It’s Going To Hurt

1. From the first 6 minute video:

   Is The Tennessee Real Estate Market About To Implode?
   Matt Bogosian
   Sep 7, 2022 Well it was a good run. Home prices in Tennessee went through the roof over the last couple of years. Home sellers were able to cash in and make big profits. It was one great big party. Everyone was flush with cash and living the life.

   Unfortunately the party is officially over. The TN Real Estate Market is slowing down rapidly and possibly come to a screeching halt. Sellers are no longer cashing in and it has quickly shifted to feeling more like a buyers market. Don’t let anyone tell you differently.

   In today’s video I am going to talk about what I am seeing in the Williamson County housing market. What are home prices doing? Are we about to see a housing market crash here in Williamson County, TN?

   The second 2:30 video:

   TORONTO
   ‘It’s going to hurt’: How new rate hike will hit homebuyers
   CTV News
   Sep 7, 2022 Real estate broker Davelle Morrison on what the interest rate hike may impact homeowners and homebuyers.

   The third 19 minute video:

   Huge Home Price Drops Coming To Brampton, Mississauga & Durham Real Estate? – Aug 31
   Team Sessa Real Estate
   Sep 7, 2022

   Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate Market Report for the week of Aug 25 – Aug 31, 2022.

   The last 13 minute video:

   Real Estate Prices Continue to Decline at a Record Pace. 2022 Canadian Housing Market.
   Jon Flynn Broker of Record, Flynn Real Estate Inc.
   Sep 6, 2022 Prices in Vancouver, Calgary, Toronto, Ontario, and Halifax all at 1 year lows and will continue to decline in August. How much will the Bank of Canada raise interest rates this week? 2022 Housing statistics.

2. Sectors that are sensitive to interest rates have taken a drubbing, with real estate prices and home sales volumes falling sharply from their peaks earlier this year. Mortgage costs moved up again on Wednesday as Canada’s large banks increased their prime rate in lockstep with the central bank, to 5.45 per cent from 4.7 per cent.

   The Bank of Canada acknowledged the softening growth in its rate statement, but noted that “excess demand” continues. That means demand for goods, services and labour is outstripping the capacity to supply them.

   “The BoC appears ready to sacrifice more growth than we expected to get inflation falling on a faster trajectory, and we’ll be bumping down our GDP projections for Canada in an updated forecast to be released next week,” Avery Shenfeld, chief economist at Canadian Imperial Bank of Commerce, wrote in a note to clients.

   But getting back to 2 per cent could take years. Even as oil prices retreat and supply chains normalize after the disruption of COVID-19 lockdowns, domestic drivers of inflation tied to the service sector and the labour market are becoming more important.

   Measures of core inflation, which strip out the more volatile CPI components such as oil and food, moved higher in July. And while around 74,000 jobs were lost in June and July, the unemployment rate is at a record-low 4.9 per cent and companies are having difficulty finding workers. That’s pushing up wages and feeding into inflation, particularly in the service sector.

   “The horse is out of the barn on this one,” said TD’s Ms. Caranci. “We’ve had energy prices, food prices – that goods-side [of the economy] – stay elevated for so long that it’s now bled into the service-side and caused wage expectations to shift. … The challenge is that is going to have some longevity to it.”

   https://www.theglobeandmail.com/business/economy/article-bank-of-canada-interest-rate-announcement-september/

3. Belleair, FL Housing Prices Crater 28% YOY As Demand Dries Up On Toxic Market Conditions Across Gulf Coast Florida

   https://www.movoto.com/belleair-fl/market-trends

   As one industry insider commented, “The stench of mortgage and appraisal fraud is too obvious to ignore anymore.”

4. Snap has laid off 84 workers in the Bay Area, 485 across California
   The Business Journals|13 hours ago
   The Santa Monica-based social media company, which operates the popular photo and video-sharing app, said it is cutting costs in the wake of lower-than-expected revenue growth.

5. Evergrande crisis deepens as lender seizes headquarters
   The Financial Times|23 minutes ago
   We’ll send you a myFT Daily Digest email rounding up the latest Evergrande Real Estate Group news every morning. Evergrande’s Hong Kong headquarters has been seized by a lender after the struggling Chinese property developer defaulted on a loan and twice failed to sell the building,

6. Ventura, CA Housing Prices Crater 23% YOY As SoCal Homeowners Get Barbecued

   https://www.movoto.com/ca/93003/market-trends/

   As one housing economist explained, “We forecast 60% price declines across the board.”

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