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Year-Over-Year Declines Starting To Become More Apparent

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  1. From the first 10:44 video:

    Southwest Florida Housing Market Update – 1.23.23
    Living in Southwest Florida
    Jan 23, 2023
    Home builders may be hurting based on these new marketing pieces I received today, so stay tuned for the update on new construction and how it may be a great place to find some deals now and as we move forward in the coming months.

    The second 3:10 video:

    Denver Real Estate Market Update December 2022
    Usaj Realty
    Jan 23, 2023
    If you’re curious about the Denver real estate market, this video is for you. In it, we take a look at how the market is doing and what trends to watch out for in the coming months.

    The third 17:23 video:

    Some Toronto Home Sellers Just Don’t Get It – Jan 18
    Team Sessa Real Estate
    Jan 24, 2023

    Toronto Real Estate Market Report for the week of Jan 12 – Jan 18, 2023.

    The fourth 7:15 video:

    Massive Decline In Home Prices-Idaho-California Real Estate Market.
    Good News Real Estate
    Jan 24, 2023
    Massive Decline In Home Prices-Idaho-California Real Estate Market.

    In this video, we discuss the current state of the housing market in the US and specific areas such as Boise, Twin Falls, Coeur d’Alene, and the California real estate market.

    Boise, Idaho is up to 7.3 months of housing inventory
    Twin falls Idaho has 9.3 months of housing inventory
    Coeur d’Alene, Idaho has 14.3 months of housing inventory

    Some agents have been discussing the drop in home prices month over month, and many have been focusing on the fact that prices are still up year over year. However, this is no longer the case as prices in Boise, for example, are now down 6% year over year according to Redfin. If the market flatlines, home values will show a decline of $31,000 by May, and if it declines, the drop will be even greater. Year-over-year declines starting to become more apparent, and agents, sellers, and buyers will have to face the true state of the real estate market. They also mention that with a lower inventory of homes and lower buyer demand, it’s currently a buyer’s market in these areas.

    We also discuss the topic of population growth and migration, specifically the California market. The California Association of Realtors has put together a graph that shows the difference between the number of people moving out of California and the number of people moving in.

    California home inventory is up 89%, and sales are down 48%. San Francisco home inventory is up 85% and home sales are down 37%.

    The fifth 11:44 video:

    Where Have Prices Dropped The Most? Mortgage Arrears are Rising, 2023 Canadian Housing Market
    Jon Flynn Broker of Record, Flynn Real Estate Inc.
    Jan 24, 2023
    I compiled data from across the country to find the biggest (and smallest) losers in the Canadian Housing Market. The latest data from the Canadian Bankers Association shows mortgage arrears are on the rise and I take a look at some other timeframes to compare to today.


    Average Decline by area from Peak to December 2022 by Percent

    Average Decline by area from Peak to December 2022 in Dollars

    Map of Canada

  2. Denverโ€™s downtown activity remains stubbornly below the levels it reached in 2019. Researchers believe the problem may be related to the exodus of workers to the suburbs during the COVID-19 pandemic.

    A research team at the University of California, Berkeley analyzed the amount of cell phone activity in a given area as a proxy for foot traffic. They compared stretches of time since the pandemic to the same stretches of time before the pandemic began.

    Between September and November 2022, Denverโ€™s downtown only saw 59% of the activity it had during the same period in 2019.

    1. ummmmmmmm because it turned into a dangerous shithole. Ain’t nobody going downtown who doesn’t have to. Back to the 70’s we go.

  3. Layoffs roiling the tech sector have been the biggest economic story of 2023.

    And now, it seems those layoffs are spreading into new corners of Corporate America.

    On Tuesday morning, 3M (MMM) announced it would cut 2,500 manufacturing jobs, as slower-than-expected growth followed from what the company called “rapid declines in consumer-facing markets โ€” a dynamic that accelerated in December โ€” along with significant slowing in China due to COVID-related disruptions.”

    The news from 3M followed an announcement Monday from Newell Brands (NWL) that the Sharpie-maker would cut 13% of its office staff.

  4. Rocket eliminates about 50 jobs in its second round of layoffs for 2023
    HousingWire|14 hours ago
    Rocket conducted its latest round of layoffs last week, which included software engineers at Rocket Central and Rocket Mortgage.

    1. “…which included software engineers…”

      You know a company’s bottom line is sagging when their Samurai are getting pink slips too.

  5. ๐—ฆ๐—ฐ๐—ผ๐˜๐˜๐˜€๐—ฑ๐—ฎ๐—น๐—ฒ, ๐—”๐—ญ ๐—›๐—ผ๐˜‚๐˜€๐—ถ๐—ป๐—ด ๐—ฃ๐—ฟ๐—ถ๐—ฐ๐—ฒ๐˜€ ๐—–๐—ฟ๐—ฎ๐˜๐—ฒ๐—ฟ ๐Ÿฎ๐Ÿฌ% ๐—ฌ๐—ข๐—ฌ ๐—”๐˜€ ๐—ฆ๐˜‚๐—ฏ๐—ฝ๐—ฟ๐—ถ๐—บ๐—ฒ ๐— ๐—ผ๐—ฟ๐˜๐—ด๐—ฎ๐—ด๐—ฒ ๐—œ๐—บ๐—ฝ๐—น๐—ผ๐˜€๐—ถ๐—ผ๐—ป ๐—•๐—น๐—ฎ๐—ป๐—ธ๐—ฒ๐˜๐˜€ ๐—ฃ๐—ต๐—ผ๐—ฒ๐—ป๐—ถ๐˜… ๐—”๐—ฟ๐—ฒ๐—ฎ

    ๐ด๐‘  ๐‘œ๐‘›๐‘’ ๐‘ƒโ„Ž๐‘œ๐‘’๐‘›๐‘–๐‘ฅ ๐‘๐‘Ÿ๐‘œ๐‘˜๐‘’๐‘Ÿ ๐‘’๐‘ฅ๐‘๐‘™๐‘Ž๐‘–๐‘›๐‘’๐‘‘, โ€œ๐‘‡โ„Ž๐‘’ ๐‘›๐‘œ๐‘ก๐‘–๐‘œ๐‘› ๐‘กโ„Ž๐‘Ž๐‘ก ๐‘ƒโ„Ž๐‘œ๐‘’๐‘›๐‘–๐‘ฅ ๐‘–๐‘  ๐‘Ž ๐‘‘๐‘’๐‘ ๐‘ก๐‘–๐‘›๐‘Ž๐‘ก๐‘–๐‘œ๐‘› ๐‘–๐‘  ๐‘Ž ๐‘™๐‘–๐‘’. ๐ด ๐‘๐‘–๐‘” ๐‘“๐‘Ž๐‘ก ๐‘™๐‘–๐‘’.โ€

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