A report from Realtor.com. "Many popular hot spots during COVID-19 are now experiencing an exodus…
This Post Has 12 Comments
From the first 4 minute video:
4 reasons you should sell your rental property right now. Las Vegas real estate
Elaine Odeh Las Vegas Realtor
Feb 21, 2023
The current state of the Las Vegas housing market shows that the time to sell a rental property is now. According to many experts, the market is on the verge of a crash, and the longer property owners wait to sell, the more they risk losing money. In this video, I talk about the top 4 reasons why it is a good idea to sell a rental property now.
1. Housing prices are dropping significantly
2. Rental rates are declining rapidly
3. Housing inventories are rising sharply
4. Potential recession could lead to a housing market collapse
The second 6:29 video:
The Default Cycle Is Just Beginning | Vancouver Real Estate
Feb 21, 2023
In this video Abbotsford realtor Conor Kelly goes over why the default cycle may only be JUST beginning.
Recently a large Vancouver developer Coromandel properties has filed for creditor protection (bankruptcy) as they cannot afford to carry their $700m debt any longer. Conor expects to see more of this going forward and in this video he talks about whats next for the Canadian real estate market.
The third 12:47 video:
Some Sellers Making Big Mistakes In Brampton, Mississauga & Durham Real Estate – Feb 15
Team Sessa Real Estate
Feb 22, 2023
Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate Market Report for the week of Feb 9 – Feb 15, 2023.
A “blowout jobs report” pushed the unemployment rate to a 53-year low of 3.4% in January, and despite persistent inflation, consumers keep fueling the economy with robust spending. Normally, that would be great news, but St. Louis Federal Reserve President James Bullard said Wednesday it means the fight against inflation is far from over.
Fed officials have raised interest rates eight times over the past year in hopes of cooling the economy and taming red-hot inflation, and they’ve managed to slow year-over-year consumer price increases from a 40-year high of 9.1% in June to 6.4% last month. Fed Chairman Jerome Powell even mentioned the word “disinflation” 13 times in his early February press conference, striking a far more optimistic tone than he did in 2022.
But Bullard cautioned Wednesday that the latest labor market and retail sales data show that “the U.S. economy is stronger than we previously thought,” which could lead to a “tougher road ahead for disinflation in 2023.”
“Let’s hope that we get disinflation in 2023, but right now it [the economic data] came in hotter than we thought,” he told CNBC Wednesday, arguing the Fed’s benchmark interest rate will need to move “north” of 5%.
the latest labor market and retail sales data show that “the U.S. economy is stronger than we previously thought
Retail sales = Strong Economy!
According to FRED, retail sales are up 4% YoY in terms of dollars spent. If one considers that prices are up more than 2x that, isn’t it signaling a big problem? Less Stuff Bought is not Strength.
Retail sales = Strong Economy!
On credit!!
consumers keep fueling the economy with robust spending
How odd. Everyone I talk with says they are cutting back: hanging onto the old car, staycation, etc. Big box stores are cutting back or going BK.
If you owe more on your auto loan than your vehicle is worth — known as being “upside down” — then you have negative equity.
For example, if you have $15,000 left to pay on your auto loan and your car is now worth $10,000, that means you have negative equity of $5,000 that you still have to pay.
According to Edmunds, the average amount owed on upside-down loans in Q4 2022 was $5,341 compared to $4,141 in Q4 2021.
Dealing with negative equity will require some planning and will likely take a larger chunk out of your monthly budget. If you can’t pay off your old auto loan out of pocket, you’ll have to roll the negative equity over to your new loan. This increases your risk of defaulting as you’ll be dealing with the higher monthly cost of paying for two cars at once.
“As we shifted toward an environment with diminished used car values and rising interest rates over the past few months, consumers have become less insulated from those riskier loan decisions,” Drury added. “We are only seeing the tip of the negative equity iceberg.”
After a short break, mortgage rates are back up — at nearly 6.87% as of Tuesday afternoon for the 30-year fixed-rate loan, according to Mortgage News Daily. Rates are up as the market anticipates further interest rate hikes from the U.S. Federal Reserve to address inflation and heat in the economy.
“In just the first two weeks of February, mortgage rates shot back up by as much as ¾ of a percentage point, erasing much of the decline from their peak around Halloween, and proving that no one can count on a consistent downward trajectory for rates this year,” Zillow said.
“Like Punxsutawney Phil returning to his burrow after seeing his shadow, buyers may return to hibernation if last month’s mortgage rate thaw turned out to be a false spring,” they added.
So much for the oft-repeated REIC line that mortgages will settle in the mid-5s.
Oh no! Not the precious Blue Checkmarks!
Washington Post — Russian propagandists are buying Twitter blue-check verifications (2/22/2023):
“The accounts claim to be based outside of Russia, so they can pay for verification without running afoul of U.S. sanctions. But they pass along articles from state-run media, statements by Russian officials, and lies about Ukraine from Kremlin allies, according to the research group Reset, which shared its findings with The Washington Post.
Most of the dozen such accounts identified by Reset were created last year during the first phase of the war in Ukraine. Archived webpages show the accounts lacked blue check marks until recently, after new owner Elon Musk introduced a pay-to-play model and said he would phase out the legacy verifications that have identified politicians, journalists and other notable figures and weeded out impostors.
Reset said the surge showed a major problem with a system that allows anonymous accounts to buy verification, giving them better placement in searches, mentions and replies. The accounts it turned up are “openly sharing content from Russian state media, Kremlin-aligned disinformation about the conflict in Ukraine and outright war propaganda,” the group wrote.
Among the most popular is @Runews, which was around for over a decade before getting a blue check. Describing itself as a “citizen journalist,” it reaches 260,000 followers with sometimes heavy-handed propaganda, such as its repeated recent suggestions that Ohio “should really declare itself part of Ukraine in hopes of receiving aid from Biden administration.” (The statement omitted the word “the,” which is a common mistake by native Russian speakers.)
The account “is regularly engaging with content coming from Russian state media such as RT International @RT_com or editor in chief Margarita Simonyan @m_simonyan. It is also sharing videos from Russian media or other pro-Russian channels with content deriding the E.U., NATO, Ukraine, the West as a whole and clearly supporting Russia’s actions in the war,” Reset wrote. “It also produces content geared toward the U.S. Republican Twitterverse.”
“content deriding the E.U., NATO, Ukraine, the West as a whole”
Russia is winning.
A Chinese city with a population of 7.7 million drew public attention Thursday for almost losing its bus services because of a lack of funds, highlighting the financial strain local governments are under after years of spending on Covid controls.
Again, everybody must stop eating.
Sad thing is that is essentially what happened in China from 1959-1963. The 2 people I know who survived that time period make food availability/security a huge priority.
From the first 4 minute video:
4 reasons you should sell your rental property right now. Las Vegas real estate
Elaine Odeh Las Vegas Realtor
Feb 21, 2023
The current state of the Las Vegas housing market shows that the time to sell a rental property is now. According to many experts, the market is on the verge of a crash, and the longer property owners wait to sell, the more they risk losing money. In this video, I talk about the top 4 reasons why it is a good idea to sell a rental property now.
1. Housing prices are dropping significantly
2. Rental rates are declining rapidly
3. Housing inventories are rising sharply
4. Potential recession could lead to a housing market collapse
The second 6:29 video:
The Default Cycle Is Just Beginning | Vancouver Real Estate
Feb 21, 2023
In this video Abbotsford realtor Conor Kelly goes over why the default cycle may only be JUST beginning.
Recently a large Vancouver developer Coromandel properties has filed for creditor protection (bankruptcy) as they cannot afford to carry their $700m debt any longer. Conor expects to see more of this going forward and in this video he talks about whats next for the Canadian real estate market.
The third 12:47 video:
Some Sellers Making Big Mistakes In Brampton, Mississauga & Durham Real Estate – Feb 15
Team Sessa Real Estate
Feb 22, 2023
Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate Market Report for the week of Feb 9 – Feb 15, 2023.
𝗚𝗶𝗹𝗳𝗼𝗿𝗱, 𝗡𝗛 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟮𝟳% 𝗬𝗢𝗬 𝗔𝘀 𝗡𝗲𝘄 𝗘𝗻𝗴𝗹𝗮𝗻𝗱 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝘁𝗮𝗴𝗴𝗲𝗿𝘀 𝗢𝗻 𝗖𝗼𝗹𝗹𝗮𝗽𝘀𝗶𝗻𝗴 𝗗𝗲𝗺𝗮𝗻𝗱
https://www.movoto.com/gilford-nh/market-trends/
𝘈𝘴 𝘰𝘯𝘦 𝘕𝘦𝘸 𝘏𝘢𝘮𝘱𝘴𝘩𝘪𝘳𝘦 𝘣𝘳𝘰𝘬𝘦𝘳 𝘴𝘢𝘪𝘥, “𝘚𝘦𝘭𝘭𝘦𝘳𝘴 𝘢𝘳𝘦 𝘴𝘰 𝘣𝘳𝘰𝘬𝘦 𝘵𝘩𝘦𝘺 𝘥𝘰𝘯’𝘵 𝘩𝘢𝘷𝘦 𝘵𝘸𝘰 𝘥𝘪𝘮𝘦𝘴 𝘵𝘰 𝘳𝘶𝘣 𝘵𝘰𝘨𝘦𝘵𝘩𝘦𝘳. 𝘛𝘩𝘦𝘺 𝘫𝘶𝘴𝘵 𝘸𝘢𝘯𝘵 𝘰𝘶𝘵 𝘧𝘳𝘰𝘮 𝘶𝘯𝘥𝘦𝘳 𝘵𝘩𝘦𝘪𝘳 𝘮𝘰𝘳𝘵𝘨𝘢𝘨𝘦 𝘢𝘵 𝘢𝘯𝘺 𝘤𝘰𝘴𝘵.”
A “blowout jobs report” pushed the unemployment rate to a 53-year low of 3.4% in January, and despite persistent inflation, consumers keep fueling the economy with robust spending. Normally, that would be great news, but St. Louis Federal Reserve President James Bullard said Wednesday it means the fight against inflation is far from over.
Fed officials have raised interest rates eight times over the past year in hopes of cooling the economy and taming red-hot inflation, and they’ve managed to slow year-over-year consumer price increases from a 40-year high of 9.1% in June to 6.4% last month. Fed Chairman Jerome Powell even mentioned the word “disinflation” 13 times in his early February press conference, striking a far more optimistic tone than he did in 2022.
But Bullard cautioned Wednesday that the latest labor market and retail sales data show that “the U.S. economy is stronger than we previously thought,” which could lead to a “tougher road ahead for disinflation in 2023.”
“Let’s hope that we get disinflation in 2023, but right now it [the economic data] came in hotter than we thought,” he told CNBC Wednesday, arguing the Fed’s benchmark interest rate will need to move “north” of 5%.
https://finance.yahoo.com/news/danger-falling-1970s-style-inflation-175207618.html
the latest labor market and retail sales data show that “the U.S. economy is stronger than we previously thought
Retail sales = Strong Economy!
According to FRED, retail sales are up 4% YoY in terms of dollars spent. If one considers that prices are up more than 2x that, isn’t it signaling a big problem? Less Stuff Bought is not Strength.
Retail sales = Strong Economy!
On credit!!
consumers keep fueling the economy with robust spending
How odd. Everyone I talk with says they are cutting back: hanging onto the old car, staycation, etc. Big box stores are cutting back or going BK.
If you owe more on your auto loan than your vehicle is worth — known as being “upside down” — then you have negative equity.
For example, if you have $15,000 left to pay on your auto loan and your car is now worth $10,000, that means you have negative equity of $5,000 that you still have to pay.
According to Edmunds, the average amount owed on upside-down loans in Q4 2022 was $5,341 compared to $4,141 in Q4 2021.
Dealing with negative equity will require some planning and will likely take a larger chunk out of your monthly budget. If you can’t pay off your old auto loan out of pocket, you’ll have to roll the negative equity over to your new loan. This increases your risk of defaulting as you’ll be dealing with the higher monthly cost of paying for two cars at once.
“As we shifted toward an environment with diminished used car values and rising interest rates over the past few months, consumers have become less insulated from those riskier loan decisions,” Drury added. “We are only seeing the tip of the negative equity iceberg.”
https://finance.yahoo.com/news/tip-negative-equity-iceberg-record-173000474.html
After a short break, mortgage rates are back up — at nearly 6.87% as of Tuesday afternoon for the 30-year fixed-rate loan, according to Mortgage News Daily. Rates are up as the market anticipates further interest rate hikes from the U.S. Federal Reserve to address inflation and heat in the economy.
“In just the first two weeks of February, mortgage rates shot back up by as much as ¾ of a percentage point, erasing much of the decline from their peak around Halloween, and proving that no one can count on a consistent downward trajectory for rates this year,” Zillow said.
“Like Punxsutawney Phil returning to his burrow after seeing his shadow, buyers may return to hibernation if last month’s mortgage rate thaw turned out to be a false spring,” they added.
https://www.msn.com/en-us/money/realestate/home-values-fell-the-most-in-these-3-housing-markets-since-last-year-says-zillow/ar-AA17LDUX
So much for the oft-repeated REIC line that mortgages will settle in the mid-5s.
Oh no! Not the precious Blue Checkmarks!
Washington Post — Russian propagandists are buying Twitter blue-check verifications (2/22/2023):
“The accounts claim to be based outside of Russia, so they can pay for verification without running afoul of U.S. sanctions. But they pass along articles from state-run media, statements by Russian officials, and lies about Ukraine from Kremlin allies, according to the research group Reset, which shared its findings with The Washington Post.
Most of the dozen such accounts identified by Reset were created last year during the first phase of the war in Ukraine. Archived webpages show the accounts lacked blue check marks until recently, after new owner Elon Musk introduced a pay-to-play model and said he would phase out the legacy verifications that have identified politicians, journalists and other notable figures and weeded out impostors.
Reset said the surge showed a major problem with a system that allows anonymous accounts to buy verification, giving them better placement in searches, mentions and replies. The accounts it turned up are “openly sharing content from Russian state media, Kremlin-aligned disinformation about the conflict in Ukraine and outright war propaganda,” the group wrote.
Among the most popular is @Runews, which was around for over a decade before getting a blue check. Describing itself as a “citizen journalist,” it reaches 260,000 followers with sometimes heavy-handed propaganda, such as its repeated recent suggestions that Ohio “should really declare itself part of Ukraine in hopes of receiving aid from Biden administration.” (The statement omitted the word “the,” which is a common mistake by native Russian speakers.)
The account “is regularly engaging with content coming from Russian state media such as RT International @RT_com or editor in chief Margarita Simonyan @m_simonyan. It is also sharing videos from Russian media or other pro-Russian channels with content deriding the E.U., NATO, Ukraine, the West as a whole and clearly supporting Russia’s actions in the war,” Reset wrote. “It also produces content geared toward the U.S. Republican Twitterverse.”
https://archive.is/nxaj2
“content deriding the E.U., NATO, Ukraine, the West as a whole”
Russia is winning.
A Chinese city with a population of 7.7 million drew public attention Thursday for almost losing its bus services because of a lack of funds, highlighting the financial strain local governments are under after years of spending on Covid controls.
https://news.yahoo.com/chinese-city-goes-viral-lack-081809097.html
Again, everybody must stop eating.
Again, everybody must stop eating.
Sad thing is that is essentially what happened in China from 1959-1963. The 2 people I know who survived that time period make food availability/security a huge priority.