaces considering the enormity of that number is just insane to me.
So I look at all these real estate folks and I’m like… what’s the point? Nothing you do or say has even one molecule of effect on anything. I’m fond of saying it’s like bailing out the titanic with a thimble. This situation is more like trying to bail out an entire ocean with a fingernail trimming.
The first 3:35 video:
WHO’S MARKET ARE WE REALLY IN? SACRAMENTO, CA MARKET SHFT. | Sep 1, 2022 Is the Sacramento, California Housing Market SHIFTING in 2022? Let’s talk about what’s happening in the Sacramento, California housing market!
Sacramento, California is one of the most under credited cities in California and were the capital! The Sacramento housing market has been strong for many years, but recent data shows that it is going back to normal.
For one, the housing market is experiencing a shift from a seller’s market to a buyer’s market in Sacramento, California. That means more inventory and less competition on homes here in the Sacramento, California housing market. So is this a good thing or a bad thing? Is Sacramento, California headed for a recession, or is this good news for the Sacramento, California housing market and buyers looking to make a move to Sacramento, California?
The second 11 minute video:
Where Are Home Prices Headed In Brampton, Mississauga & Durham Real Estate – Aug 24
Team Sessa Real Estate
Sep 1, 2022
Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate Market Report for the week of Aug 18 – Aug 24, 2022.
The third 14:21 video:
Where is the Housing Market Going | David Ruff
Sep 1, 2022 In this video I share with you my very thoughts about all the things that are happening right now in real estate, the continuously rising interest rates, my advice, what you should be doing and where I see the housing market is going in the coming months.
The fourth 11:33 video:
Brampton House Prices Keep Tanking. August Showing Lowest Prices Of The Year So far.
Honest real estate talk
Sep 2, 2022 Brampton real estate update for August, 2022. Number of sales was slightly higher than July but it was still the 2nd slowest month of the year. Prices kept sinking and therefore average prices for homes were the lowest we’ve seen this year.
The fifth 14 minute video:
Home Sellers Iron Grip Loosens as Bidding Wars Ease, Price Cuts Rise | Sep 2, 2022 Segment 1 – Home Sellers Iron Grip Loosens as Bidding Wars Ease, Price Cuts Rise
We air the Real Estate Voice show every Saturday, if you cannot listen to the whole show, it is available on Barb’s site: BarbHasTheBuyers.com, OR search Barb & most podcasts like IHeart Radio
Every week the Real Estate Voice covers great information about people’s primary assets – their home. What will we be covering today?
1. Home Sellers Iron Grip Loosens as Bidding Wars Ease, Price Cuts Rise
2. Top Ten Mistakes Buyers Make to Find Homes for Sale
3. 27 Tips to Drive Up the Sale Price for Your Colorado Springs Area
4. How Choosing a Colorado Springs Area Real Estate Agent can Cost You or Save You Thousands & Hot New Listings
Barb, indications are the housing market is cooling off quickly, with rising interest rates & inventory do you think the change is the market will drive prices down?
#1 Current Market Conditions
1. Rise in Current Available Inventory of Homes
a. Bidding wars are less frequent
b. Inventory typically looks like a Bell Curve
Real Estate is Very Local!
CURRENT INVENTORY IS RISING!
• Inventory of Available Homes at STILL LOW!
• Inventory of Available Homes UP FROM 2021 by 52.3%
• YET: DOWN BY 7% Compared to PRE COVID 2019 (Normal Summer Season Increase) 1781 All Types of Properties (SFA, TH, Condo, Patio) (up 331) 1610 SF Homes (2019 = 1846) (236)
LOW SUPPLY – STRONG DEMAND! 11% MORE SALES THAN 2019
Two Years of LOW SUPPLY/HIGH DEMAND – STARTING TO NORMALIZE from the FOMO Days
“The housing market isn’t crashing, but it is experiencing a hangover as it comes down from an unsustainable high,” Redfin deputy chief economist -Taylor Marr
Looking Backwards the Market Looks very Rosy: What’s Happening Now Matters More! Fewer Buyers Facing Competition
“This week’s rate hikes will further stretch homebuyers’ budgets to the point that many more may be priced out,” Marr said in the report.
PIKES PEAK SHOWED 20.7% Dropped Their Price! 29% of Home Sellers Got Contracts Last Week Yet 470 Sold 522 New Listings (indications of rising Inventory)
Previous Week:
What Does This Mean for Sellers?
1. Price REALISTICALLY not OPTIMISTICALLY
2. You cannot fully rely on Historic Sales to Substantiate what it will sell for NOW.
3. Why? Interest Rates! More Competition!
Expectations of Home Values
Zillow Existing Home Sale Forecast:
We are talking about a decline in buyer demand in the real estate market…What are the expectations predicted as we head into this recession?
Sales Price to List Price Ratio – Lagging Indicator Market was HOT – now it’s NOT
• Average went from 103.5% to 103.2%
• But with a Surge of Inventory Expect These Trends to DECELLERATE!
• Price Appreciation Cooling Off
• PRICES MAY EVEN FLATTEN
• It’s all about Consumer Confidence!
“Homebuilder confidence dipped lower in May for the sixth month in a row. Homebuilding is a leading economic and housing indicator, and the decline in confidence suggests that housing is cooling.” – First Americans Economist
• Sixty percent of housing experts polled by Zillow don’t believe the housing market is in a bubble, compared to 32% who do.
• The panel expects to see a short recession by 2024 as the Federal Reserve works to tame inflation.
The panel raised home price growth forecasts for 2022 as demand stays strong
The last 7:44 video:
Caledon Nosedives $657,000 in 8 Months & Down 9% From Last Year for Detached Homes
Honest real estate talk
Sep 2, 2022 Caledon real estate market sold more homes in August than it did in July but the prices continue to drop. Every type of home including detached homes was down in August.
Detached homes are down 9% since August of last year.
Need an honest Realtor®
Vic Singh
From the first video all I’m hearing is PLEASE…my Mercedes lease is behind-my lease on my rented house is behind…my credit cards are maxxed out…I will not go to a menial job, but then it may just be my imagination. I have heard this plea from the real estate agents before during the last RE downturn . Todays SacBee talks about 5000 homes coming on line, our adjoining county to the north is in the midst of building a massive amount of new homes just 16 miles from the capitol, soon to be available, if they will be built with the slow down. I went to a community meeting about the Antelope area, and the plans are to build 1600+ new apartments next to a just finished small community and the new neighbors are complaining about the possibility of those new apartment owners passing through their neighborhood. But nothing was said about the poor-downtrodden-people of no consequence that are about to be pushed farther back into the homeless category.
BofA’s Hartnett: “Next shoe to drop will be Canada/Aussie banks”
https://twitter.com/SBarlow_ROB/status/1565671200407388161
Rome’s Testaccio neighbourhood has been associated with food for two millenniums. In ancient times, it was filled with warehouses that stored the grains, wines and oils brought up by river barges from the cargo ships that docked at Rome’s Mediterranean port. In the late 1800s, it became a working-class area anchored by the mattatoio, one of Europe’s biggest slaughterhouses.
Today, the slaughterhouse is a modern art gallery but many of the restaurants that fed off it remain in place, making Testaccio a must-go destination for lovers of authentic Roman cuisine. One of those restaurants is Da Bucatino. It opened in the 1880s, survived two world wars, various recessions, the 2008 financial crisis and (barely) the pandemic that began in early 2020 and forced it to close for about a year.
The owners of Da Bucatino wonder whether the beloved trattoria, and others nearby, will survive the latest assault on their livelihood – the energy crisis, triggered by Russia’s invasion of Ukraine.
Paolo Di Stefano, 55, whose family bought the restaurant in 1979, showed me the latest electricity bill when I visited the medium-sized restaurant, with a dozen employees, on Thursday evening. In July, their electricity bill alone was €8,072 (the equivalent of almost $11,000). The same one a year earlier was €2,387. Arrivederci, profits. “We stay open just to keep our employees working,” he said. “We aren’t making any money.”
He expects a similar 300- to 400-per-cent rise in his gas bill. Some of the food items he buys at the local markets, like pecorino cheese, which is made from ewes’ milk, have almost doubled in price since the war started in February.
I ask why he can’t just raise the menu prices. He hasn’t, at least not yet, for fear of losing customers, many of them unrich locals who are also struggling themselves to pay outrageous electricity and gas bills. Virtually every retailer, every restaurant, across Rome faces a similar predicament and Mr. Di Stefano fears that many of them, weary from the pandemic, will soon call it quits. “They are all afraid of having to close,” he said.
https://www.theglobeandmail.com/business/commentary/article-the-harbinger-of-the-european-recession-to-come-family-businesses/
“I ask why he can’t just raise the menu prices. He hasn’t, at least not yet, for fear of losing customers, many of them unrich locals who are also struggling themselves to pay outrageous electricity and gas bills.”
“… unrich locals who are also struggling themselves …”
Which means he will lose customers no matter what he does.
€8,072 (the equivalent of almost $11,000)
While you weren’t looking, the exchange rate went to 1:1. Hasn’t been as high as claimed for a decade.
As I mentioned in another thread, the goal here is to destroy the economy, plunging hundreds of millions of Europeans into poverty, so dire that they will accept the great reset.
Atlanta-based AmeriSave Mortgage Corp. exited the wholesale channel this week, a decision that comes after the mortgage lender has imposed rounds of layoffs across the company, according to former employees and business partners.
The first round of layoffs happened in July. After that, the former employee said staff “were told that we wouldn’t have to worry about a second round of layoffs as they laid off more people than they anticipated.”
In August, the retail division was also a target of a workforce reduction. At least 20 employees in the engineering team were let go, according to a former employee who was laid off on Aug. 22. Positions included project managers, business analysts, engineers, a senior vice president and an executive vice president.
“They hired aggressively in April and May,” the former employee said.
https://www.housingwire.com/articles/amerisave-exits-wholesale-channel-cuts-staff/
Savagely unhealthy!
Santa Rosa, CA Housing Prices Crater 16% YOY As Sonoma County Staggers On Soaring Crime And Mortgage Fraud
https://www.movoto.com/ca/95404/market-trends/
As one Santa Rosa broker explained, “A house I sold Jan 2020 for $680k sold again last week for $490k. That’s a helluva beating right there.”
“2008 all over again? BofA just launched a test of zero-down-payment, zero-closing cost mortgages for minority communities”
https://www.yahoo.com/finance/news/2008-over-again-bofa-just-100000247.html
(snip snip)
Chris Clark
Sat, September 3, 2022 at 3:00 AM
A major American bank has launched a new program to help first-time minority buyers finance a home purchase with no down payment or closing costs. It’s a boon to buyers at a time when rising interest rates and low home inventory have stacked the deck against them.
It’s also the latest response to longstanding criticism that banks favored white borrowers.
Bank of America’s test plan is rolling out in Los Angeles, Dallas, Detroit and Charlotte and aimed at predominantly minority neighborhoods in those cities. It offers loans to minority buyers without the need for a down payment, closing costs or private mortgage insurance (PMI), an extra cost that’s customary for buyers who put down less than 20% of the home’s purchase price.
Crucially, the program also requires no minimum credit score, with eligibility focused instead on a borrower’s solid track record of rent payments and regular monthly bills like utilities and phone. Before applying, buyers must finish a homebuyer certification course that counsels them on ownership responsibilities and other considerations.
But the move quickly drew mixed responses online, as Bank of America (and other large lenders) have been criticized in the past for predatory lending practices — especially when loaning to minority groups.
Something that boggles my mind that I just cannot fathom why it gets ignored is the direct intervention of the Fed in the housing market.
The Fed has 2.7 TRILLION in MBS’s. In the zip code i work, the ratio median home price to median income got up to almost 20. 20!!!
I know it’s something the blog here talks about all the time, as do many others like zerohedge, but the absolute lack of awareness outside financial and housing blog spaces considering the enormity of that number is just insane to me.
So I look at all these real estate folks and I’m like… what’s the point? Nothing you do or say has even one molecule of effect on anything. I’m fond of saying it’s like bailing out the titanic with a thimble. This situation is more like trying to bail out an entire ocean with a fingernail trimming.