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The Exploding Housing Prices We Saw The Last Two Years Are Behind Us

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  1. From the first 8:35 video:

    Durham December Disaster. Sales Down 70% in 10 Months.
    Honest real estate talk
    Jan 10, 2023
    Durham real estate update for December 2022. Slow end to the year for each market in Durham including Ajax, Oshawa, Pickering and Whitby.
    Overall, on the Toronto Real Estate Board this was the slowest month since 2008 (not just for Decembers).
    See how homes prices compare to the past 4 years in Durham. See how much homes prices dropped just in 2022 for detached homes and condos in Durham.

    The second 4 minute video:

    How To Price Your Home in a Correcting Market
    Greg Flaherty
    Jan 9, 2023
    Sellers: News of our housing market’s death has been greatly exaggerated. It’s true that the exploding housing prices we saw in the last two years are behind us, but we aren’t heading for a crash—instead, our market is correcting. This means you can still receive top dollar for your home, but you have to be smart about it. That’s why I’m sharing a few tips to help you price your home the right way in a correcting market.

    The third 7:17 video:

    Redfin for San Francisco Bay Area +Sacramento inventory, pending and price. Demand weak, price down
    408Home&Loan Inc
    Jan 9, 2023
    Redfin data for Housing updates in the San Francisco Bay area +Sacramento new listing, total inventory, pending listings, Dates on Market and Median prices. The demands are weak and the price trending down.

    The fourth 3 minute video:

    NEW YEAR, NEW MARKET! Top 3 Housing Numbers – Eastside, Seattle & Snohomish County – January 2023
    Tony Meier & Team – Windermere/NE
    Jan 9, 2023 KIRKLAND
    Are you looking for a new place to live? Or maybe you’re just curious about the current housing market in your area? In this video, we’ll share the top 3 housing numbers in Eastside, Seattle and Snohomish County – as of January 2023.

    The fifth 24:31 video:

    Mortgage Defaults On The Rise In Toronto Real Estate – Jan 4
    Team Sessa Real Estate
    Jan 10, 2023 CANADA

    Toronto Real Estate Market Report for the week of Dec 29 – Jan 4, 2023.

  2. Lender becomes owner of Oswald Centre skyscraper in Cleveland
    Crain’s Cleveland Business|13 hours ago
    American Landmark Properties, an Illinois real estate company, has given up efforts to retain the office building and given the keys to the special servicer representing its lender on the property.

    Powell Says Fed ‘Will Not Be’ a Climate Policymaker
    The New York Times|19 hours ago
    In a speech on Federal Reserve independence, Chair Jerome H. Powell emphasized that climate change should be addressed by elected officials.

    Homebuilder cuts prices, offers incentives to keep sales up during downturn
    The Business Journals|18 hours ago
    Kindred faced pressure to decrease the costs of its homes despite not increasing prices to match the cost of lumber, cutting into their margins.

  3. In times such as these, it’s best to keep a level head even when things begin to look bleak. Experienced real estate professionals know that giving in to fear, uncertainty, and doubt is a good way to make a bad situation much worse. At the same time, however, it is important to keep expectations realistic, especially as most industry experts are predicting that the housing market will continue to decline in the immediate future – and this means that more issues like large-scale layoffs at brokerages and more unhappy clients bringing suit against agents and brokers is likewise going to persist for now.

  4. The Manheim Used Vehicle Value Index (MUVVI) for the month of December posted a 0.8% increase in wholesale auto prices month over month, however it dropped a whopping 14.9% year over year, the largest annualized price decline ever in the 26-year history of the index.

    “It’s undeniable that 2022 culminates with unprecedented declines in the MUVVI, but it’s important to look at the bigger picture,” said Jonathan Smoke, Cox Automotive’s chief economist. “These last three years have been extremely volatile for the market, and these declines follow record increases. In December 2021, we were up 47% year over year. The pre-pandemic levels will likely never return, but all indicators point to reaching equilibrium in the second half of 2023.”

  5. Joe Sitt’s Thor Equities faces foreclosure on Meatpacking property
    The Real Deal|15 hours ago
    Debt buyer Maverick Real Estate Partners is seeking to foreclose on a retail property in the Meatpacking district owned by Thor Equities.

    Home seller concessions reach pre-pandemic levels
    HousingWire|16 hours ago
    A Redfin report found sellers gave concessions to homebuyers through repair credits and mortgage-rate buydowns in 41.9% home sales in Q4 2022.

    Gavin Newsom unveils a $297 billion California budget with a deficit after years of surplus
    Sacramento Bee on|18 hours ago
    Hampered by a multibillion-dollar budget hole, California Gov. Gavin Newsom on Tuesday proposed a combination of cuts, deferred spending and shifting of expenditures when he unvei

    Redfin: Pending home sales drop to lowest level since 2015
    thetitlereport|18 hours ago
    Pending U.S. home sales dropped 32 percent year-over-year to their lowest level since at least 2015 during the four weeks ending Jan. 1, according to a new report from Redfin. The biggest declines were in pandemic homebuying hotspots Las Vegas,

    Fed’s Bowman Says More Rate Hikes Needed to Curb Inflation
    YAHOO!Finance|18 hours ago
    Federal Reserve Governor Michelle Bowman said the central bank has more work to do to curb inflation, noting that further interest-rate increases are needed and officials should hold them at restrictive levels for some time to stabilize prices.

    Surplus in Texas, deficit in California could inflame Washington debate
    The Washington Post on|10 hours ago
    The diverging fortunes reflect differing philosophies, with Calif. Gov. Gavin Newsom calling his state’s tax system “more fair.”

    Parents ‘in disbelief’ after ISIS flag sent out by Toronto school principal in email
    CTV News|13 hours ago
    An email by the principal of a downtown Toronto elementary school to commemorate Somali Heritage Month and Islamic Heritage Month, sent out to hundreds of families, included an image of the ISIS flag.

    Barratt warns of ‘marked slowdown’ in housing market
    Yahoo News|55 minutes ago
    Housebuilder Barratt says it has seen a “marked slowdown” in the UK housing market over the past six months. Boss David Thomas said the market had been hit by “political and economic uncertainty” and rising mortgage rates,

    Fathom Holdings’ Losses Worsen As U.S. Real Estate Continues Slump
    Seeking Alpha|11 hours ago
    Fathom operates an online platform for US real estate brokers and provides related mortgage lending services.

    D.C. commercial real estate leaders expect rocky 2023 thanks to slow office leasing, development
    The Business Journals|16 hours ago
    With talk of a recession, D.C.-area commercial real estate leaders say they’re readying for a year of difficult metrics converging to drive further downsizing and consolidation across the industry.

    ANALYSIS-Gated UK property funds are open to further risk
    Reuters|2 hours ago
    UK property funds face further exit requests, asset fire sales and reduced demand from pension schemes after payout restrictions prompted investors to reassess the risks of such holdings, industry experts say.

    Blend cuts workforce, shakes up leadership
    HousingWire|14 hours ago
    Blend is reducing its U.S. workforce by 28% as it moves to a “platform” business model. Tim Mayopoulos is also stepping down as president.

    LoanDepot Moves HQ To Irvine; Sheds Offices
    Orange County Business Journal|14 hours ago
    LoanDepot Inc. is entering the new year with a much smaller Orange County presence with the country’s fifth-largest lender.

    RMF accelerates East Coast layoffs as it faces new bankruptcy challenges
    Reverse|16 hours ago
    RMF stated in court filings that it did not receive “the vast majority of the funds as contemplated by the Joint DIP.”

    Gemini Terminates Its Crypto Yield Product, Amping Up Battle With Genesis
    CoinDesk on|18 hours ago
    The move, which Gemini says requires Genesis to return all locked-up assets, sunsets the exchange’s nearly two-year-old Gemini Earn program.

  6. 𝗦𝗮𝗻 𝗗𝗶𝗲𝗴𝗼, 𝗖𝗔 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟮𝟲% 𝗬𝗢𝗬 𝗢𝗻 𝗦𝗼𝗮𝗿𝗶𝗻𝗴 𝗜𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 𝗔𝗻𝗱 𝗣𝗹𝘂𝗻𝗴𝗶𝗻𝗴 𝗥𝗲𝗻𝘁𝗮𝗹 𝗥𝗮𝘁𝗲𝘀

    𝘈𝘴 𝘰𝘯𝘦 𝘚𝘢𝘯 𝘋𝘪𝘦𝘨𝘰 𝘣𝘳𝘰𝘬𝘦𝘳 𝘢𝘥𝘷𝘪𝘴𝘦𝘥, “𝘎𝘦𝘵 𝘰𝘶𝘵 𝘯𝘰𝘸 𝘣𝘦𝘤𝘢𝘶𝘴𝘦 𝘱𝘳𝘪𝘤𝘦𝘴 𝘢𝘳𝘦 𝘧𝘢𝘭𝘭𝘪𝘯𝘨 𝘣𝘺 𝘥𝘰𝘶𝘣𝘭𝘦 𝘥𝘪𝘨𝘪𝘵𝘴.”

      1. Yes housing prices have a long way to fall…. a very long way to fall.

        You are correct in that.

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