A weekend topic starting with the New York Times. "The last time such home price…
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From the first 11:30 video:
MASSIVE PRICE CUTS. Builders cut prices on new construction.
Good News Real Estate-Idaho
Nov 2, 2022
Home sales are down 50% in 2022
We are seeing massive price cuts on new home builds. Builders are feeling the stress of the housing crash and can’t drop prices fast enough. Redfin is reporting this is the most housing inventory we have had on record for the last 8 years. The fed just rates another .75 basis points. We picked a few new construction homes under 500K to show massive price cuts. Builders are in trouble. Homes are not affordable yet. Prices look to keep coming down.
The second 10:40 video:
How Has the Real Estate Market in Poway Changed?
Eric and Deva Edelman – San Diego Homes
Nov 2, 2022
Today we’re taking a look at the housing market in Poway, 92064. We’ll be comparing homes on the market today to listings from a few months back.
The third 11:16 video:
How Long Can These Sellers Hold Off In Vaughan, Richmond Hill & Markham Real Estate?
Team Sessa Real Estate
Nov 3, 2022
Vaughan Home Prices, Richmond Hill Home Prices & Markham Home Prices for the week of Oct 20 – Oct 26, 2022.
“Good News Real Estate-Idaho“
These YT realtors consider $450k in Nampa, Idaho to be entry level, first time buyer shacks. I’m guessing a first time buyer with a four year college degree and roughly five years into a career job must be making about $80k these days in the greater Boise metro area, so anything over $240k will put this buyer into a high risk category. But in a recession, the five year employee is at a high risk of getting a pink slip, IMHO.
How Has the Real Estate Market in Poway Changed?
Early plea to “like, share, subscribe and comment” = commissions drying up.
A special early puddle watching thread from our good friend in Hawaii:
Ali Wolf
Our data is now capturing a 70% cancellation rate in Phoenix…
Among the country’s largest 50 cities, 42 saw their active inventory jump in October, Realtor.com said.
The top gainers were Phoenix, Ariz., which saw the total number of for-sale listings rise by around 174%, followed by Raleigh, N.C., with a similar jump of around 167%, and Nashville, Tenn., with a 145% increase.
Inventory of newly listed homes, however, rose in just four markets: Nashville; New Orleans, La.; Dallas, Texas; and San Antonio, Texas.
Cities in the West and the South saw the biggest increases in the share of price cuts, Realtor.com said. Nearly 36% of listed homes in Phoenix had price reductions, followed by 31% in Austin, Texas, and 24% in Las Vegas, Nev.
Although house prices have risen sharply in almost all of Spain, there are varying dynamics across regions and cities. The latest Tinsa figures for September show that price growth is beginning to cool off everywhere except in the metropolitan areas. Price dynamics have slowed down the most on the Mediterranean coast and in the Balearic and Canary Islands. Price growth of 6.5% on the Mediterranean coast and 3.5% in the Balearic and Canary Islands was well below the national average. On the Islands, in particular, price growth has come to a complete halt this year, even declining slightly over the summer. The cooling off does, however, come after strong price growth at the start of the pandemic.
An East Hampton home on posh Further Lane is headed for auction.
The eye-catching four-bedroom home, at 100 Further Lane, was designed by the iconic East End architect, the late Norman Jaffe, in 1980. It’s currently listed for $27.5 million.
The estate, which sits on 3 acres, will be auctioned online from Dec. 6 to 14 by Sotheby’s Concierge Auctions and broker Rebekah Baker, of Sotheby’s International Realty. There is no reserve, and it will sell to the highest bidder.
He still owes around $230,000 in his home mortgage.
Somebody didn’t show up at court?
Clearly a super level genius. Gets multiple letters from court. Fails to show up in court and/or hire a lawyer. Loses home. Somehow not his fault.
Fails to show up in court
This is stunning. I know people who don’t go to their court dates for speeding tickets? WTF. One got 30 days in jail for failing to appear on 3 tickets. How do people like this get thru life, Seriously.
“It was auctioned off because of that $27,000 loan. He says he thought he was in the clear because the company disappeared during the 2008 recession, so he stopped paying.”
“His home sold at auction for around $300,000. The $27,000 loan was paid off, and Gama was given a check with the remainder. He still owes around $230,000 in his home mortgage.”
Tales from the crypt.
he thought he was in the clear because the company disappeared during the 2008 recession
Idiocy can be costly.
and yet none of them can call a lawyer for a free consultation or pay one a few hundred to stop the proceedings? Bet he has one of those $70K sexi-trucks
“Ramiro Gama bought his home in 2003, years after he moved to the U.S. from Mexico.”
“He says he thought he was in the clear because the company disappeared during the 2008 recession, so he stopped paying.”
Radian Group laying off 166 due to mortgage slowdown, including 100 in Coraopolis
Filling a new house up with stuff is supposed to be the fun part, but from kitchen appliances and home furnishings to backyard amenities and homeware, buyer’s remorse can quickly ruin the party.
In 2014, the Los Angeles Times reported that the average household contains 300,000 things — from children’s toys to paper clips to ironing boards — and it’s only gotten easier to have more stuff shipped to your door since then.
To help you avoid falling into the same trap with the same ill-advised purchases, GOBankingRates asked the experts to reveal the things they most often see homeowners buy, only to wish they hadn’t.
If you buy a home with a backyard, it’s easy to imagine your children playing the day away on a swing set or climbing castle — the envy of all the other neighborhood children. In most cases, the novelty wears off fast, though, and unmaintained playground equipment quickly becomes an eyesore — an expensive eyesore.
“These can run from $2,000 to $15,000 or more and are often left completely unused by the children after the first week,” said Dennis Shirshikov, strategist at Awning, a real estate company for investors. “Homeowners then either try to resell them for a fraction of the cost or hold out hope and let them slowly rot in their backyard.”
This is what the foreclosure biz has to clean up. We used to say, 15 years to accumulate, 15 seconds to dump out the trailer.
One of the things we noticed when looking at homes to buy was that most homes are massively overstuffed. And homes with very little stuff (no matter the decor or style) look way way way better. Simple is better when showing your home.
Also the advice about high end appliances is wrong. High end appliances can be fixed and are designed to be fixed. (sub zero being the prime example). Yeah they cost a ton, but they last for years and years. (with some parts replacement). ask any appliance repair guy. But normal stuff, no matter how fancy is just designed to be thrown away.
“These can run from $2,000 to $15,000 or more and are often left completely unused by the children after the first week,”
I remember the first time I saw one of those Rainbow System home playground sets. I was blown away by the prices, multiple thousands of dollars, and this was over 20 years ago.
I can only imagine what they cost now. Yet people bought them, while turning up their noses at the old school, and much cheaper, metal sets sold at places like Sears and KMart. I saw neighbors restaining them every spring, and making repairs as the plastic parts would get brittle and break, and they were not cheap.
Weary homebuyers panicked by rising mortgage interest rates might be relieved to hear that this cruel twist comes with one big upside: lower home prices. In October, median home list prices continued to drop from June’s record high of $449,000 to $425,000, according to a recent report from Realtor.com.
While list prices are still up by 13.3% compared with a year ago, nearly one-fifth of those sellers slashed their prices in October.
Zillow posts first loss of year as mortgages slump
The Real Deal|19 hours ago
Zillow suffered its first quarterly loss this year despite beating revenue expectations. It fingered the challenging mortgage market.
In its October 14th article, Pre-construction condo flippers may be left holding the bag as buyers disappear the Financial Post noted industry watcher observations that nervous investors who are seeking to offload their pre-construction condos in the secondary buyer market may find themselves out of luck. A shifting, softening real estate market coupled with existing interest rate hikes and the looming threat of more by the Bank of Canada are sending buyers to the sidelines.
Several REALTORS ® in the Greater Toronto Area shared with the publication that they’re experiencing a spike in email and telephone queries asking about “assignment sales”
By way of background, an assignment sale is a kind of real estate transaction whereby the initial pre-construction condo buyer “assigns” or transfers the rights and obligations of the purchase agreement to another buyer via a legally binding contract. An industry leader commented that he’s never seen the assignment market this soft before. Online chatter supports his supposition.
As the midterms approach, one way of looking at America’s current disaster is that we, the American people, were lab rats. And since 2021, the Left were the mad scientists, eager to try out their crackpot leftist experiments on us.
The result is that the housing market is tottering on the verge of collapse.
As interest rates soar, our $31 trillion national debt crowds out everything else in the budget.
Inflation roars at a rate of 8-9 percent per annum, higher than at any time in 40 years. Yet the prices of the stuff of life – food, fuel, shelter, energy – are far steeper still than the official rate. No one is safe from thugs anymore – whether a commuter on a New York subway or the Pelosis in Pacific Heights.
No Democratic congressional candidates brag about the 3 million people who illegally crossed the border.
None boast that they helped cancel key pipelines, reduced federal leasing of gas and oil, and shut down the Arctic National Wildlife Refuge. None take credit for hammering investments in fossil fuels.
None preen over the no-bail and defund-the-police policies of left-wing, big-city prosecutors and mayors who have spiked crime.
None insist that an annual 8-9% inflation rate is a desirable spreading of the wealth.
And yet odder still, no Democratic candidate, state or national – and most certainly not Biden – offers to alter these toxic policies.
If they won’t defend what they have done, they apparently will not undo what they have wrought either.
No Democratic gubernatorial candidate wants one foot built of a new border wall. No House candidate demands that the Keystone pipeline be finished. No senatorial candidate calls for fiscal discipline to lower inflation. Instead, they stay mute.
arely have voters turned over their country to radicals, socialists, and nihilists.
We did in 2020.
And once the Left took the presidency, the House, and Senate, they tried a deadly experiment on us the American people, their veritable lab rats.
It failed – and has now nearly destroyed us along with the country.
Yet in November the Left apparently demands more time for more experimentation on more of us. But to do what exactly?
Pass more no bail laws and promote more defunding of the police? Make the jails and prisons emptier?
More destruction of what’s left of the southern border?
More biological men overpowering women in sports?
More printing of money?
More cutting back on federal gas and oil leases and canceling pipelines?
Apparently, the only thing that will stop their mad experimentation is that they have run out of us – their once willing lab rats.
The great mortgage bank consolidation wave is underway
HousingWire|19 hours ago
We are probably in the first few innings of a clean-up exercise on the housing-finance, nonbank-originator [IMB … need to be up to a 30% decrease in mortgage industry employment “peak to trough,” given the projected decrease in production volume …
need to be up to a 30% decrease in mortgage industry employment “peak to trough,” given the projected decrease in production volume …
I would say more than 30%. During good times and fast growth a lot of positions are added that are totally unneeded. (In today’s world thing diversity directors, etc). In addition the “important ” people claim that if they had a person or several people doing the “low level” work ( tedious but necessary documentation) they would be much more productive generating more business (translated: “could spend more time at the golf course/bars”) . I Never really saw this dynamic increase in productivity. Plus lots of “satellite mortgage businesses providing “data”use the term loosely here) and “insights” that need to just go totally away. Also, During good time many of the managers clamor for more and better information, most of which most of them won’t even look at. Crazy stuff happens, it is almost as if each manager has to proved how smart they are to the other managers by wanting to dissect some part of the portfolio/customer base in a unique and novel way because, this new data will give us untold insights to our customers and dramatically lead to increased production and revenue. This dramatic increase does not happen and the new department built to generate these reports is either dissolved or joins an accounting for finance department. Lots of dumb/fun stuff happens during good times. Unfortunately all this “stuff” has to go away when volume and margins crash. If volume is down 50%, my money says revenue will be down 60-70% because the margins have been crushed. Actual Example(Loan Deport Financials Q1 2022 Vs. Q2 2022 = Volume down 26% revenue down 39%)
Rocket reports financial loss as production slumps in Q3
HousingWire|6 hours ago
Rocket is at risk of losing title of largest originator to United Wholesale Mortgage as origination volume drops 71% year-over-year
Opendoor posts nearly $1B loss
The Real Deal|13 hours ago
Opendoor reported a net loss of $928 million in the third quarter, as it struggles to adjust in the housing market’s slowdown.
Proptech firm Opendoor lays off 550 employees, here’s why
Gadgets Now|17 hours ago
The company’s CEO and Co-founder Eric Wu said in a blog post that prior to the fresh firing round, they scaled back their capacity by over 830 positions, primarily by reducing third party resourcing and eliminating millions of fixed expenses.
Keller Williams’ numbers down in US, up internationally
The Real Deal|16 hours ago
It seems no residential brokerage is immune to the slowing market. Keller Williams’ numbers in the U.S. and Canada fell across the board, the firm revealed Thursday. Sales fell to $381 billion, a 3 percent decline from this time last year,
Elon Musk’s Twitter informs staff layoffs are set to begin
CTV News|9 hours ago
Elon Musk will begin laying off Twitter employees on Friday morning, according to a memo sent to staff. The email sent Thursday evening notified employees that they will receive a notice by 12 p.m. EDT Friday that informs them of their employment status.
Apple pause, Lyft layoffs herald new phase of tech austerity
moneycontrol.com|7 hours ago
Amazon.com Inc. said Thursday that it would pause adding new corporate workers, citing an “uncertain” economy and its hiring boom in recent years. Lyft Inc., the ride-hailing company, is going further: It will eliminate 13% of staff
FoA Mortgage’s shutdown brightens the prospects of a small Indiana lender
HousingWire|11 hours ago
A team of more than 60 mortgage bankers at now-defunct Finance of America Mortgage has landed at Indiana-based Hallmark Home Mortgage.
Chinese tycoon spent 8 years and $3 billion on an EV that never saw light of day
Auto News India|9 hours ago
While it’s not known who sent the death threats — the company has referred them to the FBI — some leaders inside Faraday believe they were inspired by the boardroom fight recently waged by its largest shareholders
CNBC is ending its nightly newscast with Shepard Smith, the former Fox News anchor who moved to the business channel in 2020.
KC Sullivan, who recently took over leadership of the NBCUniversal-owned outlet, told staffers in a memo Thursday that Smith’s final program will air at the end of the month. A CNBC representative said Smith would leave the company.
Sullivan said “The News With Shepard Smith” will be replaced by a nightly program focused on business news that will be more compatible with the financial market reporting CNBC does throughout the day.
Smith, 58, left Fox News in 2019 amid reports that he was increasingly unhappy with the intensity of the pro-Trump rhetoric spouted by Tucker Carlson and Sean Hannity. But Smith no longer stood out from the pack after he signed with CNBC, where his nightly program failed to attract a large audience.
As one industry insider shared, “Everyone in this business is lawyering up because of all the appraisal fraud.”
I have a basic question. Clearly anyone who refi’d with one of those <3% rates was a winner. But who lost in that? MBS'es? Bonds? Sallie Mae? Surely someone/something is the collective bag-holder for trillions (quadrillions?) of losing assets? Or does it not work that way?
I’ll keep asking this: who loans money for 30 years even at 7% if inflation is north of that?
The Fed.
They take all those mortgages, wrap them out and sell them as MBS bonds. And nobody is spending real money on some POS MBS that pays out 3%. So the Fed bought them. Trillions and trillions of dollars worth that nobody else would buy (at that price). And now they have to get rid of them and sell them on the “free” market that wants them even less now.
Lenders refusing to lend is the next leg down in this crash.
San Francisco, CA Housing Prices Crater 31% YOY As US Housing Market Mudslides Into Abyss
From the first 11:30 video:
MASSIVE PRICE CUTS. Builders cut prices on new construction.
Good News Real Estate-Idaho
Nov 2, 2022
Home sales are down 50% in 2022
We are seeing massive price cuts on new home builds. Builders are feeling the stress of the housing crash and can’t drop prices fast enough. Redfin is reporting this is the most housing inventory we have had on record for the last 8 years. The fed just rates another .75 basis points. We picked a few new construction homes under 500K to show massive price cuts. Builders are in trouble. Homes are not affordable yet. Prices look to keep coming down.
The second 10:40 video:
How Has the Real Estate Market in Poway Changed?
Eric and Deva Edelman – San Diego Homes
Nov 2, 2022
Today we’re taking a look at the housing market in Poway, 92064. We’ll be comparing homes on the market today to listings from a few months back.
The third 11:16 video:
How Long Can These Sellers Hold Off In Vaughan, Richmond Hill & Markham Real Estate?
Team Sessa Real Estate
Nov 3, 2022
Vaughan Home Prices, Richmond Hill Home Prices & Markham Home Prices for the week of Oct 20 – Oct 26, 2022.
“Good News Real Estate-Idaho“
These YT realtors consider $450k in Nampa, Idaho to be entry level, first time buyer shacks. I’m guessing a first time buyer with a four year college degree and roughly five years into a career job must be making about $80k these days in the greater Boise metro area, so anything over $240k will put this buyer into a high risk category. But in a recession, the five year employee is at a high risk of getting a pink slip, IMHO.
How Has the Real Estate Market in Poway Changed?
Early plea to “like, share, subscribe and comment” = commissions drying up.
A special early puddle watching thread from our good friend in Hawaii:
Ali Wolf
Our data is now capturing a 70% cancellation rate in Phoenix…
https://twitter.com/AliWolfEcon/status/1588185370373804033
Catastrophic
https://twitter.com/DonMiami3/status/1588188387332468736
Ali Wolf
Replying to
@DonMiami3
It really is. The numbers are so bad
https://twitter.com/AliWolfEcon/status/1588188702588690436
Among the country’s largest 50 cities, 42 saw their active inventory jump in October, Realtor.com said.
The top gainers were Phoenix, Ariz., which saw the total number of for-sale listings rise by around 174%, followed by Raleigh, N.C., with a similar jump of around 167%, and Nashville, Tenn., with a 145% increase.
Inventory of newly listed homes, however, rose in just four markets: Nashville; New Orleans, La.; Dallas, Texas; and San Antonio, Texas.
Cities in the West and the South saw the biggest increases in the share of price cuts, Realtor.com said. Nearly 36% of listed homes in Phoenix had price reductions, followed by 31% in Austin, Texas, and 24% in Las Vegas, Nev.
https://www.msn.com/en-us/money/realestate/good-news-for-homebuyers-the-number-of-listed-homes-for-sale-soared-in-october-but-there-s-one-big-caveat/ar-AA13HbEc
Although house prices have risen sharply in almost all of Spain, there are varying dynamics across regions and cities. The latest Tinsa figures for September show that price growth is beginning to cool off everywhere except in the metropolitan areas. Price dynamics have slowed down the most on the Mediterranean coast and in the Balearic and Canary Islands. Price growth of 6.5% on the Mediterranean coast and 3.5% in the Balearic and Canary Islands was well below the national average. On the Islands, in particular, price growth has come to a complete halt this year, even declining slightly over the summer. The cooling off does, however, come after strong price growth at the start of the pandemic.
https://think.ing.com/articles/spanish-housing-market-is-a-correction-looming
An East Hampton home on posh Further Lane is headed for auction.
The eye-catching four-bedroom home, at 100 Further Lane, was designed by the iconic East End architect, the late Norman Jaffe, in 1980. It’s currently listed for $27.5 million.
The estate, which sits on 3 acres, will be auctioned online from Dec. 6 to 14 by Sotheby’s Concierge Auctions and broker Rebekah Baker, of Sotheby’s International Realty. There is no reserve, and it will sell to the highest bidder.
https://nypost.com/2022/11/03/norman-jaffe-designed-east-hampton-home-to-head-to-auction/
NBC San Diego
How a ‘Zombie Loan’ Could Cost You Your Home
A San Marcos man lost his home of nearly two decades after it was sold out from under him, all because of a small loan he took out years ago.
https://www.msn.com/en-us/money/realestate/how-a-zombie-loan-could-cost-you-your-home/ar-AA13IENC
See? Bankers rule.
No dollar will be allowed to escape. Not one.
The Dotted Line remains undefeated.
Bahahahahahahahahahahahahahahaha.
He still owes around $230,000 in his home mortgage.
Somebody didn’t show up at court?
Clearly a super level genius. Gets multiple letters from court. Fails to show up in court and/or hire a lawyer. Loses home. Somehow not his fault.
Fails to show up in court
This is stunning. I know people who don’t go to their court dates for speeding tickets? WTF. One got 30 days in jail for failing to appear on 3 tickets. How do people like this get thru life, Seriously.
“It was auctioned off because of that $27,000 loan. He says he thought he was in the clear because the company disappeared during the 2008 recession, so he stopped paying.”
“His home sold at auction for around $300,000. The $27,000 loan was paid off, and Gama was given a check with the remainder. He still owes around $230,000 in his home mortgage.”
Tales from the crypt.
he thought he was in the clear because the company disappeared during the 2008 recession
Idiocy can be costly.
and yet none of them can call a lawyer for a free consultation or pay one a few hundred to stop the proceedings? Bet he has one of those $70K sexi-trucks
“Ramiro Gama bought his home in 2003, years after he moved to the U.S. from Mexico.”
“He says he thought he was in the clear because the company disappeared during the 2008 recession, so he stopped paying.”
Radian Group laying off 166 due to mortgage slowdown, including 100 in Coraopolis
https://www.bizjournals.com/pittsburgh/news/2022/11/03/radian-group-layoffs-mortgage-slowdown.html
Filling a new house up with stuff is supposed to be the fun part, but from kitchen appliances and home furnishings to backyard amenities and homeware, buyer’s remorse can quickly ruin the party.
In 2014, the Los Angeles Times reported that the average household contains 300,000 things — from children’s toys to paper clips to ironing boards — and it’s only gotten easier to have more stuff shipped to your door since then.
To help you avoid falling into the same trap with the same ill-advised purchases, GOBankingRates asked the experts to reveal the things they most often see homeowners buy, only to wish they hadn’t.
If you buy a home with a backyard, it’s easy to imagine your children playing the day away on a swing set or climbing castle — the envy of all the other neighborhood children. In most cases, the novelty wears off fast, though, and unmaintained playground equipment quickly becomes an eyesore — an expensive eyesore.
“These can run from $2,000 to $15,000 or more and are often left completely unused by the children after the first week,” said Dennis Shirshikov, strategist at Awning, a real estate company for investors. “Homeowners then either try to resell them for a fraction of the cost or hold out hope and let them slowly rot in their backyard.”
https://finance.yahoo.com/news/7-house-items-buyers-almost-180001851.html
‘the average household contains 300,000 things’
This is what the foreclosure biz has to clean up. We used to say, 15 years to accumulate, 15 seconds to dump out the trailer.
One of the things we noticed when looking at homes to buy was that most homes are massively overstuffed. And homes with very little stuff (no matter the decor or style) look way way way better. Simple is better when showing your home.
Also the advice about high end appliances is wrong. High end appliances can be fixed and are designed to be fixed. (sub zero being the prime example). Yeah they cost a ton, but they last for years and years. (with some parts replacement). ask any appliance repair guy. But normal stuff, no matter how fancy is just designed to be thrown away.
“These can run from $2,000 to $15,000 or more and are often left completely unused by the children after the first week,”
I remember the first time I saw one of those Rainbow System home playground sets. I was blown away by the prices, multiple thousands of dollars, and this was over 20 years ago.
I can only imagine what they cost now. Yet people bought them, while turning up their noses at the old school, and much cheaper, metal sets sold at places like Sears and KMart. I saw neighbors restaining them every spring, and making repairs as the plastic parts would get brittle and break, and they were not cheap.
Weary homebuyers panicked by rising mortgage interest rates might be relieved to hear that this cruel twist comes with one big upside: lower home prices. In October, median home list prices continued to drop from June’s record high of $449,000 to $425,000, according to a recent report from Realtor.com.
While list prices are still up by 13.3% compared with a year ago, nearly one-fifth of those sellers slashed their prices in October.
https://appraisalbuzz.com/high-home-value-trend-slows-down-one-fifth-of-sellers-cut-prices/
Zillow posts first loss of year as mortgages slump
The Real Deal|19 hours ago
Zillow suffered its first quarterly loss this year despite beating revenue expectations. It fingered the challenging mortgage market.
In its October 14th article, Pre-construction condo flippers may be left holding the bag as buyers disappear the Financial Post noted industry watcher observations that nervous investors who are seeking to offload their pre-construction condos in the secondary buyer market may find themselves out of luck. A shifting, softening real estate market coupled with existing interest rate hikes and the looming threat of more by the Bank of Canada are sending buyers to the sidelines.
Several REALTORS ® in the Greater Toronto Area shared with the publication that they’re experiencing a spike in email and telephone queries asking about “assignment sales”
By way of background, an assignment sale is a kind of real estate transaction whereby the initial pre-construction condo buyer “assigns” or transfers the rights and obligations of the purchase agreement to another buyer via a legally binding contract. An industry leader commented that he’s never seen the assignment market this soft before. Online chatter supports his supposition.
https://www.canadianrealestatemagazine.ca/news/the-best-strategy-to-navigate-the-shell-game-of-toronto-preconstruction-condos-335236.aspx
As the midterms approach, one way of looking at America’s current disaster is that we, the American people, were lab rats. And since 2021, the Left were the mad scientists, eager to try out their crackpot leftist experiments on us.
The result is that the housing market is tottering on the verge of collapse.
As interest rates soar, our $31 trillion national debt crowds out everything else in the budget.
Inflation roars at a rate of 8-9 percent per annum, higher than at any time in 40 years. Yet the prices of the stuff of life – food, fuel, shelter, energy – are far steeper still than the official rate. No one is safe from thugs anymore – whether a commuter on a New York subway or the Pelosis in Pacific Heights.
No Democratic congressional candidates brag about the 3 million people who illegally crossed the border.
None boast that they helped cancel key pipelines, reduced federal leasing of gas and oil, and shut down the Arctic National Wildlife Refuge. None take credit for hammering investments in fossil fuels.
None preen over the no-bail and defund-the-police policies of left-wing, big-city prosecutors and mayors who have spiked crime.
None insist that an annual 8-9% inflation rate is a desirable spreading of the wealth.
And yet odder still, no Democratic candidate, state or national – and most certainly not Biden – offers to alter these toxic policies.
If they won’t defend what they have done, they apparently will not undo what they have wrought either.
No Democratic gubernatorial candidate wants one foot built of a new border wall. No House candidate demands that the Keystone pipeline be finished. No senatorial candidate calls for fiscal discipline to lower inflation. Instead, they stay mute.
arely have voters turned over their country to radicals, socialists, and nihilists.
We did in 2020.
And once the Left took the presidency, the House, and Senate, they tried a deadly experiment on us the American people, their veritable lab rats.
It failed – and has now nearly destroyed us along with the country.
Yet in November the Left apparently demands more time for more experimentation on more of us. But to do what exactly?
Pass more no bail laws and promote more defunding of the police? Make the jails and prisons emptier?
More destruction of what’s left of the southern border?
More biological men overpowering women in sports?
More printing of money?
More cutting back on federal gas and oil leases and canceling pipelines?
Apparently, the only thing that will stop their mad experimentation is that they have run out of us – their once willing lab rats.
https://www.realclearpolitics.com/articles/2022/11/03/the_left_were_the_mad_scientists–we_were_their_lab_rats_148417.html?amp
The great mortgage bank consolidation wave is underway
HousingWire|19 hours ago
We are probably in the first few innings of a clean-up exercise on the housing-finance, nonbank-originator [IMB … need to be up to a 30% decrease in mortgage industry employment “peak to trough,” given the projected decrease in production volume …
need to be up to a 30% decrease in mortgage industry employment “peak to trough,” given the projected decrease in production volume …
I would say more than 30%. During good times and fast growth a lot of positions are added that are totally unneeded. (In today’s world thing diversity directors, etc). In addition the “important ” people claim that if they had a person or several people doing the “low level” work ( tedious but necessary documentation) they would be much more productive generating more business (translated: “could spend more time at the golf course/bars”) . I Never really saw this dynamic increase in productivity. Plus lots of “satellite mortgage businesses providing “data”use the term loosely here) and “insights” that need to just go totally away. Also, During good time many of the managers clamor for more and better information, most of which most of them won’t even look at. Crazy stuff happens, it is almost as if each manager has to proved how smart they are to the other managers by wanting to dissect some part of the portfolio/customer base in a unique and novel way because, this new data will give us untold insights to our customers and dramatically lead to increased production and revenue. This dramatic increase does not happen and the new department built to generate these reports is either dissolved or joins an accounting for finance department. Lots of dumb/fun stuff happens during good times. Unfortunately all this “stuff” has to go away when volume and margins crash. If volume is down 50%, my money says revenue will be down 60-70% because the margins have been crushed. Actual Example(Loan Deport Financials Q1 2022 Vs. Q2 2022 = Volume down 26% revenue down 39%)
Rocket reports financial loss as production slumps in Q3
HousingWire|6 hours ago
Rocket is at risk of losing title of largest originator to United Wholesale Mortgage as origination volume drops 71% year-over-year
Opendoor posts nearly $1B loss
The Real Deal|13 hours ago
Opendoor reported a net loss of $928 million in the third quarter, as it struggles to adjust in the housing market’s slowdown.
Proptech firm Opendoor lays off 550 employees, here’s why
Gadgets Now|17 hours ago
The company’s CEO and Co-founder Eric Wu said in a blog post that prior to the fresh firing round, they scaled back their capacity by over 830 positions, primarily by reducing third party resourcing and eliminating millions of fixed expenses.
Keller Williams’ numbers down in US, up internationally
The Real Deal|16 hours ago
It seems no residential brokerage is immune to the slowing market. Keller Williams’ numbers in the U.S. and Canada fell across the board, the firm revealed Thursday. Sales fell to $381 billion, a 3 percent decline from this time last year,
Elon Musk’s Twitter informs staff layoffs are set to begin
CTV News|9 hours ago
Elon Musk will begin laying off Twitter employees on Friday morning, according to a memo sent to staff. The email sent Thursday evening notified employees that they will receive a notice by 12 p.m. EDT Friday that informs them of their employment status.
Apple pause, Lyft layoffs herald new phase of tech austerity
moneycontrol.com|7 hours ago
Amazon.com Inc. said Thursday that it would pause adding new corporate workers, citing an “uncertain” economy and its hiring boom in recent years. Lyft Inc., the ride-hailing company, is going further: It will eliminate 13% of staff
FoA Mortgage’s shutdown brightens the prospects of a small Indiana lender
HousingWire|11 hours ago
A team of more than 60 mortgage bankers at now-defunct Finance of America Mortgage has landed at Indiana-based Hallmark Home Mortgage.
Chinese tycoon spent 8 years and $3 billion on an EV that never saw light of day
Auto News India|9 hours ago
While it’s not known who sent the death threats — the company has referred them to the FBI — some leaders inside Faraday believe they were inspired by the boardroom fight recently waged by its largest shareholders
CNBC is ending its nightly newscast with Shepard Smith, the former Fox News anchor who moved to the business channel in 2020.
KC Sullivan, who recently took over leadership of the NBCUniversal-owned outlet, told staffers in a memo Thursday that Smith’s final program will air at the end of the month. A CNBC representative said Smith would leave the company.
Sullivan said “The News With Shepard Smith” will be replaced by a nightly program focused on business news that will be more compatible with the financial market reporting CNBC does throughout the day.
Smith, 58, left Fox News in 2019 amid reports that he was increasingly unhappy with the intensity of the pro-Trump rhetoric spouted by Tucker Carlson and Sean Hannity. But Smith no longer stood out from the pack after he signed with CNBC, where his nightly program failed to attract a large audience.
https://www.latimes.com/entertainment-arts/business/story/2022-11-03/cnbc-shepard-smith-fox-news-cable-news
Bellingham, WA Housing Prices Crater 32% YOY As Seattle’s Subprime Mortgage Debacle Accelerates
https://www.movoto.com/wa/98225/market-trends/
As one industry insider shared, “Everyone in this business is lawyering up because of all the appraisal fraud.”
I have a basic question. Clearly anyone who refi’d with one of those <3% rates was a winner. But who lost in that? MBS'es? Bonds? Sallie Mae? Surely someone/something is the collective bag-holder for trillions (quadrillions?) of losing assets? Or does it not work that way?
I’ll keep asking this: who loans money for 30 years even at 7% if inflation is north of that?
The Fed.
They take all those mortgages, wrap them out and sell them as MBS bonds. And nobody is spending real money on some POS MBS that pays out 3%. So the Fed bought them. Trillions and trillions of dollars worth that nobody else would buy (at that price). And now they have to get rid of them and sell them on the “free” market that wants them even less now.
Lenders refusing to lend is the next leg down in this crash.
San Francisco, CA Housing Prices Crater 31% YOY As US Housing Market Mudslides Into Abyss
https://www.movoto.com/ca/94109/market-trends/
As one Bay area broker explained, “Our regional forecast projects a 55%-75% price decline from these levels. We’re well on our way.”