A report from SCV News in California. "The number of active listings of homes and…
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From the first 8:18 video:
If you’re NOT doing this… Good luck? | Arizona Real Estate Market
Rick McHone
Oct 23, 2022 Picking a sales price for your home in the Arizona real estate market has been a challenge. If inventory is rising and sales declining you can’t use past sales to determine your price unless you price lower than the homes that sold two months ago.
The second 8:35 video:
October Housing Market Update – The Resistance
Summer Aston Real Estate
Oct 23, 2022 October Housing Market Update – The Resistance
So many forces pushing on the housing market, something’s gotta give!
It’s time for the October Boise housing market update, and the the Idaho housing market is feeling the effects of the rising interest rates, home price reductions not being enough, resistant sellers, resistant buyers, and inventory dropping. And instead of this leading to a housing crash at this point, it’s just creating a housing market stagnation, with only motivated sellers dropping prices enough to sell and only motivated home buyers attempting to make low offers to buy. Builder inventory is slowly getting sold off and they are not taking out too many new permits to build for next year. What will it all mean for the 2023 housing market?
Housing market showing signs of slowing down in the Tennessee Valley
The Vice President of the Huntsville Area Association of Realtors, Lore Hislop says 753 homes were sold in the Huntsville-Madison County area in September of this year. That’s down from 935 a year ago.
“In May, I think we really saw a major shift in the market, because of the interest rate rising. But I think overall, it’s good for everybody,” said Hislop. “Sellers, maybe not so much because they were used to the last two years, which was fantastic. But the market is really evening out. So it’s a better place for buyers probably.”
If the rising interest rates have you worried, both experts said the same thing.
“Don’t panic, I think banks are going to make a way for buyers to come in and buy, we’ll probably start seeing more first-time home buyer programs,” said Hislop. “We’ll see things like that creative financing so banks will get on board.”
t’s Northern California that leads the way, with San Jose experiencing a drop of 10.8 percent since September, followed by San Francisco at 8.5 percent, then it’s Seattle at 8.2 percent, Denver at 5.8 percent, San Diego 5.2 percent, Portland 5.1 percent, Las Vegas 4.8 percent and Phoenix at 4.4 percent.
A separate Wall Street Journal study that was published over the weekend found that 63 percent of economists felt a recession coupled with job losses was inevitable in 2023.
However that 63 percent is highest chance of recession that WSJ economists have given since July 2020 in the midst of recession.
Those involved in the study ascertained that the recession would bring about a federal interest rate cut at some point over the next two years.
In reference to that cut, the University of Michigan’s Daniil Manaenkov told the Journal: ‘Soft landing’ will likely remain a mythical outcome that never actually comes to pass.’
The left coast sure knows how to borrow and spend for housing, but the ensuing violent crime particularly the random attacks against Asians by the vibrancy and the reluctance of progressive district attorneys to prosecute as well as the retail theft flash mobs has dampened the excitement.
Empty buildings and for lease signs are on nearly every corner of downtown Portland. Some describe it as a slow deterioration, one of the many side effects of the city’s homeless crisis.
“It’s going to be a very long process to recover from this,” said Todd Gooding who runs Scanlan Kemper Bard Companies, which owns five commercial buildings downtown. In recent months they’ve lost tenants and are now in the process of selling two buildings all due to safety concerns relating to the homeless crisis. “We’ve had multiple assaults,” he explained. “Basically, from Pioneer Square north it’s pretty rough still.”
“While current economic factors like inflation are certainly at the forefront of the conversation, the Loudoun market as a whole is shifting much closer to pre-pandemic levels,” DAAR President Rich Blessing stated. “In addition to steadier price growth and rising inventory levels, Loudoun County homes were on the market for an average of 25 days last month the longest we’ve seen since February 2020. These are all promising signs for buyers, who have been able to take back a bit of control in their home searches and negotiations.”
The report found sales remaining well below their level a year ago, continuing a 13-month trend in the region. In September, there were 472 sales in the county’s housing market, 262 fewer sales than a year ago, a 35.7% drop. Realtors reported the largest drops in the Ashburn ZIP code 20148, with a 49.6% drop, and the Chantilly ZIP code 20152 with a 49% drop. The Purcellville ZIP code 20132 was the only ZIP code that saw an increase, with two more sales than September 2021.
Meanwhile, the inventory of homes for sale in Loudoun has continued to grow. At the end of September there were 660 active listings, 110 more than the previous year and a 20% increase. Listings saw the most growth in Leesburg-area ZIP code 20176, with 50 more, and Sterling ZIP code 20164, with 37 more listings. It was the seventh straight month of inventory growth in Loudoun.
Diane Swonk, chief economist at KPMG U.S. wrote on Twitter : “The path ahead is difficult and what I was called the canary in the coal mine, housing, appears to be sending an ominous signal about where we are and where we are going. Hard.”
Democrats may mock GOP candidates, but who are the unelectable ones now?
Arizona’s political fault line is rumbling and it’s breaking the Republicans’ way.
Most now expect Kari Lake to win the governor’s seat due to Katie Hobbs’ feckless campaign. Blake Masters went from double digits behind Sen. Mark Kelly to closing within the margin of error. The most recent poll puts him a single percentage point behind the incumbent.
Start the day smarter. Get all the news you need in your inbox each morning.
The GOP momentum is showing up not only in Arizona but nationwide.
Republican Senate candidates lead big in Nevada, Ohio and Wisconsin. They’re also surging in Georgia and Pennsylvania. Even Oregon’s governor and Rhode Island’s congressman are expected to turn their deep blue states red.
For all the summer talk of Republicans choosing bad candidates, the Democrats are the ones with buyer’s remorse.
It was all fun and games for Democrats to cheer on Lake and Masters as “unelectable” candidates in their primaries. This idiotic strategy famously backfired with Trump in 2016 and is primed to backfire yet again.
Office usage has remained depressed in San Francisco for so long that city officials are trying to get a grasp on the severity of the problem and formulate a plan for how to manage the shifting landscape of the city’s commercial activity going forward.
A new report from the city of San Francisco called The Persistence of Pandemic-Era Remote Work lays out familiar data about the return-to-work effort, or lack thereof, and signals a first step by the city to deal with the longer-term implications of the trend.
The report serves as a response to a letter of inquiry about the state of commercial real estate demand in the city from Supervisor Catherine Stefani.
In comments to the San Francisco Standard, city Chief Economist Ted Egan referred to the rigidness of remote work as a “major shock.”
“We wanted to make decision-makers know that we in the controller’s office are aware of this phenomenon,” Egan told the S.F. Standard. “We don’t think that everyone’s going to go back to work.”
The report highlights JLL’s longer-term office vacancy forecast for the city, which projects vacancy rates between 19.5% and 25.3% to persist into 2026.
“If vacancy rates remain at this elevated level, and a large share of these are direct vacancies, then the income, and market value, of office buildings in the city are likely to be negatively affected,” the report says.
The prospects for the future of office cap rates in the report are sobering, painting a potentially grim picture for the city’s property values should current trends continue.
“Additionally, since 2019, the spread between San Francisco office capitalization rates (as measured by the median rate of reported transactions), and 10-year [Treasuries] has widened, according to Moody’s Analytics,” the report says. “If that spread persists until 2028, and the Blue Chip forecasts for the 10-year yield are accurate, San Francisco office capitalization rates will sit in the 7% – 8% range between now and 2028, instead of the 5% – 6% range that prevailed during most of the 2010s. The market value of office buildings would decline proportionately.”
Many of the ladies probably miss the office fashion wars and henpecking each other while some of the men miss Peyton Place.
FL – SW Fla. Owners Surprised by FEMA’s 50% Rule
If damage exceeds 50% of a home’s market value, owners can’t just repair what was destroyed – they must upgrade the entire home to current building codes.
Real estate unicorn Roofstock cuts its workforce by 20%
HousingWire|10 hours ago
SF-based digital real estate unicorn Roofstock laid off 20% of its workforce shortly after announcing its first NFT-powered property sale.
Salt Lake City, UT Housing Prices Crater 19% On Soaring Vacancies As Utah Economy Dries Up
From the first 8:18 video:
If you’re NOT doing this… Good luck? | Arizona Real Estate Market
Rick McHone
Oct 23, 2022 Picking a sales price for your home in the Arizona real estate market has been a challenge. If inventory is rising and sales declining you can’t use past sales to determine your price unless you price lower than the homes that sold two months ago.
The second 8:35 video:
October Housing Market Update – The Resistance
Summer Aston Real Estate
Oct 23, 2022 October Housing Market Update – The Resistance
So many forces pushing on the housing market, something’s gotta give!
It’s time for the October Boise housing market update, and the the Idaho housing market is feeling the effects of the rising interest rates, home price reductions not being enough, resistant sellers, resistant buyers, and inventory dropping. And instead of this leading to a housing crash at this point, it’s just creating a housing market stagnation, with only motivated sellers dropping prices enough to sell and only motivated home buyers attempting to make low offers to buy. Builder inventory is slowly getting sold off and they are not taking out too many new permits to build for next year. What will it all mean for the 2023 housing market?
Housing market showing signs of slowing down in the Tennessee Valley
The Vice President of the Huntsville Area Association of Realtors, Lore Hislop says 753 homes were sold in the Huntsville-Madison County area in September of this year. That’s down from 935 a year ago.
“In May, I think we really saw a major shift in the market, because of the interest rate rising. But I think overall, it’s good for everybody,” said Hislop. “Sellers, maybe not so much because they were used to the last two years, which was fantastic. But the market is really evening out. So it’s a better place for buyers probably.”
If the rising interest rates have you worried, both experts said the same thing.
“Don’t panic, I think banks are going to make a way for buyers to come in and buy, we’ll probably start seeing more first-time home buyer programs,” said Hislop. “We’ll see things like that creative financing so banks will get on board.”
https://www.msn.com/en-us/money/realestate/housing-market-showing-signs-of-slowing-down-in-the-tennessee-valley/ar-AA13kIqB
t’s Northern California that leads the way, with San Jose experiencing a drop of 10.8 percent since September, followed by San Francisco at 8.5 percent, then it’s Seattle at 8.2 percent, Denver at 5.8 percent, San Diego 5.2 percent, Portland 5.1 percent, Las Vegas 4.8 percent and Phoenix at 4.4 percent.
A separate Wall Street Journal study that was published over the weekend found that 63 percent of economists felt a recession coupled with job losses was inevitable in 2023.
However that 63 percent is highest chance of recession that WSJ economists have given since July 2020 in the midst of recession.
Those involved in the study ascertained that the recession would bring about a federal interest rate cut at some point over the next two years.
In reference to that cut, the University of Michigan’s Daniil Manaenkov told the Journal: ‘Soft landing’ will likely remain a mythical outcome that never actually comes to pass.’
https://www.dailymail.co.uk/news/article-11350803/Americas-housing-prices-facing-stunning-downfall-West-Coast-facing-fastest-drops.html
The left coast sure knows how to borrow and spend for housing, but the ensuing violent crime particularly the random attacks against Asians by the vibrancy and the reluctance of progressive district attorneys to prosecute as well as the retail theft flash mobs has dampened the excitement.
Empty buildings and for lease signs are on nearly every corner of downtown Portland. Some describe it as a slow deterioration, one of the many side effects of the city’s homeless crisis.
“It’s going to be a very long process to recover from this,” said Todd Gooding who runs Scanlan Kemper Bard Companies, which owns five commercial buildings downtown. In recent months they’ve lost tenants and are now in the process of selling two buildings all due to safety concerns relating to the homeless crisis. “We’ve had multiple assaults,” he explained. “Basically, from Pioneer Square north it’s pretty rough still.”
https://www.msn.com/en-us/news/us/business-owners-in-portland-anxiously-await-results-of-mayors-plan-for-homelessness/ar-AA13kYKm
Wa happened to my summer of love?
“While current economic factors like inflation are certainly at the forefront of the conversation, the Loudoun market as a whole is shifting much closer to pre-pandemic levels,” DAAR President Rich Blessing stated. “In addition to steadier price growth and rising inventory levels, Loudoun County homes were on the market for an average of 25 days last month the longest we’ve seen since February 2020. These are all promising signs for buyers, who have been able to take back a bit of control in their home searches and negotiations.”
The report found sales remaining well below their level a year ago, continuing a 13-month trend in the region. In September, there were 472 sales in the county’s housing market, 262 fewer sales than a year ago, a 35.7% drop. Realtors reported the largest drops in the Ashburn ZIP code 20148, with a 49.6% drop, and the Chantilly ZIP code 20152 with a 49% drop. The Purcellville ZIP code 20132 was the only ZIP code that saw an increase, with two more sales than September 2021.
Meanwhile, the inventory of homes for sale in Loudoun has continued to grow. At the end of September there were 660 active listings, 110 more than the previous year and a 20% increase. Listings saw the most growth in Leesburg-area ZIP code 20176, with 50 more, and Sterling ZIP code 20164, with 37 more listings. It was the seventh straight month of inventory growth in Loudoun.
https://www.loudounnow.com/business/dulles-realtors-report-home-sales-continuing-to-slow/article_08411990-53d4-11ed-b589-5f7f9ce2d9c1.html
Diane Swonk, chief economist at KPMG U.S. wrote on Twitter : “The path ahead is difficult and what I was called the canary in the coal mine, housing, appears to be sending an ominous signal about where we are and where we are going. Hard.”
https://www.msn.com/en-us/money/realestate/mortgage-rates-surge-to-a-20-year-high-leading-to-steep-decline-in-home-sales/ar-AA13bNeA
Democrats may mock GOP candidates, but who are the unelectable ones now?
Arizona’s political fault line is rumbling and it’s breaking the Republicans’ way.
Most now expect Kari Lake to win the governor’s seat due to Katie Hobbs’ feckless campaign. Blake Masters went from double digits behind Sen. Mark Kelly to closing within the margin of error. The most recent poll puts him a single percentage point behind the incumbent.
Start the day smarter. Get all the news you need in your inbox each morning.
The GOP momentum is showing up not only in Arizona but nationwide.
Republican Senate candidates lead big in Nevada, Ohio and Wisconsin. They’re also surging in Georgia and Pennsylvania. Even Oregon’s governor and Rhode Island’s congressman are expected to turn their deep blue states red.
For all the summer talk of Republicans choosing bad candidates, the Democrats are the ones with buyer’s remorse.
It was all fun and games for Democrats to cheer on Lake and Masters as “unelectable” candidates in their primaries. This idiotic strategy famously backfired with Trump in 2016 and is primed to backfire yet again.
https://www.msn.com/en-us/news/politics/democrats-may-mock-gop-candidates-but-who-are-the-unelectable-ones-now/ar-AA13g4Va
Office usage has remained depressed in San Francisco for so long that city officials are trying to get a grasp on the severity of the problem and formulate a plan for how to manage the shifting landscape of the city’s commercial activity going forward.
A new report from the city of San Francisco called The Persistence of Pandemic-Era Remote Work lays out familiar data about the return-to-work effort, or lack thereof, and signals a first step by the city to deal with the longer-term implications of the trend.
The report serves as a response to a letter of inquiry about the state of commercial real estate demand in the city from Supervisor Catherine Stefani.
In comments to the San Francisco Standard, city Chief Economist Ted Egan referred to the rigidness of remote work as a “major shock.”
“We wanted to make decision-makers know that we in the controller’s office are aware of this phenomenon,” Egan told the S.F. Standard. “We don’t think that everyone’s going to go back to work.”
The report highlights JLL’s longer-term office vacancy forecast for the city, which projects vacancy rates between 19.5% and 25.3% to persist into 2026.
“If vacancy rates remain at this elevated level, and a large share of these are direct vacancies, then the income, and market value, of office buildings in the city are likely to be negatively affected,” the report says.
The prospects for the future of office cap rates in the report are sobering, painting a potentially grim picture for the city’s property values should current trends continue.
“Additionally, since 2019, the spread between San Francisco office capitalization rates (as measured by the median rate of reported transactions), and 10-year [Treasuries] has widened, according to Moody’s Analytics,” the report says. “If that spread persists until 2028, and the Blue Chip forecasts for the 10-year yield are accurate, San Francisco office capitalization rates will sit in the 7% – 8% range between now and 2028, instead of the 5% – 6% range that prevailed during most of the 2010s. The market value of office buildings would decline proportionately.”
https://www.bisnow.com/san-francisco/news/office/san-francisco-is-worried-about-the-future-of-its-office-market-116011
Many of the ladies probably miss the office fashion wars and henpecking each other while some of the men miss Peyton Place.
FL – SW Fla. Owners Surprised by FEMA’s 50% Rule
If damage exceeds 50% of a home’s market value, owners can’t just repair what was destroyed – they must upgrade the entire home to current building codes.
https://www.coastalnewstoday.com/post/fl-sw-fla-owners-surprised-by-femas-50-rule
Real estate unicorn Roofstock cuts its workforce by 20%
HousingWire|10 hours ago
SF-based digital real estate unicorn Roofstock laid off 20% of its workforce shortly after announcing its first NFT-powered property sale.
Salt Lake City, UT Housing Prices Crater 19% On Soaring Vacancies As Utah Economy Dries Up
https://www.movoto.com/ut/84101/market-trends/
As a noted economist explained, “The number one cause of personal bankruptcy in the US is the 15 and 30 year mortgage.”