It's Friday desk clearing time for this blogger. "Ada County’s median home price last month…
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From the first 15 minute video:
Real Estate market in Salt Lake City Utah
Sep 25, 2022 Higher home prices, mortgage rates, and property taxes are changing the game for the real estate market in Salt Lake City Utah !
In this video we’ll be discussing the changes taking place in the Salt Lake City Utah housing market and the overall Utah real estate market.
Long are the days of selling your home with multiple offers, selling for well over list price, and inspection and appraisal waivers are OVER! Salt Lake City Utah home buyers and those selling a home in Salt Lake City are coming to terms with a more balanced market.
The second 8:30 video:
Hidden Home Inventory A MASSIVE Problem!
Austin
Sep 25, 2022
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.
The U.S. housing market stares down an even bigger economic shock—mortgage rates near 7%
The Australian and Canadian housing markets are experiencing double-digit house price declines, and economists are of the view that a global downturn in the housing market is just getting started. Hideaki Hirata of Hosei University and a former Bank of Japan economist, told Bloomberg on September 12:
“We will observe a globally synchronized housing market downturn in 2023 and 2024.”
Mester at MIT was asked repeatedly about the housing market, and even whether the Fed had perhaps already gone far enough, but she stuck to her guns.
This is “going to be painful,” she said, and unemployment will rise, but to bring down inflation, “we are just going to have to move rates up and rates are going to be held higher for longer than we thought previously.”
But she didn’t say that the fed held rates too low for too long. Saving the big investment banks had a terrible price tag.
The worst bond selloff in decades is seeing few signs of ending, with UK notes losing a stunning 27% this year, as central banks battle to stamp out the strongest inflationary pressures in decades.
Asian markets risk a reprise of crisis-level stress as two of the region’s most important currencies crumble under the onslaught of relentless dollar strength. The yuan and yen are both tumbling due to the growing disparity between an uber-hawkish Federal Reserve and dovish policy makers in China and Japan. While other Asian nations are digging deep into foreign-exchange reserves to mitigate the dollar’s damage, the yuan and yen’s slump is making things worse for everyone, threatening the region’s mantle as a preferred destination for risk investors.
“The renminbi and yen are big anchors and their weakness risks destabilizing currencies to trade and investments in Asia,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in Singapore, using another name for China’s currency. “We’re already heading toward global financial crisis levels of stress in some aspects, then the next step would be the Asian financial crisis if losses deepen.”
Mutual-fund giant Fidelity Investments has slashed the valuations on its holdings in several private Canadian technology companies including Hootsuite Inc. and ApplyBoard, Inc., reflecting a broader downturn in the value and prospects of their publicly traded peers.
Fidelity revealed the valuations of its public and private holdings for the year ended June 30 in its annual report, filed with security regulators Monday. The 1,254-page document provides a once-yearly snapshot of the investments held by its 100-plus funds.
According to the filings, Fidelity cut the valuation of its holdings in Vancouver-based social-media management company Hootsuite by 46 per cent, to $18.1-million from $33.5-million a year earlier. That is even lower than Fidelity’s $20.2-million book cost of its original investment, held by its Canadian Growth and Special Situations funds, made several years earlier.
Hootsuite, a beacon of Canada’s tech sector and one of the country’s largest private software companies, laid off 30 per cent of its staff two months ago, or roughly 400 people.
Fidelity was also an investor in several financings by ApplyBoard, committing a total of $20.77-million to the education technology company, based in Kitchener, Ont., through its Special Situations Fund. By June 30, 2021, it had written up the book value of its holdings to $29.2-million on the heels of a US$300-million financing last year, led by Ontario Teachers’ Pension Plan, that valued the company at the time at US$3.2-billion.
However, as of this past June 30, Fidelity had cut the valuation of most of its ApplyBoard holdings by 24.3 per cent from a year earlier.
Fidelity reduced the valuation of its holdings across two funds in Montreal artificial-intelligence startup Imagia Cybernetics, Inc., by 49.6 per cent, to a total of $1.87-million. It also nearly halved the value of its $8.64-million investment in Quebec sensor-technology maker LeddarTech Inc., made within the past year, to $4.5-million as of June 30.
Fidelity also sustained heavy losses in its publicly traded technology companies, which include such names in Canada as Copperleaf Technologies Inc., Shopify Inc., Dialogue Health Technologies Inc. and Docebo Inc., reflecting the crash in valuations across the sector.
Yep, the NASDAQ is being beaten into submission, but some of those technology firms will be a solid buy next year.
As most of the nine University of California undergraduate campuses start the fall quarter, the state’s college housing shortage has thrown thousands of students into crisis. About 9,400 students systemwide were denied university housing this fall because of shortages — and some campuses are back to squeezing three students into a dorm room as a stopgap measure.
Some are living in vehicles. And some students who manage to find housing struggle to pay for it, working multiple jobs and taking out thousands of dollars in loans as a last resort.
What a broke a$$ state. And then it catches fire and they whine about that for a couple of years.
Why would anyone think a college degree from anywhere in FUSA is worth anything? Might as well buy hookers and coke, at least you’d learn something and it wouldn’t be such a waste.
My son’s University owned apartment rent is more than the mortgage payments I paid for a 3/2 spec rancher.
Room and board is a cash cow for schools.
Yup.
BayFirst National Bank withdraws from residential mortgage business
HousingWire|11 hours ago
BayFirst National Bank originated about $1.6 billion in residential mortgage over the past year and has 232 registered LOs nationwide.
On Monday, the city opened an invitation for proposals for LaSalle Street Reimagined, an effort to revitalize and repurpose dozens of historic and prewar structures built for a different era in which “a monoculture of office uses” was prioritized.
“The corridor has the highest commercial and retail vacancy rates in any downtown subdistrict, the biggest drop in new leasing activity anywhere downtown,” Chicago Department of Planning and Development Commissioner Maurice Cox said at a Monday press conference held at the historic Rookery Building, noting that while the Central Business District’s population has tripled since 1980, “virtually none of the growth occurred on LaSalle and there’s not a single affordable apartment on the street.”
Meanwhile, market reports show the area around La Salle suffers from vacancy rates of about 26% for office space and 36% for the retail space.
A local funk band says a venue in Vancouver’s Downtown Eastside cancelled the booking for an upcoming show because the sidewalk outside has become part of the Hastings Street homeless encampment.
Soulstream drummer Randall Stoll booked their Oct. 8 show at The Imperial back in March, and says MRG Live, the company that manages the venue, emailed him a few days ago to say it could no longer host.
”Imperial contacted me and said because the homelessness and the violence is right on their doorstep, they didn’t feel it was safe for their staff, the artists or the clients coming in, so they stopped having all events,” said Stoll.
There are now multiple tents and needle collection bins just steps from The Imperial’s entrance, which is a block from Hastings and Main. Stoll said when he posted about the show’s cancellation on the band’s Facebook page, some fans were relieved.
“They weren’t looking forward to standing out there waiting for a cab and not feeling safe,” said Stoll, who has stopped going to restaurants in the area because the environment has become toxic.
Jeff Guignard with the Alliance of Beverage Licensees says this should serve as a wake-up call for all levels of government. “No matter what you think about the complex causes of these issues, we really feel that citizens should be seriously concerned for what it means for a place like Vancouver when a business says it can no longer operate safely in the city,” he said.
As you said the other day, these cities are turning into black holes. And Vancouver is in Canaduh, the alleged land of milk and honey that isn’t supposed to have the USA’s problems.
A 2 minute video:
Hot housing market starts to cool in Metro Detroit
Houses aren’t selling as quickly as they were a year or two ago in Metro Detroit, and less often buyers are choosing to waive inspections. Inventory is still low, though, while interest rates are up.
How in Edsel Ford’s name could Detroit have had a “hot housing market”?
Des Moines’ largest private employer has announced another round of layoffs. Wells Fargo has announced that it laid off 36 workers this week.
This marks the 10th round of cuts and more than 400 layoffs since April, according to Iowa Workforce Development
Earlier this month, the company notified 75 workers at offices in Ankeny, Clive, Des Moines and West Des Moines that they’ll be laid off at the end of next month.
From the first 15 minute video:
Real Estate market in Salt Lake City Utah
Sep 25, 2022 Higher home prices, mortgage rates, and property taxes are changing the game for the real estate market in Salt Lake City Utah !
In this video we’ll be discussing the changes taking place in the Salt Lake City Utah housing market and the overall Utah real estate market.
Long are the days of selling your home with multiple offers, selling for well over list price, and inspection and appraisal waivers are OVER! Salt Lake City Utah home buyers and those selling a home in Salt Lake City are coming to terms with a more balanced market.
The second 8:30 video:
Hidden Home Inventory A MASSIVE Problem!
Austin
Sep 25, 2022
Austin
This may bankrupt the whole cocaine industry.
https://twitter.com/StephenPunwasi/status/1574533870174846980
🤣 Reply to: GOLDMAN BEGINS LAYOFFS, TARGETING MID-LEVEL BANKERS
Why are house prices so high? Blame remote work, not ‘speculative bubble,’ Fed study says
https://www.msn.com/en-us/money/markets/why-are-house-prices-so-high-blame-remote-work-not-e2-80-98speculative-bubble-e2-80-99-fed-study-says/ar-AA12hefS
Why the Fed’s housing reset risks a global recession
Logan Mohtashami’s line-by-line take on what the housing reset really means
https://www.housingwire.com/articles/why-the-feds-housing-reset-risks-a-global-recession/
Why that’s savagely unhealthy Logan.
Hogan is quite the self-promoter….. in a carnival barker kind of way.
Hogan….. Be my hero.
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.
The U.S. housing market stares down an even bigger economic shock—mortgage rates near 7%
https://finance.yahoo.com/news/u-housing-market-stares-down-212938639.html
Logan? Logan?
Bueller?
The Australian and Canadian housing markets are experiencing double-digit house price declines, and economists are of the view that a global downturn in the housing market is just getting started. Hideaki Hirata of Hosei University and a former Bank of Japan economist, told Bloomberg on September 12:
“We will observe a globally synchronized housing market downturn in 2023 and 2024.”
https://finance.yahoo.com/news/globally-synchronized-downturn-10-housing-205655331.html
Mester at MIT was asked repeatedly about the housing market, and even whether the Fed had perhaps already gone far enough, but she stuck to her guns.
This is “going to be painful,” she said, and unemployment will rise, but to bring down inflation, “we are just going to have to move rates up and rates are going to be held higher for longer than we thought previously.”
https://www.msn.com/en-us/money/markets/fed-officials-stare-down-markets-say-inflation-is-top-focus/ar-AA12goYB
But she didn’t say that the fed held rates too low for too long. Saving the big investment banks had a terrible price tag.
The worst bond selloff in decades is seeing few signs of ending, with UK notes losing a stunning 27% this year, as central banks battle to stamp out the strongest inflationary pressures in decades.
https://nz.finance.yahoo.com/news/bond-market-selloff-shows-no-035326824.html
Tens of thousands of solar panels are sitting unused in warehouses across Europe just as the continent struggles with an unprecedented energy crisis.
https://uk.news.yahoo.com/solar-panels-piling-warehouses-energy-075038180.html
Asian markets risk a reprise of crisis-level stress as two of the region’s most important currencies crumble under the onslaught of relentless dollar strength. The yuan and yen are both tumbling due to the growing disparity between an uber-hawkish Federal Reserve and dovish policy makers in China and Japan. While other Asian nations are digging deep into foreign-exchange reserves to mitigate the dollar’s damage, the yuan and yen’s slump is making things worse for everyone, threatening the region’s mantle as a preferred destination for risk investors.
“The renminbi and yen are big anchors and their weakness risks destabilizing currencies to trade and investments in Asia,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in Singapore, using another name for China’s currency. “We’re already heading toward global financial crisis levels of stress in some aspects, then the next step would be the Asian financial crisis if losses deepen.”
https://www.yahoo.com/now/financial-crisis-redux-looms-asia-160000271.html
Mutual-fund giant Fidelity Investments has slashed the valuations on its holdings in several private Canadian technology companies including Hootsuite Inc. and ApplyBoard, Inc., reflecting a broader downturn in the value and prospects of their publicly traded peers.
Fidelity revealed the valuations of its public and private holdings for the year ended June 30 in its annual report, filed with security regulators Monday. The 1,254-page document provides a once-yearly snapshot of the investments held by its 100-plus funds.
According to the filings, Fidelity cut the valuation of its holdings in Vancouver-based social-media management company Hootsuite by 46 per cent, to $18.1-million from $33.5-million a year earlier. That is even lower than Fidelity’s $20.2-million book cost of its original investment, held by its Canadian Growth and Special Situations funds, made several years earlier.
Hootsuite, a beacon of Canada’s tech sector and one of the country’s largest private software companies, laid off 30 per cent of its staff two months ago, or roughly 400 people.
Fidelity was also an investor in several financings by ApplyBoard, committing a total of $20.77-million to the education technology company, based in Kitchener, Ont., through its Special Situations Fund. By June 30, 2021, it had written up the book value of its holdings to $29.2-million on the heels of a US$300-million financing last year, led by Ontario Teachers’ Pension Plan, that valued the company at the time at US$3.2-billion.
However, as of this past June 30, Fidelity had cut the valuation of most of its ApplyBoard holdings by 24.3 per cent from a year earlier.
Fidelity reduced the valuation of its holdings across two funds in Montreal artificial-intelligence startup Imagia Cybernetics, Inc., by 49.6 per cent, to a total of $1.87-million. It also nearly halved the value of its $8.64-million investment in Quebec sensor-technology maker LeddarTech Inc., made within the past year, to $4.5-million as of June 30.
Fidelity also sustained heavy losses in its publicly traded technology companies, which include such names in Canada as Copperleaf Technologies Inc., Shopify Inc., Dialogue Health Technologies Inc. and Docebo Inc., reflecting the crash in valuations across the sector.
https://www.theglobeandmail.com/business/article-fidelity-valuations-tech-companies-hootsuite-applyboard/
Yep, the NASDAQ is being beaten into submission, but some of those technology firms will be a solid buy next year.
As most of the nine University of California undergraduate campuses start the fall quarter, the state’s college housing shortage has thrown thousands of students into crisis. About 9,400 students systemwide were denied university housing this fall because of shortages — and some campuses are back to squeezing three students into a dorm room as a stopgap measure.
Some are living in vehicles. And some students who manage to find housing struggle to pay for it, working multiple jobs and taking out thousands of dollars in loans as a last resort.
https://www.latimes.com/world-nation/newsletter/2022-09-26/uc-affordable-housing-shortage-students-desperation-todays-headlines
What a broke a$$ state. And then it catches fire and they whine about that for a couple of years.
Why would anyone think a college degree from anywhere in FUSA is worth anything? Might as well buy hookers and coke, at least you’d learn something and it wouldn’t be such a waste.
My son’s University owned apartment rent is more than the mortgage payments I paid for a 3/2 spec rancher.
Room and board is a cash cow for schools.
Yup.
BayFirst National Bank withdraws from residential mortgage business
HousingWire|11 hours ago
BayFirst National Bank originated about $1.6 billion in residential mortgage over the past year and has 232 registered LOs nationwide.
On Monday, the city opened an invitation for proposals for LaSalle Street Reimagined, an effort to revitalize and repurpose dozens of historic and prewar structures built for a different era in which “a monoculture of office uses” was prioritized.
“The corridor has the highest commercial and retail vacancy rates in any downtown subdistrict, the biggest drop in new leasing activity anywhere downtown,” Chicago Department of Planning and Development Commissioner Maurice Cox said at a Monday press conference held at the historic Rookery Building, noting that while the Central Business District’s population has tripled since 1980, “virtually none of the growth occurred on LaSalle and there’s not a single affordable apartment on the street.”
Meanwhile, market reports show the area around La Salle suffers from vacancy rates of about 26% for office space and 36% for the retail space.
https://www.bisnow.com/chicago/news/economic-development/city-leaders-unveil-once-in-a-lifetime-plan-to-stanch-wounds-of-citys-battered-lasalle-street-corridor-115583
A local funk band says a venue in Vancouver’s Downtown Eastside cancelled the booking for an upcoming show because the sidewalk outside has become part of the Hastings Street homeless encampment.
Soulstream drummer Randall Stoll booked their Oct. 8 show at The Imperial back in March, and says MRG Live, the company that manages the venue, emailed him a few days ago to say it could no longer host.
”Imperial contacted me and said because the homelessness and the violence is right on their doorstep, they didn’t feel it was safe for their staff, the artists or the clients coming in, so they stopped having all events,” said Stoll.
There are now multiple tents and needle collection bins just steps from The Imperial’s entrance, which is a block from Hastings and Main. Stoll said when he posted about the show’s cancellation on the band’s Facebook page, some fans were relieved.
“They weren’t looking forward to standing out there waiting for a cab and not feeling safe,” said Stoll, who has stopped going to restaurants in the area because the environment has become toxic.
Jeff Guignard with the Alliance of Beverage Licensees says this should serve as a wake-up call for all levels of government. “No matter what you think about the complex causes of these issues, we really feel that citizens should be seriously concerned for what it means for a place like Vancouver when a business says it can no longer operate safely in the city,” he said.
https://bc.ctvnews.ca/shows-cancelled-due-to-safety-concerns-at-theatre-near-vancouver-encampment-1.6085554
As you said the other day, these cities are turning into black holes. And Vancouver is in Canaduh, the alleged land of milk and honey that isn’t supposed to have the USA’s problems.
A 2 minute video:
Hot housing market starts to cool in Metro Detroit
Houses aren’t selling as quickly as they were a year or two ago in Metro Detroit, and less often buyers are choosing to waive inspections. Inventory is still low, though, while interest rates are up.
https://www.fox2detroit.com/video/1122738
“low inventory” in Detroit. 🤣
When FedRes, DOJ are done taking out the Realtor/AirBnB/Mortgage/Appraiser trash, we won’t have to read retarded BS like “low inventory” anymore.
Ashland, OR Housing Prices Crater 23% YOY As Mortgage And Appraisal Fraud Hobbles US Housing Market
https://www.movoto.com/ashland-or/market-trends/
“low inventory” in Detroit. 🤣
Yeah, that really is laughable.
How in Edsel Ford’s name could Detroit have had a “hot housing market”?
Des Moines’ largest private employer has announced another round of layoffs. Wells Fargo has announced that it laid off 36 workers this week.
This marks the 10th round of cuts and more than 400 layoffs since April, according to Iowa Workforce Development
Earlier this month, the company notified 75 workers at offices in Ankeny, Clive, Des Moines and West Des Moines that they’ll be laid off at the end of next month.
https://www.kcci.com/article/des-moines-iowa-wells-fargo-announces-three-dozen-layoffs/41380661#
“Recession is when your neighbor loses his job. Depression is when you lose yours. And recovery is when Jimmy Carter loses his.” — Ronald Reagan
And, yep, we recovered. Update for Biden and repeat.
“…And recovery is when Jimmy Carter loses his.” — Ronald Reagan
Reagan had a few glorious “loose-lipped” moments.