Mortgage Nightmares

1. From the one hour 9 minute video:

   Silicon Valley Bank Explosion – BOC Pause – Mortgage Nightmares – The Canadian Real Estate Show
   Mar 12, 2023

   Darryl and TK discuss the Canadian Real Estate Market in depth from their own unique perspectives with a particular focus on The Toronto Real estate Market. Today we are lucky to have Vince Gaetano back on the show!

2. The sudden bankruptcy of Silicon Valley Bank (SVB), Friday, is sparking concerns in Korea of weakened investor confidence that could force foreign investors to scramble for safer assets and lead to a capital exodus from the Korean market.

   Financial authorities said, Sunday, they are closely monitoring the effects of the U.S. lender’s debacle, which could significantly increase market uncertainties.

   “The possibility should not be ruled out that the closure of SVB due to a liquidity crunch can expand market volatility in Seoul,” Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said during a meeting attended by senior economic policymakers.

   “The government and relevant organizations will monitor the market around the clock, and if needed, take countermeasures promptly, so that any adverse effects (from overseas) do not spread to our economy,” Choo added.

   Analysts said Sunday that although it is unlikely that the bankruptcy could turn into a full-fledged financial crisis, Korea’s financial market can be adversely affected by the unraveling of SVB, noting that Asia’s fourth-largest economy is still classified as an emerging market that tends to remain vulnerable to global economic risks.

   “Global investors, in search of safe haven assets, are likely to show a greater demand for U.S. dollars in response of the SVB crisis, and that they may sell off their financial assets here,” said Joo Won, deputy director of Hyundai Research Institute. “Under the circumstances, it is foreseeable that Korean won’s value against the U.S. dollar may weaken further.”

   https://koreatimes.co.kr/www/nation/2023/03/488_346967.html

   1. The possibility should not be ruled out that the closure of SVB due to a liquidity crunch can expand market volatility in Seoul

      Because they are all playing the same money games. Does anyone still believe that making actual stuff that people need and use is what creates wealth?

3. PORTLAND, Ore. – On a sidewalk littered with tarps, bicycles and discarded food containers, one tent sat farther away from the rest. It was clean, with the rain fly removed, showcasing the vacant interior.

   “This is an empty tent erected by activists to encourage people to live in tents,” Kevin Dahlgren said.

   https://www.foxnews.com/us/activists-plant-empty-tents-encourage-homelessness-portland-drug-counselor-says

   1. The goal is to destroy their community, then move onto the next one and repeat.

      Was chatting with a friend from Houston this weekend. He was wondering if there are any metro areas left that aren’t fubared. He said that in Texas the homeless flock to Austin because the bennies are better there, but that Houston still has a problem.

4. First Republic — which has more than 80 branches across the US — said in its latest 10-K filing that it held $176.4 billion in deposits at the end of 2022 of which 68%, or $119.5 billion, was uninsured.

   First Republic Bank’s shares fell 15% on Friday to $81.76 apiece. They slumped 65% in pre-market trade on Monday at 4.48 a.m. ET. The bank’s stock is down 33% so far this year.

   https://www.msn.com/en-us/money/personalfinance/first-republic-bolsters-liquidity-after-wild-weekend-of-bank-failures/ar-AA18yc8Q

5. 𝗪𝗵𝗲𝗮𝘁 𝗥𝗶𝗱𝗴𝗲, 𝗖𝗢 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟭𝟴% 𝗬𝗢𝗬 𝗔𝘀 𝗬𝗲𝗮𝗿𝘀 𝗢𝗳 𝗦𝘂𝗯𝗽𝗿𝗶𝗺𝗲 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗟𝗲𝗻𝗱𝗶𝗻𝗴 𝗥𝗮𝘃𝗮𝗴𝗲 𝗗𝗲𝗻𝘃𝗲𝗿 𝗔𝗿𝗲𝗮

   https://www.movoto.com/wheat-ridge-co/market-trends/

   𝘈𝘴 𝘢 𝘳𝘦𝘯𝘰𝘸𝘯 𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘴𝘵 𝘴𝘵𝘢𝘵𝘦𝘥 𝘴𝘰 𝘦𝘭𝘰𝘲𝘶𝘦𝘯𝘵𝘭𝘺, “𝘐𝘧 𝘺𝘰𝘶 𝘩𝘢𝘷𝘦 𝘵𝘰 𝘣𝘰𝘳𝘳𝘰𝘸 𝘧𝘰𝘳 15 𝘰𝘳 30 𝘺𝘦𝘢𝘳𝘴, 𝘺𝘰𝘶 𝘤𝘢𝘯’𝘵 𝘢𝘧𝘧𝘰𝘳𝘥 𝘪𝘵 𝘯𝘰𝘳 𝘪𝘴 𝘪𝘵 𝘢𝘧𝘧𝘰𝘳𝘥𝘢𝘣𝘭𝘦.”

6. Stick a fork in the housing market. Day on the market are more than double what they were this time last year:
   https://armls.com/docs/sold-list-chart.pdf

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