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The Real Estate Market Is Only Getting Worse For Sellers

This Post Has 24 Comments
  1. From the first 6:21 video:

    Is the Current Las Vegas Housing Market a Death Sentence for New Home Builders?
    French Workbench by Dan French
    Oct 31, 2022
    Today we discuss taking lessons learned and adapting to the current market and whether or not the market is a death sentence for new home builders.

    The second 15 minute video:

    Phoenix Real Estate Market Update | Phoenix, AZ
    Caitlin McKeague
    Premiered Oct 31, 2022
    This Phoenix Real Estate Market Update we are talking about how the Phoenix real estate market is only getting worse for sellers. Plus, an exciting week in the economy. Watch to find out more!
    *Source: Cromford Report

    The third 10 minute video:

    Fastest Rate Hikes in Recent History, New Homes are Next to Drop. 2022 Canadian Housing Market
    Jon Flynn Broker of Record, Flynn Real Estate Inc.
    Nov 1, 2022
    Canada’s new home price index just went lower in September for the first time in years. The Bank of Canada has been hiking rates faster than anytime in recent history and house prices in Ontario continue to fall, along with sales.

    The last 16 minute video:

    Stop Making This Mistake In Toronto Real Estate – Oct 26
    Team Sessa Real Estate
    Nov 1, 2022

    Toronto Real Estate Market Report for the week of Oct 20 – Oct 26, 2022.

  2. Rocket’s struggle to adapt to highly volatile market conditions
    HousingWire|15 hours ago
    Homeowners who obtain cash-out refis and then miss their payments are putting themselves at a foreclosure risk because the home serves as collateral with cash-out refis. Colin Wyzgoski, former banker at Rocket, said he was instructed to tell clients that a …

    1. A link to the article …

      https://www.housingwire.com/articles/rockets-struggle-to-adapt-to-highly-volatile-market-conditions/#:~:text=Mortgage%20Rocket%E2%80%99s%20struggle%20to%20adapt%20to%20highly%20volatile,cut%20costs%20by%20voluntary%20buyouts%20and%20attrition%3A%20WSJ

      (some interesting snips …)

      Colin Wyzgoski, former banker at Rocket, said he was instructed to tell clients that a higher interest rate was fine because they could refinance again when rates drop (a common sales strategy for many lenders in the current environment). Wyzgoski told the Journal that he was instructed to look through potential clients’ financial records and find upcoming expenses so he could push homeowners to consolidate into their mortgages through a refi.

      “It’s a common ARP,” Wyzgoski said, referring to a sales tactic known internally as “acknowledge, respond, pivot.”

      From the net concerning “acknowledge, respond, pivot”…

      “Acknowledge – repeat the question you got from the lead. Respond – give a reply but don’t give the information they require. Pivot – get back to what you want to talk about.”

  3. Multifamily’s Imminent Down Cycle Is Overdue
    GlobeSt.com|16 hours ago
    As long as you’re operating in the right markets and have a smart asset management team in place, multifamily as an investment is a no-brainer,” she said, also stating that the agencies refer to the current phase of the economic cycle as a “reset,

  4. Redfin on Oct. 27 noted that pending home sales in October declined to their lowest since 2015. The report said, “U.S. pending home sales fell 35 percent year over year during the four weeks ending October 23..”

    It noted the drop “represents the largest annual decline and the fewest homes under contract in any October since at least 2015, when Redfin’s weekly housing market records began.”

    For the Tacoma metro area, pending sales in the same four-week period dropped 49.5 percent compared with 2021, according to data from the real estate firm.

    Redfin deputy chief economist Taylor Marr said in the report that “both mortgage purchase applications and pending sales are below 2018 levels. A four-year setback is a serious correction.”

    Marr added, “With mortgage rates still elevated, we are in for further sales declines, but those should eventually bring price relief to those who need to move this winter.”

    https://www.msn.com/en-us/money/realestate/pending-home-sales-are-declining-in-tacoma-nationwide-will-house-prices-follow/ar-AA13Cpub

  5. Here’s a look at the top 10 cities where home prices are steadily plummeting, ending with a popular city experiencing the largest housing market price decrease.

    Spokane, Washington

    Median home list price: $449,900
    Change since June: -7.4%
    Change since September 2021: +5.6%

    Durham, North Carolina

    Median home list price: $460,000
    Change since June: -7.5%
    Change since September 2021: +2.2%

    Stockton, California

    Median home list price: $581,725
    Change since June: -7.7%
    Change since September 2021: +7.3%

    Median home list price: $460,000
    Change since June: -7.9%
    Change since September 2021: +7%

    Denver, Colorado

    Median home list price: $625,000
    Change since June: -8.0%
    Change since September 2021: +4.2%

    Ogden, Utah

    Median home list price: $532,500
    Change since June: -8.6%
    Change since September 2021: +7.7%

    Charleston, South Carolina

    Median home list price: $500,000
    Change since June: -8.6%
    Change since September 2021: +10%

    Palm Bay, Florida

    Median home list price: $379,995
    Change since June: -8.9%
    Change since September 2021: +5.8%

    Phoenix, Arizona

    Median home list price: $493,500
    Change since June: -9.9%
    Change since September 2021: +4.4%

    Austin, Texas

    Median home list price in September: $558,275
    Change since June: -10.3%
    Change since September 2021: +2.2%

    https://www.nasdaq.com/articles/where-are-home-prices-plummeting-most

  6. San Francisco, AI lending platform Upstart has laid off 7 per cent of its total workforce (around 140 employees), as it faces weakening demand for loans in the US due to significant hikes in interest rates.

    The lending platform which has about 2,000 employees, notified its affected employees about the layoff on Tuesday, reports TechCrunch.
    The company’s share price dropped by 84 per cent this year. The market cap of Upstart once reached $32 billion. It is now less than $2 billion.

    https://economictimes.indiatimes.com/tech/startups/ai-lending-platform-upstart-lays-off-7-of-employees-report/articleshow/95246347.cms

  7. Homeowners with existing fixed-rate mortgages won’t see any changes. But recent and prospective homebuyers are being socked by higher rates that take into account projected Fed increases through 2022.

    “The speed at which mortgage rates have risen is more destabilizing than the actual level of rates,” Yelena Maleyev, KPMG economist, said. “We have seen mortgage rates higher than 7% before, but we never have seen rates double in a matter of months. “

    The average rate for a 30-year fixed-rate mortgage in the week ended Oct. 21 was 7.16%, the highest rate since 2001, according to Mortgage Bankers Association (MBA).

    That’s dampened borrower demand for both mortgage purchases and refinances. For the week ending Oct. 21, mortgage applications fell 1.7% to the slowest pace since 1997, MBA said. Refinance applications were essentially unchanged, but purchase applications declined 2% to the slowest pace since 2015 and more than 40% behind last year’s clip, it said.

    https://www.msn.com/en-us/money/markets/another-mega-interest-rate-hike-is-coming-what-this-means-for-your-finances/ar-AA13DuYM

  8. A report on financial stability is likely to be presented during the meeting, according to Nomura’s economists, and Powell may be asked whether the pace of hikes and potentially a US recession could cause international spillovers or disruptions in US credit markets. Three-month Treasury yields topped the 10-year yield last week, a so-called inversion that is often seen as a signal of a recession.

    “We are not conditioned in the US to be dealing with a 4.5% federal funds rate,” said Troy Ludtka, senior US economist at Natixis North America LLC, and there are concerns credit markets could be disrupted. “Internationally is even scarier. Europe looks terrible. China is not in recession, but I think it’s their slowest growth in a long, long time.”

    https://finance.yahoo.com/news/fed-hike-big-again-open-040100881.html

  9. Layoffs hit Sales Boomerang, Mortgage Coach
    HousingWire|12 hours ago
    Mortgage vendors Sales Boomerang and Mortgage Coach reduced headcount through an unexpected round of layoffs, current and former employees told HousingWire.

  10. Linked from ZeroSludge in response to the Atlantic piece calling for a CCP Flu amnesty:

    “Ramussen reported in January 2022 that Democratic voters supported the following Covid policy ideas:

    Fines for the unvaccinated: Fifty-eight percent (58%) of voters would oppose a proposal for federal or state governments to fine Americans who choose not to get a COVID-19 vaccine.

    House arrest: Fifty-nine percent (59%) of Democratic voters would favor a government policy requiring that citizens remain confined to their homes at all times, except for emergencies, if they refuse to get a COVID-19 vaccine.

    Imprisonment for questioning the vaccine: Nearly half (48%) of Democratic voters think federal and state governments should be able to fine or imprison individuals who publicly question the efficacy of the existing COVID-19 vaccines on social media, television, radio, or in online or digital publications.

    Forced quarantine: Forty-five percent (45%) of Democrats would favor governments requiring citizens to temporarily live in designated facilities or locations if they refuse to get a COVID-19 vaccine.

    Stripping people of their children: Twenty-nine percent (29%) of Democratic voters would support temporarily removing parents’ custody of their children if parents refuse to take the COVID-19 vaccine. That’s much more than twice the level of support in the rest of the electorate – seven percent (7%) of Republicans and 11% of unaffiliated voters – for such a policy.”

    Never forgive. Never forget.

    No quarter given for these genocidal tyrants, or the Democrat Party voters that enabled them.

    1. Linked from Revolver News:

      “As the election nears, Biden administration officials are dreading three words: Chairman Rand Paul.

      The Kentucky senator, who has clashed with Anthony S. Fauci and other health officials throughout the pandemic, is in line to lead a Senate committee should he win reelection and Republicans retake the chamber next week. (While Paul is heavily favored in his own race, control of the Senate is viewed as a toss-up by pollsters.) GOP control would give the libertarian doctor — an outspoken critic of the government’s coronavirus policies — the power to lead investigations and help set legislative priorities next year, either as chairman of the Senate’s sweeping health committee or its more targeted government oversight panel.

      “If you help me win, I promise to subpoena every last document of Dr. Fauci’s unprecedented coverup,” said a Paul fundraising email sent Oct. 20, referring to Paul’s allegations that Fauci contributed to the virus’s creation by funding research in Wuhan, China — allegations Fauci has categorically denied.

      https://www.msn.com/en-us/news/politics/rand-paul-says-us-botched-covid-he-could-soon-lead-probes-of-it/ar-AA13Dx5U

      These globalists need to hang ☠️

    2. They are called the Evil Party for a reason. They love to harm children, born and preborn. They love wars. They love civil unrest. They love to starve people. The love depopulation.

        1. The same Democrat also seemed to buy the lie that the CIA killing JFK and RFK is a conspiracy theory. That’s a BIG LIE!

  11. Clutch those pearls, globalists. Clutch ’em harder.

    New York Times — With Falsehoods and Ridicule About Pelosi Attack, Republicans Mimic Trump (11/1/2022):

    “Speaking on a conservative radio talk show on Tuesday, former President Donald J. Trump amplified a conspiracy theory about the grisly attack on Speaker Nancy Pelosi’s husband, Paul Pelosi, that falsely suggested that Mr. Pelosi may not have been the victim of a genuine attack.

    “Weird things going on in that household in the last couple of weeks,” Mr. Trump said on the Chris Stigall show, winking at a lie that has flourished in right-wing media and is increasingly being given credence by Republicans. “The glass, it seems, was broken from the inside to the out — so it wasn’t a break-in, it was a break out.”

    The reaction to the assault on Mr. Pelosi among Republicans — who have circulated conspiracy theories about it, dismissed it as an act of random violence and made the Pelosis the punchline of a dark joke — underscores how thoroughly the G.O.P. has internalized his example. It suggested that Republicans have come to conclude that, like Mr. Trump, they will pay no political price for attacks on their opponents, however meanspirited, inflammatory or false.”

    Doncha hate it when your October Surprise goes off script and you lose control of the #Narrative?

    “If anything, some Republicans seem to believe they will be rewarded by their right-wing base for such coarseness — or even suffer political consequences if they do not join in and show that they are in on the joke.

    “LOL,” Representative Claudia Tenney, Republican of New York, who is up for re-election in a competitive district, tweeted on Friday night, circulating a photograph that showed a group of young, white men holding oversized hammers beside a gay pride flag.

    On Sunday, Representative Clay Higgins, Republican of Louisiana, who is in line to helm a Homeland Security subcommittee if his party wins control of the House next week, also amplified a groundless and homophobic conspiracy theory hatched on the right about the attack. He tweeted, but later removed, a picture of Ms. Pelosi with her hands covering her eyes, with the caption: “That moment you realize the nudist hippie male prostitute LSD guy was the reason your husband didn’t make it to your fundraiser.”

    https://archive.ph/D8KjA

    Nice try, globalists, but you’re not fooling anybody.

    The New York Times is what President Donald Trump was correctly referring to when he stated that “the media is the enemy of the American people.”

  12. Another urine soaked mattress article.

    The Guardian — Republicans hint they will deny election results (11/2/2022):

    “Last month Kari Lake, a former local TV anchor on the Fox network, joined a rightwing podcast The Conservative Circus to discuss her bid to become Arizona’s next governor.

    Lake, who has been endorsed by Donald Trump, began by complaining that Joe Biden had just made a speech about the threat to democracy posed by election deniers like herself who claim, without evidence, that the 2020 presidential election was stolen. The US president called them “extremists” and warned that they were preparing to repeat their subversion efforts in November’s midterm elections.”

    She’s right. Democrat Party are Marxist genocidal terrorists and Godless communist baby killers.

    “That an arch-election denier who has been at the forefront of attempts to overturn Biden’s victory should refuse to state openly whether she will abide by the outcome of her own election has set alarm bells ringing. Lake is one of several prominent election deniers who have dropped hints – some subtle, others blatant – that they might mimic Trump’s anti-democratic tactics in their own elections just days away.

    “There’s great danger that the Trump ‘big lie’ is going to spread to states all over the country. If election deniers lose their elections by narrow margins we can expect that they will reject the results and refuse to accept them,” said Fred Wertheimer, president of the non-partisan group Democracy 21.”

    The 2020 election was stolen, Fred.

    Joe Biden didn’t win.

    “Almost two years after Trump launched his unprecedented election subversion push, culminating in the January 6 insurrection at the US Capitol, the doubts he sowed around election integrity are now blossoming. A new poll from NBC News found that 65% of Republican voters still view Biden’s presidency as illegitimate.

    “The cancer that former president Trump injected into our electoral system has spread in 2022 to any number of candidates for important positions. They’re following the Trump playbook,” Wertheimer said.

    https://www.theguardian.com/us-news/2022/nov/02/trump-playbook-us-midterms-republicans-election-denial

    Democrat Party can’t win elections without stealing them.

    Trump won 2020.

      1. Also HRC via Jonathan Turley on ZeroHedge: EU Warns Twitter Not To Restore Free Speech Protections After Calls From Clinton & Other Democratic Leaders

        1. EU Warns Twitter Not To Restore Free Speech Protections

          They aren’t even pretending to not use social media to suppress free speech.

          I guess the EU is “democratic” the way North Korea is. Even as a kid I wondered to myself “how can a country be ‘democratic’ when there is only one choice: the communist party?”

          The Dems “muh democracy” wails are hauntingly familiar.

          And they say Viktor Orban is an authoritarian.

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