A report from ABC 30 Fresno. "Chris Jurilla of US Bank says when interest rates…
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From the first 11 minute video:
Home prices fall in Boise Idaho, AFFORDABILITY, and foreclosure.
Good News Real Estate
Nov 30, 2022
Home prices fall in Boise Idaho, AFFORDABILITY, and foreclosure.
Home prices need to drop 40% for the housing market to become affordable. Home Prices continue to fall in Boise Idaho. Days on market are increasing and Rental home rent is starting to fall. We are seeing stagnation in the Boise Real Estate Market. Investors are leaving the Boise market, and those who stay are starting to feel the pinch of the increasing rental inventory on the market. With interest rates rising it is becoming harder to find a cash-flowing rental investment property. Inflation, cost of living, and Fed rates are crippling the housing market.
The second 2:19 video:
LA 3rd Quarter Market Update 2022 | John Duerler Breaking Down the Market
Hancock Homes Realty
Nov 30, 2022
The third 2:22 video:
Buying or selling Real Estate on Seattle’s Eastside this week? HERE’S THE NEWS YOU NEED TO KNOW!
Tony Meier & Team – Windermere/NE
Nov 30, 2022
Wednesday Update: Seattle’s Eastside Residential Market Update for the week of 11/30/22. This Eastside Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville
THE NUMBERS:
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings are down from last week. 791 vs 838 a 6% decrease. Compared to a year ago this week, listings are up 675%.
Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,748,000.
Pending Sales have dropped from last week. 40 vs 69 a 42% decrease. Compared to a year ago this week, pending sales are down 17%.
Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,187,500 which is down from last week where they were at $1,250,000.
Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.
Current Months of Inventory rose this week. It was 2.80 months of inventory last week and is now 4.56 months of inventory, the highest level this year.
The fourth 11:30 video:
Buyers & Sellers On Different Planets In Vaughan, Richmond Hill & Markham Real Estate – Nov 23
Team Sessa Real Estate
Dec 1, 2022
Vaughan Home Prices, Richmond Hill Home Prices & Markham Home Prices for the week of Nov 17 – Nov 23, 2022.
Home prices fall in Boise Idaho, AFFORDABILITY, and foreclosure.
Great to see Boise, ID going down. Hope it wipes-out the California equity locusts who brought their LGBTQ+ wokeness with them.
Wells Fargo cuts hundreds of mortgage employees in response to housing slowdown
Dallas Morning News|15 hours ago
Wells Fargo, the biggest home lender among U.S. banks, expects that business to “remain challenging in the near term” on higher rates, Chief Financial Officer Mike Santomassimo told investors in October. The division reported a 70% drop in fees for the first nine months of this year.
Lumber Prices Can’t Stop Falling. The Housing Market Is Struggling.
Barron’s|21 hours ago
Weaker demand for lumber has weighed on prices, making it one of the biggest commodity price decliners this year. The outlook isn’t good, either.
Housing market has ‘further to fall’ as buyers walk away and sellers scramble for profit
USA Today|1 day ago
Sellers have still enjoyed their fair share of gains this year. But home price gains are clearly slowing. In August, for example, home prices rose 13% on a year over year basis, according to the S&P CoreLogic Case-Shiller U.
Stocks, bonds, housing, crypto — JPMorgan worried consumers taking hits from everything simultaneously
CNBC|18 hours ago
Consumers’ nest eggs have taken a hit in 2022, and that could cause issues for the economy and stocks next year, according to JPMorgan.
UK house prices fall at fastest rate since 2020; factory downturn continues – business live
The Guardian on MSN.com|23 hours ago
Average UK house prices fell 1.4% in November, as “the fallout from the mini-budget continued to impact the market,” says Nationwide
Inlanta Mortgage to lay off 60+ employees and shut down in 2023
HousingWire|9 hours ago
Inlanta Mortgage had plans to expand this summer, but an unanticipated drop in mortgage product demand led to the impending layoffs and shutdown.
Why A Housing Bust Will Not Generate A Severe Recession
Forbes|22 hours ago
They failed to anticipate the worst recession in post-war history then even though housing starts peaked in early 2006 and plummeted by nearly 80% over three years (see chart below). US Housing Starts, total units, 1959-2022 (Oct) In a typical recession …
So according to the Forbes article:
1) Household leverage is lower now than in 2007-8. Debt service as % of personal disposable income is 9.5% now compared with 13.5% then.
2) There are better quality mortgages now than in 2007-8, average FICO score now is 760, subprime mortgages are 4% of total now compared with 13% then.
3) Banks are better capitalized now than in 2007-8, so there’s less danger of a credit crunch.
Because there is no crisis….. in falling….. housing…. prices.
Renton, WA Housing Prices Crater 12% YOY As Seattle Area Emerges As Ground Zero For Housing Bust
From the first 11 minute video:
Home prices fall in Boise Idaho, AFFORDABILITY, and foreclosure.
Good News Real Estate
Nov 30, 2022
Home prices fall in Boise Idaho, AFFORDABILITY, and foreclosure.
Home prices need to drop 40% for the housing market to become affordable. Home Prices continue to fall in Boise Idaho. Days on market are increasing and Rental home rent is starting to fall. We are seeing stagnation in the Boise Real Estate Market. Investors are leaving the Boise market, and those who stay are starting to feel the pinch of the increasing rental inventory on the market. With interest rates rising it is becoming harder to find a cash-flowing rental investment property. Inflation, cost of living, and Fed rates are crippling the housing market.
The second 2:19 video:
LA 3rd Quarter Market Update 2022 | John Duerler Breaking Down the Market
Hancock Homes Realty
Nov 30, 2022
The third 2:22 video:
Buying or selling Real Estate on Seattle’s Eastside this week? HERE’S THE NEWS YOU NEED TO KNOW!
Tony Meier & Team – Windermere/NE
Nov 30, 2022
Wednesday Update: Seattle’s Eastside Residential Market Update for the week of 11/30/22. This Eastside Update encompasses the cities of Bellevue, Bothell, Carnation, Clyde Hill, Duvall, Fall City, Issaquah, Kirkland, Kenmore, Medina, Mercer Island, Newcastle, North Bend, Redmond, Sammamish and Woodinville
THE NUMBERS:
Active Listings reached their highest level this year on 7/27/22 at 1189. Active Listings are down from last week. 791 vs 838 a 6% decrease. Compared to a year ago this week, listings are up 675%.
Active List Prices peaked this year in the week of 3/9/22 with the median at $2,499,500. As of this week they are at a median price of $1,748,000.
Pending Sales have dropped from last week. 40 vs 69 a 42% decrease. Compared to a year ago this week, pending sales are down 17%.
Pending Sales Prices peaked this year in the week of 3/30/22 with the median at $1,659,500. As of this week, they are now at a median of $1,187,500 which is down from last week where they were at $1,250,000.
Months of Inventory reached their lowest level (favoring a seller) this year in the week of 3/9/22 at 0.16 months of inventory.
Current Months of Inventory rose this week. It was 2.80 months of inventory last week and is now 4.56 months of inventory, the highest level this year.
The fourth 11:30 video:
Buyers & Sellers On Different Planets In Vaughan, Richmond Hill & Markham Real Estate – Nov 23
Team Sessa Real Estate
Dec 1, 2022
Vaughan Home Prices, Richmond Hill Home Prices & Markham Home Prices for the week of Nov 17 – Nov 23, 2022.
Home prices fall in Boise Idaho, AFFORDABILITY, and foreclosure.
Great to see Boise, ID going down. Hope it wipes-out the California equity locusts who brought their LGBTQ+ wokeness with them.
Wells Fargo cuts hundreds of mortgage employees in response to housing slowdown
Dallas Morning News|15 hours ago
Wells Fargo, the biggest home lender among U.S. banks, expects that business to “remain challenging in the near term” on higher rates, Chief Financial Officer Mike Santomassimo told investors in October. The division reported a 70% drop in fees for the first nine months of this year.
Lumber Prices Can’t Stop Falling. The Housing Market Is Struggling.
Barron’s|21 hours ago
Weaker demand for lumber has weighed on prices, making it one of the biggest commodity price decliners this year. The outlook isn’t good, either.
Housing market has ‘further to fall’ as buyers walk away and sellers scramble for profit
USA Today|1 day ago
Sellers have still enjoyed their fair share of gains this year. But home price gains are clearly slowing. In August, for example, home prices rose 13% on a year over year basis, according to the S&P CoreLogic Case-Shiller U.
Stocks, bonds, housing, crypto — JPMorgan worried consumers taking hits from everything simultaneously
CNBC|18 hours ago
Consumers’ nest eggs have taken a hit in 2022, and that could cause issues for the economy and stocks next year, according to JPMorgan.
UK house prices fall at fastest rate since 2020; factory downturn continues – business live
The Guardian on MSN.com|23 hours ago
Average UK house prices fell 1.4% in November, as “the fallout from the mini-budget continued to impact the market,” says Nationwide
Inlanta Mortgage to lay off 60+ employees and shut down in 2023
HousingWire|9 hours ago
Inlanta Mortgage had plans to expand this summer, but an unanticipated drop in mortgage product demand led to the impending layoffs and shutdown.
Why A Housing Bust Will Not Generate A Severe Recession
Forbes|22 hours ago
They failed to anticipate the worst recession in post-war history then even though housing starts peaked in early 2006 and plummeted by nearly 80% over three years (see chart below). US Housing Starts, total units, 1959-2022 (Oct) In a typical recession …
So according to the Forbes article:
1) Household leverage is lower now than in 2007-8. Debt service as % of personal disposable income is 9.5% now compared with 13.5% then.
2) There are better quality mortgages now than in 2007-8, average FICO score now is 760, subprime mortgages are 4% of total now compared with 13% then.
3) Banks are better capitalized now than in 2007-8, so there’s less danger of a credit crunch.
Because there is no crisis….. in falling….. housing…. prices.
Renton, WA Housing Prices Crater 12% YOY As Seattle Area Emerges As Ground Zero For Housing Bust
https://www.movoto.com/renton-wa/market-trends/