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The Housing Market Appears To Have Officially Crashed

This Post Has 13 Comments
  1. From the first 11 minute video:

    Call it a CRASH 📉 Surrey and Fraser Valley Housing Market Update
    Karrasch Real Properties
    Oct 28, 2022 The Surrey and Fraser Valley housing market appears to have officially crashed. With rapidly rising interest rates significantly tightening lending rates the Fraser Valley real estate market has seen a sharp turn back from the peak when it comes to both home prices & sales.

    The second 10 minute video:

    Are Sellers Refusing To Sell In Vaughan, Richmond Hill & Markham Real Estate?
    Team Sessa Real Estate
    Oct 27, 2022

    Vaughan Home Prices, Richmond Hill Home Prices & Markham Home Prices for the week of Oct 13 – Oct 19, 2022.

    The third 10 minute video:

    Real estate market crash in Winchester VA?
    Oct 28, 2022 My thoughts on what we are seeing in the real estate market right now, with 40+% of homes having a price reduction. What does that mean for buyers and sellers?

    The fourth 11 minute video:

    Home Prices Drop in Phoenix AZ | What is next for Phoenix??
    Caitlin McKeague
    Oct 28, 2022 Home prices drop in Phoenix AZ! This past week, Phoenix saw 3,797 price cuts. What does this mean for Phoenix real estate?

    The fifth 6 minute video:

    October 2022 Bay Area 4 Counties Housing Marker Update
    HAYLEN Group Real Estate
    Oct 27, 2022 Find out the latest Bay Area housing market stats and updates in Santa Clara County, San Mateo County, Alameda County, Contra Costa County.

    ℹ️ Table of Contents:
    0:00 Introduction
    0:33 Months of Inventory
    1:24 Days on Market
    1:28 Sales/List Price Ratio
    1:33 Number of Listings Withdrawn/Canceled
    1:50 List Price Decreased
    2:29 Transactions Fell Through
    2:34 Median Sales Prices
    2:58 Battleground 2022
    4:35 Mortgage Projections

    The last 10:38 video:

    Home Prices Dropping Big Time In Houston
    Houston Texas Realtor
    Oct 27, 2022 Home prices in Houston are dropping big time!! Days on Market in Houston are SKYROCKETING and prices are DROPPING as the housing market is slowing down BIG TIME and houses are NOT selling. There is trouble ahead and once the fear hits, it will only get worse.

  2. This is a 9 minute video I forgot to include with the above:

    Winter Lull or Housing Crash? Kitsap County Housing Report
    Dupuis Team
    Oct 27, 2022 What’s causing the housing market numbers to stall? Is it the typical winter lull or a housing crash?

  3. Harn said these housing market changes will likely impact SLO County to a lesser extent than the rest of the state, but added that there will be noticeable changes for home buyers and sellers.

    “I think San Luis (Obispo) County will always outperform California on the average, because of the fact that we’ve just got so many variables that bring people to the area,” Harn said. “I stand with my belief that if there’s an overall decline, yes, we will feel it.

    “But are we going to feel it as intensely as some of the less desirable counties in the state? I don’t think we’re going to feel it to the same extent.”

    Harn said SLO County’s “rock bottom” looks different from other California counties’ low points from a housing perspective, based on the 2008 economic recession.

    SLO County has more jobs now than it did in 2008, Harn said, “so it gives me hope that we will actually outperform what we did in ’08 and ’09.”

    1. SLO County has more jobs now than it did in 2008, Harn said, “so it gives me hope that we will actually outperform what we did in ’08 and ’09.”

      McJobs don’t count. SLO needs family supporting jobs!

      On top of improved job performance across SLO County, Harn said there are fewer bad mortgages, thanks to lessons learned from the 2008 housing market crisis.

      Sure, since equity locust retirees moved into SLO, pay cash and bank the rest after selling their shacks in high cost regions of the state, and transfer their prop 13 tax base under prop 60. Hey zoomer, make that an extra large fries!

  4. Pranksters posing as laid-off Twitter employees trick media outlets: ‘Rahul Ligma’

    CNBC, Bloomberg, the Daily Mail and NBC were among the outlets that reported layoffs were underway after the duo spoke to the media.

    “It’s happening,” CNBC’s Bosa tweeted. Entire team of data engineers let go. These are two of them.”

    “They are visibly shaken,” Bosa added. “Daniel tells us he owns a Tesla and doesn’t know how he’s going to make payments.”

    ABC7 Bay Area reporter Suzanne Phan also tweeted about the alleged Twitter employees, writing that one had claimed “he was terminated during a zoom meeting.”

    CNBC’s Yasmin Khorram said someone sitting at the front desk at Twitter’s office building said they had “never seen those 2 guys.”

    Paul Lee, a product manager at Twitter, was among those who called out CNBC over its report.

    “Quite ironic that a major news outlet failed to do basic diligence and fell for a crisis actor prank, resulting in the spread of misinfo, on the first day of new ownership,” Lee tweeted. “All you had to do was ask to see a badge or look for bird-themed stuff in the boxes. Also we don’t use Zoom.”

    Questions being raised if these are legitimate employees. I asked someone sitting at the front desk, they wouldn’t comment but told me “I’ve never seen those 2 guys.”

    “You got conned. Name is ‘Rahul LIGMA.’ C’mon man,” another Twitter user wrote.

  5. What Is Negative Home Equity?

    Don’t buy a home when prices are skyrocketing: Although many people scrambled to buy houses during the pandemic, they bought at the top of the market and paid a premium for those properties. As the housing market continues on a correction and home prices slowly continue to decline, those homes are losing some of their value. Consider buying a house that’s expected to increase in value, not one that’s already at its peak value.

  6. Money-Losing Airbnb Hosts Have Three Options
    The Washington Post|18 hours ago
    Finally, there’s oversupply. You might have a great place in an attractive location; but if the supply has outgrown demand, there could be a nosedive in rents or a lack of bookings. In large cities with high housing costs, lots of hotels, and lots of …

  7. A Los Angeles area home for sale for $3.895 million is offering an unexpected incentive — two brand new Teslas with the purchase.

    The twin Tesla Model 3 offer equals an enticement worth up to $100,000, according to a representative of Compass real estate firm.

    The offer is the byproduct of challenging market conditions in California and across the country as rising interest rates, inflation and a declining stock market takes their toll.

    For this five-bedroom, five-bathroom, 4,674-square-foot Spanish contemporary in Sherman Oaks, the buyer can even select their car colors with the home purchase.

    “In all my years in real estate, I’ve never seen an incentive this bold,” said listing agent Michael Bergin of Compass in a statement. “Tesla is a highly-regarded luxury brand, which makes it a perfect pairing with our luxury home. We’re confident that the value we’re offering with this extraordinary incentive will bring out astute prospective buyers.”

    Located at 4620 Morse Ave., the residence has been completely remodeled with highlights including an adobe brick arrival, “Spanish Steps” staircase and tall ceilings.

  8. Pending home sales fell 50% in Seattle from a year ago, marking the third-largest drop among major metros in the country, according to a new Redfin report.

    Seattle tallied a higher rate than all cities with at least 500 pending sales over the past year aside from Los Angeles (59%) and Las Vegas (56%). Miami also saw a decline of 50%, followed by Jacksonville (48%) and Pacific Northwest neighbor Portland (46%).

    Nationally, pending sales dipped 35%, the largest year-over-year drop in the past seven years, Redfin said.

    “Every set of market conditions comes with its own tradeoffs,” Sacramento Redfin agent Michael Cendejas said in the Seattle-based real estate brokerage’s press release. “In the spring, buyers had to race and wager over homes that flew off the market within a week. Today, many homes are staying on the market for a month or two. While mortgage rates are much higher now, buyers have the opportunity to negotiate. We’ve gotten sellers to agree to a lower price and to provide a credit, which enables the buyer to buy down their mortgage rate to below 6%.”

  9. Silicon Valley giant Meta has revealed the substantial cost of its efforts to back out of office leases this year.

    Dave Wehner, chief financial officer of the company that owns Facebook, Instagram, WhatsApp and other platforms, said on its third-quarter earnings call Wednesday that Meta expects to lose roughly $2B from its cutback in office leases this year.

    California-based Meta embarked on a series of cost-cutting measures as its stock price plunged this year and revenue growth slowed.

    Wehner said the company is willing to take a financial hit in the near term from backing out of leases in order to protect its budget for next year. Meta reported $84.4B in total revenue for the first nine months of the year, and it expects fourth-quarter revenue to exceed $30B.

    “We have increased scrutiny on all areas of operating expenses,” Wehner said on the earnings call. “Some steps, like the ongoing rationalization of our office footprint, will lead to incremental costs in the near term. This should set us up well for future years, when we expect to return to higher rates of revenue growth.”

    The fallout from Meta’s office footprint rollback has struck multiple markets. In Mountain View, California, the tech giant ended a two-building, 457K SF lease earlier this year. Meta also confirmed to Bisnow it was backing out of a 200K SF Manhattan lease earlier this month and previously said it was putting other New York office expansion plans on ice.

    In the third quarter alone, impairment costs for Meta totaled $413M. The company is also slowing hiring to manage expenses, CoStar reported.

    The Facebook parent isn’t the only tech company bracing for a tough winter. Alphabet Inc. Chief Financial Officer Ruth Porat said the firm was also slowing hiring during the Google parent’s Q3 earnings call.

    Other big tech companies have backed out of offices too. In August, Lyft revealed it was looking to sublease nearly half of its office holdings across San Francisco, New York City, Seattle and Nashville, Tennessee. And Yelp said in June it was closing offices in New York, Chicago and D.C.

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