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Accept Losses Instead Of Shouting For Help

It’s Friday desk clearing time for this blogger. “The Greater Boston Association of Realtors released a report indicating that the number of active listings was up across the board in the region last month. ‘Buyers were hard to find over the final quarter of the year as stubbornly high inflation and a steady rise in mortgage rates between September and November spooked many and priced some out of the market entirely,’ said Alison Socha, GBAR president and an agent in Melrose. ‘In addition, many sellers were reluctant to accept the fact that market conditions had changed during that period and were slow to adjust prices.'”

“‘The reality is buyers can’t afford as much home as they could 12 months ago, so many are either unable or unwilling to get involved in bidding wars,’ Socha said. ‘Sellers also have begun to adjust their asking prices to align more closely with current listings rather than trying to top what their neighbor’s property sold for, and that’s allowed prices to level out.'”

“Many prospective homebuyers sent a strong message at the start of 2023: they are done trying to buy homes in South Florida, as annual sales nosedived in January in Miami-Dade and Broward counties. A decline in regional January home sales activity reaffirms what experts like real estate analyst Jack McCabe predicted — that we would see a gradual correction in the South Florida housing market that’s been overheated for the past couple of years. Certain condo sellers are finally caving in and accepting offers 15% below the asking price, said David Siddons, a real estate agent with Douglas Elliman. ‘All of the sellers are going to have to wake up,’ Siddons said. ‘Some sellers are not just moving.'”

“The Champaign County Association of REALTORS reported that home sales in the Champaign County area fell for the fourth consecutive month in January, with both inventory and prices showing a decline. The average home sale price for the Champaign County area was $187,415 in January 2023, down almost 10% from $207,628 in January of 2022.”

“According to Redfin, the median sale price of a home in Phoenix is down almost 5% from a year ago. The median sale price for homes in Phoenix peaked in June of last year at $470,000. Since then, the price has dropped precipitously, increasing by only a small amount in one of the eight months. The latest Redfin data shows the median sales price at $403,000, a 14% drop from the peak.”


“Offering various housing types at Hines’ master-planned communities also helps hedge against market shifts, Hines’ Dustin Davidson said. Two years ago, homebuilders weren’t as interested in build to rent because the for-purchase market was so strong. Today, he said, the pendulum has swung in a major way. ‘Whenever the economy turns and the homebuyer market isn’t there, people are still having families, people are still moving to Texas,’ Davidson said.”

“Recent data shows that over the last two years, California’s population overall lost 500,000 people. Susan Alkayssi has fond memories growing up in Sacramento. She moved out of state in 2020 and doesn’t miss it now that she’s gone. While it’s love that brought her to Houston where her husband lives, it’s the finances that make her say she doesn’t want to leave. ‘Just housing would be just so expensive there,’ she sad about Sacramento. ‘Whereas over here, we would be able to buy a second home and make an investment rather than spending like $700,000 on a home in California to get something maybe half the size.’ She said safety is a factor too. ‘In Sacramento, I’ve lived in areas where I don’t, I couldn’t imagine letting my children play outside,’ she said.”

“However, for Blanca Nunez, it’s politics that drove her and her family to leave Mountain House, California, where they’ve been for the last three years. ‘It’s one of the most beautiful states we’ve been stationed at, the weather is phenomenal, so much to do,’ Nunez said of California, ‘but then it’s also been really scary. My kids are unvaccinated for the most part.'”

“Many small investors buying residential properties have looked to short-term rentals as a means of generating the type of income they need to pay the cost of owning these properties. This has been particularly acute in resort areas like Aspen Snowmass. A recent study by DestiMetrics of the Aspen-Snowmass area showed a 550% increase in rent-by-owner short-term rentals advertised through Airbnb and Vrbo from 2015 to 2022. AirDND reported recently that 2022 bookings for short-term rentals were up 15.8% over 2021; however, property owners are seeing a huge drop in demand. While the absolute number of bookings is up from 2021 to 2022, the number of short-term rental listings across the U.S. is up even more — by 23.3%. Data from AirDND shows that 54% of Airbnb listings have been added since 2020. In short, the number of short-term listings is rapidly outstripping the demand. The statistics are pointing to a potentially major correction in the short-term rental industry.”

“Dozens of people spoke on the proposed changes to rules around short-term rentals of 28 days or less at a crowded public hearing before Halifax regional council. Joline Dorey of Dartmouth was one of many owners who told council they would not be converting their spaces into long-term rentals and felt like the regulations will be ‘drastically impacting my family, for the benefit of no one.’ Dorey, a single mom of two, said the new rules would likely mean she would sell her rental cottage to help make ends meet on their home where she also has a rental suite. ‘[Short-term rental] owners are not big corporations. We are Nova Scotians who are hard working and using our assets to supplement our income to survive these difficult times,’ Dorey said.”

“Property managers like Tiffany Westwood talked about how the new rules would lead to only wealthy people running short-term listings. Westwood said she runs her own small management company handling 11 units, and the new rules would likely shut down nine. ‘Completely destroying my business and ruining my livability,’ she said.”

“The housing price index in Vietnam is 20 times higher than the average income per capita (the figure is just 5 times in neighboring countries), which explains why the majority of people cannot buy houses. The apartment projects in Truong Tho ward in Thu Duc City sold at VND16 million per sq m in 2015, which means that a 50 sq m apartment cost VND800 million. The price soared to VND25-28 million per sq m in 2019, to VND30-35 million in 2020, VND40 million in 2021 and VND45 million now.”

“Some apartment projects in Tam Binh, Linh Dong and Hiep Binh Chanh wards in Thu Duc City have been opened for sale with deposit prices of over VND42 million per sq m. The prices of high-end apartments are much higher. Masterise Homes has introduced Masterise Lumiere Riverside project with the offered prices of VND115 million per sqm. In district 10, Sunshine has begun selling Sunshine Continental at VND120 million per sq m.”

“Vietnam once rescued the real estate market in 2013. A VND30 trillion package was launched to help improve liquidity and ease inventory levels for enterprises and investors. The credit package then successfully helped the market recover, however, the effect was temporary. Meanwhile, it is more difficult to build social housing and development of affordable products has ‘fallen into oblivion’. Even if a large amount of money pours into the market, this would be just a ‘drop in the ocean’. If so, the idea of developing social housing would exist on paper. In a market economy, engineer Tran Van Tuong said, taking a loss and making a profit are quite popular, and enterprises need to accept losses instead of shouting for help.”

“A shortage of homes for sale in Sydney has helped limit falling prices as sellers hold off listing properties until the real estate market improves. Domain’s chief of economics Dr Nicola Powell said sellers across Sydney were avoiding listing their homes during the downturn, which was helping to limit price declines. Powell said buyers may see further price falls in areas where there are more homes to choose from. ‘The areas that are seeing the rapid build up of supply, they’re going to see a greater weigh down on prices,’ she said.”

“BresicWhitney chief executive Thomas McGlynn said there had been little pressure for homeowners to sell as rates climbed, but that was starting to change, and could lead to an increase in listings that would test the market. ‘There does seem to be more listings coming to market. People are starting to feel a bit more pressured than what they had last year,’ he said.”

“The number of Chinese households that decided against buying a home soared in the fourth quarter of 2022, a private survey showed, as COVID infections and lockdowns sapped sentiment, while property foreclosures soared as the economy slowed. Foreclosed properties reached 606,000 units last year, up 35.7% from 2021, with the number of such properties finding buyers at auctions slumping 14.9% on year, according to a separate survey. Cities with high numbers of foreclosures were mostly in central and western China, as well as the prosperous Yangtze River Delta and Pearl River Delta regions, according to the property research firm.”

“Kim Zolciak Biermann’s home is in foreclosure. The Real Housewives of Atlanta alum, 44, and her husband, former NFL player Kroy Biermann, 37, defaulted on a $1.65 million loan they took out on their Alpharetta, Ga. mansion, according to a notice shared last week by Fulton County. Truist Bank plans to auction off the property on March 7 in front of the Fulton County Courthouse. The couple had taken out a $1.65 million loan on the home in 2012 shortly after purchasing it, according to the notice. Brock Harris of the VOYAGE Real Estate team at Compass says this is also incredibly common.”

“‘It is very common to see owners taking out a loan on a mortgage the following year. Homeowners rarely keep their purchase loan for long. They almost always do a cash-out refinance when they can, or, now that rates are higher, take a second loan out on the property,’ he explains. Since the notice of foreclosure was filed, Kim has maintained it’s a ‘misunderstanding,’ a source tells PEOPLE. ‘She is telling everyone this is a misunderstanding and is being sorted out,’ the source said, adding, ‘She’s not moving.'”

“Shortly after the couple bought the seven-bedroom home in 2012, Zolciak-Biermann gave fans a tour of the property, below, on their Bravo reality series Don’t Be Tardy. She previously left RHOA after starring in the first five seasons. ‘I absolutely love our new home,’ Zolciak-Biermann raved before showing off their lavish dining room and adding: ‘Kroy and I are the king and queen of this f—ing house, so this is perfect for us.'”

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This Post Has 107 Comments

  1. ‘for Blanca Nunez, it’s politics that drove her and her family to leave Mountain House, California, where they’ve been for the last three years. ‘It’s one of the most beautiful states we’ve been stationed at, the weather is phenomenal, so much to do,’ Nunez said of California, ‘but then it’s also been really scary. My kids are unvaccinated for the most part’

    Come on Blanca, heart problems before yer teens is California now! Sure yer kids would be too weak to go to the playground, but weather!

  2. The latest Redfin data shows the median sales price at $403,000, a 14% drop from the peak.”

    Is that a lot?

  3. ‘The housing price index in Vietnam is 20 times higher than the average income per capita (the figure is just 5 times in neighboring countries)’

    I’ve been posting about the insane price discrepancies in Vietnam for a while. They are building in the high 90%’s only super expensive airboxes. Those are never going to get sold unless crater. IMO something else to note: this all happened while the country picked up huge business from companies fleeing the commie sh$thole that is China-ron. It’s never enough: if people can run a real estate mania, they will do it.

    1. “picked up huge business from companies fleeing the commie sh$thole”

      One commie $hithole to another. What does that tell about western corporate masters? There are 200 countries in the world and most are non-communists..

  4. In short, the number of short-term listings is rapidly outstripping the demand.

    Die, speculator scum.

    1. Yeah, the article makes the point that after these high altitude (= colder than sh$t) sh$tholes putzed around with laws fer years, the market is gonna wipe these shack gamblers out.

  5. Bloomburger:
    “Millions of US Workers Are Still Missing After The Pandemic. Where Did They Go?”
    Anna Wong, chief US economist at Bloomberg Economics.
    “It’s a very confusing picture,” Wong said. “We don’t even have good facts to work with.”

    Gee, I wonder if they have checked the disibility numbers lately or VAERS x 100

    Oh, and by the way Chief Wong, there are no “good” facts you cotton headed ninny muggins.

    Facts are facts.

    Bad facts are lies.

    1. I always get a chuckle out of these people that are still ranting about the government paying everyone to stay home. The reality for anyone who works a regular job is that you are going to be paid meager subsistence wages that aren’t enough to get ahead. People adapt, it’s what we do. There are a million ways to make money especially with the internet at your fingertips. Most of these people just figured out something else to do that affords a better lifestyle than what most employers are offering. Similar to how there is always a lower price that a house will sell at, there is also always a higher wage where a job will fill, they just don’t want to pay it.

      1. Most of them are living off of the speculative gains and free chit that was handed out the past several years. It’s going to run out.

    2. Klog it is a good observation.

      Other factors are that these companies allowed people to work from home. No wait – forced people to work from home and many people re-evaluated their lives, moved to other locations or otherwise made life changing decisions. Now these same corporate oligarchs want employees back into the office and they are are getting a big fat ‘Nope’ in many cases. Additionally there is still competition offering completely remote gigs.

      I work for JPM and they are pushing hard to get people back into the office. They are saying ‘well the big tech companies are pushing for people to come back into the office.’ My take is : a) do people still want to work for these big tech companies (perhaps less so now that their stock prices are in decline and they are next to the sh!thole that is SF) b) People like me have much less attachment to these companies after they backed the WEF, did stupid COVID BS like stickers on where to walk and where to sit and swapping days and desks and equipment. I’m hanging on by a thread. The money is good but I would consider interesting software dev projects that involved less of the overhead and drama of large companies for less money to have a better life style and life where I want to live.

      Biding time but still a corporate shill. Hell with fiat and USD diminishing value we really should feel like we are on the company plantation using corporate script. If Satan Klaus has his way we should then realize we live in an open air prison. Alex Jones was right.

      If I don’t by the 40 to 45 sailing cat and take the family for a 2 year cruise I’m going to have a big regret looking back on the movie that was my life. Ya… first world problems.

      1. take the family

        Are they willing to try?

        You will feel so much more alive than sitting answering emails.

          1. Three seasons only. I stay around the Great Lakes, so winter requires a different plan. It’s going on 19 years now and I don’t have any regrets.

  6. We are Nova Scotians who are hard working and using our assets to supplement our income to survive these difficult times,’ Dorey said.”

    Yer speculators who priced locals out of affordable housing.

  7. 𝗕𝗲𝗹𝗹𝗲𝘃𝘂𝗲, 𝗪𝗔 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟮𝟯% 𝗬𝗢𝗬 𝗔𝘀 𝗔𝗺𝗮𝘇𝗼𝗻 𝗔𝗻𝗱 𝗠𝗶𝗰𝗿𝗼𝘀𝗼𝗳𝘁 𝗟𝗮𝘆𝗼𝗳𝗳𝘀 𝗖𝗹𝗼𝗯𝗯𝗲𝗿 𝗦𝗲𝗮𝘁𝘁𝗹𝗲 𝗔𝗿𝗲𝗮 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁

    https://www.movoto.com/wa/98006/market-trends/

    𝘈𝘴 𝘰𝘯𝘦 𝘯𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘣𝘳𝘰𝘬𝘦𝘳 𝘤𝘰𝘯𝘤𝘦𝘥𝘦𝘥, “𝘈𝘱𝘱𝘳𝘢𝘪𝘴𝘢𝘭 𝘢𝘯𝘥 𝘮𝘰𝘳𝘵𝘨𝘢𝘨𝘦 𝘧𝘳𝘢𝘶𝘥 𝘪𝘴 𝘴𝘰 𝘤𝘰𝘮𝘮𝘰𝘯 𝘪𝘵’𝘴 𝘶𝘣𝘪𝘲𝘶𝘪𝘵𝘰𝘶𝘴.”

  8. ‘Offering various housing types at Hines’ master-planned communities also helps hedge against market shifts, Hines’ Dustin Davidson said. Two years ago, homebuilders weren’t as interested in build to rent because the for-purchase market was so strong. Today, he said, the pendulum has swung in a major way. ‘Whenever the economy turns and the homebuyer market isn’t there, people are still having families, people are still moving to Texas’

    Dustin has his cup out begging fer scraps from local sh$tholes to keep his sorry a$$ out of a real job. Good luck with that! I still think this build to rent thing is a poorly thought out boondoggle. How’s it going to look in 5 or 10 years?

  9. Westwood said she runs her own small management company handling 11 units, and the new rules would likely shut down nine. ‘Completely destroying my business and ruining my livability,’ she said.”

    Cry me a river, Speculator Gurl. Shutting down STRs would help restore livability to the residential neighborhoods that’ve had to put up with the STR visitors & their antics.

    1. Those rental units will need property management whether the renter is there for a night or three months. She can probably get by. And who’s renting AirBnB units in Nova Scotia? Ice fishers?

      1. Property management can be a scam, e.g., your roof leaks, but we have a roofer we use (brother in law), etc., milk you dry.

  10. Domain’s chief of economics Dr Nicola Powell said sellers across Sydney were avoiding listing their homes during the downturn, which was helping to limit price declines.

    You stick to yer guns, greedheads! Surely the Spring Miracle Revival will burst forth in all its glory as the globalist Quisling government reaps the blessings of the RBA’s Keynesian monetary policies.

  11. ‘Property managers like Tiffany Westwood talked about how the new rules would lead to only wealthy people running short-term listings. Westwood said she runs her own small management company handling 11 units, and the new rules would likely shut down nine. ‘Completely destroying my business and ruining my livability’

    Yer in luck Tiffany, Justin has a van that can come to yer door and kill you. And it’s free!

  13. ‘Just housing would be just so expensive there,’ she sad about Sacramento. ‘Whereas over here, we would be able to buy a second home and make an investment rather than spending like $700,000 on a home in California to get something maybe half the size.’ She said safety is a factor too. ‘In Sacramento, I’ve lived in areas where I don’t, I couldn’t imagine letting my children play outside’

    Kinda makes the weather a non-issue.

    1. we would be able to buy a second home

      I still don’t understand this. Why would you want a second home, other than for speculative reasons?

      1. The fed.gov has conditioned people to expect inflation of asset prices over time. Also, there is the snowbird thing, which I totally understand.

      2. Weekend family vacation homes? Beach shacks, cabin in the woods, lake house, ski condo, etc. Financially it probably doesn’t pencil out, but if you have a family, it would make sense if you were there almost every single weekend.

      1. And we are threatening to go to war with them?

        I suspect that we will cut a deal over Taiwan, where it transitions to them over 20+ years. That will give the Taiwanese firms time to bug out if they so desire. And I suspect that many will stay. They stayed in Hing Kong.

  16. I guess they were going to get there too soon.

    5 killed in Arkansas plane crash while en route to scene of a fatal explosion at Ohio factory

    By CNN
    February 23, 2023 5:05 am

    Five people who worked for an environmental response consulting firm were killed in a plane crash Wednesday in Little Rock, Arkansas, while on their way to a metal factory explosion site in Ohio, officials said.

    The plane was carrying employees of the Center for Toxicology and Environmental Health when it took off from Bill and Hillary Clinton National Airport in Little Rock around noon Wednesday, according to the firm and the Federal Aviation Administration.

    The employees were headed to John Glenn Columbus International Airport in Ohio to respond to a fatal explosion at a metal factory, a spokesperson for CTEH told CNN in an email.

    https://keyt.com/news/2023/02/23/5-killed-in-arkansas-plane-crash-while-en-route-to-scene-of-a-fatal-explosion-at-ohio-factory/

  17. The war in Ukraine will never end.

    Too many of the “right people” are making too much money for it to ever end.

  18. Just curious how many here are looking to buy in the next downturn? I’m definitely looking for a deal. Have always wanted a condo in or around myrtle beach area….but hoa’s are making hard to justify. Will probably buy in NC mountains. Just wondering if anyone is try to benefit from the next crash. I regret not buying investment property in 2009. Easy double your money.

      2. 25% down, cash flow positive for 12 years, sell for more than twice the purchase price, and the return on investment is about 12x.

    2. “Just curious how many here are looking to buy in the next downturn? I’m definitely looking for a deal. Have always wanted a condo in or around myrtle beach area….but hoa’s are making hard to justify. Will probably buy in NC mountains. Just wondering if anyone is try to benefit from the next crash. I regret not buying investment property in 2009. Easy double your money.“

      1). Yes, in general, “buy low” is a good strategy. FOMO, not so much.
      2). Housing is shelter, NOT an investment. F the speculators and investors.
      3). Housing, like everything else has been financialized. This needs to revert.
      4). Our children (posterity) need to have the same chances as we had. Right now America is eating her young. Obviously not morally right or sustainable.
      5) Congress does nothing here for our benefit. They’re corrupt as the day is long.
      6). F the Fed also, and the horse they rode in on.

      2. Add totally agree with you and I’m on board with your points.I just want to buy something..weekend get a way… and make sure I don’t overpay and right now everything out there is overpriced.

      3. “Housing is shelter, NOT an investment. F the speculators and investors.”

        So in your world there would be no landlords? You’ve never rented an apartment? Of course you have, unless you still live with your parents.

        1. Dwr….yes I rented 30 years ago for one year, bought house sold and had custom build home where I’m at now…no debt of any kind. 56 married no kids…lots of dogs. Lol. I’m not against anyone doing what ever they want to do with regard to RE. I just want a good deal on some land…if a small house is on it great….if not will be using our camper on it. Not in a hurry either way.

          1. “I just want a good deal on some land”

            I bought three adjacent lots zoned for rural residential with nothing on them, literally nothing, for cash, and I plan on owning them until I die.

            Renting my primary residence in South Denver (never more than 12 months away from the end of a lease contract) and saving and investing as much as possible.

            Buying in Denver is not worth it, and for myself, it likely never will be.

        3. “Housing is shelter, NOT an investment. F the speculators and investors.”

          “So in your world there would be no landlords? You’ve never rented an apartment?”

          – 14 million vacant housing units in the U.S. (latest Fed data) driving up prices (less supply):
          https://fred.stlouisfed.org/series/EVACANTUSQ176N
          Housing Inventory Estimate: Vacant Housing Units in the United States (EVACANTUSQ176N)
          Observation: Q4 2022: 14,554
          Updated: Jan 31, 2023
          Units: Thousands of Units, Not Seasonally Adjusted (NSA)
          Frequency: Quarterly

          – STRs taking (many) housing units off the market (less supply) and driving up prices. Not to mention destroying resi. neighborhoods.

          – Buy to rent vs. buy to own. % investors vs. primary owners is growing and squeezing out primary owners.

          – Gooberment and the Fed (central banks) are enabling and encouraging asset bubbles and speculation, but bubbles always burst with bad outcomes for everyone. This is a major part of the financialization of the housing market. This is global.

          – Nothing today is normal, or good, in the housing market. I’m OK with landlords, but now there are no limits; housing is becoming the entire economy. Just read this blog and you’ll know it’s true.

          – I’m sure I missed something else…

          – On the plus side:

          – 1.7 million units under construction (supply is increasing):
          https://fred.stlouisfed.org/graph/?g=QPZ7
          New Privately-Owned Housing Units Under Construction: Total Units (UNDCONTSA)
          Observation: Jan 2023: 1,700
          Updated: Feb 16, 2023
          Units: Thousands of Units, Seasonally Adjusted
          Frequency: Monthly

          – The Everything Bubble is bursting, which includes housing and stonks. The price of money (interest rates) is going up. The price of stonks is going down; both of these will contribute to lower house prices.

          – We’ll likely see a major recession in 2023. That’s the Fed’s plan to reduce the 40 year high inflation that they caused. Recessions increase unemployment. Unemployed don’t buy houses and may have to sell their house.

          – Because we now have a centrally planned, command and control economy, nothing works right. It’s all jacked up, just like in the former Soviet Union/USSR. Free markets work, but there are too few opportunities for graft and corruption, so we have this instead…

          1. https://twitter.com/windgineering/status/1628815422622507008?cxt=HHwWgIC94ee_25otAAAA
            RECombatant
            @windgineering
            This is a generation of wealth accumulation like we’ve never known, but what is it worth if you leach the life from your neighbor, your kids, their kids, someone else who wanted & worked for the same opportunities to accumulate assets? We robbed the youth. We need to #LetItBurn!
            10:53 AM · Feb 23, 2023 · 79 Views

            https://twitter.com/texasrunnerDFW/status/1629155432974499842?cxt=HHwWhIC-pYKP9pstAAAA
            Amy Nixon
            @texasrunnerDFW
            1.4 BILLION

            How much of this consists of starter homes that young families desperately tried to bid on during the pandemic, while $OPEN bought them and held them vacant for a year before selling at a loss?

            How much vacant inventory are they still sitting on?
            9:24 AM · Feb 24, 2023 · 42.2K Views

    3. I don’t have the stones to handle more than one house, but if you want a weekend getaway and can afford it, go for it. Are you planning to retire in this second home and sell your current home? if so, it will probably work out for you.

      1. I own a few(quite a few), and if I wanted to max out the profits I would have been dead by now. Too much stress. They linger somehow bringing just enough cash to cover cost. Appreciation over the years is the profit in some of them. You’d have to be quite nuts to make it a career and hope you’ll make money with it. Maybe a little bit, 20%-30% of what you’ve hoped for. It’s just something I do on the side on my spare time when I’m not out having fun with family.
        And yes, when the time will be right, I’ll get another one, but mostly to provide an opportunity for my kids to start their life in another places and not in x, y, z where they could start it already if they wanted to. but that’s the toughest thing. watching your kids and knowing they are way too comfortable to ever try to fly on their own. And that’s ok. Not too long ago three generations lived happily under a roof. All I need is a bit of space in the basement, my health, my skis, my backpack and good lonely planet book. Anyone still using those?

  20. A reader sent these in:

    Danielle DiMartino Booth

    You need your running shoes laced up to keep up with the distress tumbling out of CRE. As I wrote @Quillintel last year, all it would take would be an end to the standoff — one seller creating a comparable — to set off fire sales, or worse, jingle-mail-mania.

    https://twitter.com/DiMartinoBooth/status/1628791941868429315

    In case you were wondering if we’re still in a bubble…

    https://twitter.com/texasrunnerDFW/status/1628754164808400898

    Took about 10 minutes on google to find soft landing articles before every recession. Human behavior doesn’t change. Fear, greed and “what ifs.”

    https://twitter.com/MichaelKantro/status/1628813579209023488

    The potential new Fed Vice Chair, Janice Eberly, co-wrote a paper in 2019 that found that a 3% inflation target by the Federal Reserve would have led to faster recovery out of the Great Financial Crisis

    https://twitter.com/JackFarley96/status/1628548754218401792

    A *big* RE mogul who lives in SoFL just put his house up for sale. Not going to disclose the name or location but one of the wealthiest streets in the U.S. Given his age and holdings it tells me significant RE stress is incoming (no other plausible explanation).

    https://twitter.com/CXCarroll/status/1628824019309850624

    Imagine that the Housing Fund invests $10 billion and immediately loses a couple of billion in value due to market fluctuations and takes another 5 years to regain its original value. A genuine risk that no one seems to even be considering.

    https://twitter.com/DrCameronMurray/status/1628896977424621569

    #Opendoor bought this house for 646K, tried to make 5K and ended up selling for 485K… they are not very good at this iBuying stuff #REBubble

    https://twitter.com/energyvamp1re/status/1628156434340007936

    Carvana q4 earnings:
    – Revenue down 24% year over year
    – gross profit down 63% year over year
    – total loss for the year was $2.9b
    – they are looking to liquidate inventory

    https://twitter.com/shefska/status/1628880058583490560

    “I have all the respect for Powell, but the fact is we lost a little bit of control of inflation.” -Jamie Dimon

    https://twitter.com/jessefelder/status/1628877930398126080

    When will the panic hit

    https://twitter.com/GRomePow/status/1628873498956550144

    The price cuts are getting more aggressive in Florida. 30k peeled off this one in one reduction. Almost 10%💀

    https://twitter.com/StealthQE4/status/1628869058048282624

    6 months ago this Rivian would have sold for over $100k. Don’t believe the tax time bubble hype! cars are going down in value

    https://twitter.com/AutomotiveLife1/status/1628851612973408256

    Danielle DiMartino Booth

    Average refund down 14% through 2/10.

    https://twitter.com/DiMartinoBooth/status/1628860903423721472

    I’m in a much higher end market than St Pete and I can tell u that that we are already seeing major price drops …. Especially over the last week. It’s coming ….. more investor speculation than actual migration IMO

    https://twitter.com/ssun5555/status/1628861892696367108

    The Great Deleveraging “Columbia Property Trust, which was acquired in 2021 for $3.9 billion by funds managed by Pimco.” “The mortgages have floating-rate debt, which led to rising monthly payments as interest rates soared last year.”

    https://twitter.com/BenMillerise/status/1628536684894736384

    Danielle DiMartino Booth

    Risk OFF! US corporate high-yield bond funds experienced third largest outflow on record, as investors withdrew $6.12B for week ended Feb 22, per refinitiv That follows an outflow of $2.82B last week. High grade & Treasuries up. Leveraged loans & mortgages down.

    https://twitter.com/DiMartinoBooth/status/1628849741244104707

    Better Dwelling

    Canadian Real Estate Price Correction To Be One of The Largest In The World: Fitch

    https://twitter.com/BetterDwelling/status/1628832145023041536

    Leased a 2020 Toyota Tacoma for 36 mos at $258 per month, no money down at the beginning of COVID through Ally Bank. Ally just quoted me an $1100 payment at 10.74% interest to purchase the same vehicle. 🤮

    https://twitter.com/ibuyrvparks/status/1628798043410640900

    I’m sure pickup truck fans are going to love this! 😂

    https://twitter.com/TaylorOgan/status/1628570453995589635

    Steve Saretsky

    City of Vancouver proposes 9.7% hike in property taxes for 2023. Warns an average property tax increase of 8.6% is needed each year between 2023 and 2027.

    https://twitter.com/SteveSaretsky/status/1628590880063127552

    Canada wants slave labor and inflated asset prices

    https://twitter.com/GRomePow/status/1628814174422986753

    The Fed can’t talk inflation down. Surprise, surprise – they’ve lost credibility. 🤡

    https://twitter.com/dana_marlane/status/1628753120388849665

    John Wake

    Real estate industrial complex. Prices are up X%. It’s a great time to be a buyer! Prices are down X%. It’s a great time to be a buyer!

    https://twitter.com/JohnWake/status/1628611334404440064

    The good old days 😢

    https://twitter.com/WallStreetSilv/status/1628840466723512321

    US Housing Market Hit with Biggest Six-Month Wipeout Since 2008 🔥
    $2.3 trillion decline.

    https://twitter.com/WallStreetSilv/status/1628779990585118721

    Nasma Ali

    The market started slowing down BEFORE the rates starting climbing last year. Can’t help but wonder what would be the state of the market if it was allowed to progress without interference.

    https://twitter.com/nasmadotali/status/1627708749531041794

    Just received another mortgage rate increase letter in the mail today
    My mortgage payment on my investment property is now $4361
    That’s now a $1667 or 62% increase in one year
    This is serious. If rates stay elevated many people will face significant pressure

    https://twitter.com/ac_eco/status/1626366676403908611

    Here’s another way to view the rapid shift in rent momentum — measuring month-over-month rent change vs. the long-term average (since 2010) for each month.
    Summary:
    2021: Boom
    1H 2022: Things are changing
    2H 2022 – Early 2023: Cooldown

    https://twitter.com/jayparsons/status/1628786785256890368

    In the past year, the Fed has “rolled off” about $97.6 billion of MBS (about 3.5% – there are no natural buyers now.) MBS holdings are still at $2.62 Trillion. At this rate, the Fed should be back to 2008 levels sometime around the year 2050. Hopefully there will be no Fed then.

    https://twitter.com/RudyHavenstein/status/1628882390675509249

    Baby steps. #QT

    https://twitter.com/RudyHavenstein/status/1628879283241488385

    White House Press Secretary Karine Jean Pierre says the next Fed Chair will be hired based on how diverse they are, not strictly on their experience with monetary policy. So, good luck with that America.

    https://twitter.com/KatiePavlich/status/1628832276778713090

    Good luck European homebuyers🤞

    https://twitter.com/Lvieweconomics/status/1628705221646884866

    Danielle DiMartino Booth

    IRONIC HEADLINE OF THIS EARNINGS SEASON:
    “Opendoor Plans to Accelerate Selling in Recovering Home Market”

    https://twitter.com/DiMartinoBooth/status/1628901728744534021

    This is where things get interesting. ibuyers tended to concentrate in specific regions, even specific NEIGHBORHOODS. They have the power to absolutely crater local market comps with an inventory dump in a tight supply market

    https://twitter.com/texasrunnerDFW/status/1628909820672630788

    AIRDNA reporting listings up 22% in January YoY, while demand grew 15%. The #Airbnglut continues to grow. Look for these properties to flood the market over the next 10 years, as bubbly expectations of quick riches are replaced with negative cash flow and falling property prices.

    https://twitter.com/Tryng2lookahead/status/1628782514859831299

    YELLEN: “In the coming months, we expect to provide around $10 billion in additional economic support for Ukraine.”

    https://twitter.com/ClownWorld_/status/1628894896248745984

    1. “paper in 2019 that found that a 3% inflation target by the Federal Reserve would have led to”

      Why not 8%? That would have helped ‘recovery’ even faster than 3%….

      Fooking criminals, these people!

  22. A one month increase of 0.6% occurs at an annualized rate of 1.006^12 – 1 = 7.4%, just in case anyone is interested to know.

    1. The Financial Times
      Markets Briefing Equities
      US stocks slide on higher than expected inflation
      Increase in Federal Reserve’s favoured measure of prices stokes bets on further interest rate rises
      A montage of a globe and a chart
      A higher than expected US personal consumption expenditures figure would probably be taken as further evidence that the Fed would stick to its aggressive rate-rise agenda
      Martha Muir in London 3 hours ago

      US stocks dropped on Friday after the Federal Reserve’s preferred measure of inflation came in higher than expected, the latest in a run of hotter-than-expected economic data that has fuelled expectations of further interest rate rises from the central bank.

      The S&P 500 fell 1.3 per cent in early trade while the Nasdaq 100 was down 1.7 per cent, with both indices deepening their losses from earlier this week.

      US Treasuries also sold off, with the interest rate-sensitive two-year yield rising 0.01 percentage points to 4.8 per cent. The 10-year Treasury yield climbed 0.07 percentage points to 3.96 per cent.

      Core monthly personal consumption expenditure — a measure of prices closely watched by the central bank — rose 0.6 per cent from December to January, compared with the 0.3 per cent forecast. The year-on-year figure was 4.7 per cent, substantially higher than the 4.3 per cent anticipated.

      The figures follow recent strong labour market and consumer price data that have stoked market expectations that the Fed has further work to do in lifting borrowing costs in order to win its battle with high inflation. They “all but ensure the Fed will continue on its rate hiking campaign for a lot longer than markets anticipated just a few weeks ago”, said Jeffrey Roach, chief economist for LPL Financial.
      …

          1. Get out of debt and save every dollar you can. You’re going to need it. The prices of goods you need can continue to rise long after inflation is reversed.

            I am so glad the game is changed. The interest on a small portion of my savings can more than pay for my food. I couldn’t say that over the past decade or so.

          2. Get out of debt and save every dollar you can.

            I don’t have any debt, and I haven’t for over 15 years. The interest I get on my money is less than the inflation rate, so a NEGATIVE return. I’m just not a gambler, so I stay out of stocks. Probably a poor choice given the past many years, but so be it.

    2. Updated Fri, Feb 24 2023 10:22 AM EST
      Dow drops more than 400 points as a hot inflation report rattles Wall Street: Live updates
      Hakyung Kim
      Sarah Min

      U.S. stocks fell sharply Friday after the Federal Reserve’s preferred inflation gauge showed a stronger-than-expected increase in prices last month.

      The Dow Jones Industrial Average
      fell by 472 points, or 1.4%. The S&P 500 and Nasdaq Composite slid 1.6% and 2.0%, respectively.

      Boeing shares slipped more than 4% after the company temporarily halted delivery of its 787 Dreamliners over a fuselage issue. Shares of Microsoft and Home Depot also fell more than 1%.

      The core personal consumption expenditures price index, the Fed’s preferred measurement of inflation, rose 0.6% in January and 4.7% from the prior year, coming above economists’ expectations.
      …
      https://www.cnbc.com/2023/02/23/stock-market-today-live-updates.html

      1. core personal consumption expenditures price index, the Fed’s preferred measurement of inflation

        Preferred?

        Do interest rates offer a fine tuning tool to control Consumption Expenditures?

        https://fred.stlouisfed.org/series/PCEPILFE

        https://fred.stlouisfed.org/series/FEDFUNDS

        A correlation is not obvious, at least not a short term one. If this is the Fed’s tool, as claimed, a response is likely a decade out.

        From the perspective of a Process Engineer, I’d say over correction is guaranteed.

        Buckle up!

  23. ‘Whereas over here, we would be able to buy a second home and make an investment rather than spending like $700,000 on a home in California to get something maybe half the size.’

    Location choice really does get down to finding somewhere you can afford to buy two homes. Since real estate is a sure path to riches, using a federally guaranteed mortgage to buy a second home and rent it out will be like owning a personal gold mine.

    2. Data Graphics
      Absentee owners are crowding the housing market, data shows

      The share of homes sold to absentee owners has increased since 2020 across nine major metro areas, an NBC News analysis of real estate data found.
      A residential neighborhood in Austin, Texas, US, on Sunday, May 22, 2022. The US pandemic housing boom, marked by record price gains and coast-to-coast bidding wars, is finally reaching its limit.
      The share of home sales going to absentee owners doubled from 18% to 36% between June 2019 and December 2020 in Austin, Texas. It has since decreased to 20%.Jordan Vonderhaar / Bloomberg via Getty
      Feb. 24, 2023, 10:51 AM EST
      By Jasmine Cui

      Secondary-home and investment-property buyers are a rising share of homebuyers in many major cities, real estate data shows, and experts say the effect these deep-pocketed shoppers are having in housing markets is muscling out first-time homebuyers.

      The share of homes sold to absentee owners — people in the market for properties that won’t be their primary residence — has increased since 2020 in 228 out of 307 ZIP codes across nine major metropolitan areas from Seattle to Charlotte, North Carolina, an NBC News analysis of data from real estate data provider ATTOM found.
      …

      1. “The share of home sales going to absentee owners doubled from 18% to 36% between June 2019 and December 2020 in Austin, Texas. It has since decreased to 20%.”

        Bubble up…then crash into the CR8R.

    1. Bitcoin as well. Despite all the jawboning, BTC hasn’t bounced back like the maximalists said it would.

      DOW has been going sideways for a while. Boring.

        1. Updated Fri, Feb 24 2023 12:53 PM EST
          Dow drops more than 400 points as a hot inflation report rattles Wall Street: Live updates
          Hakyung Kim
          Sarah Min
          Bond yields are significant competition for the stock market right now

          U.S. stocks fell sharply Friday after the Federal Reserve’s preferred inflation gauge showed a stronger-than-expected increase in prices last month.

          The Dow Jones Industrial Average
          fell by 430 points, or 1.3%. The S&P 500 and Nasdaq Composite slid 1.5% and 2.1%, respectively. The Dow fell as much as 510 points, or 1.54%, earlier in the trading session.
          …
          https://www.cnbc.com/2023/02/23/stock-market-today-live-updates.html

      2. DOW has been going sideways for a while. Boring

        Only for Day Traders. It’s been a moonshot for the past decade +.

  25. 𝗦𝗵𝗶𝗿𝗹𝗲𝘆, 𝗠𝗔 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟮𝟭% 𝗬𝗢𝗬 𝗔𝘀 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗖𝗼𝗿𝗿𝗲𝗰𝘁𝗶𝗼𝗻 𝗘𝗻𝘃𝗲𝗹𝗼𝗽𝘀 𝗡𝗲𝘄 𝗘𝗻𝗴𝗹𝗮𝗻𝗱 𝗦𝘁𝗮𝘁𝗲𝘀

    https://www.movoto.com/ma/01464/market-trends/

    𝘈𝘴 𝘰𝘯𝘦 𝘴𝘦𝘭𝘭𝘦𝘳 𝘸𝘩𝘪𝘯𝘦𝘥, “𝘐’𝘮 𝘭𝘰𝘴𝘪𝘯𝘨 𝘮𝘺 𝘴𝘩𝘪𝘳𝘵 𝘰𝘯 𝘵𝘩𝘪𝘴 𝘩𝘰𝘶𝘴𝘦. 𝘞𝘪𝘭𝘭 𝘴𝘰𝘮𝘦𝘰𝘯𝘦 𝘱𝘭𝘦𝘢𝘴𝘦 𝘫𝘶𝘴𝘵 𝘵𝘢𝘬𝘦 𝘪𝘵?

  26. New details in suicide of billionaire Thomas H. Lee
    “First responders found him lying on his side, fully clothed, with a self-inflicted gunshot wound to the head, they said.”

        1. A dead billionaire

          Possibly a “billionaire” with massive unrepayable debts. When wealth defines a person, the prospect of poverty can be devastating.

      1. A little Google research reveals that Bitcoin booster Tom Lee is not the financier who took his own life.

  28. https://www.cp24.com/news/toronto-landlord-forced-to-pay-at-least-8-500-to-cover-costs-of-annoying-tenant-1.6287959

    ‘DYSFUNCTIONAL LOVE TRIANGLE’
    Rod Escayola, partner with Gowling WLG whose practice focuses in condominium law, said this case demonstrates costly lessons for both the owner and tenant of a unit.

    Speaking to CTV News Toronto about the case, Escayola said the condo owner “appears to be taking the benefits of being a landlord … but they don’t want to be the one dealing with the downside.”

  29. Home Industries
    Real estates services stocks slump as 10-year yield climbs to multi-month highs
    Last Updated: Feb. 24, 2023 at 1:10 p.m. ET
    First Published: Feb. 24, 2023 at 1:09 p.m. ET
    By Tomi Kilgore
    Referenced Symbols
    TMUBMUSD10Y 3.945%
    RDFN -7.67%
    Z -2.98%
    ZG -2.84%
    RMAX -3.88%
    HOUS -5.52%

    Shares of real estate services companies dropped Friday, despite better-than-expected new home sales data, as the strong data sent 10-year Treasury yields (TMUBMUSD10Y, 3.945%) to 3 1/2-month highs. Shares of Redfin Corp. (RDFN, -7.67%) dropped 6.3%, Zillow Group Inc. (Z, -2.98% ZG, -2.84%) slid 2.9%, RE/MAX Holdings Inc. (RMAX, -3.88%) shed 3.7%, Anywhere Real Estate Inc. (HOUS, -5.52%) fell 3.5% and Douglas Elliman Inc. (DOUG, -2.93%) gave up 2.3%. Meanwhile, the S&P 500 (SPX, -1.29%) was down 1.5%. Rising Treasury yields can hurt the real estate market because it leads to higher mortgage rates, which makes lowers housing affordability. And earlier this week, data showed that 30-year mortgage rates rose to the highest levels seen since November.
    …
    https://www.marketwatch.com/story/real-estates-services-stocks-slump-as-10-year-yield-climbs-to-multi-month-highs-e3b5c3e8?mod=real-estate-personal-finance

    2. US mortgage rates rise for the third week in a row
      By Anna Bahney, CNN
      Published 12:01 PM EST, Thu February 23, 2023

      Washington CNN —

      Mortgage rates shot up for the third-straight week, as inflation concerns make rates more volatile.

      The 30-year fixed-rate mortgage averaged 6.5% in the week ending February 23, up from 6.32% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 3.89%.

      Rates had been trending downward after hitting 7.08% in November, but are now climbing again, up about half a percentage point in a month. A slew of robust economic data suggests the Federal Reserve is not done in its battle to cool the US economy and will likely continue hiking its benchmark lending rate.

      “The economy continues to show strength, and interest rates are repricing to account for the stronger than expected growth, tight labor market and the threat of sticky inflation,” said Sam Khater, Freddie Mac’s chief economist.
      …
      https://www.cnn.com/2023/02/23/homes/mortgage-rates-february-23/index.html

      1. Fortune
        Finance Housing
        Fannie Mae: The housing market just pulled a head fake
        The housing market’s “relative high note” in January and February is likely to “prove temporary,” say Fannie Mae economists.
        BY Lance Lambert
        February 24, 2023 4:30 PM EST
        Fannie Mae predicts more housing turbulence. Photo illustration by Fortune

        Any talk about a housing market recovery is overblown. At least that’s according to a Fannie Mae report published this week that predicts the housing market’s “relative high note” in January and February is likely to “prove temporary.”

        “While some optimism appears to have crept into the housing sector, it represents an increase from very low levels of activity and is at risk of declining again if rates reverse,” wrote economists at Fannie Mae in their latest report.

        In early 2023, a combination of factors came together to make the slumped housing market feel a little warmer. For starters, the early months of the year always see more seasonal demand. That demand uptick this year was aided by the average 30-year fixed mortgage rate slipping from 7.37% in early November to 5.99% by early February, and the fact that homebuilders are now offering substantial mortgage rate buydowns.

        However, we’re already starting to see the housing market backdrop sour again. Indeed, over the past three weeks the average 30-year fixed mortgage rate spiked from 5.99% back up to 6.88%.

        That resurgence in mortgage rates has already corresponded with seasonally adjusted mortgage purchase applications (see chart below) falling this week to their lowest level since 1995.
        …
        https://sports.yahoo.com/fannie-mae-housing-market-just-213015026.html

    3. Markets
      DOW 32,816.92 -1.02%
      S&P 500 3,970.04 -1.05%
      NASDAQ 11,394.94 -1.69%

      Fear & Greed Index
      Biden admin cuts some mortgage fees amid housing affordability crisis
      By Anna Bahney, CNN
      Updated 3:02 PM EST, Wed February 22, 2023

      Washington, DC CNN —

      The Biden administration announced Wednesday a change that will save an estimated 850,000 home buyers — primarily low- and middle-income and first-time buyers — an average of $800 on home financing costs this year.

      The move affects mortgage insurance premiums paid by new borrowers who take out loans insured by the Federal Housing Administration. It will reduce the annual premium from 0.85% to 0.55%.

      It’s part of an ongoing effort to address housing affordability challenges in the United States. This change, which takes effect on March 20, is expected to expand access to home ownership, said Marcia L. Fudge, Secretary of Housing and Urban Development.

      “As we reduce housing costs for people with FHA mortgages, we continue our work to address longstanding disparities in homeownership,” she said Wednesday.
      …
      https://www.cnn.com/2023/02/22/homes/biden-housing-fha-insurance/index.html

      1. “…primarily low- and middle-income and first-time buyers…”

        This group is most likely to lose their jobs and their ability to keep making mortgage payments in case of a recession.

        In other words, the highest risk group is the one getting their insurance premiums cut to provide incentives to buy.

        My bet is that the lenders will be accused of ‘predatory lending’ when lots of these folks lose their homes over the next few years…just like last time.

  30. Bombshell Testimony On MASS Fraud & Corruption In Iowa Idaho And Arizona!

    This covers a LOT of different kinds of fraud and corruption from falsifying public records, to mortgage fraud, money laundering, human trafficking, phony bank accounts, Wells Fargo & election fraud.

    https://www.bitchute.com/video/guSOTh5Q99GP/

    42 minutes.

    1. “This covers a LOT of different kinds of fraud and corruption from falsifying public records, to mortgage fraud, money laundering, human trafficking, phony bank accounts, Wells Fargo & election fraud.”

      Hmm, blaue Augen?

  33. A tragic story of a woman coming to the US from Venezuela.

    https://www.9news.com/article/news/local/panama-bus-crash-denver-migrant-family-mourns-victim/73-5b4b4f7d-9417-4a37-b14c-f877a907d28e

    Aside from the tragic death, something just stands out to me in the story: The implied understanding that this woman, along with many other migrants, can just enter the United States at will. A visa? That’s so 20th century. You just need to make it to the border and you’re in.

    Of course, in the story the migrants are portrayed as future doctors and astronauts, when in reality they are far, far more likely to join a gang.

    1. Opendoor: The ‘Amazon of Houses’ Keeps Getting Better
      Within a few months, the storm will pass, and Opendoor will be back to firing on all cylinders
      12h ago · By Luke Lango, InvestorPlace Senior Investment Analyst

      From a consumer advantage perspective, Opendoor is creating a superior way to buy and sell homes.
      It’s true that Opendoor’s fourth-quarter earnings report was the disaster that most people were expecting, and management expects next quarter to be ugly, too.
      Opendoor’s presently ugly results are the byproduct of the company acquiring a bunch of homes in the first half of 2022, before housing prices dropped. But that inventory should all be sold by mid-2023.
      The company’s revenue growth rates should reaccelerate meaningfully higher, gross and contribution margins should pop back into the black, and net losses should turn into net profits.
      …

      1. “But that inventory should all be sold by mid-2023.”

        Here’s to betting they will keep HODLing their falling knife inventory beyond mid-2023 in a futile effort to wait out a historic and permanent turning point in the market.

        Bubble collapses don’t mean revert.

        1. SHARE THIS VIDEO —
          Feb. 22, 2023
          Home sales plunge as market continues to cool
          The housing market is continuing to cool as sales in January were down more than 36 percent compared to the same month last year. NBC News’ Zinhle Essamuah reports that some home buyers who bought at the height of the market now have regrets.
          …

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