A weekend topic starting with WFAA in Texas. "In the last 12 months, realtors have…
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From the first 2 minute video:
Greater Phoenix Housing Market- NOT CRASHING!
Nicole Lorig AZ Realtor
Premiered Oct 4, 2022 Regular Home Sellers that have bought more than 2 years ago are not in the same boat which is why we will not see a crash. The downward spiral falls directly on the institutional buyers/flippers….iBUYERS!
The rate of appreciation per square foot has decreased since this time last year. If you dig in these numbers, a little more, ibuyers have experience a bigger decrease than an everyday home seller. However, not all ibuyer entities are in a downward spiral which is why only some appraisers are considering these as distress sales.
The second 11:30 video:
STOP Paying Attention To List Prices In The Phoenix Arizona Housing Market!
Oct 4, 2022 STOP Paying Attention to List Prices in the Phoenix Housing Market!
If you are thinking about moving to Phoenix Arizona and are wondering what homes are truly selling for, then this video is for you. There are a lot of videos that go through the data re our current Phoenix real estate market but you really need to dive into the actual sale price numbers to get a true understanding of what happening. The current list prices are way over inflated in most cases so you need to know what the actual value is before putting in any offers.
The third 4:35 video:
DFW Real Estate Market Update For September 2022
Jeremy Smith
Oct 5, 2022 The real estate market in Dallas Fort Worth has been in a constant state of rapid change since April of 2020. First we saw prices skyrocketing, low inventory, low interest rates and buyer being priced out of the market due to rapidly increasing sales prices.
Things are different now. We are seeing home prices come down a bit, interest rates are higher than they have been since 2007, we have much more inventory and homes are taking a lot longer to sell. Completely different world from even 6 months ago!
The fourth 10 minute video:
Rental Market Cooling Fast | Cap Rates Tank With Rent Rates
Ethan Flynn, CPA | Real Estate
Oct 5, 2022 RealPage just reported rents are now declining. This video looks at what’s happening in Apartments and SFH rentals. Analytical approach to the Nashville Tn Housing Market. Nashville Housing Market Update specifically charting daily changes in Davidson/Williamson County ~50% of Nashville MSA.
The fifth 2 minute video:
Miami Real Estate Market Update: October 2022
Nicholas Molinaro
Oct 4, 2022 October 2022
The sixth 6:28 video:
London Ontario Real Estate Market Update September 2022: Buyer’s Market Means Conditions are BACK.
Mark Mitchell – Mortgage Broker London Ontario
Oct 4, 2022
London’s real estate market continued to drop in September, with a moderate fall in prices and homes continuing to sell for under-asking price. With the average home sitting on the market for over 3 weeks, the market is shifting in the favour of homebuyers.
Benchmark price of a Home in London
February Benchmark – $749,000
May Benchmark – $703,300
June Benchmark – $648,500
July Benchmark – $624,400
August Benchmark – $599,500
September Benchmark – $596,900
Average Price of a Home in London
London February 2022 Average Price – $823,842
London May 2022 Average Price – $ 746,365
London June 2022 Average Price – $ 688,644
London July 2022 Average Price – $673,606
London August 2022 Average Price – $632,397
London September 2022 Average Price – $628,563
Median Price of a Home in London
London February 2022 Median Price – $777,000
London May 2022 Median Price – $687,000
London June 2022 Median Price – $650,000
London July 2022 Median Price – $590,000
London August 2022 Median Price – $585,000
London September 2022 Median Price – $590,000
Sales to List Price Ratio – Over Asking Pricing
London February 2022 Sales to List Price– $125.6
London May 2022 Sales to List Price– 108.1
London June 2022 Sales to List Price– 102.0
London July 2022 Sales to List Price– 98.9
London August 2022 Sales to List Price– 97.8
London September 2022 Sales to List Price– 97.3
Median Days on Market
July Median Days on Market – 17
August Median Days on Market – 21
September Median Days on Market – 22
Months of Inventory
February MOI – .5
August MOI – 2.5
September MOI – 3.0
The seventh 6:28 video:
Toronto Real Estate Gets Worse In September. Slowest Month Yet.
Vic Singh
Oct 5, 2022 Toronto real estate slows down even more in September. Prices are down and number of homes are down by more than half since the peak of the market. See prices for homes in Toronto and percentage change for the past 4 years without any sales bias.
The last 14:39 video:
Massive Pressure On Brampton, Mississauga & Durham Home Prices – Sept 28
Team Sessa Real Estate
Oct 5, 2022
Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate Market Report for the week of Sept 22 – Sept 28, 2022.
Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary, commented:
“The most recent round of rate increases has continued to cause a shift in supply-demand fundamentals by impacting demand and creating a flat price growth environment. Compared to the rate increases in the spring, the market is starting at a different baseline with no momentum to subsequently absorb the slowing of the market volume and price growth. Additionally, the market has seen a 51% increase in listing removals and an 83.2% increase in the volume of price drops over the last year, indicating that declining demand has driven sellers to either reduce their listing prices or remove their homes from the market entirely. While the continued supply shortage remains significant, the recent round of increasing rates is taking a bigger toll than those occurring earlier this year. The increasing rates are expected to continue to negatively impact the market: creating even lower contract volume and putting additional downward pressure on prices.”
In its September report, the Waterloo Region Association of Realtors reports there were 518 homes sold in the region, a 25 per cent decrease compared to September 2021, and 31 per cent below the five-year average for the month.
Total residential sales in September included 313 detached (down 18.9 per cent from September 2021), 94 townhouses (down 39 per cent), 60 condominium units (down 37.5 per cent) and 51 semi-detached homes (down 8.9 per cent).
The average sale price for all residential properties in the region was $752,421, a 4.7 per cent decrease compared to September 2021, but a slight increase in price — 0.1 per cent — compared to last month.
For detached houses, the average sale price came in at $862,435, a 7.4 per cent decrease from September 2021 but up 1.3 per cent compared to last month.
A significant consumer pullback is showing up in ocean shipping, with logistics managers telling CNBC they have seen a 20% drop in ocean freight orders for the months of September and October. The decline in demand cuts across many products, including machinery, housing, industrial and some apparel. Logistics CEOs explain to CNBC the reason is a combination of too much inventory coupled with a lack of clarity on consumer demand.
To put a floor on prices, ocean carriers are doing what’s called tactical canceled sailings so they can match the vessel space with orders, which they hope will stop the decline in prices. In a note to clients, HSL Logistics said its vessel cuts were by nearly 50% and that the pullback in vessel capacity may continue into 2023 until demands pick up before Chinese New Year, which is in late January.
It will take time for the cut in capacity to stop the freight rate slide. According to Freightos, Asia-US West Coast prices (FBX01 Daily) fell 8% to $2,978/Forty Equivalent Units (FEU). That rate is 82% lower than the same time last year. Freight prices for the Asia-US East Coast route (FBX03 Daily) decreased 5% to $6,952/FEU, and are 63% lower than the rates for this week last year.
Other data points which signal a decrease in orders are the outbound tender rejections.
Housing market in London and St. Thomas continues to stabilize after interest rate hike
September was the seventh month in a row to see deceased average sale prices
Figures released by the London St. Thomas Association of Realtors (LSTAR) shows a clear trend toward more stability as sales numbers continue to slow down. 497 properties were sold this past September, and 607 were sold in August. This is directly tied to a number of interest rate increases since the beginning of 2022.
“It’s just created this uncertainty in the marketplace. I think there’s many folks who have just kind of taken a pause, stepped back, and perhaps (are waiting) on the sidelines,” said Randy Pawlowski, president of LSTAR.
Hand in hand with waning interest in buying properties, comes an increasing build-up of properties that are waiting to be bought.
“We’ve seen a number of new listings come to the marketplace, which has pushed us well into kind of a balanced, more stabilized territory,” Pawlowski explained.
“The U.S. housing market is being brought to its knees by the Federal Reserve,” said George Pearkes, a macro strategist at Bespoke Investments, who estimates “a fall of at least 10% more from here is probably something we can expect to see [in mortgage applications], although these processes take time.”
“With rates that high and housing prices as high as they’ve been, the affordability of mortgage payments is negligible. There’s almost nobody that can actually afford to transact in this housing market,” Pearkes said. “And the result is a complete collapse in demand for home purchases and therefore for mortgage loans.”
A new study says only 19 of 100 housing markets have slowed down more than Jacksonville’s.
Smartasset, a personal finance website, analyzed the 100 largest metro areas in terms of price reductions and demand for houses. Both were falling faster in Jacksonville than most places.
The median sales price in Northeast Florida dropped 2.4% in August, to $390,000, according to the latest data from the Northeast Florida Association of Realtors. Homes were remaining on the market for around 30 days, 30% higher than the month before.
A consumer alert for anyone searching for a used car: a competitive buying market has some feeling buyer’s remorse. In September 2021, Carrie Meloy in Fredonia bought a 2008 Saturn Astra for her teenage daughter. Within two days, she says the “check engine” light came on.
“It ran for a little while with the light off, and then the light came back on,” said Meloy. Over the last year, Meloy said she’s spent nearly $2,400 in towing and repair bills for a car that cost her about $5,000. The most expensive repair was replacing the vehicle’s two catalytic converters.
“The most expensive repair was replacing the vehicle’s two catalytic converters.”
At $5k, this is a very high-mileage used car, which is NOT a good idea for someone relying on auto mechanic shops.
It must be one of the more dramatic failures of an electric vehicle chronicled thus far. And it could have ended up much worse. In a video posted on YouTube on Tuesday, Roman Mica, publisher of the website The Fast Lane Truck, recounted how his website had purchased a brand new General Motors Hummer EV. Price: $115,000.
After only a few days, and with fewer than 250 miles on the vehicle, the Hummer had problems in spectacular fashion. Alone on a busy highway, Mica found himself stranded. In true journalistic fashion, he pulled out his camera and documented what had gone wrong.
The Hummer ceased to budge. The shifter wouldn’t move. The trunk refused to open. The only things working during the ordeal were the windshield wipers and the hazard lights.
As if to underscore the absurdity of the situation, Mica recorded himself switching between two dash-mounted LCD panels, flicking through screens, trying to reboot the Hummer out of “safe” mode, to no avail.
Chalk it up as another incident in the already troubled history of the model. The automotive news website Jalopnik reported in August that the supposedly “offroad” Hummer now risks severe malfunction if a car wash goes awry.
According to an article published in March by Elektrek, a website focused on electric vehicles, the Hummer EV also suffers from faulty tail lights caused by bad software. That issue prompted a recall by the manufacturer.
And then there is the simple matter of recharging the battery. Something that under some conditions may take days to build up for the Hummer EV. Perhaps General Motors was too hasty in bringing an electric-powered truck to market. It seems that there is an abundance of design issues with the vehicle.
But if some Hummer owners are having buyer’s remorse about buying an electric vehicle, they are far from alone in the EV world.
As Breitbart reported in September, Hoovies Garage, a YouTube channel with 1.4 million subscribers, posted a video about the “total disaster” that came about from testing the new Ford F-150 Lightning electric pickup truck.
In July, the 17-year-old owner of 2014 Ford Focus Electric, purchased used for her by her parents, found out it needed a new battery that would cost $14,000 — more than the $11,000 the car cost in the first place. In June Toyota issued a recall for its first electric vehicle.
And yet, “progressive” politicians and “green energy” advocates remain obsessed with forcing Americans to buy electric vehicles in spite of the many problems that continue to plague the industry. The most rabid proponents of electric automobiles refuse to let the free market decide if such cars and trucks are truly wanted or even necessary.
Nobody wants to drive an unreliable car or truck or SUV or minivan. Americans want to buy vehicles they can trust to take them where they need to go, whether it’s getting groceries or going to work, driving to church, or rushing to the hospital with a medical emergency.
If so-called “progressives” get their way there will be millions of electric vehicles on the road, each one rife with potential “software error” and shorted-out batteries. Countless cars and trucks, waiting to break down without warning. Or conceivably going completely out of control on the highway: Computerized missiles homing in on innocent targets.
Electricity comes from energy produced by burning coal.
Here in Region VIII, most of it is dug out of the ground in Wyoming, and shipped via rail into Colorado down the I-25 corridor to power plants along the Front Range.
This is how your “green energy” is produced.
bullish for tow trucks.
Borrowing costs for home loans have reached their highest point in 16 years, with the interest on a conventional 30-year mortgage hitting 6.7% on Wednesday, according to Freddie Mac. Mortgage rates have now more than doubled since the beginning of 2022. As measured by their “effective” rate, which factors in the compounding period for a loan and which thus offers a truer picture of the cost to homebuyers, mortgage rates are now just above 7%, according to Oxford Economics.
“It is beginning to look as though home sales will be crushed to the point where the only people buying homes are those with no choice, for family or job relocation reasons,” Ian Shepherdson, chief economist with Pantheon Macroeconomics, said in a report.
Some relief for buyers may be on the horizon, as home prices are starting to fall and are likely to continue declining in certain real estate markets, economists predict. Home prices in Sacramento, California; Salt Lake City, Utah; and Seattle, Washington, are seeing some of the steepest declines.
Economists expect mortgage costs to stay elevated as the Federal Reserve continues to hike its benchmark interest in an effort to cool inflation, including two more hikes by year end.
Rochester-area home prices fall 1.4% in September, with houses for sale in high demand
A typical Monroe County home listed for $196,625 in September, down 1.4% from the previous month’s $199,450, an analysis of data from Realtor.com shows.
St. George home prices dropped in September, but demand remains high
The typical home in Washington County was listed for $657,475 in September, down about 1.5% from the previous month but still up 4.2% compared to the same month in 2021, according data kept by Realtor.com.
Asking prices were falling across much of the state. Across all of Utah, median home prices were $579,500, falling 2.3% from a month earlier. The median Utah home for sale had 2,434 square feet at a list price of $246 per square foot.
Freeport-area home prices drop in September as market remains busy
A typical Stephenson County home listed for $129,950 in September, down 14.2% from the previous month’s $151,475, an analysis of data from Realtor.com shows. The median list home price in September was down about 5.9% from September 2021. Stephenson County’s median home was 1,815 square feet for a listed price of $77 per square foot.
The Austin-Round Rock-Georgetown, Texas metro area follows Boise in the second spot on SmartAsset’s list. This central Texas metro area has experienced the fourth largest decrease in demand and the 13th largest price reductions.
Median home prices in Austin currently stand at close to $578,000 while the median number of days a home sits on the market is 41, according to an analysis from the real estate company Redfin.
Phoenix-Mesa-Chandler, Ariz.; San Jose-Sunnyvale-Santa Clara, Calif.; and Las Vegas-Henderson-Paradise, Nev., hold the final three spots in the top five of SmartAsset’s list of fastest-cooling real estate markets.
The Phoenix metro boasts the highest percentage of listed homes with price cuts, while the Silicon Valley metro, San Jose-Sunnyvale-Santa Clara has experienced more than a 43 percent decrease in the number of houses sold since the same time in 2021.
In the Las Vegas metro, the number of houses sold monthly has fallen by about 44 percent over the past year.
Nationwide, close to 26 percent of homes listed experienced price reductions in August, up from 16 percent in 2021. Additionally, SmartAsset found that the average time a home stays on the market is 13 days.
Here are the 10 fastest-cooling real estate markets, according to SmartAsset.
Marc Andreessen doubles down on California — ‘the ruins of a once great civilization’
The Business Journals|20 hours ago
Andreessen tweeted that California is like “Rome in maybe 250 AD, we live amidst an enormous flowering of culture and creativity, but the roads are becoming unsafe…
San Francisco Mayor London Breed pledged for the second time in a year Wednesday to crack down on open-air opioid drug sales and rampant public drug use that she says is destroying the city.
“Let’s be clear: Selling drugs is not legal. Using drugs out in the open is completely unacceptable,” Breed said. “There needs to be consequences, for the seniors, for the immigrants, for the kids who are trying to just live their lives.”
She has announced a new policy informing fentanyl sellers they could face murder charges if their goods are linked to an overdose death. She said that people who receive five citations by police for consuming drugs in public will be referred to an alternative community court for treatment.
Murder charges? Wa happened to my defund the police mayah?
“Andreessen tweeted that California is like “Rome in maybe 250 AD, we live amidst an enormous flowering of culture and creativity, but the roads are becoming unsafe…”
Haha, you might end up arguing with and killing your father whom you don’t know on the unsafe road.
he’s an optimist on the time frame.
Marc Andreessen doubles down on California
Like he doesn’t own shacks in other states.
DENVER (KDVR) – What went up is coming down – at least a little bit.
The Denver-Aurora-Lakewood area ranks 21st for cooling housing markets among the 100 largest cities, between Jacksonville and Tucson. The SmartAsset study ranked cities based on how much demand and prices have fallen in each from August 2021-2022. The study considered how many sellers are cutting prices and by how much, the number of new listings and the average days before a home sells.
It isn’t the prices. Denver home sellers are apparently optimistic that they can still command at least some of the swollen prices recorded around the metro in the last two years. Homesellers are not slashing prices more in the Denver metro than elsewhere in the country, according to the report.
It’s demand for homes that means the market is cooling. The Denver-Aurora-Lakewood metro has the nation’s 13th highest ranking for a decrease in housing demand.
“You gotta pump those numbers up, those are rookie numbers”
Denver’s city leaders want to spend a record amount of money in 2023 on police, fire and jail services as crime continues to rise, response times lengthen and officers remain difficult to recruit.
The Denver Department of Public Safety encompasses the city’s police, sheriff and fire departments as well as the 911 call center. In total, Mayor Michael Hancock allotted $611 million to the department in his proposed 2023 budget– 36% of the city’s $1.66 billion budget and the largest amount dedicated to any single city department. The 2023 request is 8% greater than the $568 million appropriated in 2022 and 27% greater than the $481 million spent in 2021, when budgets were slashed due to economic fears from the COVID-19 pandemic.
“We want to make sure we appropriately cover our communities and have a certain appropriate ratio of police officers to our population,” Hancock said in a news conference announcing his budget. “It’s about police being a part of the solution to crime. What you won’t get from me and my administration is believing that law enforcement is the only tool to stop crime and improve safety.”
The staffing challenges come as reported crime continues to rise in the city. The department estimates 7,161 violent crimes and 49,553 property crimes to be reported in 2022 — a 48% increase in violent crime and an 88% increase in property crime since 2017.
The Denver Police Department is asking for $214,800 for two more forensic scientists to “support increased demand for testing evidence containing fentanyl.”
Department leaders believe the implementation of House Bill 22-1326 — which made possession of even a dusting of the lethal synthetic opioid a felony — will increase the amount of such evidence processed by the lab. In 2020, the lab processed 279 fentanyl-related items and the department estimates the lab will process 2,666 items in 2023.
“Denver’s city leaders want to spend a record amount of money in 2023 on police, fire and jail services as crime continues to rise, response times lengthen and officers remain difficult to recruit.”
Amazing how society is willing to saddle college students with a life time of debt payments while the thieving homeless street addicts consume our scarce financial resources. How about some fentanyl skittles in gumball machines?
The Boise and Treasure Valley housing market has soared since 2020 with houses going for thousands of dollars above the asking price and bidding wars driving the cost up. Now, raising interest rates is dramatically unsettling the real estate market and is now slowing development.
Now, prices are falling back to Earth. Is this the market correcting itself? Or is a crash looming? Join us for this livestream event as we tackle these questions from all aspects — from real estate to city planning to development.
A troubling report shows declines across the board in the Greater Toronto Area (GTA) housing market, as experts use words like “adjustment” to describe the sudden deflation of a bloated market in the face of historic inflation and higher borrowing costs.
The Toronto Regional Real Estate Board (TRREB) reports 5,038 sales in the region in September, marking a 44.1 per cent tailspin from the same period last year.
To rein in high inflation, the central bank has boosted interest rates this year, which in turn, has caused the housing market to cool as mortgage rates increase. Fed Chairman Jerome Powell hinted at his last meeting that the housing market needs a correction and believes it can be adjusted in a way that people could still afford homes again.
“Powell has taken away the punch bowl away from the housers in this market,” SitusAMC Managing Director Tim Rood told Yahoo Finance.
“Fed Chairman Jerome Powell hinted at his last meeting that the housing market needs a correction and believes it can be adjusted in a way that people could still afford homes again.”
Buyers can’t afford a Domino’s pizza, but that’s okay.
loanDepot suspends 401(k) match for employees while boosting exec pay
HousingWire|14 hours ago
Just days after it provided top executives big bumps in pay, loanDepot told workers that it was suspending its 401(k) match.
Why that’s savagely unhealthy. Right Logan? Logan?
Bueller?
Just days after it provided top executives big bumps in pay
I have only glanced at the Loan Depot data but what jumped out at me was the Gain on Sale Margin in the Retail channel (where most of the revenue comes from) fell from 2.24% in Q1 to 1.03% in Q2.
If i had to guess I would say that the Q3 Gain on Sale will be less than 1.00%. (say .75%) This is the margin compression that kills companies profitability. You can’t get lean quick enough.
After ‘Don’t Say Gay,’ a Weakened Disney Hopes to Limit the Damage
“Disney for whatever reason has gone quiet,” said Mike Kahane, of AIDS Healthcare Foundation, who organized a protest at Disney World in March. “I would speculate it has something to do with them trying to work out this bigger issue, which could have huge economic consequences to them.”
The conservative backlash intensified later that month. Journalist Christopher Rufo – who had made a name for himself by exposing anti-racist employee trainings – released leaked videos in which Disney employees spoke about “adding queerness” to content and having a “not-so-secret gay agenda.”
With the wind at his back, DeSantis signed the bill in April abolishing Reedy Creek, which the legislature had created in 1967 to give Disney sweeping power over nearly 40 square miles of swampland.
To observers, it was a brazen move. Disney is woven into the fabric of the state. Politicians of both parties coddled the company for decades. The message was clear: DeSantis – not Disney — was in charge.
“If you’re going to commit yourself to wanting gender ideology in elementary school, we’re not going to hold you up on a pedestal any longer,” the governor said in a recent speech. “Disney is no longer going to have its own government. They’re going to live under the same laws as everybody else. And they are going to pay their fair share of taxes in the state of Florida.”
‘If you’re going to commit yourself to wanting gender ideology in elementary school’
When I was in elementary school, I’m pretty sure that someone who brought a drag queen to lap dance would have gone straight to prison. This stuff is crazy and don’t let anyone suggest otherwise. This is globalist scum for all to see.
Oh, but keep sending billions to the dancing cowgirl in Ukranistan.
“This is globalist scum”
When is enough enough?
If we can’t take our country back, it’s time to break it apart like Yugoslavia. I don’t want to exist in, or pay taxes to, a failed nation that has allowed this level of moral rot to become entrenched.
Antifa on rooftops with AR-15s, in Texas, protecting the “performers” and attendees of a drag queen brunch for children, this is what our country has become.
It’s all rooted in Marxism.
The deputy head of Credit Suisse’s Asia-Pacific wealth management business Young Jin Yee has resigned, according to a company memo reviewed by Reuters and confirmed by a spokesperson for the Swiss bank.
The departure comes at a time when concerns about Credit Suisse’s ability to restructure its business without tapping investors for more money has battered the bank’s shares to record lows.
Some of the bank’s wealth management clients have recently become concerned about its turnaround, two people familiar with the discussions have told Reuters, and some have been moving funds, according to one of the people. The division is expected to be the centerpiece of the bank’s turnaround plan.
The memo on Young sent on Wednesday from Benjamin Cavalli, the head of wealth management for Asia Pacific, to staff in that unit said Young would be leaving to “pursue an expanded opportunity outside of Credit Suisse”.
Does Kim Kardashian’s SEC fine mark the end of the crypto-celebrity gold rush?
Kardashian was fined for not disclosing that she had been paid for an Instagram post promoting EthereumMax crypto tokens, but she’s not the first big name to land in regulatory hot water over crypto deals.
Floyd Mayweather Jr. and DJ Khaled both were charged in 2018 for not disclosing that they’d been paid to promote various crypto investments, and in 2020, the same thing happened to Steven Seagal.
According to one former SEC official, a warning about celebrity-endorsed cryptocurrencies that the agency put out in 2017 was largely prompted by Mayweather, Jamie Foxx and Paris Hilton touting crypto assets.
“By bringing this case, [the SEC] has basically said, ‘Look, you all got fair warning. Now we’re bringing a case,’” the former official, who asked to remain anonymous to protect their relationship with former colleagues, told The Times. “It definitely puts celebrities on notice.”
It can be hard to talk about crypto without mentioning the sometimes-bizarre overlap that the still relatively niche financial technology has with the entertainment industry. In January, Hilton spoke with late-night TV host Jimmy Fallon about the anthropomorphic monkey tokens they both own. Less than a month later, marquee names including Larry David and LeBron James starred in cryptocurrency ads during the Super Bowl. Matt Damon has promoted crypto investing as an act of world-historical bravery, and last year the crypto company MoonPay made a not-so-subtle cameo in a music video starring Post Malone and the Weeknd.
Questions still abound about why, exactly, so many celebs have hopped aboard the crypto hype train — and what financial incentives they may have for doing so.
Rep. Brad Sherman (D-Northridge), perhaps Congress’ foremost crypto skeptic, called Kardashian’s lack of reporting an “obvious violation” of SEC law but said that her high-profile promotion of the cryptocurrency also hints at a larger business of using influencers to inflate crypto prices.
“The very fact that you’re being paid to tout it means that there is an ongoing business enterprise pushing the price up,” said Sherman, adding that he wants higher fines and not just for Kardashian. “I believe that Kardashian is either a constituent or lives just outside my district, so I wish her well,” he said. “But in this case, she should have gotten some better legal advice.”
From the first 2 minute video:
Greater Phoenix Housing Market- NOT CRASHING!
Nicole Lorig AZ Realtor
Premiered Oct 4, 2022 Regular Home Sellers that have bought more than 2 years ago are not in the same boat which is why we will not see a crash. The downward spiral falls directly on the institutional buyers/flippers….iBUYERS!
The rate of appreciation per square foot has decreased since this time last year. If you dig in these numbers, a little more, ibuyers have experience a bigger decrease than an everyday home seller. However, not all ibuyer entities are in a downward spiral which is why only some appraisers are considering these as distress sales.
The second 11:30 video:
STOP Paying Attention To List Prices In The Phoenix Arizona Housing Market!
Oct 4, 2022 STOP Paying Attention to List Prices in the Phoenix Housing Market!
If you are thinking about moving to Phoenix Arizona and are wondering what homes are truly selling for, then this video is for you. There are a lot of videos that go through the data re our current Phoenix real estate market but you really need to dive into the actual sale price numbers to get a true understanding of what happening. The current list prices are way over inflated in most cases so you need to know what the actual value is before putting in any offers.
The third 4:35 video:
DFW Real Estate Market Update For September 2022
Jeremy Smith
Oct 5, 2022 The real estate market in Dallas Fort Worth has been in a constant state of rapid change since April of 2020. First we saw prices skyrocketing, low inventory, low interest rates and buyer being priced out of the market due to rapidly increasing sales prices.
Things are different now. We are seeing home prices come down a bit, interest rates are higher than they have been since 2007, we have much more inventory and homes are taking a lot longer to sell. Completely different world from even 6 months ago!
The fourth 10 minute video:
Rental Market Cooling Fast | Cap Rates Tank With Rent Rates
Ethan Flynn, CPA | Real Estate
Oct 5, 2022 RealPage just reported rents are now declining. This video looks at what’s happening in Apartments and SFH rentals. Analytical approach to the Nashville Tn Housing Market. Nashville Housing Market Update specifically charting daily changes in Davidson/Williamson County ~50% of Nashville MSA.
The fifth 2 minute video:
Miami Real Estate Market Update: October 2022
Nicholas Molinaro
Oct 4, 2022 October 2022
The sixth 6:28 video:
London Ontario Real Estate Market Update September 2022: Buyer’s Market Means Conditions are BACK.
Mark Mitchell – Mortgage Broker London Ontario
Oct 4, 2022
London’s real estate market continued to drop in September, with a moderate fall in prices and homes continuing to sell for under-asking price. With the average home sitting on the market for over 3 weeks, the market is shifting in the favour of homebuyers.
Benchmark price of a Home in London
February Benchmark – $749,000
May Benchmark – $703,300
June Benchmark – $648,500
July Benchmark – $624,400
August Benchmark – $599,500
September Benchmark – $596,900
Average Price of a Home in London
London February 2022 Average Price – $823,842
London May 2022 Average Price – $ 746,365
London June 2022 Average Price – $ 688,644
London July 2022 Average Price – $673,606
London August 2022 Average Price – $632,397
London September 2022 Average Price – $628,563
Median Price of a Home in London
London February 2022 Median Price – $777,000
London May 2022 Median Price – $687,000
London June 2022 Median Price – $650,000
London July 2022 Median Price – $590,000
London August 2022 Median Price – $585,000
London September 2022 Median Price – $590,000
Sales to List Price Ratio – Over Asking Pricing
London February 2022 Sales to List Price– $125.6
London May 2022 Sales to List Price– 108.1
London June 2022 Sales to List Price– 102.0
London July 2022 Sales to List Price– 98.9
London August 2022 Sales to List Price– 97.8
London September 2022 Sales to List Price– 97.3
Median Days on Market
July Median Days on Market – 17
August Median Days on Market – 21
September Median Days on Market – 22
Months of Inventory
February MOI – .5
August MOI – 2.5
September MOI – 3.0
The seventh 6:28 video:
Toronto Real Estate Gets Worse In September. Slowest Month Yet.
Vic Singh
Oct 5, 2022 Toronto real estate slows down even more in September. Prices are down and number of homes are down by more than half since the peak of the market. See prices for homes in Toronto and percentage change for the past 4 years without any sales bias.
The last 14:39 video:
Massive Pressure On Brampton, Mississauga & Durham Home Prices – Sept 28
Team Sessa Real Estate
Oct 5, 2022
Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate Market Report for the week of Sept 22 – Sept 28, 2022.
Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary, commented:
“The most recent round of rate increases has continued to cause a shift in supply-demand fundamentals by impacting demand and creating a flat price growth environment. Compared to the rate increases in the spring, the market is starting at a different baseline with no momentum to subsequently absorb the slowing of the market volume and price growth. Additionally, the market has seen a 51% increase in listing removals and an 83.2% increase in the volume of price drops over the last year, indicating that declining demand has driven sellers to either reduce their listing prices or remove their homes from the market entirely. While the continued supply shortage remains significant, the recent round of increasing rates is taking a bigger toll than those occurring earlier this year. The increasing rates are expected to continue to negatively impact the market: creating even lower contract volume and putting additional downward pressure on prices.”
https://finance.yahoo.com/news/sharp-decrease-demand-driving-housing-130000580.html
In its September report, the Waterloo Region Association of Realtors reports there were 518 homes sold in the region, a 25 per cent decrease compared to September 2021, and 31 per cent below the five-year average for the month.
Total residential sales in September included 313 detached (down 18.9 per cent from September 2021), 94 townhouses (down 39 per cent), 60 condominium units (down 37.5 per cent) and 51 semi-detached homes (down 8.9 per cent).
The average sale price for all residential properties in the region was $752,421, a 4.7 per cent decrease compared to September 2021, but a slight increase in price — 0.1 per cent — compared to last month.
For detached houses, the average sale price came in at $862,435, a 7.4 per cent decrease from September 2021 but up 1.3 per cent compared to last month.
https://www.therecord.com/news/waterloo-region/2022/10/05/home-sales-continue-steep-decline-in-waterloo-region-down-25-per-cent-in-september.html
A significant consumer pullback is showing up in ocean shipping, with logistics managers telling CNBC they have seen a 20% drop in ocean freight orders for the months of September and October. The decline in demand cuts across many products, including machinery, housing, industrial and some apparel. Logistics CEOs explain to CNBC the reason is a combination of too much inventory coupled with a lack of clarity on consumer demand.
To put a floor on prices, ocean carriers are doing what’s called tactical canceled sailings so they can match the vessel space with orders, which they hope will stop the decline in prices. In a note to clients, HSL Logistics said its vessel cuts were by nearly 50% and that the pullback in vessel capacity may continue into 2023 until demands pick up before Chinese New Year, which is in late January.
It will take time for the cut in capacity to stop the freight rate slide. According to Freightos, Asia-US West Coast prices (FBX01 Daily) fell 8% to $2,978/Forty Equivalent Units (FEU). That rate is 82% lower than the same time last year. Freight prices for the Asia-US East Coast route (FBX03 Daily) decreased 5% to $6,952/FEU, and are 63% lower than the rates for this week last year.
Other data points which signal a decrease in orders are the outbound tender rejections.
https://www.msn.com/en-us/money/y/ocean-freight-orders-are-signaling-a-big-drop-in-consumer-demand/ar-AA12xGqe
Housing market in London and St. Thomas continues to stabilize after interest rate hike
September was the seventh month in a row to see deceased average sale prices
Figures released by the London St. Thomas Association of Realtors (LSTAR) shows a clear trend toward more stability as sales numbers continue to slow down. 497 properties were sold this past September, and 607 were sold in August. This is directly tied to a number of interest rate increases since the beginning of 2022.
“It’s just created this uncertainty in the marketplace. I think there’s many folks who have just kind of taken a pause, stepped back, and perhaps (are waiting) on the sidelines,” said Randy Pawlowski, president of LSTAR.
Hand in hand with waning interest in buying properties, comes an increasing build-up of properties that are waiting to be bought.
“We’ve seen a number of new listings come to the marketplace, which has pushed us well into kind of a balanced, more stabilized territory,” Pawlowski explained.
https://www.cbc.ca/news/canada/london/housing-market-in-london-and-st-thomas-continues-to-stabilize-after-interest-rate-hike-1.6607661
“The U.S. housing market is being brought to its knees by the Federal Reserve,” said George Pearkes, a macro strategist at Bespoke Investments, who estimates “a fall of at least 10% more from here is probably something we can expect to see [in mortgage applications], although these processes take time.”
“With rates that high and housing prices as high as they’ve been, the affordability of mortgage payments is negligible. There’s almost nobody that can actually afford to transact in this housing market,” Pearkes said. “And the result is a complete collapse in demand for home purchases and therefore for mortgage loans.”
https://www.msn.com/en-us/money/realestate/housing-e2-80-98brought-to-its-knees-by-the-federal-reserve-e2-80-99-expert-says/ar-AA12DDNU
A new study says only 19 of 100 housing markets have slowed down more than Jacksonville’s.
Smartasset, a personal finance website, analyzed the 100 largest metro areas in terms of price reductions and demand for houses. Both were falling faster in Jacksonville than most places.
The median sales price in Northeast Florida dropped 2.4% in August, to $390,000, according to the latest data from the Northeast Florida Association of Realtors. Homes were remaining on the market for around 30 days, 30% higher than the month before.
https://news.wjct.org/first-coast/2022-10-05/housing-market-is-cooling-faster-in-jax
A consumer alert for anyone searching for a used car: a competitive buying market has some feeling buyer’s remorse. In September 2021, Carrie Meloy in Fredonia bought a 2008 Saturn Astra for her teenage daughter. Within two days, she says the “check engine” light came on.
“It ran for a little while with the light off, and then the light came back on,” said Meloy. Over the last year, Meloy said she’s spent nearly $2,400 in towing and repair bills for a car that cost her about $5,000. The most expensive repair was replacing the vehicle’s two catalytic converters.
“It’s been a rocky road,” Meloy told Contact 6.
https://www.fox6now.com/news/competitive-auto-market-buyers-remorse
“The most expensive repair was replacing the vehicle’s two catalytic converters.”
At $5k, this is a very high-mileage used car, which is NOT a good idea for someone relying on auto mechanic shops.
It must be one of the more dramatic failures of an electric vehicle chronicled thus far. And it could have ended up much worse. In a video posted on YouTube on Tuesday, Roman Mica, publisher of the website The Fast Lane Truck, recounted how his website had purchased a brand new General Motors Hummer EV. Price: $115,000.
After only a few days, and with fewer than 250 miles on the vehicle, the Hummer had problems in spectacular fashion. Alone on a busy highway, Mica found himself stranded. In true journalistic fashion, he pulled out his camera and documented what had gone wrong.
The Hummer ceased to budge. The shifter wouldn’t move. The trunk refused to open. The only things working during the ordeal were the windshield wipers and the hazard lights.
As if to underscore the absurdity of the situation, Mica recorded himself switching between two dash-mounted LCD panels, flicking through screens, trying to reboot the Hummer out of “safe” mode, to no avail.
Chalk it up as another incident in the already troubled history of the model. The automotive news website Jalopnik reported in August that the supposedly “offroad” Hummer now risks severe malfunction if a car wash goes awry.
According to an article published in March by Elektrek, a website focused on electric vehicles, the Hummer EV also suffers from faulty tail lights caused by bad software. That issue prompted a recall by the manufacturer.
And then there is the simple matter of recharging the battery. Something that under some conditions may take days to build up for the Hummer EV. Perhaps General Motors was too hasty in bringing an electric-powered truck to market. It seems that there is an abundance of design issues with the vehicle.
But if some Hummer owners are having buyer’s remorse about buying an electric vehicle, they are far from alone in the EV world.
As Breitbart reported in September, Hoovies Garage, a YouTube channel with 1.4 million subscribers, posted a video about the “total disaster” that came about from testing the new Ford F-150 Lightning electric pickup truck.
In July, the 17-year-old owner of 2014 Ford Focus Electric, purchased used for her by her parents, found out it needed a new battery that would cost $14,000 — more than the $11,000 the car cost in the first place. In June Toyota issued a recall for its first electric vehicle.
And yet, “progressive” politicians and “green energy” advocates remain obsessed with forcing Americans to buy electric vehicles in spite of the many problems that continue to plague the industry. The most rabid proponents of electric automobiles refuse to let the free market decide if such cars and trucks are truly wanted or even necessary.
Nobody wants to drive an unreliable car or truck or SUV or minivan. Americans want to buy vehicles they can trust to take them where they need to go, whether it’s getting groceries or going to work, driving to church, or rushing to the hospital with a medical emergency.
If so-called “progressives” get their way there will be millions of electric vehicles on the road, each one rife with potential “software error” and shorted-out batteries. Countless cars and trucks, waiting to break down without warning. Or conceivably going completely out of control on the highway: Computerized missiles homing in on innocent targets.
https://ijr.com/man-115000-hummer-electric-truck-left-stranded/
Electricity comes from energy produced by burning coal.
Here in Region VIII, most of it is dug out of the ground in Wyoming, and shipped via rail into Colorado down the I-25 corridor to power plants along the Front Range.
This is how your “green energy” is produced.
bullish for tow trucks.
Borrowing costs for home loans have reached their highest point in 16 years, with the interest on a conventional 30-year mortgage hitting 6.7% on Wednesday, according to Freddie Mac. Mortgage rates have now more than doubled since the beginning of 2022. As measured by their “effective” rate, which factors in the compounding period for a loan and which thus offers a truer picture of the cost to homebuyers, mortgage rates are now just above 7%, according to Oxford Economics.
“It is beginning to look as though home sales will be crushed to the point where the only people buying homes are those with no choice, for family or job relocation reasons,” Ian Shepherdson, chief economist with Pantheon Macroeconomics, said in a report.
Some relief for buyers may be on the horizon, as home prices are starting to fall and are likely to continue declining in certain real estate markets, economists predict. Home prices in Sacramento, California; Salt Lake City, Utah; and Seattle, Washington, are seeing some of the steepest declines.
Economists expect mortgage costs to stay elevated as the Federal Reserve continues to hike its benchmark interest in an effort to cool inflation, including two more hikes by year end.
https://www.msn.com/en-us/money/realestate/mortgage-rates-climb-to-their-highest-level-in-16-years/ar-AA12DLAx
Leesburg-area home prices fall 3.2% in September, with houses for sale in high demand
A typical Lake County home listed for $406,500 in September, down 3.2% from the previous month’s $419,900, an analysis of data from Realtor.com shows.
https://www.yahoo.com/entertainment/leesburg-area-home-prices-fall-020524502.html
Rochester-area home prices fall 1.4% in September, with houses for sale in high demand
A typical Monroe County home listed for $196,625 in September, down 1.4% from the previous month’s $199,450, an analysis of data from Realtor.com shows.
https://www.msn.com/en-us/money/realestate/rochester-area-home-prices-fall-14-25-in-september-with-houses-for-sale-in-high-demand/ar-AA12Ev9W
St. George home prices dropped in September, but demand remains high
The typical home in Washington County was listed for $657,475 in September, down about 1.5% from the previous month but still up 4.2% compared to the same month in 2021, according data kept by Realtor.com.
Asking prices were falling across much of the state. Across all of Utah, median home prices were $579,500, falling 2.3% from a month earlier. The median Utah home for sale had 2,434 square feet at a list price of $246 per square foot.
https://www.yahoo.com/news/st-george-home-prices-dropped-185029072.html
Freeport-area home prices drop in September as market remains busy
A typical Stephenson County home listed for $129,950 in September, down 14.2% from the previous month’s $151,475, an analysis of data from Realtor.com shows. The median list home price in September was down about 5.9% from September 2021. Stephenson County’s median home was 1,815 square feet for a listed price of $77 per square foot.
https://www.msn.com/en-us/money/realestate/freeport-area-home-prices-drop-in-september-as-market-remains-busy/ar-AA12EW0C
The Austin-Round Rock-Georgetown, Texas metro area follows Boise in the second spot on SmartAsset’s list. This central Texas metro area has experienced the fourth largest decrease in demand and the 13th largest price reductions.
Median home prices in Austin currently stand at close to $578,000 while the median number of days a home sits on the market is 41, according to an analysis from the real estate company Redfin.
Phoenix-Mesa-Chandler, Ariz.; San Jose-Sunnyvale-Santa Clara, Calif.; and Las Vegas-Henderson-Paradise, Nev., hold the final three spots in the top five of SmartAsset’s list of fastest-cooling real estate markets.
The Phoenix metro boasts the highest percentage of listed homes with price cuts, while the Silicon Valley metro, San Jose-Sunnyvale-Santa Clara has experienced more than a 43 percent decrease in the number of houses sold since the same time in 2021.
In the Las Vegas metro, the number of houses sold monthly has fallen by about 44 percent over the past year.
Nationwide, close to 26 percent of homes listed experienced price reductions in August, up from 16 percent in 2021. Additionally, SmartAsset found that the average time a home stays on the market is 13 days.
Here are the 10 fastest-cooling real estate markets, according to SmartAsset.
1. Boise, Idaho
2. Austin-Round Rock-Georgetown, Texas
3. Phoenix-Mesa-Chandler, Arizona
4. San Jose-Sunnyvale-Santa Clara, California
5. Las Vegas-Henderson-Paradise, Nevada
6. Salt Lake City, Utah
7. North Port-Sarasota-Bradenton, Florida
8. San Diego-Chula Vista-Carlsbad, California
9. Provo-Orem, Utah
10. Stockton, California
https://www.yahoo.com/entertainment/housing-markets-cooling-fastest-182153736.html
Marc Andreessen doubles down on California — ‘the ruins of a once great civilization’
The Business Journals|20 hours ago
Andreessen tweeted that California is like “Rome in maybe 250 AD, we live amidst an enormous flowering of culture and creativity, but the roads are becoming unsafe…
San Francisco Mayor London Breed pledged for the second time in a year Wednesday to crack down on open-air opioid drug sales and rampant public drug use that she says is destroying the city.
“Let’s be clear: Selling drugs is not legal. Using drugs out in the open is completely unacceptable,” Breed said. “There needs to be consequences, for the seniors, for the immigrants, for the kids who are trying to just live their lives.”
She has announced a new policy informing fentanyl sellers they could face murder charges if their goods are linked to an overdose death. She said that people who receive five citations by police for consuming drugs in public will be referred to an alternative community court for treatment.
https://www.kcra.com/article/san-francisco-mayor-pledges-again-crackdown-drug-sales/41536140#
Murder charges? Wa happened to my defund the police mayah?
“Andreessen tweeted that California is like “Rome in maybe 250 AD, we live amidst an enormous flowering of culture and creativity, but the roads are becoming unsafe…”
Haha, you might end up arguing with and killing your father whom you don’t know on the unsafe road.
he’s an optimist on the time frame.
Marc Andreessen doubles down on California
Like he doesn’t own shacks in other states.
DENVER (KDVR) – What went up is coming down – at least a little bit.
The Denver-Aurora-Lakewood area ranks 21st for cooling housing markets among the 100 largest cities, between Jacksonville and Tucson. The SmartAsset study ranked cities based on how much demand and prices have fallen in each from August 2021-2022. The study considered how many sellers are cutting prices and by how much, the number of new listings and the average days before a home sells.
It isn’t the prices. Denver home sellers are apparently optimistic that they can still command at least some of the swollen prices recorded around the metro in the last two years. Homesellers are not slashing prices more in the Denver metro than elsewhere in the country, according to the report.
It’s demand for homes that means the market is cooling. The Denver-Aurora-Lakewood metro has the nation’s 13th highest ranking for a decrease in housing demand.
https://www.msn.com/en-us/money/realestate/denver-among-the-fastest-cooling-housing-markets/ar-AA12D5sN
“You gotta pump those numbers up, those are rookie numbers”
Denver’s city leaders want to spend a record amount of money in 2023 on police, fire and jail services as crime continues to rise, response times lengthen and officers remain difficult to recruit.
The Denver Department of Public Safety encompasses the city’s police, sheriff and fire departments as well as the 911 call center. In total, Mayor Michael Hancock allotted $611 million to the department in his proposed 2023 budget– 36% of the city’s $1.66 billion budget and the largest amount dedicated to any single city department. The 2023 request is 8% greater than the $568 million appropriated in 2022 and 27% greater than the $481 million spent in 2021, when budgets were slashed due to economic fears from the COVID-19 pandemic.
“We want to make sure we appropriately cover our communities and have a certain appropriate ratio of police officers to our population,” Hancock said in a news conference announcing his budget. “It’s about police being a part of the solution to crime. What you won’t get from me and my administration is believing that law enforcement is the only tool to stop crime and improve safety.”
The staffing challenges come as reported crime continues to rise in the city. The department estimates 7,161 violent crimes and 49,553 property crimes to be reported in 2022 — a 48% increase in violent crime and an 88% increase in property crime since 2017.
The Denver Police Department is asking for $214,800 for two more forensic scientists to “support increased demand for testing evidence containing fentanyl.”
Department leaders believe the implementation of House Bill 22-1326 — which made possession of even a dusting of the lethal synthetic opioid a felony — will increase the amount of such evidence processed by the lab. In 2020, the lab processed 279 fentanyl-related items and the department estimates the lab will process 2,666 items in 2023.
https://www.msn.com/en-us/news/us/bucking-defunding-calls-denver-to-spend-record-amount-on-police-fire-and-jails-here-s-where-the-money-will-go/ar-AA12CXGi
“Denver’s city leaders want to spend a record amount of money in 2023 on police, fire and jail services as crime continues to rise, response times lengthen and officers remain difficult to recruit.”
Amazing how society is willing to saddle college students with a life time of debt payments while the thieving homeless street addicts consume our scarce financial resources. How about some fentanyl skittles in gumball machines?
The Boise and Treasure Valley housing market has soared since 2020 with houses going for thousands of dollars above the asking price and bidding wars driving the cost up. Now, raising interest rates is dramatically unsettling the real estate market and is now slowing development.
Now, prices are falling back to Earth. Is this the market correcting itself? Or is a crash looming? Join us for this livestream event as we tackle these questions from all aspects — from real estate to city planning to development.
https://www.msn.com/en-us/money/realestate/recorded-earlier-livestream-event-about-the-treasure-valley-real-estate-market/ar-AA12pp0C
A troubling report shows declines across the board in the Greater Toronto Area (GTA) housing market, as experts use words like “adjustment” to describe the sudden deflation of a bloated market in the face of historic inflation and higher borrowing costs.
The Toronto Regional Real Estate Board (TRREB) reports 5,038 sales in the region in September, marking a 44.1 per cent tailspin from the same period last year.
https://www.blogto.com/real-estate-toronto/2022/10/torontos-real-estate-market-just-took-absolute-nosedive/
I love a good nosedive to start the mornin’!
To rein in high inflation, the central bank has boosted interest rates this year, which in turn, has caused the housing market to cool as mortgage rates increase. Fed Chairman Jerome Powell hinted at his last meeting that the housing market needs a correction and believes it can be adjusted in a way that people could still afford homes again.
“Powell has taken away the punch bowl away from the housers in this market,” SitusAMC Managing Director Tim Rood told Yahoo Finance.
https://www.msn.com/en-us/money/realestate/housing-economist-home-prices-to-e2-80-98move-sideways-e2-80-99-as-fed-boosts-rates/ar-AA12DoKF
“Fed Chairman Jerome Powell hinted at his last meeting that the housing market needs a correction and believes it can be adjusted in a way that people could still afford homes again.”
Buyers can’t afford a Domino’s pizza, but that’s okay.
loanDepot suspends 401(k) match for employees while boosting exec pay
HousingWire|14 hours ago
Just days after it provided top executives big bumps in pay, loanDepot told workers that it was suspending its 401(k) match.
Why that’s savagely unhealthy. Right Logan? Logan?
Bueller?
Just days after it provided top executives big bumps in pay
I have only glanced at the Loan Depot data but what jumped out at me was the Gain on Sale Margin in the Retail channel (where most of the revenue comes from) fell from 2.24% in Q1 to 1.03% in Q2.
If i had to guess I would say that the Q3 Gain on Sale will be less than 1.00%. (say .75%) This is the margin compression that kills companies profitability. You can’t get lean quick enough.
After ‘Don’t Say Gay,’ a Weakened Disney Hopes to Limit the Damage
“Disney for whatever reason has gone quiet,” said Mike Kahane, of AIDS Healthcare Foundation, who organized a protest at Disney World in March. “I would speculate it has something to do with them trying to work out this bigger issue, which could have huge economic consequences to them.”
The conservative backlash intensified later that month. Journalist Christopher Rufo – who had made a name for himself by exposing anti-racist employee trainings – released leaked videos in which Disney employees spoke about “adding queerness” to content and having a “not-so-secret gay agenda.”
With the wind at his back, DeSantis signed the bill in April abolishing Reedy Creek, which the legislature had created in 1967 to give Disney sweeping power over nearly 40 square miles of swampland.
To observers, it was a brazen move. Disney is woven into the fabric of the state. Politicians of both parties coddled the company for decades. The message was clear: DeSantis – not Disney — was in charge.
“If you’re going to commit yourself to wanting gender ideology in elementary school, we’re not going to hold you up on a pedestal any longer,” the governor said in a recent speech. “Disney is no longer going to have its own government. They’re going to live under the same laws as everybody else. And they are going to pay their fair share of taxes in the state of Florida.”
https://www.msn.com/en-us/news/us/after-e2-80-98don-e2-80-99t-say-gay-e2-80-99-a-weakened-disney-hopes-to-limit-the-damage/ar-AA12Dk61
‘If you’re going to commit yourself to wanting gender ideology in elementary school’
When I was in elementary school, I’m pretty sure that someone who brought a drag queen to lap dance would have gone straight to prison. This stuff is crazy and don’t let anyone suggest otherwise. This is globalist scum for all to see.
Oh, but keep sending billions to the dancing cowgirl in Ukranistan.
“This is globalist scum”
When is enough enough?
If we can’t take our country back, it’s time to break it apart like Yugoslavia. I don’t want to exist in, or pay taxes to, a failed nation that has allowed this level of moral rot to become entrenched.
Antifa on rooftops with AR-15s, in Texas, protecting the “performers” and attendees of a drag queen brunch for children, this is what our country has become.
It’s all rooted in Marxism.
The deputy head of Credit Suisse’s Asia-Pacific wealth management business Young Jin Yee has resigned, according to a company memo reviewed by Reuters and confirmed by a spokesperson for the Swiss bank.
The departure comes at a time when concerns about Credit Suisse’s ability to restructure its business without tapping investors for more money has battered the bank’s shares to record lows.
Some of the bank’s wealth management clients have recently become concerned about its turnaround, two people familiar with the discussions have told Reuters, and some have been moving funds, according to one of the people. The division is expected to be the centerpiece of the bank’s turnaround plan.
The memo on Young sent on Wednesday from Benjamin Cavalli, the head of wealth management for Asia Pacific, to staff in that unit said Young would be leaving to “pursue an expanded opportunity outside of Credit Suisse”.
https://www.theglobeandmail.com/business/international-business/article-credit-suisses-deputy-head-of-asia-wealth-business-resigns/
Does Kim Kardashian’s SEC fine mark the end of the crypto-celebrity gold rush?
Kardashian was fined for not disclosing that she had been paid for an Instagram post promoting EthereumMax crypto tokens, but she’s not the first big name to land in regulatory hot water over crypto deals.
Floyd Mayweather Jr. and DJ Khaled both were charged in 2018 for not disclosing that they’d been paid to promote various crypto investments, and in 2020, the same thing happened to Steven Seagal.
According to one former SEC official, a warning about celebrity-endorsed cryptocurrencies that the agency put out in 2017 was largely prompted by Mayweather, Jamie Foxx and Paris Hilton touting crypto assets.
“By bringing this case, [the SEC] has basically said, ‘Look, you all got fair warning. Now we’re bringing a case,’” the former official, who asked to remain anonymous to protect their relationship with former colleagues, told The Times. “It definitely puts celebrities on notice.”
It can be hard to talk about crypto without mentioning the sometimes-bizarre overlap that the still relatively niche financial technology has with the entertainment industry. In January, Hilton spoke with late-night TV host Jimmy Fallon about the anthropomorphic monkey tokens they both own. Less than a month later, marquee names including Larry David and LeBron James starred in cryptocurrency ads during the Super Bowl. Matt Damon has promoted crypto investing as an act of world-historical bravery, and last year the crypto company MoonPay made a not-so-subtle cameo in a music video starring Post Malone and the Weeknd.
Questions still abound about why, exactly, so many celebs have hopped aboard the crypto hype train — and what financial incentives they may have for doing so.
Rep. Brad Sherman (D-Northridge), perhaps Congress’ foremost crypto skeptic, called Kardashian’s lack of reporting an “obvious violation” of SEC law but said that her high-profile promotion of the cryptocurrency also hints at a larger business of using influencers to inflate crypto prices.
“The very fact that you’re being paid to tout it means that there is an ongoing business enterprise pushing the price up,” said Sherman, adding that he wants higher fines and not just for Kardashian. “I believe that Kardashian is either a constituent or lives just outside my district, so I wish her well,” he said. “But in this case, she should have gotten some better legal advice.”
https://www.latimes.com/entertainment-arts/business/story/2022-10-05/does-kim-kardashians-crypto-fine-mark-the-end-of-the-crypto-celebrity-golden-age
mark the end
Celebrities probably view fines as a cost of doing business.
Pharma certainly does.
Sterling, VA Housing Prices Crater 21% YOY As Northern Virginia Construction Costs Slip Under $50 Per Square Foot
https://www.movoto.com/sterling-va/market-trends/
As a distinguished economist noted, “a house is a rapidly depreciating assets that empty your wallet every day you own it.”