The Disaster Unfolding For Sellers

1. From the first 6:21 video:

   Utah Housing Market Update for December 2022
   Living in Salt Lake City Utah
   Jan 13, 2023
   Utah Housing Market Update for December 2022. Have home prices in Utah come down even more? Is it a buyer’s market or a seller’s market? Today I’m going to show you where we finished with the housing market in December 2022, how it compares historically, and more.

   The second 11:12 video:

   Houses For Sale In Las Vegas – DISASTER!
   Las Vegas Living
   Jan 14, 2023
   Houses For Sale In Las Vegas – DISASTER! As we enter into 2023, there are now over 7,000 houses for sale in Las Vegas. This is now triple the amount of homes for sale from one year ago. Needless to say, for homeowners or home builders looking to sell, it is a disaster. Having this many houses for sale in Las Vegas so quickly was a surefire way to force home prices down. Las Vegas home prices are now down 10% and in some areas 15% from the peak prices in May of 2022. The peak median home price was $485,000 in May of last year. Today the average median home price in Las Vegas is $420,000. Interest rates are still high which took many people out of the home buying market. The Fed created a disaster with raising interest rates too high, too quickly. The amount of houses for sale in Las Vegas now allows buyers to be more choosy with what they want to buy. Unlike the disaster unfolding for sellers, this will likely be a good year for buyers. I think the houses for sale in Las Vegas will be further reduced as more inventory comes to market this year and sellers are forced to capitulate to new market conditions. I would sit tight and not buy any of the houses for sale in Las Vegas until we see more price reductions. Be patient.

   The third 18 minute video:

   Another Massive Drop In Prices | Nashville Housing Update
   Ethan Flynn, CPA | Real Estate
   Jan 14, 2023
   This is an Analytical approach to the Nashville Tn Housing Market. We look at trends in active listings, median price, mortgage rates, contracts, rent rates

2. La Jolla crypto bank Silvergate cuts 181 local jobs amid run on deposits last quarter

   Over the past year, Silvergate’s stock has tumbled from the $136-per-share range to its closing price of 13.20 on Jan. 13 — a 90 percent drop.

   In the fourth quarter, the bank saw its deposits plunge from $11.9 billion to $3.8 billion, a nearly 70 percent decline.

   “Part of the reasons we’ve had to cut as deep as we have on the expense side is a reflection of where deposits settled out in the fourth quarter,” Lane said.

   The bank invested deposits in liquid debt securities, some of which it expected to hold to maturity. Instead, it had to sell quickly to meet depositor withdrawal demands.

   The result was a $718 million loss in the fourth quarter. It also has unrealized losses of $300 million on a group of government and agency-backed securities held for sale.

   https://www.lajollalight.com/news/story/2023-01-14/la-jolla-crypto-bank-silvergate-cuts-181-local-jobs-amid-run-on-deposits-last-quarter

   A loss on MBS?

3. 𝗦𝗽𝗼𝗸𝗮𝗻𝗲 𝗩𝗮𝗹𝗹𝗲𝘆, 𝗪𝗔 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟮𝟰% 𝗬𝗢𝗬 𝗔𝘀 𝗙𝗼𝗿𝗲𝗰𝗹𝗼𝘀𝘂𝗿𝗲𝘀 𝗔𝗻𝗱 𝗘𝘅𝗰𝗲𝘀𝘀 𝗘𝗺𝗽𝘁𝘆 𝗜𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 𝗕𝗹𝗮𝗻𝗸𝗲𝘁𝘀 𝗪𝗮𝘀𝗵𝗶𝗻𝗴𝘁𝗼𝗻 𝗦𝘁𝗮𝘁𝗲

   https://www.movoto.com/spokane-valley-wa/market-trends/

   𝘈𝘴 𝘰𝘯𝘦 𝘚𝘱𝘰𝘬𝘢𝘯𝘦 𝘣𝘳𝘰𝘬𝘦𝘳 𝘴𝘩𝘢𝘳𝘦𝘥, “𝘔𝘰𝘴𝘵 𝘰𝘧 𝘵𝘩𝘦𝘴𝘦 𝘴𝘦𝘭𝘭𝘦𝘳𝘴 𝘢𝘳𝘦 𝘣𝘦𝘵𝘵𝘦𝘳 𝘰𝘧𝘧 𝘸𝘢𝘭𝘬𝘪𝘯𝘨 𝘢𝘸𝘢𝘺. 𝘛𝘩𝘢𝘵’𝘴 𝘩𝘰𝘸 𝘧𝘢𝘳 𝘶𝘯𝘥𝘦𝘳𝘸𝘢𝘵𝘦𝘳 𝘮𝘰𝘴𝘵 𝘰𝘧 𝘵𝘩𝘦𝘮 𝘢𝘳𝘦.”

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