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From the first 6 minute video:
Buyers get SQUEEZED | Arizona Real Estate
Rick McHone
Sep 20, 2022 Now to afford an avg home with the recent rate hikes you need to make over $89k. That is up $29k since January.
The second 15 minute video:
Massachusetts Real Estate Market Update for the week of 9/19/2022
Selling Boston & the Burbs by Jeffrey Chubb
Sep 21, 2022 Recap of Video:
✅ We go over your weekly Massachusetts Single Family 🏠, Condo Real Estate Market numbers.
✅ Rates ⬆️ jumped – Multi-Decade highs. What is the impact to you?
✅ Builder Confidence ⬇️ TUMBLES. What does that mean for you?
✅ New Segment taking a look at the most expensive condo in Massachusetts (It is being sold as-is and isn’t even finished yet!)!
➡️ Single Family 🏡 Market Data Week over Week ⬅️
✅ Single Family inventory in Massachusetts on 9/19 was 5,333 homes available to buyers. Inventory sits at an additional 181 units on the market then we had the week before Labor Day and 358 when compared to 2021.
✅ 1,166 Single Family 🏠 homes came on the market this week! Slightly above the average for July & August of 1,110.
✅ 1,123 Single Family homes went under agreement with 900 Single Families 💰 selling for an average price of $732k and a Median Price of $575k.
✅ Year over year, Buyer demand down 22% vs. Seller Supply down 17%
✅ Months of Inventory increased 🦘 to 1.33 months from 1.31 months last week. This signals a Very Strong Seller’s Market.
✅ Great color on some recent accepted transactions that show the 💪 leverage that buyer’s have in a transaction.
➡️ Condo Market Data Week over Week ⬅️
✅ Condo inventory in Massachusetts on 📅 9/19 was 2,751 condos available to buyers. This is only 185 (6%) units less then last years inventory numbers of 2,936.
✅ 613 Condos came on the market this week.
✅ 421 Condos went under agreement with 281 Condos 💰 selling for an average price of $555k and a Median Price of $465k.
✅ Year over year, Buyer demand down 36% vs. Seller Supply down 23%
✅ Months of Inventory increased to 1.83 months this week compared to 1.70 months last week.
➡️ Mortgage Market News ⬅️
✅ We are at 14 Year Highs for Interest Rates.
✅ Rates continued their up trend 📈 with many people being quoted in the mid to high 6% range. Have heard some people getting in the low 6s. It’s a volatile market.
✅ big data points this week. Existing Home Sales, the Federal Reserve Statement and initial Jobless Claims.
➡️ Builder Confidence ⬅️
✅ Ouch, 🩹 9th consecutive month that builder confidence has gone down.
✅ Currently measured at 46 vs. 83 in January.
✅ Homebuilders are having to offer incentives and reduce prices. Provide a great example of a building in Boston offering some crazy incentives!
➡️ Most Expensive Condo For Sale in Massachusetts ⬅️
✅ Condo located at 34.5 Beacon Street in Beacon Hill.
✅ AS-IS Condo that isn’t even completed (and won’t be finished) being marketed by MGS Group Real Estate for 💰 $20,000,000
The third 7 minute video:
Toronto Home Appraisals Coming in LOW! Now What?
Sep 20, 2022
Lenders are now being pickier than ever with who they hand out mortgages too. Home appraisals are coming in lower than the purchase price. This can be a major issue especially if you don’t protect yourself. In this video, I talk about the repercussions of this happening in the Toronto real estate market and how to avoid this, right from the beginning.
The last 13 minute video:
Are Big Problems Ahead For Home Prices In Brampton, Mississauga & Durham Real Estate? – Sept 14
Team Sessa Real Estate
Sep 21, 2022
Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate Market Report for the week of Sept 8 – Sept 14, 2022
you need to make
I’m so sick of seeing this. Incomes don’t magically inflate. Prices need to come down.
New York-based real estate brokerage Compass has laid off 84 employees based in Washington state as part of a reduction that largely targets the company’s technology workforce.
In a filing with the U.S. Securities and Exchange Commission on Tuesday, Compass said a significant portion of its cuts in headcount would come from the company’s product and engineering team.
A Worker Adjustment and Retraining Notification from the Washington state Employment Security Department on Wednesday put the number at 271 workers, with 84 “local” and 187 “virtual.” A Compass spokesperson said “virtual” employees were remote or spread across the country, but have to be assigned a location, so the Compass system considers them Washington employees.
Amid a cooling U.S. housing market driven by increased mortgage rates, Compass previously stated in an Aug. 15 earnings call that it would be cutting costs in order to achieve profitability in 2023. Seattle-based Redfin also made cuts this summer, laying off 8% of its workforce to address to the housing downturn.
The bad news for the housing market continues to mount.
Existing-home sales fell for a seventh straight month in August, dropping 0.4% from July and 19.9% from a year earlier, according to the National Association of Realtors.
The annualized sales pace was the lowest since May 2020, early in the pandemic.
The median existing-home-sale price dropped for the second month in a row – to $389,500 in August, down 3.5% from $403,800 in July. The price hit a record peak of $413,800 in June.
To be sure, the latest number still represents a 7.7% increase from $361,500 in August 2021, indicating home prices may still be unaffordable for most Americans.
August marked the 126th straight month of year-over-year increases, a record.
“We’re seeing a perfect storm here, nationally and in Rochester, in the way that all signs are leading to a slowdown for residential housing,” says Rick Herman, CEO at the Rochester Home Builders’ Association.
Last year, miners were clamoring to sign advance contracts with Bitmain and its peers, MicroBT and Canaan, as a bull market sent the bitcoin price to a record high, driving up production. Demand has since slowed and the price of rigs has dropped from an average of $68/TH on Jan. 1 to $20.8/TH on Sept. 20, Luxor Technologies data show.
“The market is choking on the volume of new hardware, some that was preordered and financed with the hope of expansion,” said Denis Rusinovich, co-founder of CMG Cryptocurrency Mining Group and Maverick Group. An indicator of how much North America was flooded with hardware was illustrated about a month ago, when hardware imported into the U.S. was cheaper by as much as $1.5/TH compared with China.
Based on conversations with analysts, Matt Schultz, the executive chairman of bitcoin miner CleanSpark, estimates that there are 250,000-500,000 new mining rigs sitting in their boxes across the U.S.
“Bitmain’s new discount price of $19/TH will definitely lead the rig market to drop further,” said Arcane Research analyst Jaran Mellerud.
There are few places in the U.S. with a more deeply ingrained reputation as a refuge for immigrants than New York City, where the Statue of Liberty rises from the harbor as a symbol of welcome for the worn and weary.
But for Mayor Eric Adams, reconciling that image with an influx of migrants landing in the city, including thousands being bused there by Republican Gov. Greg Abbott of Texas, is proving difficult. The city is struggling to accommodate what Adams says has totaled more than 13,000 asylum seekers, leading him to explore whether New York can ease its practices for sheltering the homeless or even temporarily house migrants on cruise ships. Both ideas have drawn blowback from liberal advocates who are influential in the city’s politics.
Adams is one of several leaders of Democratic-leaning jurisdictions facing a sudden test of their commitment to being “sanctuary” cities or states. The designation, in which local officials pledge to limit their cooperation with federal immigration authorities, has long proved popular among progressives pressing to ensure the government treats migrants humanely.
But officials say the policy is being exploited by leaders hoping to make a political point.
“We are not telling anyone that New York can accommodate every migrant in the city. We’re not encouraging people to send eight, nine buses a day. That is not what we’re doing,” Adams said this week about his request for Abbott to coordinate with the city about the buses of migrants he’s sending. “We’re saying that as a sanctuary and a city with right to shelter, we’re going to fulfill our obligation.”
Californians are bearing the burden of record-breaking inflation. While this is a nationwide problem, it is worse in our state than anywhere else because of misguided policy choices that continue to raise the cost of living.
It doesn’t have to be this way. There was a time when the average Californian could live comfortably in the Golden State. These days you need a minimum annual salary of $149,310 to make ends meet. No wonder half of Californians have considered leaving and millions have already moved to more affordable states.
California regulators could soon ban the sale of diesel big rigs by 2040, ending a long reliance on the polluting vehicles that are the backbone of the American economy.
As a national land broker explained, “There is a globe full of land were fully 95% of it goes undeveloped. Land is essentially worthless dirt. If you paid more than $500 an acre, you got ripped off.”
Canada to make ArriveCan optional, drop vaccine requirement at the border by Sept. 30
Pollster Nik Nanos, president of Nanos Research, said the Liberal government is trying to take COVID-19 travel restrictions off the table so it doesn’t look dogmatic.
“That is what has upset people,” he said. “Now that more and more people are travelling they are seeing that Canada is much more stricter and over the top about these kind of things than a lot of other countries.”
“The current science supports the relaxation of measures such as these.”
I love it. The current science. The science changes week by week according to the political winds.
Unless Rents Rise, Housing Is Set Up for an Epic Crash
The Washington Post|5 hours ago
Two years ago I considered valuations in the residential housing market and concluded: The good news is this is not a disaster market. There’s no evidence home price declines could threaten the financial system,
From the first 6 minute video:
Buyers get SQUEEZED | Arizona Real Estate
Rick McHone
Sep 20, 2022 Now to afford an avg home with the recent rate hikes you need to make over $89k. That is up $29k since January.
The second 15 minute video:
Massachusetts Real Estate Market Update for the week of 9/19/2022
Selling Boston & the Burbs by Jeffrey Chubb
Sep 21, 2022 Recap of Video:
✅ We go over your weekly Massachusetts Single Family 🏠, Condo Real Estate Market numbers.
✅ Rates ⬆️ jumped – Multi-Decade highs. What is the impact to you?
✅ Builder Confidence ⬇️ TUMBLES. What does that mean for you?
✅ New Segment taking a look at the most expensive condo in Massachusetts (It is being sold as-is and isn’t even finished yet!)!
➡️ Single Family 🏡 Market Data Week over Week ⬅️
✅ Single Family inventory in Massachusetts on 9/19 was 5,333 homes available to buyers. Inventory sits at an additional 181 units on the market then we had the week before Labor Day and 358 when compared to 2021.
✅ 1,166 Single Family 🏠 homes came on the market this week! Slightly above the average for July & August of 1,110.
✅ 1,123 Single Family homes went under agreement with 900 Single Families 💰 selling for an average price of $732k and a Median Price of $575k.
✅ Year over year, Buyer demand down 22% vs. Seller Supply down 17%
✅ Months of Inventory increased 🦘 to 1.33 months from 1.31 months last week. This signals a Very Strong Seller’s Market.
✅ Great color on some recent accepted transactions that show the 💪 leverage that buyer’s have in a transaction.
➡️ Condo Market Data Week over Week ⬅️
✅ Condo inventory in Massachusetts on 📅 9/19 was 2,751 condos available to buyers. This is only 185 (6%) units less then last years inventory numbers of 2,936.
✅ 613 Condos came on the market this week.
✅ 421 Condos went under agreement with 281 Condos 💰 selling for an average price of $555k and a Median Price of $465k.
✅ Year over year, Buyer demand down 36% vs. Seller Supply down 23%
✅ Months of Inventory increased to 1.83 months this week compared to 1.70 months last week.
➡️ Mortgage Market News ⬅️
✅ We are at 14 Year Highs for Interest Rates.
✅ Rates continued their up trend 📈 with many people being quoted in the mid to high 6% range. Have heard some people getting in the low 6s. It’s a volatile market.
✅ big data points this week. Existing Home Sales, the Federal Reserve Statement and initial Jobless Claims.
➡️ Builder Confidence ⬅️
✅ Ouch, 🩹 9th consecutive month that builder confidence has gone down.
✅ Currently measured at 46 vs. 83 in January.
✅ Homebuilders are having to offer incentives and reduce prices. Provide a great example of a building in Boston offering some crazy incentives!
➡️ Most Expensive Condo For Sale in Massachusetts ⬅️
✅ Condo located at 34.5 Beacon Street in Beacon Hill.
✅ AS-IS Condo that isn’t even completed (and won’t be finished) being marketed by MGS Group Real Estate for 💰 $20,000,000
The third 7 minute video:
Toronto Home Appraisals Coming in LOW! Now What?
Sep 20, 2022
Lenders are now being pickier than ever with who they hand out mortgages too. Home appraisals are coming in lower than the purchase price. This can be a major issue especially if you don’t protect yourself. In this video, I talk about the repercussions of this happening in the Toronto real estate market and how to avoid this, right from the beginning.
The last 13 minute video:
Are Big Problems Ahead For Home Prices In Brampton, Mississauga & Durham Real Estate? – Sept 14
Team Sessa Real Estate
Sep 21, 2022
Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate Market Report for the week of Sept 8 – Sept 14, 2022
you need to make
I’m so sick of seeing this. Incomes don’t magically inflate. Prices need to come down.
New York-based real estate brokerage Compass has laid off 84 employees based in Washington state as part of a reduction that largely targets the company’s technology workforce.
In a filing with the U.S. Securities and Exchange Commission on Tuesday, Compass said a significant portion of its cuts in headcount would come from the company’s product and engineering team.
A Worker Adjustment and Retraining Notification from the Washington state Employment Security Department on Wednesday put the number at 271 workers, with 84 “local” and 187 “virtual.” A Compass spokesperson said “virtual” employees were remote or spread across the country, but have to be assigned a location, so the Compass system considers them Washington employees.
Amid a cooling U.S. housing market driven by increased mortgage rates, Compass previously stated in an Aug. 15 earnings call that it would be cutting costs in order to achieve profitability in 2023. Seattle-based Redfin also made cuts this summer, laying off 8% of its workforce to address to the housing downturn.
https://www.geekwire.com/2022/real-estate-giant-compass-lays-off-84-workers-in-washington-state-as-it-targets-tech-team-for-cuts/
The bad news for the housing market continues to mount.
Existing-home sales fell for a seventh straight month in August, dropping 0.4% from July and 19.9% from a year earlier, according to the National Association of Realtors.
The annualized sales pace was the lowest since May 2020, early in the pandemic.
The median existing-home-sale price dropped for the second month in a row – to $389,500 in August, down 3.5% from $403,800 in July. The price hit a record peak of $413,800 in June.
To be sure, the latest number still represents a 7.7% increase from $361,500 in August 2021, indicating home prices may still be unaffordable for most Americans.
August marked the 126th straight month of year-over-year increases, a record.
https://www.msn.com/en-us/money/realestate/housing-slump-continues-as-existing-home-sales-drop/ar-AA125NtJ
“We’re seeing a perfect storm here, nationally and in Rochester, in the way that all signs are leading to a slowdown for residential housing,” says Rick Herman, CEO at the Rochester Home Builders’ Association.
https://rochesterbeacon.com/2022/09/21/local-housing-market-reflects-national-trend/
Last year, miners were clamoring to sign advance contracts with Bitmain and its peers, MicroBT and Canaan, as a bull market sent the bitcoin price to a record high, driving up production. Demand has since slowed and the price of rigs has dropped from an average of $68/TH on Jan. 1 to $20.8/TH on Sept. 20, Luxor Technologies data show.
“The market is choking on the volume of new hardware, some that was preordered and financed with the hope of expansion,” said Denis Rusinovich, co-founder of CMG Cryptocurrency Mining Group and Maverick Group. An indicator of how much North America was flooded with hardware was illustrated about a month ago, when hardware imported into the U.S. was cheaper by as much as $1.5/TH compared with China.
Based on conversations with analysts, Matt Schultz, the executive chairman of bitcoin miner CleanSpark, estimates that there are 250,000-500,000 new mining rigs sitting in their boxes across the U.S.
“Bitmain’s new discount price of $19/TH will definitely lead the rig market to drop further,” said Arcane Research analyst Jaran Mellerud.
https://finance.yahoo.com/news/bitmain-discounts-bitcoin-mining-machines-122323788.html
A comment:
hahahaha
Am I missing something? Spending money to “mine” an intangible asset with no fundamental value?
missing something?
Yes! They use the word “rig” to conjure an image of an oil drilling rig. It fosters the “let’s pretend” game.
I didn’t get that far down into the excerpt.
Spending money to “mine” an intangible asset with no fundamental value?
And energy prices are going up.
Dr Bernard (chubbyemu) A Bitcoin Miner Heatstroked In His Sleep. This Is What Happened To His Organs.
https://www.youtube.com/watch?v=fr8bp8a2QS4
There are few places in the U.S. with a more deeply ingrained reputation as a refuge for immigrants than New York City, where the Statue of Liberty rises from the harbor as a symbol of welcome for the worn and weary.
But for Mayor Eric Adams, reconciling that image with an influx of migrants landing in the city, including thousands being bused there by Republican Gov. Greg Abbott of Texas, is proving difficult. The city is struggling to accommodate what Adams says has totaled more than 13,000 asylum seekers, leading him to explore whether New York can ease its practices for sheltering the homeless or even temporarily house migrants on cruise ships. Both ideas have drawn blowback from liberal advocates who are influential in the city’s politics.
Adams is one of several leaders of Democratic-leaning jurisdictions facing a sudden test of their commitment to being “sanctuary” cities or states. The designation, in which local officials pledge to limit their cooperation with federal immigration authorities, has long proved popular among progressives pressing to ensure the government treats migrants humanely.
But officials say the policy is being exploited by leaders hoping to make a political point.
“We are not telling anyone that New York can accommodate every migrant in the city. We’re not encouraging people to send eight, nine buses a day. That is not what we’re doing,” Adams said this week about his request for Abbott to coordinate with the city about the buses of migrants he’s sending. “We’re saying that as a sanctuary and a city with right to shelter, we’re going to fulfill our obligation.”
https://www.nbcnewyork.com/investigations/migrant-crisis/sanctuary-cities-continue-to-navigate-migrant-influx-from-gop-states/3875339/
Californians are bearing the burden of record-breaking inflation. While this is a nationwide problem, it is worse in our state than anywhere else because of misguided policy choices that continue to raise the cost of living.
It doesn’t have to be this way. There was a time when the average Californian could live comfortably in the Golden State. These days you need a minimum annual salary of $149,310 to make ends meet. No wonder half of Californians have considered leaving and millions have already moved to more affordable states.
https://www.mtdemocrat.com/opinion/kileys-corner-charting-a-new-course-to-stop-inflation/
California regulators could soon ban the sale of diesel big rigs by 2040, ending a long reliance on the polluting vehicles that are the backbone of the American economy.
https://www.latimes.com/world-nation/newsletter/2022-09-21/california-ban-disesel-big-rig-trucks-todays-headlines
“These days you need a minimum annual salary of $149,310 to make ends meet.”
Cursory observation: Anyone making decent money is usually supporting several stubborn “hanger-on” dependents.
Plano, TX Housing Prices Crater 29% YOY As Dallas Area Land And Lot Prices Plunge
https://www.movoto.com/plano-tx/market-trends/
As a national land broker explained, “There is a globe full of land were fully 95% of it goes undeveloped. Land is essentially worthless dirt. If you paid more than $500 an acre, you got ripped off.”
Canada to make ArriveCan optional, drop vaccine requirement at the border by Sept. 30
Pollster Nik Nanos, president of Nanos Research, said the Liberal government is trying to take COVID-19 travel restrictions off the table so it doesn’t look dogmatic.
“That is what has upset people,” he said. “Now that more and more people are travelling they are seeing that Canada is much more stricter and over the top about these kind of things than a lot of other countries.”
https://www.theglobeandmail.com/business/article-canada-to-drop-covid-19-vaccine-requirement-for-entering-country-on/
From the article:
“The current science supports the relaxation of measures such as these.”
I love it. The current science. The science changes week by week according to the political winds.
Unless Rents Rise, Housing Is Set Up for an Epic Crash
The Washington Post|5 hours ago
Two years ago I considered valuations in the residential housing market and concluded: The good news is this is not a disaster market. There’s no evidence home price declines could threaten the financial system,