A report from the Dallas Morning News in Texas. "At this stage of the economic…
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From the first 8:21 video:
How This One Tip SAVED My Client $50k On A New Home Purchase Agreement
Kaori Luxury Real Estate
Nov 10, 2022
In this video, I’m sharing how one tip saved my client $50,000 on a new home purchase agreement. This is a great example of how one small change can have a big impact on your financial stability!
Buying a home is a big investment, and it’s important to make sure you get the best deal possible. In this video, I’m sharing a tip that I use on a regular basis to help my clients negotiate better purchase agreements. This tip changed the course of my client’s recent home purchase.
The second 5 minute video:
Housing Prices have DROPPED $100,000 in Austin Texas! What does that mean for you?
The Mangin Team
Premiered Nov 9, 2022
With home prices dropping $100,000 in Austin, did the market crash? Watch today’s video where I lay out what the price drop means for you as a seller, a buyer, or a current homeowner.
The third 10:24 video:
Buyers Are Discounting Your Home In Vaughan, Richmond Hill & Markham Real Estate
Team Sessa Real Estate
Nov 10, 2022
Vaughan Home Prices, Richmond Hill Home Prices & Markham Home Prices for the week of Oct 27 – Nov 2, 2022.
In the Portland area, where the year-to-date median home sale price topped $600,000 for the first time ever in 2022, potential home buyers have been eying prices, waiting to see if they’ll drop.
The latest Regional Multiple Listing Service Market Action report released Wednesday shows that the median home sale prices in the Portland metro area are dropping, but maybe not as drastically as people had hoped.
From September to October, the median sale price fell 2%, from $548,000 to $537,000.
Pink Stone faces foreclosure on DoBro rental building
The Real Deal|11 hours ago
Richard Ohebshalom’s Pink Stone Capital faces foreclosure on its 103-unit rental building at 180 Nassau Street in Downtown Brooklyn.
Suburban office building hit with foreclosure proceedings
Crain’s Cleveland Business|18 hours ago
This time it’s an empty four-floor structure in Westlake that’s been hit with bank action on its loan because the ownership failed to pay most of the property taxes since 2019.
Vultures circle as distress looms for commercial real estate
The Real Deal|19 hours ago
Rising interest rates, mounting debt and an anticipated record number of maturities have some real estate players smelling opportunity.
Exclusive: Orlando builders face slow home sales, cancellations amid 2022 housing market shifts
The Business Journals|18 hours ago
This Orlando executive is close to declaring the rest of the year a vacation for his real estate company. See why.
Compass Inc. expects Q4 revenue to fall as much as 23% due to housing slowdown
Seeking Alpha|11 hours ago
Compass Inc. (COMP) stock dipped 7.4% in Thursday after-hours trading after the tech-focused real estate brokerage issued Q4 guidance that called for a 23% quarterly decline in
WeWork has said it plans to shutter about 40 ‘underperforming’ locations in the US, as the struggling office-sharing company seeks to turn a profit.
The company, which runs about 750 locations around the world, declined to specify which buildings would be closed.
The announcement came as WeWork reported third-quarter results on Thursday morning, announcing losses that were wider than expected and projecting revenue for the current quarter that missed estimates.
WeWork currently has a market cap of around $1.77 billion. Its pre-IPO valuation was once pegged at nearly $50 billion.
WeWork has said it plans to shutter about 40 ‘underperforming’ locations
They have 750 locations? I didn’t realize they were still around. I assumed the Pandemic all but wiped them out.
The collapse of FTX Ltd. is sending shockwaves through the crypto industry, as the exchange scrambles to find a financial lifeline amid reports that it funneled customer assets worth billions of dollars into risky bets through an affiliated trading firm.
Investments in FTX made by Canadian organizations and businesses, such as a US$95-million stake held by the Ontario Teachers’ Pension Plan, are at risk of vanishing after the platform halted withdrawals of customer funds this week, citing a “liquidity crunch.”
The prices of multiple cryptocurrencies, including bitcoin BTX22 -6.19%decrease
and ether, fell to new lows this week. And companies in Canada are receiving warnings from provincial and territorial regulators about exposure to FTX and its own cryptocurrency, FTT, asking them to alert their clients about the rapidly worsening crisis in the sector.
“It’s like there’s a new, scarier update every hour,” said Katrina Propoky, chief legal officer at Toronto-based Coinsquare Ltd., which last month became the first crypto dealer and marketplace to be a registered as a member of the Investment Industry Regulatory Organization of Canada.
“What we’re seeing is one of the biggest global crypto platforms basically implode right in front of us, feeding into the concerns that people have about this sector and eroding the trust that many have worked really hard to build over a lot of years.”
Yeah, I worked really hard on my beanie baby empire for years too.
beanie baby
At least they were tangible and cute.
The Bank of Canada has raised interest rates six times already this year and is expected to announce another hike in December in an effort to fight inflation.
Since the first hike in March, the MLS’ Home Price Index (HMI), which Hogue describes as a “pure measure of a property’s value,” for the Toronto area has fallen 18 per cent. That means a home purchased in February is now worth roughly $230,000 less on average.
PRNewswire/ — A luxury home in one of San Diego County’s boutique residential enclaves has been scheduled for sale at a luxury auction® on November 19. The property first hit the market asking $8 million, though it will now be offered without reserve in next Saturday’s sale, meaning it will be sold to the auction’s highest bidder regardless of the amount of the high bid. The homeowners retained property auction specialist Platinum Luxury Auctions for the sale. Platinum is working in tandem with the property’s listing brokerage of record, Agentdesks Incorporated, out of San Francisco, CA.
A luxury home in one of San Diego County’s boutique residential enclaves has been scheduled for sale at a luxury auction
The residence is located within the community of Rancho Del Mar, a private and gated development of only 27 luxury homes located adjacent to the Lomas Santa Fe Country Club. The community is also within 1-1.5 miles of the Fairbanks Ranch Country Club and Morgan’s Run Club and Resort. Solana Beach and the glistening Pacific Ocean are just a 5-min drive from the property’s front door.
Sam Bankman-Fried is on a race to secure $4 billion to save FTX, after rival Binance ditched its 11th-hour bid to buy the collapsing crypto exchange.
Bankman-Fried reportedly told investors on Wednesday evening that FTX is facing a shortfall of funds up to $8 billion and is in danger of bankruptcy if the company doesn’t receive at least $4 billion to stay solvent, according to separate reports from Bloomberg and the Financial Times. Bankman-Fried said FTX is willing to take the cash in whatever form it comes in, be it debt, equity, or a mixture of both.
Venture capital firm Sequoia Capital meanwhile told investors that it would be marking down its previous $214 million investment in FTX all the way down to zero after the bank run on the crypto exchange—triggered by Binance head Chengpeng Zhao’s liquidation of his $2 billion dollar position in the native token of the FTX exchange—put the company’s survival in doubt.
Since the company began to deteriorate, Bankman-Fried has been repeating the same three-word mantra over the last few days: “I f****d up.”
Bankman-Fried reportedly sent all of his employees a message on Tuesday morning, saying “I’m sorry, I f***d up,” Reuters reported, while he told investors on the call “I f***d up,” adding he would be “incredibly, unbelievably grateful” if investors could help out.
Does this clown only own one dirty tee shirt with the neck collar stretched out?
only own one dirty tee shirt
At least he’s getting a much needed haircut.
Does this clown only own one dirty tee shirt with the neck collar stretched out?
Well, at least his investors know he didn’t spend their billions on high end fashion.
The entire $16 billion fortune of FTX co-founder Sam Bankman-Fried went up in smoke within days, one of the greatest wealth destructions in the history of the crypto world. The demise of his exchange and its trading house, Alameda Research, means assets owned by the mogul once likened to John Pierpont Morgan have become worthless. At the peak, the 30-year-old was worth $26 billion, and he was still worth almost $16 billion at the start of the week.
The Bloomberg Billionaires Index now values FTX’s US business — of which Bankman-Fried owns about 70% — at $1 because of a potential trading halt, from $8 billion in a January fundraising round. Bankman-Fried’s stake in Robinhood Markets Inc. valued at more than $500 million was also removed from his wealth calculation after Reuters reported it was held through Alameda and may have been used as collateral for loans.
Bankman-Fried’s empire crumbled this week after a liquidity crunch at one of its affiliates. Its US exchange, FTX.US, said on Thursday that customers should close out any positions they want to and that trading may be halted in a few days. In the Bahamas, where FTX.com is based, authorities froze the assets of its local trading subsidiary and related parties.
For his part, Bankman-Fried is being investigated by the US Securities and Exchange Commission for potential violations of securities rules, a person familiar with the matter said.
As mortgage rates hold steady around 7%, a new report from Redfin found that demand for homes eased in October, as one-third fewer homes went under contract than was reported in October 2021. This drop marks the largest decline in contracts since 2015.
While contracts may have dropped 30% across the nation, pandemic hotspots such as Las Vegas, Miami, and Phoenix reported contract declines of around 50%, causing a record-high share of home sellers to drop their asking price sat month.
The price of a newly listed home in October was 7% higher than a year ago at $375,725, but also down 7% from May’s market peak of $399.975. The median home sale price was $360,861, up 4% year over year. This growth rate was down 13 points from the peak annual increase in March.
Jose Huizar developed a curious habit as a Los Angeles city councilman: He would give stacks of $100 bills to his wife, mother or brother. They in turn would write him checks or pay his bills.
The three of them confirmed Huizar’s suspected money laundering in testimony before a federal jury over the last week. Salvador Huizar recalled asking his younger brother why he needed the checks, telling jurors the councilman told him that it was “better for me not to know.”
The poignant spectacle of three family members testifying against Jose Huizar came at the trial of development company Shen Zhen New World I. It was convicted Thursday of paying Huizar more than $1 million in bribes to win his support for a proposed skyscraper in downtown L.A.
After less than three hours of deliberations, the jury found Shen Zhen New World I guilty of five counts of bribery and three counts of wire fraud. It was the second conviction of a developer accused of paying off Huizar, who left office in 2020. In June, a federal jury found developer Dae Yong Lee guilty of paying Huizar $500,000 in cash.
Huang, 57, treated Huizar to 20 extravagant Las Vegas getaways, often flying him there on private jets, evidence at the trial showed. Huang put up Huizar and his council aide George Esparza in presidential suites and private villas, paying for their Rolls-Royce limo service, prostitutes, nightclub bottle service, and dinners with shark-fin soup and bottles of wine that cost as much as $10,000, witnesses testified.
At the trial, associates of Huang described him as a life-of-the-party gambler who basked in the millions of dollars in comps — including the private jet flights — that he got from the Wynn, Palazzo, Cosmopolitan and Caesars Palace casino resorts, where on occasion he would lose as much as $2 million in one weekend. Friends call him “the chairman.”
The jury found that Huang bribed Huizar to win city approval of a 77-story tower next to the former Marriott, now called the L.A. Grand, at Figueroa and West 3rd streets. At the time, the Boyle Heights councilman, who represented most of downtown L.A., chaired the land-use committee that has the power to approve or block major developments.
Esparza, the Huizar aide who has pleaded guilty to racketeering, testified that Huizar viewed the developer as a “fat cow” he could milk for money. He recalled Huizar getting expensive bottles of wine delivered to his room at Huang’s expense, then asking Esparza to smuggle them out of the hotel in duffel bags to take home. Huizar also stole hotel towels, he said.
“I took chips; I never stole towels,” Esparza testified with a grin, drawing chuckles from jurors.
I recall this story unfolding some time ago. IIRC, Huizar was trying to lay all the blame on Esparza.
A person prosecutors described as a supporter of anti-fascist groups was sentenced Thursday to four years in prison for being involved in a string of attacks in January 2021 during a San Diego rally organized by supporters of then-President Trump.
Nikki Hubbard, 38, pleaded guilty Sept. 28 in San Diego Superior Court to conspiracy to riot, unlawful use of pepper spray and assault, and she agreed to the four-year term.
Hubbard, who is a transgender woman, has also used the name Nikki Yach. She is identified in court records by another name that the San Diego Union-Tribune is not using in this story because it is not used by Hubbard.
Hubbard also was sentenced in a separate case to eight months in custody after admitting that in October 2020 she violated a law that prohibits felons from entering the grounds of a state prison without the warden’s consent.
She received credit for a year and nine months in custody.
Hubbard was one of 11 defendants indicted in June on 29 felony charges, including conspiracy to riot and assault-related charges. Prosecutors alleged that the defendants — whom they described as “Antifa supporters” — came from the Los Angeles area and across San Diego County to counter the pro-Trump “Patriot March” in Pacific Beach on Jan. 9, 2021.
The defendants, dressed in black, with their faces covered, engaged in various attacks, according to prosecutors. Some of the victims were pepper-sprayed. One was assaulted with a stun gun. Another was attacked with a flag pole and wooden lawn chair.
The Center for Strategic and International Studies describes “antifa” — a term often used to describe the anti-fascist movement — as a “decentralized network of far-left militants who oppose what they believe are fascist, racist, or otherwise right-wing extremists” and whose adherents “frequently blend anarchist and communist views.”
There can be no negotiation with Marxism. None. Never.
The only option is its complete and total extermination.
Compass ramps up cash burn as losses tick upward
The Real Deal|13 hours ago
Compass missed profitability in the third quarter, reporting in an earnings call losses hit $154 million amid a harsh market.
SoftBank’s Vision Fund books losses worth $9.75 bn in Sept quarter
Business Today|3 hours ago
Investment losses at the Japanese tech firm’s flagship Vision Fund unit totalled 1.38 trillion yen ($9.75 billion) in the three months to September 30, as the value of its portfolio continued to slide.
‘This big, scary thing’: Meta joins tech crowd laying off WA workers
Seattle Times|18 hours ago
Meta declined to disclose how many workers at its Seattle-area offices have been let go. The company has approximately 8,800 employees at local offices.
US home sales will keep falling through 2023, Redfin says: ‘Housing companies are in the jungle now’
Business Insider India on MSN.com|18 hours ago
Redfin said it expects home sales to keep falling through 2023, as it laid off 13% of its workforce.US housing companies are “in the jungle” now, its CEO said, as buyer demand falters.Redfin expects home sales to keep falling through 2023
These mortgage lenders are making major job cuts as production plummets
HousingWire|9 hours ago
Mortgage lenders have imposed new rounds of layoffs in the fourth quarter, reflecting a dreadful landscape for originators. We reveal lenders big and small who are dropping headcount.
Home Point reports Q3 loss after layoffs amid tough mortgage market
Detroit News|18 hours ago
Hiked interest rates mean fewer applications for home loans and refinances, triggering a blow to the industry and consolidation.
Blend reports $133.98 million loss in Q3, layoffs of 100 positions
HousingWire|6 hours ago
Blend Lab’s third-quarter loss was driven by a decline in mortgage banking and its title insurance business revenue, which occurred despite an uptick in consumer banking revenue.
Losses mount for Home Point as mortgage lender continues cutting head count
Crain’s Detroit|22 hours ago
The third quarter of 2022 was not an especially kind period for Home Point Capital Inc. The Ann Arbor-based mortgage company (NASDAQ: HMPT) continues to post large losses as high interest rates and increased competition in the marketplace eat at profitability.
Meta employees are shell-shocked and angry after Mark Zuckerberg laid of 11,000 workers. Remaining staff are still unsure exactly who got fired.
Business Insider|15 hours ago
Meta let go of 11,000 employees, and it’s not clear which divisions and roles were most affected. Workers at the Facebook parent company are trying to support one another and get answers. Many employees are shocked by the scale of the layoffs — and some are angry.
You can see why I don’t post mortgage layoff articles: there’s too many right now. It would take up an entire post every day.
The latest drop in employment estimates for nonbank mortgage bankers and brokers show the gains from 2021 have completely been erased.
Mortgage industry payrolls dropped to 390,800 in September from a revised 401,000 the previous month, according to preliminary data the Bureau of Labor Statistics reported Friday. That’s the lowest number seen since November 2020, when the payroll number was 388,700.
But far more in the way of staff reductions will be needed to bring the mortgage industry’s numbers back in line with what was the norm for originations prior to the extraordinary housing boom seen over the course of the past two years. Mortgage employment peaked around 430,000 during the boom, but before it began, industry payrolls were just below 310,000. Mortgage bankers may need to shed at least another 25% to 30% of their staff to bring payroll size in line with current loan volumes, according to one industry economist.
From the first 8:21 video:
How This One Tip SAVED My Client $50k On A New Home Purchase Agreement
Kaori Luxury Real Estate
Nov 10, 2022
In this video, I’m sharing how one tip saved my client $50,000 on a new home purchase agreement. This is a great example of how one small change can have a big impact on your financial stability!
Buying a home is a big investment, and it’s important to make sure you get the best deal possible. In this video, I’m sharing a tip that I use on a regular basis to help my clients negotiate better purchase agreements. This tip changed the course of my client’s recent home purchase.
The second 5 minute video:
Housing Prices have DROPPED $100,000 in Austin Texas! What does that mean for you?
The Mangin Team
Premiered Nov 9, 2022
With home prices dropping $100,000 in Austin, did the market crash? Watch today’s video where I lay out what the price drop means for you as a seller, a buyer, or a current homeowner.
The third 10:24 video:
Buyers Are Discounting Your Home In Vaughan, Richmond Hill & Markham Real Estate
Team Sessa Real Estate
Nov 10, 2022
Vaughan Home Prices, Richmond Hill Home Prices & Markham Home Prices for the week of Oct 27 – Nov 2, 2022.
In the Portland area, where the year-to-date median home sale price topped $600,000 for the first time ever in 2022, potential home buyers have been eying prices, waiting to see if they’ll drop.
The latest Regional Multiple Listing Service Market Action report released Wednesday shows that the median home sale prices in the Portland metro area are dropping, but maybe not as drastically as people had hoped.
From September to October, the median sale price fell 2%, from $548,000 to $537,000.
https://www.msn.com/en-us/money/realestate/with-interest-rates-on-the-rise-portland-home-prices-starting-to-drop/ar-AA13YSQ0
Pink Stone faces foreclosure on DoBro rental building
The Real Deal|11 hours ago
Richard Ohebshalom’s Pink Stone Capital faces foreclosure on its 103-unit rental building at 180 Nassau Street in Downtown Brooklyn.
Suburban office building hit with foreclosure proceedings
Crain’s Cleveland Business|18 hours ago
This time it’s an empty four-floor structure in Westlake that’s been hit with bank action on its loan because the ownership failed to pay most of the property taxes since 2019.
Vultures circle as distress looms for commercial real estate
The Real Deal|19 hours ago
Rising interest rates, mounting debt and an anticipated record number of maturities have some real estate players smelling opportunity.
Exclusive: Orlando builders face slow home sales, cancellations amid 2022 housing market shifts
The Business Journals|18 hours ago
This Orlando executive is close to declaring the rest of the year a vacation for his real estate company. See why.
Compass Inc. expects Q4 revenue to fall as much as 23% due to housing slowdown
Seeking Alpha|11 hours ago
Compass Inc. (COMP) stock dipped 7.4% in Thursday after-hours trading after the tech-focused real estate brokerage issued Q4 guidance that called for a 23% quarterly decline in
WeWork has said it plans to shutter about 40 ‘underperforming’ locations in the US, as the struggling office-sharing company seeks to turn a profit.
The company, which runs about 750 locations around the world, declined to specify which buildings would be closed.
The announcement came as WeWork reported third-quarter results on Thursday morning, announcing losses that were wider than expected and projecting revenue for the current quarter that missed estimates.
WeWork currently has a market cap of around $1.77 billion. Its pre-IPO valuation was once pegged at nearly $50 billion.
https://www.dailymail.co.uk/news/article-11414357/WeWork-close-40-locations-struggles-turn-profit.html
WeWork has said it plans to shutter about 40 ‘underperforming’ locations
They have 750 locations? I didn’t realize they were still around. I assumed the Pandemic all but wiped them out.
The collapse of FTX Ltd. is sending shockwaves through the crypto industry, as the exchange scrambles to find a financial lifeline amid reports that it funneled customer assets worth billions of dollars into risky bets through an affiliated trading firm.
Investments in FTX made by Canadian organizations and businesses, such as a US$95-million stake held by the Ontario Teachers’ Pension Plan, are at risk of vanishing after the platform halted withdrawals of customer funds this week, citing a “liquidity crunch.”
The prices of multiple cryptocurrencies, including bitcoin BTX22 -6.19%decrease
and ether, fell to new lows this week. And companies in Canada are receiving warnings from provincial and territorial regulators about exposure to FTX and its own cryptocurrency, FTT, asking them to alert their clients about the rapidly worsening crisis in the sector.
“It’s like there’s a new, scarier update every hour,” said Katrina Propoky, chief legal officer at Toronto-based Coinsquare Ltd., which last month became the first crypto dealer and marketplace to be a registered as a member of the Investment Industry Regulatory Organization of Canada.
“What we’re seeing is one of the biggest global crypto platforms basically implode right in front of us, feeding into the concerns that people have about this sector and eroding the trust that many have worked really hard to build over a lot of years.”
https://www.theglobeandmail.com/business/article-ftx-collapse-affecting-investments-by-canadian-businesses/
Yeah, I worked really hard on my beanie baby empire for years too.
beanie baby
At least they were tangible and cute.
The Bank of Canada has raised interest rates six times already this year and is expected to announce another hike in December in an effort to fight inflation.
Since the first hike in March, the MLS’ Home Price Index (HMI), which Hogue describes as a “pure measure of a property’s value,” for the Toronto area has fallen 18 per cent. That means a home purchased in February is now worth roughly $230,000 less on average.
https://www.cp24.com/news/toronto-home-prices-have-fallen-substantially-rbc-says-this-is-when-they-could-bottom-out-1.6147968
PRNewswire/ — A luxury home in one of San Diego County’s boutique residential enclaves has been scheduled for sale at a luxury auction® on November 19. The property first hit the market asking $8 million, though it will now be offered without reserve in next Saturday’s sale, meaning it will be sold to the auction’s highest bidder regardless of the amount of the high bid. The homeowners retained property auction specialist Platinum Luxury Auctions for the sale. Platinum is working in tandem with the property’s listing brokerage of record, Agentdesks Incorporated, out of San Francisco, CA.
A luxury home in one of San Diego County’s boutique residential enclaves has been scheduled for sale at a luxury auction
The residence is located within the community of Rancho Del Mar, a private and gated development of only 27 luxury homes located adjacent to the Lomas Santa Fe Country Club. The community is also within 1-1.5 miles of the Fairbanks Ranch Country Club and Morgan’s Run Club and Resort. Solana Beach and the glistening Pacific Ocean are just a 5-min drive from the property’s front door.
https://finance.yahoo.com/news/nov-19-luxury-auction-sale-195500221.html
Location is great but that lot and pool are tiny for that size house.
3410 Caminito Daniella, Del Mar, CA 92014
Picture #13 looks like a hotel lobby.
It’s over-the-top Tuscan.
There’s too much hedonistic sensory input there.
Sam Bankman-Fried is on a race to secure $4 billion to save FTX, after rival Binance ditched its 11th-hour bid to buy the collapsing crypto exchange.
Bankman-Fried reportedly told investors on Wednesday evening that FTX is facing a shortfall of funds up to $8 billion and is in danger of bankruptcy if the company doesn’t receive at least $4 billion to stay solvent, according to separate reports from Bloomberg and the Financial Times. Bankman-Fried said FTX is willing to take the cash in whatever form it comes in, be it debt, equity, or a mixture of both.
Venture capital firm Sequoia Capital meanwhile told investors that it would be marking down its previous $214 million investment in FTX all the way down to zero after the bank run on the crypto exchange—triggered by Binance head Chengpeng Zhao’s liquidation of his $2 billion dollar position in the native token of the FTX exchange—put the company’s survival in doubt.
Since the company began to deteriorate, Bankman-Fried has been repeating the same three-word mantra over the last few days: “I f****d up.”
Bankman-Fried reportedly sent all of his employees a message on Tuesday morning, saying “I’m sorry, I f***d up,” Reuters reported, while he told investors on the call “I f***d up,” adding he would be “incredibly, unbelievably grateful” if investors could help out.
https://finance.yahoo.com/news/m-sorry-f-d-sam-131252644.html
Does this clown only own one dirty tee shirt with the neck collar stretched out?
only own one dirty tee shirt
At least he’s getting a much needed haircut.
Does this clown only own one dirty tee shirt with the neck collar stretched out?
Well, at least his investors know he didn’t spend their billions on high end fashion.
The entire $16 billion fortune of FTX co-founder Sam Bankman-Fried went up in smoke within days, one of the greatest wealth destructions in the history of the crypto world. The demise of his exchange and its trading house, Alameda Research, means assets owned by the mogul once likened to John Pierpont Morgan have become worthless. At the peak, the 30-year-old was worth $26 billion, and he was still worth almost $16 billion at the start of the week.
The Bloomberg Billionaires Index now values FTX’s US business — of which Bankman-Fried owns about 70% — at $1 because of a potential trading halt, from $8 billion in a January fundraising round. Bankman-Fried’s stake in Robinhood Markets Inc. valued at more than $500 million was also removed from his wealth calculation after Reuters reported it was held through Alameda and may have been used as collateral for loans.
Bankman-Fried’s empire crumbled this week after a liquidity crunch at one of its affiliates. Its US exchange, FTX.US, said on Thursday that customers should close out any positions they want to and that trading may be halted in a few days. In the Bahamas, where FTX.com is based, authorities froze the assets of its local trading subsidiary and related parties.
For his part, Bankman-Fried is being investigated by the US Securities and Exchange Commission for potential violations of securities rules, a person familiar with the matter said.
https://finance.yahoo.com/news/bankman-fried-assets-plummet-16-080320755.html
Fraud everywhere, I’m so surprised.
https://twitter.com/EdwardSmallhous/status/1590411710065954817 on 11/9: You can’t make this up!
$TSLA $TSLAQ CEO @elonmusk tried to rope #FTX head honcho SBF (Soon Bankrupt Fraud) into taking an equity stake in #Twitter.
It takes one to know one!
As mortgage rates hold steady around 7%, a new report from Redfin found that demand for homes eased in October, as one-third fewer homes went under contract than was reported in October 2021. This drop marks the largest decline in contracts since 2015.
While contracts may have dropped 30% across the nation, pandemic hotspots such as Las Vegas, Miami, and Phoenix reported contract declines of around 50%, causing a record-high share of home sellers to drop their asking price sat month.
The price of a newly listed home in October was 7% higher than a year ago at $375,725, but also down 7% from May’s market peak of $399.975. The median home sale price was $360,861, up 4% year over year. This growth rate was down 13 points from the peak annual increase in March.
https://dsnews.com/news/11-09-2022/report-demand-declines
Jose Huizar developed a curious habit as a Los Angeles city councilman: He would give stacks of $100 bills to his wife, mother or brother. They in turn would write him checks or pay his bills.
The three of them confirmed Huizar’s suspected money laundering in testimony before a federal jury over the last week. Salvador Huizar recalled asking his younger brother why he needed the checks, telling jurors the councilman told him that it was “better for me not to know.”
The poignant spectacle of three family members testifying against Jose Huizar came at the trial of development company Shen Zhen New World I. It was convicted Thursday of paying Huizar more than $1 million in bribes to win his support for a proposed skyscraper in downtown L.A.
After less than three hours of deliberations, the jury found Shen Zhen New World I guilty of five counts of bribery and three counts of wire fraud. It was the second conviction of a developer accused of paying off Huizar, who left office in 2020. In June, a federal jury found developer Dae Yong Lee guilty of paying Huizar $500,000 in cash.
Huang, 57, treated Huizar to 20 extravagant Las Vegas getaways, often flying him there on private jets, evidence at the trial showed. Huang put up Huizar and his council aide George Esparza in presidential suites and private villas, paying for their Rolls-Royce limo service, prostitutes, nightclub bottle service, and dinners with shark-fin soup and bottles of wine that cost as much as $10,000, witnesses testified.
At the trial, associates of Huang described him as a life-of-the-party gambler who basked in the millions of dollars in comps — including the private jet flights — that he got from the Wynn, Palazzo, Cosmopolitan and Caesars Palace casino resorts, where on occasion he would lose as much as $2 million in one weekend. Friends call him “the chairman.”
The jury found that Huang bribed Huizar to win city approval of a 77-story tower next to the former Marriott, now called the L.A. Grand, at Figueroa and West 3rd streets. At the time, the Boyle Heights councilman, who represented most of downtown L.A., chaired the land-use committee that has the power to approve or block major developments.
Esparza, the Huizar aide who has pleaded guilty to racketeering, testified that Huizar viewed the developer as a “fat cow” he could milk for money. He recalled Huizar getting expensive bottles of wine delivered to his room at Huang’s expense, then asking Esparza to smuggle them out of the hotel in duffel bags to take home. Huizar also stole hotel towels, he said.
“I took chips; I never stole towels,” Esparza testified with a grin, drawing chuckles from jurors.
https://www.latimes.com/california/story/2022-11-10/huizar-family-los-angeles-bribes-developer-trial
I recall this story unfolding some time ago. IIRC, Huizar was trying to lay all the blame on Esparza.
A person prosecutors described as a supporter of anti-fascist groups was sentenced Thursday to four years in prison for being involved in a string of attacks in January 2021 during a San Diego rally organized by supporters of then-President Trump.
Nikki Hubbard, 38, pleaded guilty Sept. 28 in San Diego Superior Court to conspiracy to riot, unlawful use of pepper spray and assault, and she agreed to the four-year term.
Hubbard, who is a transgender woman, has also used the name Nikki Yach. She is identified in court records by another name that the San Diego Union-Tribune is not using in this story because it is not used by Hubbard.
Hubbard also was sentenced in a separate case to eight months in custody after admitting that in October 2020 she violated a law that prohibits felons from entering the grounds of a state prison without the warden’s consent.
She received credit for a year and nine months in custody.
Hubbard was one of 11 defendants indicted in June on 29 felony charges, including conspiracy to riot and assault-related charges. Prosecutors alleged that the defendants — whom they described as “Antifa supporters” — came from the Los Angeles area and across San Diego County to counter the pro-Trump “Patriot March” in Pacific Beach on Jan. 9, 2021.
The defendants, dressed in black, with their faces covered, engaged in various attacks, according to prosecutors. Some of the victims were pepper-sprayed. One was assaulted with a stun gun. Another was attacked with a flag pole and wooden lawn chair.
The Center for Strategic and International Studies describes “antifa” — a term often used to describe the anti-fascist movement — as a “decentralized network of far-left militants who oppose what they believe are fascist, racist, or otherwise right-wing extremists” and whose adherents “frequently blend anarchist and communist views.”
https://www.latimes.com/california/story/2022-11-10/alleged-antifa-supporter-sentenced-prison-san-diego-pro-trump-rally
There can be no negotiation with Marxism. None. Never.
The only option is its complete and total extermination.
Compass ramps up cash burn as losses tick upward
The Real Deal|13 hours ago
Compass missed profitability in the third quarter, reporting in an earnings call losses hit $154 million amid a harsh market.
SoftBank’s Vision Fund books losses worth $9.75 bn in Sept quarter
Business Today|3 hours ago
Investment losses at the Japanese tech firm’s flagship Vision Fund unit totalled 1.38 trillion yen ($9.75 billion) in the three months to September 30, as the value of its portfolio continued to slide.
‘This big, scary thing’: Meta joins tech crowd laying off WA workers
Seattle Times|18 hours ago
Meta declined to disclose how many workers at its Seattle-area offices have been let go. The company has approximately 8,800 employees at local offices.
US home sales will keep falling through 2023, Redfin says: ‘Housing companies are in the jungle now’
Business Insider India on MSN.com|18 hours ago
Redfin said it expects home sales to keep falling through 2023, as it laid off 13% of its workforce.US housing companies are “in the jungle” now, its CEO said, as buyer demand falters.Redfin expects home sales to keep falling through 2023
These mortgage lenders are making major job cuts as production plummets
HousingWire|9 hours ago
Mortgage lenders have imposed new rounds of layoffs in the fourth quarter, reflecting a dreadful landscape for originators. We reveal lenders big and small who are dropping headcount.
Home Point reports Q3 loss after layoffs amid tough mortgage market
Detroit News|18 hours ago
Hiked interest rates mean fewer applications for home loans and refinances, triggering a blow to the industry and consolidation.
Blend reports $133.98 million loss in Q3, layoffs of 100 positions
HousingWire|6 hours ago
Blend Lab’s third-quarter loss was driven by a decline in mortgage banking and its title insurance business revenue, which occurred despite an uptick in consumer banking revenue.
Losses mount for Home Point as mortgage lender continues cutting head count
Crain’s Detroit|22 hours ago
The third quarter of 2022 was not an especially kind period for Home Point Capital Inc. The Ann Arbor-based mortgage company (NASDAQ: HMPT) continues to post large losses as high interest rates and increased competition in the marketplace eat at profitability.
Meta employees are shell-shocked and angry after Mark Zuckerberg laid of 11,000 workers. Remaining staff are still unsure exactly who got fired.
Business Insider|15 hours ago
Meta let go of 11,000 employees, and it’s not clear which divisions and roles were most affected. Workers at the Facebook parent company are trying to support one another and get answers. Many employees are shocked by the scale of the layoffs — and some are angry.
You can see why I don’t post mortgage layoff articles: there’s too many right now. It would take up an entire post every day.
The latest drop in employment estimates for nonbank mortgage bankers and brokers show the gains from 2021 have completely been erased.
Mortgage industry payrolls dropped to 390,800 in September from a revised 401,000 the previous month, according to preliminary data the Bureau of Labor Statistics reported Friday. That’s the lowest number seen since November 2020, when the payroll number was 388,700.
But far more in the way of staff reductions will be needed to bring the mortgage industry’s numbers back in line with what was the norm for originations prior to the extraordinary housing boom seen over the course of the past two years. Mortgage employment peaked around 430,000 during the boom, but before it began, industry payrolls were just below 310,000. Mortgage bankers may need to shed at least another 25% to 30% of their staff to bring payroll size in line with current loan volumes, according to one industry economist.
https://www.nationalmortgagenews.com/news/mortgage-job-estimates-drop-to-low-not-seen-since-late-2020
payroll size in line with current loan volumes,
It’s hard to imagine what volume of loans requires 400,000 cubicle creatures to handle.
The 2022 election was stolen.
Kari Lake’s Senior Advisor… “No Mathematical Path for Katie Hobbs”
https://www.bitchute.com/video/1sDBdmYqmiju/
6 minutes.