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Homeowners Trapped In Unsellable Properties, Forced To Accept Horribly Reduced Price

A report from the Real Deal on Texas. “The median sales price in the area was $466,705 last month, down 15 percent from $550,000 in April 2022, the Austin Business Journal reported, citing data from the Austin Board of Realtors. The drop in prices bodes well for a market that saw home values skyrocket for months on end throughout the pandemic, causing buyers to make offers far above asking prices. Listings often closed a day or two after hitting the market. However, stability has arrived following the housing boom’s peak last summer. Current market conditions equate to more time on the market, meaning buyers can more carefully weigh their options before making bids, and sellers are forced to lower prices. ‘The doubling of mortgage rates over the past year-plus has slowed the pace of home sales in our region,’ Clare Losey, a housing economist with ABOR, told the outlet. ‘As such, homes are spending more time on the market. The rise in active listings has brought much-needed inventory to our market.'”

The Las Vegas Business Press. “A recent Las Vegas Realtors report shows local home prices rebounded a bit after stalling for months, while sales continued to slide. LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service during April was $430,000. That’s up 1.2 percent from $425,000 in March but down 9.5 percent from $475,000 in April 2022. It’s also down from the all-time record home price of $482,000 in May 2022. Compared with one year ago, total sales values in April were down 41.2 percent for homes and down 34.9 percent for condos and townhomes.”

The Boston Globe in Massachusetts. “This time last year, homes were flying off the market. Now? It’s a much different story. For the fourth time in the last five months, median home prices in Greater Boston fell in April. Sales volume declined too, in what is typically a season of escalating home sales, a sign of how sharply the rise in mortgage interest rates has spooked potential homebuyers and sellers alike. Spring is typically the busiest time of year in Boston’s housing market, and after a rocky few months it appeared in March that the market may have been sputtering back to life, with prices up year-over-year. April’s declines tell a different story.”

Go Banking Rates. “Uncertainty about the economy and a rise in unemployment could hasten the housing market downturn, creating the largest housing correction in the post-World War II era. The current correction stands as the second largest in the post-World War II economy, behind the housing market crash and mortgage crisis of 2008. To put it into perspective, even a 20% drop in housing prices through 2023 would not put home prices back at their pre-pandemic level.”

“‘[W]hat we’re doing is we’re giving back perhaps at most, a third or a quarter of the gains that we realized,’ Macro Trends Advisors founding partner Mitch Roschelle told Fox business. ‘But that doesn’t help somebody who just bought a house at the top of the market and now has something that’s lost 10%.'”

From Bisnow. “After months of hoping for a better outcome, more office owners are cutting their losses and offloading distressed properties at bargain basement prices. Landlords are taking major losses on buildings across the country, with some properties trading at as much as 80% below previous valuations, according to The Wall Street Journal. The trend follows months of rising vacancies and depressed rent growth, made more severe by rising interest rates that challenge refinancing. As more owners see the writing on the wall, listings are up and the volume of sales has begun to rise.”

“The fire-sale trend is expected to continue in the coming months as billions of dollars of office-backed mortgages come due. The delinquency rate for office loans landed at 2.77% in April, the highest rate since August 2019, Trepp data shows. In the first week of May alone, 11 office properties sold at auction. On average, buildings were sold at 31% below the seller’s initial expectations, whereas one year prior, sellers accepted an average discount of about 7%, Ten-X said.”

From Blog TO. “While Canada may be home to two of the worst housing bubbles in the world, high interest rates and costs of living in general have meant a massive tumble in once red-hot housing markets, in both sales volumes and average prices. While Toronto is still extremely unaffordable, prices are actually far lower than they were at this time last year, according to the latest numbers from the Canadian Real Estate Association. In Toronto, the average home clocked in at 8.3 per cent less last month than in April 2022. Seasonally-adjusted figures from the CBC show Windsor-Essex prices have fallen a whopping 16.5 per cent year-over year (from $631,667, on average, to $527,482), followed by St .Catharines (down 14.2 per cent to $710,715), London and St. Thomas (down 13.5 per cent to $634,864), Hamilton-Burlington (down 11.2 per cent to $876,229), and Kitchener-Waterloo (down 11 per cent to $789,359).”

The Evening Standard in the UK. “A mile-long crater now sits alongside Euston station — a daily reminder of the havoc wreaked by HS2. In this corner of Camden, construction of the high-speed rail link has seen homes and businesses in its path demolished and left homeowners trapped in unsellable properties. Now there are fears that these sacrifices might have been in vain. The Government has confirmed that the final 7.2km leg between Old Oak Common into Euston is on hold. The disruption has severely dented property prices, with hundreds of homeowners trapped in homes that they cannot sell.”

“Flats in Darwin Court used to go for £1.1 million but now fetch around £850,000 to £950,000, says Hamish Gilfeather, director of Primrose Hill estate agent John D Wood & Co. According to actress Annabel Leventon, who lives in the block, values slumped by around £200,000 when HS2 was announced and have not gone back up. One of her neighbours, who had to sell after going through a divorce, was forced to accept a ‘horribly reduced’ price, Leventon says.”

From Bloomberg. “Vienna became the weakest housing market among major European capitals, posting a double-digit decline that surpassed even hard-hit Stockholm, according to the inaugural Bloomberg City Tracker. The Austrian capital posted a drop of 12.2% from peak levels a year ago, while Stockholm was down 6.4%, according to data compiled by Bloomberg. In the Austrian capital, stricter mortgage rules are exacerbating the slump, dragging down offer prices in May to an average of €7,084 per square meter. Further declines are anticipated.”

“Alongside Vienna, Sweden’s tendency for shorter term loans made it particularly vulnerable to rising rates, dragging down prices in Stockholm. The latest data for Dublin show that the once-hot market is cooling, with a decline in March of 2.4%. The Irish government is considering the reintroduction of mortgage relief to help strapped consumers. Despite a housing shortage, prices in Berlin have also slipped, declining by 1% in April.”

ABC News in Australia. “Liquidators are investigating how many contractors have been left unpaid and homes left unfinished after the collapse of a Tasmanian building company. Contractors claim they are tens of thousands of dollars out of pocket after Multi-Res was placed into liquidation on Sunday. It has left behind unfinished builds in the Hobart suburbs of Risdon Vale and Bridgewater. Limcora Plumbing and Drainage managing director Alex Nelson also claimed his company was owed more than $110,000 by Multi-Res, for six weeks of work. ‘I really think we’ll be lucky to see 20 cents in the dollar,’ he said. Electrical contractor Kyle Skipworth said he was even less optimistic. ‘From what I’ve been told, I’ll be lucky if I get five cents in the dollar.'”

The South China Morning Post. “A first-quarter rally in Hong Kong’s home market turned out to be remarkably ‘short-lived,’ as sales have now slumped and sellers are slashing prices to get deals done amid a ‘downward trend’ that will last through the year, according to property agents and analysts. This is already evident this week, with some owners selling flats at a loss, according to agents at Centaline. On Tuesday, one owner lost 5.4 per cent after selling a two-bedroom apartment at Mountain Shore in Ma On Shan for HK$7 million after five years of ownership.”

The Wall Street Journal. “China’s post-Covid growth spurt is sputtering and its youth unemployment rate hit a record high, signaling trouble for a recovery that was expected to boost global growth. One of the most dramatic data points was the unemployment rate for Chinese aged from 16 to 24, which rose to a record of 20.4% last month. The rate has steadily increased from 16.7% at the end of last year.”

“Bruce Pang, chief China economist at Jones Lang LaSalle, believes that while the economy could use some stimulus, China’s central bank will likely have to hold off on any plans to ease monetary policy, in part because of concerns about inflating asset bubbles. Tuesday’s release of weaker-than-expected data ‘shows how difficult it is to keep the growth engine running after restarting it,’ Mr. Pang said.”

“In Beijing, Yao Jiaoqing said she quit her job as a coffee shop barista last month because she couldn’t endure the grind of the work while getting paid a monthly salary of less than 3,000 yuan, equivalent to around $431. Ms. Yao has held different jobs in the telecom and online travel industries after graduating from college in 2018. Ms. Yao said she estimates, based on her peers, that joblessness among her cohort may be even higher than the official data indicate. ‘I look around at my friends of similar ages, about a third of them don’t have a job now,’ she said. ‘I just want to lie flat,’ she added, using a popular slang term akin to dropping out of the rat race.”

This Post Has 47 Comments
  1. ‘she estimates, based on her peers, that joblessness among her cohort may be even higher than the official data indicate. ‘I look around at my friends of similar ages, about a third of them don’t have a job now,’ she said. ‘I just want to lie flat’

    The globalist scum media is shocked! that after torturing the entire population for 3 years, China-ron is dead in the water. Companies are leaving in droves. They can’t make money. There’s an oversupply of college grads, which was the product of – central planning!

    1. central planning

      College grads go be street vendors or go back to the farm! What a plan.

      1. Hands too soft to go learn a trade.

        Seems like I just started yesterday, and I’ll be eligible to go test for my master’s license soon.

    2. To go from an office job to making lattes has to take its toll on the ego.

      Companies are leaving in droves.

      My employer effectively did that. Sure, we still have a presence, but IIRC 90%+ of the staff was let go, and this was before the scamdemic.

    3. “‘I just want to lie flat,’ she added, using a popular slang term akin to dropping out of the rat race.”

      Before the scamdemic I had never even heard of people quitting work to do nothing. It would be economic suicide. Yet this is suddenly a thing and they can afford it how? Something’s not adding up…

      1. Tang ping (Chinese: 躺平; pinyin: tǎng píng; lit. ‘lying flat’) is a Chinese slang that describes a personal rejection of societal pressures to overwork and over-achieve, such as in the 996 working hour system, which is often regarded as a rat race with ever diminishing returns.[1][2][3][4] Those who participate in tang ping instead choose to “lie down flat and get over the beatings”[citation needed] via a low-desire, more indifferent attitude towards life.

        Tang ping can be considered as the Chinese equivalent of the American hippie counter-culture movement[5] and the Japanese herbivore men phenomenon. Novelist Liao Zenghu described “lying flat” as a passive-aggressive resistance movement,[6] and The New York Times called it part of a nascent Chinese counterculture.[7] It has also been compared to the Great Resignation, a surge of resignations that began in the United States and much of the Western world at roughly the same time.[8][9][10] The National Language Resources Monitoring and Research Center, an institution affiliated to Education Ministry of China, listed the word as one of the 10 most popular memes for 2021 in the Chinese Internet. Chinese search engine Sogou also listed the word at the top of its list of most trending memes for 2021.[11]

        Unlike the hikikomori in Japan who are socially withdrawn, these young Chinese people who subscribe to “lying flat” are not necessarily socially isolated, but merely choose to lower their professional commitment and economic ambitions, simplify their goals, while still being fiscally productive for their own essential needs, and prioritize psychological health over economic materialism.[12]

        The phrase “quiet quitting”, meaning doing only what one’s job demands and nothing more, which became popular in the United States in 2022, was thought to be inspired by the tang ping movement.[13][14] Another newer related phrase is bai lan (Chinese: 摆烂; pinyin: bǎi làn; lit. ‘let it rot’), which means “to actively embrace a deteriorating situation, rather than trying to turn it around”.[15]

        Bailan refers to actions from a losing team when they stop trying to win so they can end the game.[16] This term first appeared around February 2020, at the beginning of the pandemic, which is on the Chinese Internet.[17] But, the movement began in April 2021 with a post by Luo Huazhong (username “Kind-Hearted Traveler”) on the internet forum Baidu Tieba, in which he discussed his reasons for living a low-key, minimalist lifestyle. In 2016, 26-year-old Luo quit his factory job because it made him feel empty. He then cycled 2,100 km (1,300 mi) from Sichuan to Tibet, and now back in his home town Jiande in eastern Zhejiang Province, spends his time reading philosophy, and gets by doing a few odd jobs and taking US$60 a month from his savings.[18][7] He only eats two meals a day.[18]

        Luo’s post, entitled with “Lying Flat is Justice”, illustrates:

        I can just sleep in my barrel enjoying a sunbath like Diogenes, or live in a cave-like Heraclitus and think about ‘Logos’. Since there has never really been a trend of thought that exalts human subjectivity in this land, I can create it for myself. Lying flat is my wise movement, only by lying down can humans become the measure of all things.[1][2]

        Luo’s post and story quickly gained a following on social media, being discussed and soon becoming a buzzword on Sina Weibo and Douban. The idea was praised by many and inspired numerous memes, and has been described as a sort of spiritual movement.[1] Business magazine ABC Money claimed it resonated with a growing silent majority of youth disillusioned by the officially endorsed “Chinese Dream” that encourages a life of hard work and sacrifice with no actual life satisfaction to show for it, spawning the catchphrase “a chive lying flat is difficult to reap” (躺平的韭菜不好割, Tǎng píng de jiǔcài bù hǎo gē).[19]

        The Chinese Communist Party (CCP) moved quickly to reject the idea. The CAC internet regulator ordered online platforms to “strictly restrict” posts on tang ping and had censors remove Luo’s original Tieba post[20] while a discussion group of nearly 10,000 followers on Chinese social media site Douban is no longer accessible.[21] Selling tang ping-branded merchandise online is forbidden.[7]

        In May 2021, Chinese state media Xinhua published an editorial asserting that “lying flat” is shameful.[22][23] In May, a video clip of CCTV news commentator Bai Yansong criticizing the low-key mindset circulated on the popular video-sharing website Bilibili,[12] and had attracted thousands of mockeries and slurs on the danmu commentaries in response.[24][25] The same month, a commentary of Hubei Radio and Television Economic Channel said, “you can accept your fate, but you mustn’t lie flat.”[26] An October article by CCP general secretary Xi Jinping, published in the Communist Party journal Qiushi, called for “avoiding ‘involution’ [nei juan] and ‘lying flat'”.[9][27]

        However, there were official voices offering more empathic opinions on the tang ping phenomenon. Beijing’s party-affiliated Guangming Daily newspaper added that tang ping should not be discounted without reflection—if China wants to cultivate diligence in the young generation, it should first try to improve their quality of life.[12] Huang Ping, a literature professor who researches youth culture at East China Normal University, told Sixth Tone that official media outlets may be concerned about the tang ping lifestyle because of its potential to threaten productivity, but “humans aren’t merely tools for making things… when you can’t catch up with society’s development—say, skyrocketing home prices—tang ping is actually the most rational choice.”[28]

      2. High unemployment among Gen Z Chinese, and meanwhile the birth rate is dropping like a rock. There’s an obvious answer here, Pooh! Pay those unemployed youngsters a living wage to “lie flat” and make babies. It might be China’s only chance to survive long-term.

        1. Pay them for not working with a bonus for babies. That sounds vaguely familiar…I remember! It was Newark NJ in the 1970s. That didn’t really turn out so well.

          Government control over the details of people’s lives is, as far as I can tell, never the best choice.

    4. The PRC wanted to brag they had more college grads than any other country. Kudos to the great success!

    5. Similar to the incel people both Korea and Japan and to some extent we have here too. High cost of living combined with low entry level wages and a shaky economy makes young people lazy, underemployed sexless incels. Won’t be long before China sends many of its incel men off to fight a war and, likely, colonize a foreign land. That’ll give those incels something to live for! Adventure in a faraway land and a family with a foreign wife!

      1. “High cost of living combined with low entry level wages and a shaky economy makes young people lazy, underemployed sexless incels.”

        Agreed. No ambition.

  2. However, stability has arrived following the housing boom’s peak last summer.

    I see what you did there, REIC shills. “Stability” implies things have leveled off and will be at a “permanently high plateau” going forward. You keep trying to mislead the dupes who still trust the MSM for their news & information, and I’ll keep exercising strategic patience as I wait for the Fed’s Everything Bubble to implode.

  3. ‘even a 20% drop in housing prices through 2023 would not put home prices back at their pre-pandemic level’

    ‘[W]hat we’re doing is we’re giving back perhaps at most, a third or a quarter of the gains that we realized…But that doesn’t help somebody who just bought a house at the top of the market and now has something that’s lost 10%’

    Still referring to CCP virus like it was shack bonanza. Depends on where we were when it all started Mitch:

    March 26, 2020

    “As America heads into a deep recession, the $11 trillion residential-mortgage market is in crisis. Investors who buy home loans packaged into bonds are dumping even those with federal backing because of panic that millions might not make their payments. Yet one risky sector had started to show cracks long before the coronavirus pandemic sparked the worst financial meltdown in 12 years: the federal government’s largest affordable-housing program, whose lenient terms are geared toward marginal borrowers.”

    “As real estate prices soared in recent years, working-class adults everywhere have increasingly relied on mortgages backed by the Federal Housing Administration — and U.S. taxpayers. Since 2007, the FHA’s portfolio has tripled in value to more than $1.2 trillion, almost 11% of the market. While private lenders make these loans, they are packaged into Ginnie Mae bonds, common in mutual funds and pensions.”

    “Before Covid-19 started roiling China, a November FHA report found that 27% of borrowers last year spent more than half their incomes on debt, a level it describes as ‘unprecedented.’ The share of FHA loans souring in their first six months has doubled over the last three years to almost 1%.”

    “Not long ago, Alex Castillo drove his shiny black Infiniti SUV through an office park north of the San Antonio airport, along a busy seven-mile stretch of highway that loan officers call ‘Mortgage Row’ because of its abundance of small independent mortgage companies that dominate FHA lending. Castillo, who has the words ‘The Dream Starts Here’ stitched into his jacket, works for Pennsylvania-based American Residential Lending. Oddly, amid the pandemic, his business is booming. His customers locked in FHA mortgages after interest rates plunged this month — adding to federally backed mortgage debt.”

    “‘If the government tells me you’re good enough to get a loan, I have to trust and believe in the government,’ Castillo said. ‘Then we just hope and pray that the client doesn’t get foreclosed on.’”

    “In downtown San Antonio, scores of investors stood on a parched lawn beside the city’s historic granite-and-red-sandstone courthouse. It was the first Tuesday of February, the day of the foreclosure auction. Matt Badders, a San Antonio lawyer who represents lenders, auctioned off two houses. The failed mortgages remind him of the run-up to the financial crisis 12 years ago, when lending to customers with spotty credit nearly brought down the world’s financial system. ‘We’re almost back to 2007, when mortgage originators are waking people up on park benches, saying sign here,’ Badders said.”

    “At the auction, the crowd bid on 338 homes, a third with FHA mortgages, according to Roddy’s Foreclosure Listing Service. One house had dual master bedrooms, a game room and granite kitchen counters. It sold for $202,000 — $52,000 less than the homeowner borrowed only two years ago. The taxpayer-backed FHA insurance fund will take a loss.”

    “Dave Stevens, FHA commissioner under President Barack Obama and former chief executive officer of the Mortgage Bankers Association, said a recession will expose hidden risks in home lending. ‘This should be an alarm bell to policymakers,’ Stevens said. ‘Sometimes you get blinded by a good economy and suddenly look at it and see a bubble of defaults coming.’”

    “The federal government has decided it doesn’t want to pursue — and has asked a judge to dismiss — a lawsuit against Utah-based Academy Mortgage Corp. The judge refused. The suit claims the company’s staff would repeatedly feed information into an automated federal underwriting system, manipulating it until the computer gave the green light. ‘Decline is a curse word,’ Plaintiff Gwen Thrower, a former underwriter, quoted a manager as saying. ‘We don’t use it.’”

  4. Seasonally-adjusted figures from the CBC show Windsor-Essex prices have fallen a whopping 16.5 per cent year-over year (from $631,667, on average, to $527,482), followed by St .Catharines (down 14.2 per cent to $710,715), London and St. Thomas (down 13.5 per cent to $634,864), Hamilton-Burlington (down 11.2 per cent to $876,229), and Kitchener-Waterloo (down 11 per cent to $789,359).”

    Is that a lot?

    1. Worked there when it was Silicon Valley Group Lithography back in the 90’s. Looks quite different now.

  5. Column: Newsom and California lawmakers need to say where they stand on reparations for slavery
    “I’m a hard ‘no,’” one influential Sacramento Democrat told me. When asked whether I could quote him, he responded: “Oh, sure, and then I’ll be called a big racist and get all kinds of crap.”

    Easier to go after the law abiding taxpayer

  6. Economics
    Commercial Real Estate Prices in the US Fall for First Time Since 2011
    A “Commercial Real Estate” sign in the Financial District of San Francisco, California.Photographer: Jason Henry/Bloomberg
    By Rich Miller
    May 17, 2023 at 2:04 PM PDT
    – Office, apartment building values drop, Moody’s Analytics says
    – Moody’s economist Zandi sees bigger price declines ahead

    US commercial real estate prices fell in the first quarter for the first time in more than a decade, according to Moody’s Analytics, heightening the risk of more financial stress in the banking industry.

    The less than 1% decline was led by drops in multifamily residences and office buildings, data culled by Moody’s from courthouse records of transactions showed.

    “Lots more price declines are coming,” Mark Zandi, Moody’s Analytics chief economist, said.

    The danger is that will compound the difficulties confronting many banks at a time when they are fighting to retain deposits in the face of a steep rise in interest rates over the past year.

    Excluding farms and residential properties, banks accounted for more than 60% of the $3.6 trillion in commercial real estate loans outstanding in the fourth quarter of 2022, with smaller institutions particularly exposed, according to the Federal Reserve’s semi-annual Financial Stability Report published last week.

    “The magnitude of a correction in property values could be sizable and therefore could lead to credit losses” at banks, the report said.

    Fed Vice Chair for Supervision Michael Barr told lawmakers on Tuesday that supervisors have increased their oversight of financial institutions with significant exposure to the sector. “We’re looking quite carefully at commercial real estate risks,” he said.

    The price declines seen so far have been more marked for higher-priced properties, according to commercial property company CoStar Group. Its value-weighted price index has fallen for eight straight months and in March stood 5.2% lower than a year ago.

    Transactions though have been limited in a market still coping with the aftershocks of the pandemic.

    The rise in employees working from home has driven some downtown retailers and restaurants out of business and forced owners of office buildings to reduce rents to retain tenants or to sell all together.

    What Bloomberg Economics Says

    “Regional and community banks currently account for a disproportionately large share of office real estate lending. Further consolidation of the banking industry may prove to be the solution that allows the banking industry at-large to work out problem loans.”

    – Stuart Paul (economist)

    Read More:
    – Pimco, Brookfield Office Defaults Signal Deepening Property Pain
    – Bank Turmoil Ramps Up Pressure for $900 Billion of Property Debt
    – Fed Flags Concerns Over Credit Tightening, Financial Stress

  7. ‘As such, homes are spending more time on the market. The rise in active listings has brought much-needed inventory to our market.’

    When no one is buying because prices are too high, homes coming onto the market just sit. After a while, there is an inventory pile up, with lots of comps in the same area, leading to competition between sellers and falling prices.

    This inventory-driven equilibrium adjustment process is glacial, which is why real estate busts play out over years. Smart buyers will sit on their hands rather than catch themselves falling knives.

      1. The goal is to leave the concrete slug in the ground, and simply poke a new treated post into the existing hole. Also, add a 40-lb bag of sakrete mix to bring the concrete level with the surface soil.

        The original contractor used a backhoe with a narrow bucket to dig the holes because our soil is caliche over a basalt outcrop, so there are huge rocks anywhere excavation takes place. The end result was about 3x the sakrete used for each post, so they’ll stay right where they are. I learned the hard way a couple of years ago, and I uploaded some photos back then too.

          1. Yep, that’s plan B when A doesn’t pull loose. The Makita hammer drill cuts right through the wood, and a wet-n-dry vac to take up the debris.

          2. Looks like plan B this morning as this fence post didn’t budge despite 2,000-lbs of tension applied overnight.

  8. “The political allies of Brandon Johnson, the far-left mayor elect of Chicago, have released an economic plan for the city and it’s called ‘First We Get the Money.’


  9. “‘[W]hat we’re doing is we’re giving back perhaps at most, a third or a quarter of the gains that we realized,’ Macro Trends Advisors founding partner Mitch Roschelle told Fox business.”

    Wanna bet, Mitch?

  10. 69th Bilderberg Meeting Agenda and Attendees REVEALED
    May 18th 2023, 12:03 pm

    This year’s event takes place May 18-21 in a luxury hotel in Lisbon, Portugal, where members will hold closed-door discussions on everything from AI and China, to the banking system and the war in Ukraine.

    While attendees claim policies are not formulated at the meeting, the discussions always seem to precede major events like a delay of the Iraq war, the creation of the Euro single currency, and the 2008 financial collapse.

    Among the roughly 130 attendees, notable people this year include Microsoft CEO Satya Nadella, DeepMind head Demis Hassabis, former Google CEO Eric Schmidt, OpenAI head Sam Altman, former U.S. Secretary of State Henry Kissinger, NATO Secretary-General Jens Stoltenberg, Ukrainian Foreign Minister Dmytro Kuleba, US Democrat politician Stacey Abrams, and Pfizer CEO Albert Bourla.

  11. Haven’t seen this elsewhere!

    “Where are all those AirBnB properties for sale, Amy?”

    “There’s no inventory”

    Let me break it down:

    We’ve got a game of investor hot potato 🥔 going on now

    Investors are offloading “portfolios” of 15-80 rental homes to other (less smart) investors

    None of it is hitting MLS

    Literally this has been happening in spades since late 2022 and this is only the tip of the iceberg

    There are a million private groups on multiple platforms where investors sell to one another

    1. One of my clients purchased an entire condo development at a 35% discount per unit to what the developer had planned to sell each unit at.

  12. US home prices fall by most in 11 years but sales are down
    By Anna Bahney, CNN
    Updated 11:00 AM EDT, Thu May 18, 2023

    Washington, DC CNN —

    US home sales fell in April for the second month in a row and home prices had the biggest drop since 2012, according to a National Association of Realtors report released Thursday.

    Sales had shown some life, rising in February after a full year of declines due to surging mortgage rates, but that momentum has since cooled.

    In April, sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — dropped 3.4% from March. Annually, sales were down 23% from a year ago and the seasonally adjusted annualized sales pace dropped from 5.57 million units a year ago to 4.28 million in April.

    April’s falling sales showed that February’s reversal — which ended the longest streak of month-to-month declining home sales on record, going back to 1999 for all homes — did not take off. Mortgage rates were rising in February and pushing toward 7% in March when many of these April closings went into contract.

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