It's Friday desk clearing time for this blogger. "Gary Ferguson first noticed large cracks along…
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From the first 3 minute video:
LUXURY HOUSING MARKET WESTSIDE LOS ANGELES SUMMER 2022 VS SUMMER 2021
Danny Brown
Premiered Sep 7, 2022 The housing market is transitioning and here is an insiders breakdown
The second 4:38 video:
Pflugerville Texas Housing Prices Continue Dropping
Stephen Harris
Premiered Sep 7, 2022 Price drops are still running rampant in Pflugerville, TX. Will it continue into fall 2022???
The third 2 minute video:
Shifting Housing Market: Sergio Velarde Analysis
Sep 7, 2022 The Miami Housing market is finally shifting after the Pandemic
The last 7 minute video:
London Ontario Real Estate Market Update August 2022 11 Months of Price Gains Erased
Mark Mitchell – Mortgage Broker London Ontario
Sep 6, 2022
London Ontario’s real estate market continued to slide in August, erasing almost all of the price gains made in the last 11 months. The benchmark, average and median price of a home in London were all down, with homes selling for under-asking price and over 2 months of inventory available on the market.
But is real estate any more affordable in London?
Yes. As interest rates have remained largely unchained since this time in last month, households now need to earn $15,000 less than they did one month ago to afford the average home in London.
Benchmark price of a Home in London:
February Benchmark – $749,000
July Benchmark – $624,400
August Benchmark – $599,500
Average Price of a Home in London:
London February 2022 Average Price – $823,842
London July 2022 Average Price – $673,606
London August 2022 Average Price – $632,397
Median Price of a Home in London:
London February 2022 Median Price – $777,000
London July 2022 Average Price – $590,000
London August 2022 Average Price – $585,000
Sales to List Price Ratio – Over Asking Pricing
London February 2022 Sales to List Price– 125.6
London July 2022 Sales to List Price– 98.9
London August 2022 Sales to List Price– 97.8
Median Days on Market:
July Median Days on Market – 17
August Median Days on Market – 21
Months of Inventory:
July MOI – 3.2
August MOI – 2.5
Overall, Fannie Mae’s index measuring housing sentiment again fell in August and remains at the lowest level since 2011, reflecting the about-face housing has experienced this year as higher mortgage rates halt a once-runaway market.
“The share of consumers expecting home prices to go down over the next year increased substantially in August,” Fannie Mae Chief Economist Doug Duncan said. “We also observed a large decline in consumers reporting high home prices as the primary reason for it being a good time to sell a home, suggesting that expectations of slowing or declining home prices have begun to negatively affect selling sentiment.”
China is beset by severe economic problems. Growth has stalled, youth unemployment is at a record high, the housing market is collapsing, and companies are struggling with recurring supply chain headaches.
The world’s second biggest economy is grappling with the impact of severe drought and its vast real estate sector is suffering the consequences of running up too much debt. But the situation is being made much worse by Bejing’s adherence to a rigid zero-Covid policy, and there’s no sign that’s going to change this year.
Within the past two weeks, eight megacities have gone into full or partial lockdowns. Together these vital centers of manufacturing and transport are home to 127 million people. Nationwide, at least 74 cities had been closed off since late August, affecting more than 313 million residents.
Giving up on zero-Covid doesn’t seem like an option for Xi, who this year has repeatedly put greater emphasis on defeating the virus than rescuing the economy.
In a trip to Wuhan in June, he said China must maintain its zero-Covid policy “even though it might hurt the economy.” At a leadership meeting in July, he reaffirmed that approach and urged officials to look at the relationship between virus prevention and economic growth “from a political point of view.”
“Beijing has sought to cast its zero-Covid policies as evidence of the Party’s strength, and therefore, by extension, Xi Jinping’s leadership,” Singleton said.
China’s job market has deteriorated in the past few months. Most recent data showed that the unemployment rate among 16 to 24 year-olds hit an all-time high of 19.9% in July, the fourth consecutive month it had broken records. That means China now has about 21 million jobless youth in cities and towns. Rural unemployment isn’t included in official figures.
This is what Europe wants to become, because they are states that have never known freedom. The United States is one of the last free nations. The Chinese, and soon the Europeans too, under globalism, are slaves.
The drop-off has been particularly acute in Austin — where an already-hot housing market was super-charged during the pandemic, peaking in May when the median price for a home hit $550,000, compared with $305,000 in January 2020, just before the pandemic began.
Now, demand for housing in the capital city has tapered off. The number or houses for sale reached 8,709 in July — a 168% jump from the 3,251 listed in July 2021.
‘hit $550,000, compared with $305,000 in January 2020’
Yeah, that’s not bat sh$t crazy or anything.
One of Canada’s Biggest Builders Reportedly Closes Its Sales Offices — “Temporarily” and Very Quietly — Amid Price Downturn
Mattamy Homes, which claims to be the largest privately owned homebuilder in North America, has reportedly been sending emails to its customers to announce that its sales offices will be temporarily closed.
Whatcom County and Washington state saw an increase in median home sales prices in August as the Evergreen State remains one of the most expensive states in the U.S. to buy a home in.
The area saw a hopeful decrease in the median home sale price in the end of July, as prices plummeted by $107,500 between July 18 to 25, down to $522,500 according to Redfin Metro Area Data.
Unfortunately for those looking to purchase a home, the median home sale price in Whatcom County only had a short-lived dip, as the median price increased to $589,500 on Aug. 15.
Rapid changes in the housing market are something Whatcom has seen a lot of this year, as Redfin data shows the median home sale prices have seen a low of $488,750 and a high price of $671,000 just within the first three months of 2022.
The Alamo City area’s once-scorching housing market is continuing to cool. According to a new report by online broker Redfin, 44% of homes on the market in the San Antonio-New Braunfels metro underwent a cut in asking price in July. That’s nearly double the percentage of homes with price cuts during July 2021.
Other big Texas metros experienced similar price reductions. In Austin, 46% of listed homes tallied price cuts in July, and around 45% in Dallas and Fort Worth experienced reduced asking prices. Austin, Dallas, Fort Worth and San Antonio were all among the top 20 U.S. cities with the highest percentage of price reductions for the month, according to Redfin.
The Bank of Canada hiked its benchmark interest rate by another 0.75 per cent on Wednesday, the fifth increase this year, to 3.25 per cent. In its Wednesday statement, the central bank said due to rising mortgage rates over the past seven months, the “housing market is pulling back as anticipated,” calling the growth in home prices seen over the pandemic “unsustainable.”
“And all the while, annual appreciation continued to appear historically strong, showing double-digit growth month after month. Without timely, granular data, market-moving trends don’t become apparent until they’re right in front of you — like a sudden shift to the largest single-month decline in home prices in more than a decade,” Graboske said.
Mortgage lender lays off dozens in Clearwater
The Business Journals|18 hours ago
The mortgage lender’s CEO said it is taking action to navigate through a cooling housing market and “extremely challenging” economic climate.
Good morning Ben. Thank you for providing all this information.
The tech industry has had one refrain all summer long — the party is over. It remains unclear if investors are listening. Or if they really care. Or if the message is for them.
This week, at the Code Conference in Los Angeles, Alphabet CEO Sundar Pichai, Snap CEO Evan Spiegel, and Amazon CEO Andy Jassy all flagged some version of the need for a slowdown in how their companies think about spending, hiring, and the future that lies ahead.
Meanwhile, The Wall Street Journal reported this week that Netflix is looking to cuts costs across its business, notably its cloud-computing costs paid to Amazon Web Services, but also in areas as far flung as how much company swag employees are gifted each year.
Pichai’s comments from Code might have sent the biggest chill through the industry and with good reason — Alphabet employed some 174,014 people at the end of the second quarter.
Pichai told the Code Conference his company feels “very uncertain” about the current macroeconomic picture and is working to “figure out how to make the company 20% more productive,” according to CNBC. These comments were followed by a report from The Information, which cited an email sent to Google managers last week outlining the need to better control expenses, with particular scrutiny placed on business travel.
Washington Post — Ukrainian hit squads target Russian occupiers and collaborators (9/8/2022):
“Since Russian forces invaded in late February and began seizing Ukrainian cities and towns, close to 20 Kremlin-backed officials or their local Ukrainian collaborators have been killed or injured in a wave of assassinations and attempted killings.
They have been gunned down, blown up, hanged and poisoned — an array of methods that reflects the determination of the Ukrainian hit squads and saboteurs often operating deep inside enemy-controlled territory. The unpredictability of the attacks is meant to terrify anyone who might agree to serve in the puppet governments Russia has been creating with an eye toward staging sham referendums and ultimately annexing the occupied lands.”
Sham referendums? Like the 2020 U.S. presidential election?
“As Ukrainian soldiers press forward in the country’s south and east to try to reclaim occupied territories, Ukrainian authorities say the shadowy behind-the-lines operations are undermining, if not outright thwarting, Moscow’s plans to take political control, and especially to stage the sham referendums the Kremlin hoped to use to justify annexation.”
Note that these globalists use this phrase twice only a few paragraphs later: sham referendums.
“The assassination campaign, while cheered by many Ukrainians, nonetheless raises legal and ethical questions about extrajudicial killings and potential war crimes, particularly when the targets are political actors or civilians and not combatants on the battlefield or other military personnel. And those questions cannot simply be waved away by pointing to the illegality of Russia’s invasion.”
Zelensky is not a Christian.
“Mykhailo Podolyak, a top adviser to Ukrainian President Volodymyr Zelensky, told The Washington Post that the attacks in the occupied territories were evidence of a “powerful partisan and active protest movement” that shows “Moscow is absolutely incapable of controlling” the areas and that “no one here was waiting … with flowers in their hands” to greet the Russian forces.
As a result, Podolyak said, “all scenarios concocted in the Kremlin, including fictitious referendums, remain only on paper.” He said that Moscow was finding it difficult to recruit from the local population for the pro-Russian administrations, and that Russian officials were refusing to travel to Ukraine because of the risk they would end up on a target list.”
There’s that term again, except now they are “fictitious” referendums. Ukraine is a one party dictatorship. There is no legitimate democracy in Ukraine.
“The operations were aimed in part at derailing the Russian-organized referendums, Muzyka said, which in some areas had tentatively been scheduled to take place this month. Russia staged a similar referendum in Crimea in 2014 before annexing the territory in violation of international law.”
These unelected globalist bureaucrats can’t get enough of that word: referendum.
“I think it’s fair to say that Kyiv is very concerned about these referendums,” Muzyka said. Ukrainian officials “would do their utmost to actually prevent them from happening.”
The Washington Post thinks it is some kind of voice for democracy that speaks on behalf of the beliefs of the citizens, voters, taxpayers of the United States.
It is not. The Washington Post is what president Donald Trump was correctly referring to when he stated that “the media is the enemy of the American people.”
From the first 3 minute video:
LUXURY HOUSING MARKET WESTSIDE LOS ANGELES SUMMER 2022 VS SUMMER 2021
Danny Brown
Premiered Sep 7, 2022 The housing market is transitioning and here is an insiders breakdown
The second 4:38 video:
Pflugerville Texas Housing Prices Continue Dropping
Stephen Harris
Premiered Sep 7, 2022 Price drops are still running rampant in Pflugerville, TX. Will it continue into fall 2022???
The third 2 minute video:
Shifting Housing Market: Sergio Velarde Analysis
Sep 7, 2022 The Miami Housing market is finally shifting after the Pandemic
The last 7 minute video:
London Ontario Real Estate Market Update August 2022 11 Months of Price Gains Erased
Mark Mitchell – Mortgage Broker London Ontario
Sep 6, 2022
London Ontario’s real estate market continued to slide in August, erasing almost all of the price gains made in the last 11 months. The benchmark, average and median price of a home in London were all down, with homes selling for under-asking price and over 2 months of inventory available on the market.
But is real estate any more affordable in London?
Yes. As interest rates have remained largely unchained since this time in last month, households now need to earn $15,000 less than they did one month ago to afford the average home in London.
Benchmark price of a Home in London:
February Benchmark – $749,000
July Benchmark – $624,400
August Benchmark – $599,500
Average Price of a Home in London:
London February 2022 Average Price – $823,842
London July 2022 Average Price – $673,606
London August 2022 Average Price – $632,397
Median Price of a Home in London:
London February 2022 Median Price – $777,000
London July 2022 Average Price – $590,000
London August 2022 Average Price – $585,000
Sales to List Price Ratio – Over Asking Pricing
London February 2022 Sales to List Price– 125.6
London July 2022 Sales to List Price– 98.9
London August 2022 Sales to List Price– 97.8
Median Days on Market:
July Median Days on Market – 17
August Median Days on Market – 21
Months of Inventory:
July MOI – 3.2
August MOI – 2.5
Overall, Fannie Mae’s index measuring housing sentiment again fell in August and remains at the lowest level since 2011, reflecting the about-face housing has experienced this year as higher mortgage rates halt a once-runaway market.
“The share of consumers expecting home prices to go down over the next year increased substantially in August,” Fannie Mae Chief Economist Doug Duncan said. “We also observed a large decline in consumers reporting high home prices as the primary reason for it being a good time to sell a home, suggesting that expectations of slowing or declining home prices have begun to negatively affect selling sentiment.”
https://www.msn.com/en-us/money/realestate/growing-share-of-americans-believe-home-prices-will-fall/ar-AA11Ca2e
China is beset by severe economic problems. Growth has stalled, youth unemployment is at a record high, the housing market is collapsing, and companies are struggling with recurring supply chain headaches.
The world’s second biggest economy is grappling with the impact of severe drought and its vast real estate sector is suffering the consequences of running up too much debt. But the situation is being made much worse by Bejing’s adherence to a rigid zero-Covid policy, and there’s no sign that’s going to change this year.
Within the past two weeks, eight megacities have gone into full or partial lockdowns. Together these vital centers of manufacturing and transport are home to 127 million people. Nationwide, at least 74 cities had been closed off since late August, affecting more than 313 million residents.
Giving up on zero-Covid doesn’t seem like an option for Xi, who this year has repeatedly put greater emphasis on defeating the virus than rescuing the economy.
In a trip to Wuhan in June, he said China must maintain its zero-Covid policy “even though it might hurt the economy.” At a leadership meeting in July, he reaffirmed that approach and urged officials to look at the relationship between virus prevention and economic growth “from a political point of view.”
“Beijing has sought to cast its zero-Covid policies as evidence of the Party’s strength, and therefore, by extension, Xi Jinping’s leadership,” Singleton said.
China’s job market has deteriorated in the past few months. Most recent data showed that the unemployment rate among 16 to 24 year-olds hit an all-time high of 19.9% in July, the fourth consecutive month it had broken records. That means China now has about 21 million jobless youth in cities and towns. Rural unemployment isn’t included in official figures.
https://www.msn.com/en-us/news/world/chinas-economy-is-in-bad-shape-and-could-stay-that-way-for-a-while/ar-AA11DcOQ
Mass Formation Psychosis.
This is what Europe wants to become, because they are states that have never known freedom. The United States is one of the last free nations. The Chinese, and soon the Europeans too, under globalism, are slaves.
The drop-off has been particularly acute in Austin — where an already-hot housing market was super-charged during the pandemic, peaking in May when the median price for a home hit $550,000, compared with $305,000 in January 2020, just before the pandemic began.
Now, demand for housing in the capital city has tapered off. The number or houses for sale reached 8,709 in July — a 168% jump from the 3,251 listed in July 2021.
https://myparistexas.com/texas-housing-market-shows-signs-of-cooling-down-after-the-pandemic-drove-it-to-new-heights/
‘hit $550,000, compared with $305,000 in January 2020’
Yeah, that’s not bat sh$t crazy or anything.
One of Canada’s Biggest Builders Reportedly Closes Its Sales Offices — “Temporarily” and Very Quietly — Amid Price Downturn
Mattamy Homes, which claims to be the largest privately owned homebuilder in North America, has reportedly been sending emails to its customers to announce that its sales offices will be temporarily closed.
https://thedeepdive.ca/one-of-canadas-biggest-builders-reportedly-closes-its-sales-offices-temporarily-and-very-quietly-amid-price-downturn/
Whatcom County and Washington state saw an increase in median home sales prices in August as the Evergreen State remains one of the most expensive states in the U.S. to buy a home in.
The area saw a hopeful decrease in the median home sale price in the end of July, as prices plummeted by $107,500 between July 18 to 25, down to $522,500 according to Redfin Metro Area Data.
Unfortunately for those looking to purchase a home, the median home sale price in Whatcom County only had a short-lived dip, as the median price increased to $589,500 on Aug. 15.
Rapid changes in the housing market are something Whatcom has seen a lot of this year, as Redfin data shows the median home sale prices have seen a low of $488,750 and a high price of $671,000 just within the first three months of 2022.
https://www.msn.com/en-us/money/realestate/whatcom-county-housing-market-prices-climb-again-here-are-updates-and-recent-trends/ar-AA11C9NK
A 2 minute video:
Homesellers are giving buyers more wiggle room when it comes to negotiations, especially in Arizona as the market begins to cool off.
https://www.azfamily.com/video/2022/09/08/cooling-arizona-housing-market-giving-buyers-more-power/
The Alamo City area’s once-scorching housing market is continuing to cool. According to a new report by online broker Redfin, 44% of homes on the market in the San Antonio-New Braunfels metro underwent a cut in asking price in July. That’s nearly double the percentage of homes with price cuts during July 2021.
Other big Texas metros experienced similar price reductions. In Austin, 46% of listed homes tallied price cuts in July, and around 45% in Dallas and Fort Worth experienced reduced asking prices. Austin, Dallas, Fort Worth and San Antonio were all among the top 20 U.S. cities with the highest percentage of price reductions for the month, according to Redfin.
https://www.sacurrent.com/news/almost-half-of-san-antonio-area-homes-experienced-price-cuts-amid-cooling-real-estate-market-29802034
The Bank of Canada hiked its benchmark interest rate by another 0.75 per cent on Wednesday, the fifth increase this year, to 3.25 per cent. In its Wednesday statement, the central bank said due to rising mortgage rates over the past seven months, the “housing market is pulling back as anticipated,” calling the growth in home prices seen over the pandemic “unsustainable.”
https://www.msn.com/en-ca/money/finance-real-estate/bc-home-sales-forecast-to-slump-34-25-this-year-dip-further-in-2023/ar-AA11Czvi
Check out the chart over this:
Southern Nevada house prices have been tumbling lately.
https://pvtimes.com/news/pahrump-home-prices-up-in-august-as-most-of-region-sees-decline-112699/
“And all the while, annual appreciation continued to appear historically strong, showing double-digit growth month after month. Without timely, granular data, market-moving trends don’t become apparent until they’re right in front of you — like a sudden shift to the largest single-month decline in home prices in more than a decade,” Graboske said.
https://www.msn.com/en-us/news/other/us-home-prices-see-biggest-monthly-drop-in-11-years-it-s-weighing-on-homeowner-wealth/ar-AA11BSuo
Mortgage lender lays off dozens in Clearwater
The Business Journals|18 hours ago
The mortgage lender’s CEO said it is taking action to navigate through a cooling housing market and “extremely challenging” economic climate.
Good morning Ben. Thank you for providing all this information.
The tech industry has had one refrain all summer long — the party is over. It remains unclear if investors are listening. Or if they really care. Or if the message is for them.
This week, at the Code Conference in Los Angeles, Alphabet CEO Sundar Pichai, Snap CEO Evan Spiegel, and Amazon CEO Andy Jassy all flagged some version of the need for a slowdown in how their companies think about spending, hiring, and the future that lies ahead.
Meanwhile, The Wall Street Journal reported this week that Netflix is looking to cuts costs across its business, notably its cloud-computing costs paid to Amazon Web Services, but also in areas as far flung as how much company swag employees are gifted each year.
Pichai’s comments from Code might have sent the biggest chill through the industry and with good reason — Alphabet employed some 174,014 people at the end of the second quarter.
Pichai told the Code Conference his company feels “very uncertain” about the current macroeconomic picture and is working to “figure out how to make the company 20% more productive,” according to CNBC. These comments were followed by a report from The Information, which cited an email sent to Google managers last week outlining the need to better control expenses, with particular scrutiny placed on business travel.
https://finance.yahoo.com/news/tech-executives-party-is-over-morning-brief-092626470.html
Your federal income taxes are paying for this.
Washington Post — Ukrainian hit squads target Russian occupiers and collaborators (9/8/2022):
“Since Russian forces invaded in late February and began seizing Ukrainian cities and towns, close to 20 Kremlin-backed officials or their local Ukrainian collaborators have been killed or injured in a wave of assassinations and attempted killings.
They have been gunned down, blown up, hanged and poisoned — an array of methods that reflects the determination of the Ukrainian hit squads and saboteurs often operating deep inside enemy-controlled territory. The unpredictability of the attacks is meant to terrify anyone who might agree to serve in the puppet governments Russia has been creating with an eye toward staging sham referendums and ultimately annexing the occupied lands.”
Sham referendums? Like the 2020 U.S. presidential election?
“As Ukrainian soldiers press forward in the country’s south and east to try to reclaim occupied territories, Ukrainian authorities say the shadowy behind-the-lines operations are undermining, if not outright thwarting, Moscow’s plans to take political control, and especially to stage the sham referendums the Kremlin hoped to use to justify annexation.”
Note that these globalists use this phrase twice only a few paragraphs later: sham referendums.
“The assassination campaign, while cheered by many Ukrainians, nonetheless raises legal and ethical questions about extrajudicial killings and potential war crimes, particularly when the targets are political actors or civilians and not combatants on the battlefield or other military personnel. And those questions cannot simply be waved away by pointing to the illegality of Russia’s invasion.”
Zelensky is not a Christian.
“Mykhailo Podolyak, a top adviser to Ukrainian President Volodymyr Zelensky, told The Washington Post that the attacks in the occupied territories were evidence of a “powerful partisan and active protest movement” that shows “Moscow is absolutely incapable of controlling” the areas and that “no one here was waiting … with flowers in their hands” to greet the Russian forces.
As a result, Podolyak said, “all scenarios concocted in the Kremlin, including fictitious referendums, remain only on paper.” He said that Moscow was finding it difficult to recruit from the local population for the pro-Russian administrations, and that Russian officials were refusing to travel to Ukraine because of the risk they would end up on a target list.”
There’s that term again, except now they are “fictitious” referendums. Ukraine is a one party dictatorship. There is no legitimate democracy in Ukraine.
“The operations were aimed in part at derailing the Russian-organized referendums, Muzyka said, which in some areas had tentatively been scheduled to take place this month. Russia staged a similar referendum in Crimea in 2014 before annexing the territory in violation of international law.”
These unelected globalist bureaucrats can’t get enough of that word: referendum.
“I think it’s fair to say that Kyiv is very concerned about these referendums,” Muzyka said. Ukrainian officials “would do their utmost to actually prevent them from happening.”
https://archive.ph/jruLP
The Washington Post thinks it is some kind of voice for democracy that speaks on behalf of the beliefs of the citizens, voters, taxpayers of the United States.
It is not. The Washington Post is what president Donald Trump was correctly referring to when he stated that “the media is the enemy of the American people.”