A report from Bisnow on California. "Speakers at Bisnow's Silicon Valley Construction & Development Forecast…
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From the first 7 minute video:
Real Estate Developer Core Selling off UNFINISHED Properties
Mark Mitchell – Mortgage Broker London Ontario
Oct 17, 2022 #CanadaRealEstate #TorontoRealEstate #CanadianRealEstate
Toronto Real Estate Developer, Core Development Group, is selling off unfinished properties after it vowed to buy 4,000 single family homes in 2021. The developer had planned to turn $1 billion dollars of homes into rental properties in June of 2021, and faced a fierce backlash from critics who said it was profiting from a housing crisis.
The second 8 minute video:
Austin’s Real Estate Market is finding it’s new normal.
Heather WitteOct 16, 2022 Is Austin’s Housing market crashing? Or is it just normalizing? Heather Witte tells you the answer for Austin & Georgetown Texas. Interest rates are moving…for now. The change in the market is really affecting the Austin / Georgetown area of Texas.
The last 15:22 video:
Jason and Chris Fenoglio talk the housing market and interest rates!!
Oct 16, 2022 Interest rates have significantly gone up! I interview Chris Fenoglio , a Mortgage Lender. First , we get a bit of information on Chris and his background, next we get his thoughts on
1. where the housing market currently is 2. where he anticipates home prices will be in the near future.
Opendoor Technologies Inc. is a real estate acquisition company that flips houses, owns 17,000 homes, and now trades at a 29% discount to liquidation value.
If OPEN sold all of its real estate at cost today and used proceeds to pay the debt, it could then distribute $3.44 a share in cash to shareholders.
Net asset value (NAV) is rapidly eroding with significant cash burn ahead based on management Q3 guidance; run-rate of $920M or $1.46/share annual cash burn.
With substantial cash burn, inventory mark-downs, and dilution ahead, OPEN may have its capital depleted and is still not a safe buy despite the discount to NAV.
The OPEN business model is broken with low margins, high risk profile, only one exit strategy on transactions, and management that doesn’t seem to have a pulse on the market.
Don’t expect ‘financial journalists’ to reach this obvious conclusion.
Existing home sales on Chicago’s North Side slumped in September for the seventh consecutive month, a new analysis by Baird & Warner reported.
Here is a list of median pricing for homes sold in September 2022, compared with the same month in 2021 in the four neighborhoods surveyed:
Lakeview. Resale home prices rose a hefty 16.8 percent. However, resale prices of luxury homes priced from $1-2 million declined 5.9 percent.
Lincoln Park. Overall resale home prices rose a whopping 20.2 percent. However, the median price of homes in the $500,000 to $1 million bracket declined 3.6 percent.
Near North Side. Overall, resale home prices declined 2.3 percent. However, prices of homes and condominiums priced under $500,000 declined 2.1 percent.
North Center. Resale home prices rose a solid 12.6 percent. However, the median price of luxury units priced at more than $2 million dropped 8.8 percent.
Existing home sales on Chicago’s North Side slumped in September for the seventh consecutive month
Who in their right mind would buy a place in Chicago?
I was born in Chicago and grew up 3 miles outside of Chicago. It’s a nice place to be from.
We’re surrounded by these short sighted perma bears like Ho Chi Zandi these days. Am I the only one who still believes in the American Dream?
the American Dream?
A bunker with a white picket fence?
Home sellers are slashing their asking prices at a record clip as surging mortgage rates drive a downturn in the US housing market, according to a recent report from real estate firm Redfin.
About 7.9% of home listings reported price drops during the four-week period ending Oct. 9, according to a rolling average compiled by Redfin. That figure marked a record high and a significant uptick compared to the same period last year, when just 4% of listings reported price cuts.
Firms linked to housing activity expect higher interest rates to hurt their sales, while others now see slower – though still healthy – sales growth, the survey found.
“While many firms anticipate a recession, those not linked to housing activity and other household consumption do not expect it to have a large impact on demand for their products and services,” the survey said.
Governor Tiff Macklem said last week that the central bank still believed a recession could be avoided, though he warned the path to a “soft landing” was narrowing. Analysts are more sceptical.
“I don’t believe in a soft landing in the current situation,” said Robert Asselin, a senior policy analyst at the Business Council of Canada. “The bank is very aggressive with hiking rates… I think it will continue and the conclusion of that has to be that there will be significant economic damage.”
“A housing correction is already well under way… The primary driver behind the housing market correction thus far has been sharply higher mortgage rates,” writes Wells Fargo researchers. And they don’t see much mortgage rate relief coming next year. “The fiercely hawkish Fed is one reason why we expect mortgage rates to remain above 6% through Q4-2023.”
Whatever you call it—housing downturn, housing correction, or housing recession—the housing slump is clearly putting downward pressure on home prices. Next year, Wells Fargo predicts that national home prices will sink 5.5%. But it will vary significantly by market.
“Markets where home prices shot the highest are now vulnerable to a disproportionate swing to the downside, notably in previously white-hot markets in the Mountain West”
Typically, lenders evaluate an applicant’s three Cs, Jason Sharon, owner and broker at Home Loans Inc, told The Hill.
These stand for capacity, character and collateral, or if the person has the income to withstand the new debt, has a sufficient credit score and if the property the buyer is aiming to purchase is worth what they are looking to borrow.
Sharon said the biggest stressor in the current market is a buyer’s capacity to carry the new debt. Interest rates and home prices have made monthly payments so high that even a borrower who would qualify for a home loan under normal economic circumstances could now exceed the allowed monthly debt-to-income ratio.
“The stress in today’s market is ‘monthly payment,’ which is part of the debt-to-income ratio. With the recent jump in rates combined with the 2-year run on housing price increases, many people have been priced out of the market completely or what they now qualify for does not meet their needs [or] desires,” Sharon said in an email.
Ira Rheingold, executive director at the National Association of Consumer Advocates, generally agreed with Sharon, although he said he has not seen a tightening in lending standards.
“I think it’s simply houses are too expensive. People don’t have enough money saved. Interest rates have gone up,” Rheingold said.
“And so, I think that’s why there are less mortgages being made. Not that it’s tougher for an individual to get a mortgage. It’s tougher for an individual to get a mortgage that will allow them to buy the house that they want to buy,” Rheingold added.
If there is a recession — something that is an increasing worry for policymakers and business leaders — it could leave lenders steering clear of riskier loans.
Banks do not want to give out loans to people who can’t pay them back.
“Every major recession has a leading indicator of a rise in unemployment. Usually unemployment is very low, then has a turn for the worse. Obviously, if you can’t get a new job, you can’t pay your mortgage,” Sharon continued.
“I think it’s simply houses are too expensive. People don’t have enough money saved. Interest rates have gone up,” Rheingold said.
Ira is really shinning these days.
“With the market shifting as home sales and prices are predicted to temper next year, buyers and sellers are adapting to the new realities of the market,” said C.A.R. President Otto Catrina, a Bay Area real estate broker and REALTOR®. “As sellers adjust their expectations, well-priced homes are still selling quickly. And for buyers: more homes for sale, less competition, and fewer homes selling above asking price, all point to a more favorable market environment for those who were outbid or sat out during the past two years when the market was fiercely competitive.”
Damn yer eyes too Otto! Am I the last shack bull standing?
The latest on those knuckle dragging sheet wearing Californians:
Councilmen Cedillo and De León Stripped of Committees After Racist Leak
L.A. City Councilmen Cedillo and De Leon are testing the council’s patience in refusing to quit, so they’re being put in a corner
Acting Los Angeles City Council President Mitch O’Farrell removed Councilmen Kevin de León and Gil Cedillo from a variety of committee assignments on Monday in order to encourage them to resign, following the leak of a conversation they took part in with former Council President Nury Martinez in which she called Councilman Mike Bonin’s Black son “a monkey” and protested that L.A. District Attorney George Gascon would not help hispanic residents in redistricting because, “F*ck that guy! He’s with the Blacks.”
Microsoft confirmed a report from Axios on Monday that detailed layoffs across multiple divisions.
“Like all companies, we evaluate our business priorities on a regular basis, and make structural adjustments accordingly,” a Microsoft spokesperson said in a statement. “We will continue to invest in our business and hire in key growth areas in the year ahead.”
It’s unclear how many employees were let go but Axios reported that it was under 1,000 people.
Tech giants including Snap and Oracle have cut staff amid the economic downturn that is forcing budget cuts and substantial drop-offs in stock prices. Others such as Meta and Apple are slowing or freezing hiring.
Just in time as the season’s first snow needs shoveling.
Distressed River North hotel loan sold for big discount
Crain’s Chicago Business|17 hours ago
The deal for the Hotel Felix debt highlights the financial pain still rankling hotel investors and lenders, even as travel demand picks up.
“It’s hard to definitively say it’s all housing [costs] that’s causing this. Those other areas, if they’re also getting more residents and they start building more amenities, better schools and so forth, that might also cause people to want to live outside the city,” Lopezlira said. Still, Lopezlira thinks that it’s “a bit high” for a city like San Francisco to have six of every 10 municipal employees living out-of-city.
San Francisco’s public safety departments have the highest shares of workers living outside S.F. In 2022, just 25% of San Francisco Police Department employees lived in the city proper, the lowest share of any department.
S.F. Police Department spokesperson Adam Lobsinger said some officers choose to live outside of the city to have separation of their work and home lives.
“I live outside of San Francisco … it’s really important for us to have some downtime and get away from work because of the toll that this job can take on you both physically and emotionally,” Lobsinger said.
Only 28% of S.F. Fire Department employees live in the city. According to Fire Department spokesperson Jonathan Baxter, many workers who do live in town can do so because they inherited homes from their parents, still live with their families or work second jobs.
“Rent is extremely high in San Francisco and most of the firefighters that I’ve spoken to who rent in San Francisco have [two to five] roommates so that they can have a decent living standard, [and be] able to continue to educate themselves to progress in their careers such as going to college and taking trade classes,” Baxter said.
Despite having the highest median income out of all the city’s departments at over $200,000, the San Francisco Fire Department has one of the lowest portions of employees that live in the city.
When the next “big one” hits the city’s finest and heroes will be AWOL.
The latest Census numbers are out and it’s not looking good for the Bay Area. The San Francisco region leads the nation in the number of people fleeing the big city. But it’s who is leaving that could have an impact on all of us.
With blue skies and temperatures in the mid-seventies, Monday was one of those days when you wonder why anyone would want to leave San Francisco. However that’s exactly what’s happening. A new census-data study from the American Community Survey shows, in 2021, the SF Metro area lost 2.5 percent of its population –116,000 people just packed up and left.
It’s happened before, but usually it was low-income people who were priced out of the area.
“Now these moves appear to be higher-income folks, working remotely sometimes, moving to places like Austin or Atlanta or Nashville or Denver–lower cost places,” said Jeff Bellisario.
As Director of the Bay Area Council Economic Institute, Bellisario monitors regional economic trends and said about half of all workers in the area have a computer-based job. He said the pandemic taught them they could do it anywhere, which could spell trouble for urban downtowns.
“You’re seeing fewer workers today–by the thousands–in San Francisco and Oakland,” he said. “So, any retail, barbershop, gym, florist, that was serving that office economy has really struggled and is going to have a very tough time coming back.”
It’s not the bum urine toppled lamp posts Jeff. They are trying to get away from you SHEET WEARING bay aryan racists!!
As Director of the Bay Area Council Economic Institute, Bellisario monitors regional economic trends and said about half of all workers in the area have a computer-based job. He said the pandemic taught them they could do it anywhere, which could spell trouble for urban downtowns.
There goes the hotdog cart and corner gourmet espresso shop.
A new survey from the Seattle Chamber of Commerce has found that a majority of voters in Seattle believe the city is on the wrong track and want the city to devote more resources to hiring police and support policies to increase affordable housing.
The survey, which measures the quality of life, found that Seattle voters are less pessimistic about the overall quality of life in Seattle but think the city is on the wrong track. It also found that 91% of voters agreed that, “downtown Seattle cannot fully recover until the homelessness and public safety problems are addressed.”
“At today’s rates and home prices, buyers who purchase a home are paying about 80% more for the same house than if they had bought at the same time last year, “ Realtor.com noted on its site on Saturday.
“People who’ve been looking diligently over the last six months are frustrated because they’ve experienced in real time the shock,” mortgage lender Shmuel Shayowitz, of Approved Funding in River Edge, New Jersey, told the site. “Anybody who really doesn’t need to buy or isn’t in a rental squeeze where their rent continues to rise, they’ve pulled back [from purchasing homes].”
This year, the state’s homegrown IPOs raised only $177 million through the end of September, compared with an average of $16 billion for the same period in the past five years.
“We are already seeing an immediate effect,” said Brian Uhler, deputy legislative analyst at California’s Legislative Analyst’s Office. “And it does appear to be significant.”
In September, California employers’ income tax withholding payments were down 5%, or $354 million, from a year ago, according to an LAO tracker. This year’s IPO drought has been a driver of the decline, Uhler said.
Stop burning crosses and get those self driving taxis in the air!
California employers’ income tax withholding payments were down 5%, or $354 million, from a year ago,
I am guessing the Capital Gains for the year 2022 will be much less than 2021. In fact, while I doubt it, I wonder if more Capital losses will be taken than Capital gains in 2022 I will take the under on the CA budget “actual vs. forecast.”
Time to schedule another soiree at the French Laundry.
Michigan mortgage industry retrenches in ‘uphill battle’ with rising rates
Detroit News|8 hours ago
Companies, including Detroit-based Rocket Mortgage, have reduced staff this year as demand for new mortgages and refinances declines.
Annandale, VA Housing Prices Crater 21% YOY As Double Digit Price Declines Saturate Northern Virginia
As one broker disclosed, “There are no bidding wars here nor has there ever been… It’s just something we deliberately misrepresent to get the buyer to pay far more.”
From the first 7 minute video:
Real Estate Developer Core Selling off UNFINISHED Properties
Mark Mitchell – Mortgage Broker London Ontario
Oct 17, 2022 #CanadaRealEstate #TorontoRealEstate #CanadianRealEstate
Toronto Real Estate Developer, Core Development Group, is selling off unfinished properties after it vowed to buy 4,000 single family homes in 2021. The developer had planned to turn $1 billion dollars of homes into rental properties in June of 2021, and faced a fierce backlash from critics who said it was profiting from a housing crisis.
The second 8 minute video:
Austin’s Real Estate Market is finding it’s new normal.
Heather WitteOct 16, 2022 Is Austin’s Housing market crashing? Or is it just normalizing? Heather Witte tells you the answer for Austin & Georgetown Texas. Interest rates are moving…for now. The change in the market is really affecting the Austin / Georgetown area of Texas.
The last 15:22 video:
Jason and Chris Fenoglio talk the housing market and interest rates!!
Oct 16, 2022 Interest rates have significantly gone up! I interview Chris Fenoglio , a Mortgage Lender. First , we get a bit of information on Chris and his background, next we get his thoughts on
1. where the housing market currently is 2. where he anticipates home prices will be in the near future.
Opendoor Technologies Inc. is a real estate acquisition company that flips houses, owns 17,000 homes, and now trades at a 29% discount to liquidation value.
If OPEN sold all of its real estate at cost today and used proceeds to pay the debt, it could then distribute $3.44 a share in cash to shareholders.
Net asset value (NAV) is rapidly eroding with significant cash burn ahead based on management Q3 guidance; run-rate of $920M or $1.46/share annual cash burn.
With substantial cash burn, inventory mark-downs, and dilution ahead, OPEN may have its capital depleted and is still not a safe buy despite the discount to NAV.
The OPEN business model is broken with low margins, high risk profile, only one exit strategy on transactions, and management that doesn’t seem to have a pulse on the market.
https://seekingalpha.com/article/4546980-opendoor-trading-below-liquidation-value-still-not-buy
management that doesn’t seem to have a pulse
There’s a lot of that going around.
“However, I do find the lack of insider buying to be concerning. The stock is down 90% on the year, and still no insiders have bought.”
Time for an all employee meeting. Agenda: Opendoor is a strong buy. Here’s your chance to get in on the ground floor!
Interest rates could hit 9% as part of the Federal Reserve’s efforts to bring down inflation, Mark Mobius told Bloomberg TV.
if inflation is 8%, “the playbook says you’ve got to raise rates higher than inflation,” he said.
https://www.msn.com/en-us/money/markets/investing-legend-mark-mobius-sees-interest-rates-climbing-to-9-as-the-fed-battles-against-scorching-inflation/ar-AA134ceB
Don’t expect ‘financial journalists’ to reach this obvious conclusion.
Existing home sales on Chicago’s North Side slumped in September for the seventh consecutive month, a new analysis by Baird & Warner reported.
Here is a list of median pricing for homes sold in September 2022, compared with the same month in 2021 in the four neighborhoods surveyed:
Lakeview. Resale home prices rose a hefty 16.8 percent. However, resale prices of luxury homes priced from $1-2 million declined 5.9 percent.
Lincoln Park. Overall resale home prices rose a whopping 20.2 percent. However, the median price of homes in the $500,000 to $1 million bracket declined 3.6 percent.
Near North Side. Overall, resale home prices declined 2.3 percent. However, prices of homes and condominiums priced under $500,000 declined 2.1 percent.
North Center. Resale home prices rose a solid 12.6 percent. However, the median price of luxury units priced at more than $2 million dropped 8.8 percent.
https://www.loopnorth.com/news/slump1017.htm
Existing home sales on Chicago’s North Side slumped in September for the seventh consecutive month
Who in their right mind would buy a place in Chicago?
I was born in Chicago and grew up 3 miles outside of Chicago. It’s a nice place to be from.
https://www.nbcbayarea.com/news/local/making-it-in-the-bay/by-the-numbers-home-prices-dropping-in-the-bay-area/3028873/
Mark Zandi says a recession isn’t a sure thing, but urges everyone to ‘keep one hand on the bunker door just to be safe’
https://finance.yahoo.com/news/top-economist-mark-zandi-says-184617467.html
We’re surrounded by these short sighted perma bears like Ho Chi Zandi these days. Am I the only one who still believes in the American Dream?
the American Dream?
A bunker with a white picket fence?
Home sellers are slashing their asking prices at a record clip as surging mortgage rates drive a downturn in the US housing market, according to a recent report from real estate firm Redfin.
About 7.9% of home listings reported price drops during the four-week period ending Oct. 9, according to a rolling average compiled by Redfin. That figure marked a record high and a significant uptick compared to the same period last year, when just 4% of listings reported price cuts.
https://nypost.com/2022/10/17/home-asking-prices-tumble-at-record-pace-as-mortgage-rates-surge/
Firms linked to housing activity expect higher interest rates to hurt their sales, while others now see slower – though still healthy – sales growth, the survey found.
“While many firms anticipate a recession, those not linked to housing activity and other household consumption do not expect it to have a large impact on demand for their products and services,” the survey said.
Governor Tiff Macklem said last week that the central bank still believed a recession could be avoided, though he warned the path to a “soft landing” was narrowing. Analysts are more sceptical.
“I don’t believe in a soft landing in the current situation,” said Robert Asselin, a senior policy analyst at the Business Council of Canada. “The bank is very aggressive with hiking rates… I think it will continue and the conclusion of that has to be that there will be significant economic damage.”
https://www.msn.com/en-ca/money/topstories/canadian-firms-see-recession-coming-as-inflation-expectations-stay-high/ar-AA133yfR
Damn yer perma bear eyes Bob!
“A housing correction is already well under way… The primary driver behind the housing market correction thus far has been sharply higher mortgage rates,” writes Wells Fargo researchers. And they don’t see much mortgage rate relief coming next year. “The fiercely hawkish Fed is one reason why we expect mortgage rates to remain above 6% through Q4-2023.”
Whatever you call it—housing downturn, housing correction, or housing recession—the housing slump is clearly putting downward pressure on home prices. Next year, Wells Fargo predicts that national home prices will sink 5.5%. But it will vary significantly by market.
“Markets where home prices shot the highest are now vulnerable to a disproportionate swing to the downside, notably in previously white-hot markets in the Mountain West”
https://www.msn.com/en-us/money/realestate/it-s-still-early-innings-for-the-housing-market-downturn-here-s-when-wells-fargo-thinks-it-will-end/ar-AA135uTd
Et tu Wells Fargo?
Typically, lenders evaluate an applicant’s three Cs, Jason Sharon, owner and broker at Home Loans Inc, told The Hill.
These stand for capacity, character and collateral, or if the person has the income to withstand the new debt, has a sufficient credit score and if the property the buyer is aiming to purchase is worth what they are looking to borrow.
Sharon said the biggest stressor in the current market is a buyer’s capacity to carry the new debt. Interest rates and home prices have made monthly payments so high that even a borrower who would qualify for a home loan under normal economic circumstances could now exceed the allowed monthly debt-to-income ratio.
“The stress in today’s market is ‘monthly payment,’ which is part of the debt-to-income ratio. With the recent jump in rates combined with the 2-year run on housing price increases, many people have been priced out of the market completely or what they now qualify for does not meet their needs [or] desires,” Sharon said in an email.
Ira Rheingold, executive director at the National Association of Consumer Advocates, generally agreed with Sharon, although he said he has not seen a tightening in lending standards.
“I think it’s simply houses are too expensive. People don’t have enough money saved. Interest rates have gone up,” Rheingold said.
“And so, I think that’s why there are less mortgages being made. Not that it’s tougher for an individual to get a mortgage. It’s tougher for an individual to get a mortgage that will allow them to buy the house that they want to buy,” Rheingold added.
If there is a recession — something that is an increasing worry for policymakers and business leaders — it could leave lenders steering clear of riskier loans.
Banks do not want to give out loans to people who can’t pay them back.
“Every major recession has a leading indicator of a rise in unemployment. Usually unemployment is very low, then has a turn for the worse. Obviously, if you can’t get a new job, you can’t pay your mortgage,” Sharon continued.
https://www.msn.com/en-us/money/realestate/skyrocketing-inflation-is-raising-mortgages-putting-first-homes-out-of-reach/ar-AA132U5z
“I think it’s simply houses are too expensive. People don’t have enough money saved. Interest rates have gone up,” Rheingold said.
Ira is really shinning these days.
“With the market shifting as home sales and prices are predicted to temper next year, buyers and sellers are adapting to the new realities of the market,” said C.A.R. President Otto Catrina, a Bay Area real estate broker and REALTOR®. “As sellers adjust their expectations, well-priced homes are still selling quickly. And for buyers: more homes for sale, less competition, and fewer homes selling above asking price, all point to a more favorable market environment for those who were outbid or sat out during the past two years when the market was fiercely competitive.”
Damn yer eyes too Otto! Am I the last shack bull standing?
The latest on those knuckle dragging sheet wearing Californians:
Councilmen Cedillo and De León Stripped of Committees After Racist Leak
L.A. City Councilmen Cedillo and De Leon are testing the council’s patience in refusing to quit, so they’re being put in a corner
Acting Los Angeles City Council President Mitch O’Farrell removed Councilmen Kevin de León and Gil Cedillo from a variety of committee assignments on Monday in order to encourage them to resign, following the leak of a conversation they took part in with former Council President Nury Martinez in which she called Councilman Mike Bonin’s Black son “a monkey” and protested that L.A. District Attorney George Gascon would not help hispanic residents in redistricting because, “F*ck that guy! He’s with the Blacks.”
https://www.lamag.com/citythinkblog/gil-cedillo-kevin-de-leon-divested-of-committee-posts-to-force-resignation/
Microsoft confirmed a report from Axios on Monday that detailed layoffs across multiple divisions.
“Like all companies, we evaluate our business priorities on a regular basis, and make structural adjustments accordingly,” a Microsoft spokesperson said in a statement. “We will continue to invest in our business and hire in key growth areas in the year ahead.”
It’s unclear how many employees were let go but Axios reported that it was under 1,000 people.
Tech giants including Snap and Oracle have cut staff amid the economic downturn that is forcing budget cuts and substantial drop-offs in stock prices. Others such as Meta and Apple are slowing or freezing hiring.
https://www.msn.com/en-us/money/markets/microsoft-is-the-latest-tech-company-to-cut-staff/ar-AA1354g7
Just in time as the season’s first snow needs shoveling.
Distressed River North hotel loan sold for big discount
Crain’s Chicago Business|17 hours ago
The deal for the Hotel Felix debt highlights the financial pain still rankling hotel investors and lenders, even as travel demand picks up.
“It’s hard to definitively say it’s all housing [costs] that’s causing this. Those other areas, if they’re also getting more residents and they start building more amenities, better schools and so forth, that might also cause people to want to live outside the city,” Lopezlira said. Still, Lopezlira thinks that it’s “a bit high” for a city like San Francisco to have six of every 10 municipal employees living out-of-city.
San Francisco’s public safety departments have the highest shares of workers living outside S.F. In 2022, just 25% of San Francisco Police Department employees lived in the city proper, the lowest share of any department.
S.F. Police Department spokesperson Adam Lobsinger said some officers choose to live outside of the city to have separation of their work and home lives.
“I live outside of San Francisco … it’s really important for us to have some downtime and get away from work because of the toll that this job can take on you both physically and emotionally,” Lobsinger said.
Only 28% of S.F. Fire Department employees live in the city. According to Fire Department spokesperson Jonathan Baxter, many workers who do live in town can do so because they inherited homes from their parents, still live with their families or work second jobs.
“Rent is extremely high in San Francisco and most of the firefighters that I’ve spoken to who rent in San Francisco have [two to five] roommates so that they can have a decent living standard, [and be] able to continue to educate themselves to progress in their careers such as going to college and taking trade classes,” Baxter said.
Despite having the highest median income out of all the city’s departments at over $200,000, the San Francisco Fire Department has one of the lowest portions of employees that live in the city.
https://www.msn.com/en-us/money/realestate/most-people-who-work-for-san-francisco-don-t-live-in-the-city-here-s-why/ar-AA132XXd
When the next “big one” hits the city’s finest and heroes will be AWOL.
The latest Census numbers are out and it’s not looking good for the Bay Area. The San Francisco region leads the nation in the number of people fleeing the big city. But it’s who is leaving that could have an impact on all of us.
With blue skies and temperatures in the mid-seventies, Monday was one of those days when you wonder why anyone would want to leave San Francisco. However that’s exactly what’s happening. A new census-data study from the American Community Survey shows, in 2021, the SF Metro area lost 2.5 percent of its population –116,000 people just packed up and left.
It’s happened before, but usually it was low-income people who were priced out of the area.
“Now these moves appear to be higher-income folks, working remotely sometimes, moving to places like Austin or Atlanta or Nashville or Denver–lower cost places,” said Jeff Bellisario.
As Director of the Bay Area Council Economic Institute, Bellisario monitors regional economic trends and said about half of all workers in the area have a computer-based job. He said the pandemic taught them they could do it anywhere, which could spell trouble for urban downtowns.
“You’re seeing fewer workers today–by the thousands–in San Francisco and Oakland,” he said. “So, any retail, barbershop, gym, florist, that was serving that office economy has really struggled and is going to have a very tough time coming back.”
https://www.msn.com/en-us/news/us/exodus-of-workers-from-san-francisco-since-pandemic-could-stall-recovery-for-downtown-businesses/ar-AA134XE9
It’s not the bum urine toppled lamp posts Jeff. They are trying to get away from you SHEET WEARING bay aryan racists!!
As Director of the Bay Area Council Economic Institute, Bellisario monitors regional economic trends and said about half of all workers in the area have a computer-based job. He said the pandemic taught them they could do it anywhere, which could spell trouble for urban downtowns.
There goes the hotdog cart and corner gourmet espresso shop.
A new survey from the Seattle Chamber of Commerce has found that a majority of voters in Seattle believe the city is on the wrong track and want the city to devote more resources to hiring police and support policies to increase affordable housing.
The survey, which measures the quality of life, found that Seattle voters are less pessimistic about the overall quality of life in Seattle but think the city is on the wrong track. It also found that 91% of voters agreed that, “downtown Seattle cannot fully recover until the homelessness and public safety problems are addressed.”
https://www.msn.com/en-us/news/us/survey-seattleites-believe-city-is-on-wrong-track-want-more-police-affordable-housing/ar-AA1343BG
“At today’s rates and home prices, buyers who purchase a home are paying about 80% more for the same house than if they had bought at the same time last year, “ Realtor.com noted on its site on Saturday.
“People who’ve been looking diligently over the last six months are frustrated because they’ve experienced in real time the shock,” mortgage lender Shmuel Shayowitz, of Approved Funding in River Edge, New Jersey, told the site. “Anybody who really doesn’t need to buy or isn’t in a rental squeeze where their rent continues to rise, they’ve pulled back [from purchasing homes].”
https://www.msn.com/en-us/money/realestate/economic-week-to-be-focused-on-the-rapidly-slumping-housing-market/ar-AA133nfh
This year, the state’s homegrown IPOs raised only $177 million through the end of September, compared with an average of $16 billion for the same period in the past five years.
“We are already seeing an immediate effect,” said Brian Uhler, deputy legislative analyst at California’s Legislative Analyst’s Office. “And it does appear to be significant.”
In September, California employers’ income tax withholding payments were down 5%, or $354 million, from a year ago, according to an LAO tracker. This year’s IPO drought has been a driver of the decline, Uhler said.
https://finance.yahoo.com/news/california-faces-loss-ipo-crown-090000274.html
Stop burning crosses and get those self driving taxis in the air!
California employers’ income tax withholding payments were down 5%, or $354 million, from a year ago,
I am guessing the Capital Gains for the year 2022 will be much less than 2021. In fact, while I doubt it, I wonder if more Capital losses will be taken than Capital gains in 2022 I will take the under on the CA budget “actual vs. forecast.”
Time to schedule another soiree at the French Laundry.
Michigan mortgage industry retrenches in ‘uphill battle’ with rising rates
Detroit News|8 hours ago
Companies, including Detroit-based Rocket Mortgage, have reduced staff this year as demand for new mortgages and refinances declines.
Annandale, VA Housing Prices Crater 21% YOY As Double Digit Price Declines Saturate Northern Virginia
https://www.movoto.com/annandale-va/market-trends/
As one broker disclosed, “There are no bidding wars here nor has there ever been… It’s just something we deliberately misrepresent to get the buyer to pay far more.”