Exasperated Neighbours Are Considering Packing Up And Leaving But Wonder Who Would Want To Buy Their House At Anywhere Near What They Paid For It
A report from Islander News in Florida. “Setting that bar a little too high when establishing a sales price for your home? You’re probably not alone. According to a recent study by Stacker, the Miami metro area, which includes Key Biscayne, is ranked second in the country (behind Naples and just ahead of West Palm Beach) when it comes to recent acceptance offers falling below the original asking price. Of the 50 top-ranked metro areas for sales falling below asking price, a total of 19 came from Florida, including: Naples (1st), Miami (2nd), West Palm Beach (3rd), Punta Gorda (6th), Port St.Lucie (7th), Sebastian (11th), Palm Bay (12th), Cape Coral (13th), Deltona (15th), North Port (16th), Ocala (17th), Homosassa Springs (19th), Panama City (20th), Fort Lauderdale (21st), Pensacola (31st), Tampa (33rd), Lakeland (42nd), Crestview (48th) and Jacksonville (49th). Miami also was ranked second for March listings, behind West Palm Beach that month.”
“For top-ranked Naples, 1,051 homes were sold in April, with a median list price of $800,000 and a median sale price of $675,000, reflecting a 0.96 average sale-to-list ratio, and 8.2% of the sales were above the asking price. For Miami, there were 2,367 homes sold in April, with a median list price of $550,000 and a median sale price of $500,000, also a 0.96 ratio, with 16% of the sales coming in above asking price. For West Palm Beach, there were 2,517 homes sold in April, with a median list price of $495,000 and a median sale price of $450,000, also a 0.96 ratio, and 10.8% of the sales were above asking price. On Key Biscayne in April, 81% of the 21 homes sold were under the asking price, while four (19%) were sold at the asking price, according to data collected by Rocket Homes. No sale came in over the asking price.”
Coastal Illustrated in Georgia. “The number of available homes on the market in the Golden Isles remains low, based on the current market demand. St. Simons Island had 124 listings, 36 of which have undergone price cuts – the result of the current market slowdown, driven by inflation and higher mortgage rates, that has caused properties to take longer to sell compared to a year ago, said Realtor Diana Fisher. ‘As a result, a stabilization in pricing trends has been noticed,’ she said.”
Martha’s Vineyard Times in Massachusetts. “We finally broke through the one hundred count for single family homes. There are 140 homes on the market, and 13 are still being shown, but they already have accepted offers. Homes that come on the market in the most desirable locations, and are priced right, still get offers quickly. We are seeing more and more price reductions on homes that have not had enough activity at the offered price and have considerable room to negotiate. One can almost feel the prices tugging higher and lower by the limited inventory and increased financing costs. Many of these properties have not sold in reasonable days on the market, which is the primary reason for lowering prices. Click here for a list of this week’s price reductions.“
Black Mountain News in North Carolina. “According to AirDNA, a company that provides “short-term rental data analytics,” there are 644 active rentals in the 28711 zip code, which includes Black Mountain. There is no data for rentals within town limits specifically. Chip Craig, who owns Greybeard Realty said he feels like, investment wise, it is a mistake on the part of the homeowner. ‘In my opinion, long-term rentals are better investments than short-term rentals,’ Craig said. ‘The homeowners, in most cases, are making a mistake.’ Craig said homeowners may read that they could make money by operating a short-term rental, but they do not take into consideration the costs associated with it, including but not limited to furnishing the space, paying to clean after each rental and paying utilities.”
“He also said the season most people want to visit Black Mountain and Western North Carolina is too short to make any real money. ‘If you’re doing a vacation rental, it’s going to be dead from January ‘til April for sure,’ Craig said. ‘The season is too short in our area to have a positive cash flow.'”
The Lake Powell Chronicle. “The troubles began on May 13, 2016, when Arizona’s then-Governor Doug Ducey signed SB1350. The new law stripped power from cities and municipalities. They could no longer prohibit short-term vacation rentals. Ducey’s SB1350 – dubbed ‘the Airbnb bill,’ the law purporting to help homeowners make extra money – opened the doors to out-of-town investors. A new, largely unregulated investment opportunity was born in Arizona, and cities struggling with housing shortages could do nothing to rein in the consequences. Arizona, an outspoken advocate for state rights on the federal level, took away city rights on the state level.”
“From 1995 to 2017, a Sedona ordinance prohibited short-term rentals less than 30 days. With SB1350, the state stripped the city’s right to enforce its law. Sedona has 6,426 housing units according to the U.S. Census bureau. AirDNA reported 3,230 active short-term rentals in Sedona for the first quarter of 2023. In three years, short-term rentals in Sedona grew by 815 units.”
Bisnow Dallas/Fort Worth. “Tides Equities has joined the league of multifamily investors in Texas that got in while the going was hot and are now suffering the consequences of the market’s precipitous decline. The firm is calling on its limited partners to inject equity into its portfolio as falling values and soaring debt payments stymie profits. More than half of the firm’s 43 properties are in North Texas, while another three are in Austin, according to The Real Deal. Tides went on a buying spree during the pandemic, amassing an apartment portfolio of $6.5B, mostly throughout the Sun Belt, where double-digit rent growth and strong in-migration attracted a wave of investment.”
“Now, as maturities loom on 47 loans comprising $1.5B, executives said some of its holdings are in negative cash flow territory. One of those properties, Tides at Lewisville, has a debt-service coverage ratio of less than 1, per TRD. Tides on North Plaza and Tides on Copper Creek, both in Austin, are in the same boat. ‘Increased costs on the bridge loan are almost doubling our mortgage, which is by far our largest expense,’ Shakti C’Ganti, CEO of Dallas-based multifamily investment firm Ashland Greene, told Bisnow. ‘You’re having a cash crunch at all properties.'”
“That pain will likely lead to a spike in defaults in the coming months as owners of floating-rate debt struggle to refinance, leaving many to choose between selling or handing the keys back to the bank. Close to 40% of the $2.6T of loan maturities scheduled through 2027 are concentrated in the multifamily space.”
Bisnow New York. “The Related Cos. has exited a troubled office property in Long Island City. Los Angeles-based credit firm BrightSpire Capital, Related’s lender at 21-00 49th St., has acquired the building after the borrower had trouble managing the debt, Crain’s New York Business reports. Related Cos. sold the 130K SF Paragon Building for $64.3M to Brightspire in a deal that closed last week after months of whispers that Related intended to hand over the property in a deed-in-lieu of foreclosure arrangement. Related bought the building from Samson Management in 2016 for $104M as part of a two-asset deal with BentallGreenOak. The joint venture spent $45M renovating the property, but defaulted on the loans backing the buildings earlier this year after being unable to sign tenants up for space.”
The Daily Mail on California. “San Francisco could become the first city in the country to require every pharmacy within its boundaries to carry Narcan, as the drug crisis spirals in the liberal city. San Francisco Supervisor Matt Dorsey will introduce a bill on Tuesday that, if approved, would require every pharmacy to always have in stock at least two nasal sprays containing the drug or face fines. The city has struggled for years with rampant fentanyl use and fatal overdoses, and is on pace for its deadliest year yet. San Francisco has suffered heavily since the pandemic, as drug addicts have taken over the city, causing businesses to shutter their doors.”
“HRD Coffee Shop opened its doors in 1953 as a modest establishment serving workers in the city’s downtown area – and eventually became a staple caterer to the city’s tech giants. Sydney Saidyan, its current owner, told The San Francisco Standard the situation in the city became untenable, and he and his advisers decided to shut down the place back in May. ‘I would love to remain in San Francisco as a business. But the question is, would any sane person?’ Saidyan told the outlet.”
The Birmingham Mail in the UK. “Fed-up homeowners living on two unfinished estates in the Black Country say they have been abandoned by their local council and accused it of failing to help end their new-build nightmare. Dozens of residents have been left ‘trapped’ on the Thomas Cox Wharf and Alexandra Grange estates in Tipton which has been left frozen in time after the developers went bust. Families are having to live on the development which partly resembles a building site with unfinished roads and sewers. Sandwell Council has told them it can’t do anything to help, and if they want work to be completed they must pay for it themselves.”
“The exasperated neighbours fear the value of their homes is plummeting because of all the issues on the estate that need fixing. Unsurfaced roads are filled with potholes and not level with the drains, meaning they are often flooded as rainwater hangs around for days. Others are considering packing up and leaving but wonder who would want to buy their house, or at least at anywhere near what they paid for it. Dejected resident Aman Kaur, who has lived on the Thomas Cox Wharf estate for four years, said: ‘We’re still in the same position. Sandwell Council said the developer didn’t do as they should have before they went into liquidation. It’s going to cost £100,000 and they want us to pay for it.'”
The NL Times. “Investors are withdrawing from the Dutch housing market, buying far fewer homes than four years ago. That is good news for people looking to buy a home, housing market professor Peter Boelhouwer told AD. This week, Canadian investor Eres, who rents out 6,900 apartments and terraced houses in the Netherlands, announced that it wants to sell. That is expected to hit the free sector. Sophie Kraaijeveld of ING Real Estate also thinks that the prices of investment properties will fall.”
“According to Rabobank economist Nic Vrieselaar, the Dutch housing market lacks balance with falling purchase prices, rising interest rates, and sky-high land prices. He, too, expects that investors’ withdrawal will cause home prices to fall further. ‘If there is more supply of owner-occupied homes, it will be beneficial for first-time buyers, but not for people who want to rent.’ Housing Minister Hugo de Jonge’s plans to also regulate part of the free rental market and changes to wealth and asset tax in box 3 also have private landlords looking to sell their homes. Owning a second home to rent out is simply no longer profitable, professor Boelhouwer said.”
Stuff New Zealand. “Liquidations of companies are accelerating in number as more businesses succumb to the toxic mix of a troughing property market, high inflation, spending-shy households, and a tougher stance by Inland Revenue. In the first five months of the year, 699 companies were put into liquidation, data from credit reporting company Centrix shows. In the same period last year, it was 539, and in the year before 597, but even so, liquidation numbers remain lower than before Covid-19 first made landfall, said Kare Johnstone, chairperson of the industry body for insolvency professionals.”
“Construction companies top the liquidation chart, with construction company liquidations up 72% in the first five months of the year compared to the same period last year. Only one sector had a bigger percentage rise, which was retail, but while 55 retail companies went bust in the first five months of the year, 199 construction companies hit the wall. The construction sector might be over-represented in liquidations because the sums of money were often large, and many companies were involved in projects, so when one fell over, many firms were left chasing debts, veteran credit reporting boss Keith McLaughlin said.”
The Sydney Morning Herald. “More than one in 10 home sellers in some of Australia’s biggest cities made a loss on their property sale in the March quarter, and a growing number are reselling within only two years of purchasing. Loss-making sales in Melbourne are at their highest level in almost 25 years, CoreLogic’s latest Pain and Gain report shows, as 10.2 per cent of vendors resold for a loss last quarter. Sydneysiders made a loss on 10.7 per cent of property deals, the highest rate since 2009. Meanwhile 13.8 per cent of Perth sellers made a loss – though this was below the decade average.”
“Nationally, 7.7 per cent of homes sold at a loss, up from 5.8 per cent the previous quarter, and there was also an increase in the number resold after less than two years – at 8.4 per cent. ‘The implication may be that some sellers are choosing to incur a loss from resale in order to avoid particularly high mortgage repayments in the current rate-hiking environment,’ said CoreLogic Australia’s head of research Eliza Owen, noting hold periods typically increased during market downturns as sellers tried to avoid losses.”
“Apartment owners were more likely to sell at a loss, as 15.4 per cent of units resold for a price cut compared to 3.8 per cent for houses – a record gap between the two. This climbed to 21.9 per cent of apartments in Melbourne, and 17.5 per cent in Sydney. Investors and high-density markets were particularly hard hit as a result, with investor resales (12.6 per cent) three times more likely to be at a loss than owner-occupier (4 per cent) sales.”
“In the Melbourne City Council area, 46.6 per cent of properties resold at a loss. Capital losses were also common in the Boroondara (35.9 per cent), Stonnington (29.2 per cent), Yarra (22.3 per cent) and Port Phillip (21.1 per cent) regions. In Sydney, the highest proportion of loss-making sales was in the Strathfield (35.1 per cent), Botany Bay (33.8 per cent), Burwood (31.9 per cent) and Parramatta (28.8 per cent) regions.”
“AMP Capital chief economist Shane Oliver said it was no surprise more people resold for a loss after a market downturn. ‘When rates go up people can often find ways to cut back their spending, even though it’s a struggle … but if they lose their job it’s a different story, and we’re coming into a period where that may be more of factor,’ he said. ‘That will cause a problem for some home owners, particularly those who may have [purchased] in recent years.’ An increase in investors exiting the market, would also be contributing to the proportion of loss-making sales, Oliver noted.”
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‘I would love to remain in San Francisco as a business. But the question is, would any sane person?’
Sounds like yer giving it away Sydney.
‘If you’re doing a vacation rental, it’s going to be dead from January ‘til April for sure,’ Craig said. ‘The season is too short in our area to have a positive cash flow’
These professional toilet scrubbers were betting on appreciation Chip, like these idiots:
‘You’re having a cash crunch at all properties’
‘Tides went on a buying spree during the pandemic, amassing an apartment portfolio of $6.5B, mostly throughout the Sun Belt’
When that big Houston apartment ponzi went under, all the big media reported on it. These clowns owe around 13 times as much.
What I saw in the RE private equity industry since 2016 or so is office buildings and apartment complexes being flipped like houses. They didn’t care about cash flow. Now they do. I was working at a Big4 firm doing taxes for Goldman, Blackstone, etc RE funds. I told the people I was working with that a big bust was coming in 2020. I guess the scamdemic delayed it by a couple of years.
There was some cash flow flipping too. HBB posted a lot of articles about firms buying up affordable Class B apartments, value-add to them (i.e. paint), and then trying to rent them for “luxury” prices. It was a travesty.
Those were second tier or third tier PE funds pulling that crap. They would buy up old apartment complexes, get a good appraisal and do a cashout refi. Most of the cash was distributed to the investors and the rest went to turning the units into “luxury” with new paint, countertops, and flooring. These funds need to return the cash back to the investors ASAP because they’re promised an annual return of anywhere between 10-12% for their initial investments. Once that capital is returned, the 10-12% accrued pref goes away and the fund managers can make more money if they can sell for a profit. Now that the banks have shut down the free money and the greater fools have been forced out of the game, the ponzi will slowly crumble.
‘Sedona has 6,426 housing units according to the U.S. Census bureau. AirDNA reported 3,230 active short-term rentals in Sedona for the first quarter of 2023’
Having lived there, let me explain how this works out. Off season these sit empty. Drives rents up while at the same time restaurants and trinket shops starve. There’s nothing to do because there isn’t enough traffic to support it. Tax revenue goes down and it’s just a big old sh$t sandwich.
“AirDNA”
What a joke that a company like this even exists.
it’s just a big old sh$t sandwich
And yet it goes on for years, and years, and years.
I don’t know Arizona very well, except what I see on Google Maps. Does Sedona really have enough of a winter to have an off-season?
https://www.sedona.net/weather
‘Related Cos. sold the 130K SF Paragon Building for $64.3M to Brightspire in a deal that closed last week after months of whispers that Related intended to hand over the property in a deed-in-lieu of foreclosure arrangement. Related bought the building from Samson Management in 2016 for $104M as part of a two-asset deal with BentallGreenOak. The joint venture spent $45M renovating the property, but defaulted on the loans backing the buildings earlier this year after being unable to sign tenants up for space’
The Florida condo king took an 80M a$$ pounding. They have the ability to pay, but it is good money after bad.
“There are 140 homes on the market, and 13 are still being shown, but they already have accepted offers.”
What heppened to the other 127 homes?
“We are seeing more and more price reductions on homes that have not had enough activity at the offered price and have considerable room to negotiate.”
It’s the only way to sell after market prices have CR8Red.
“One can almost feel the prices tugging higher and lower by the limited inventory and increased financing costs.”
I can feel the prices of homes that won’t sell getting tugged down into the CR8R.
“Many of these properties have not sold in reasonable days on the market, which is the primary reason for lowering prices.”
The choice seems straightforward: Lower the price to what today’s market will bear, or never sell.
“This week, Canadian investor Eres, who rents out 6,900 apartments and terraced houses in the Netherlands, announced that it wants to sell. That is expected to hit the free sector. Sophie Kraaijeveld of ING Real Estate also thinks that the prices of investment properties will fall.”
Has there ever been another point in history when so many real estate investing sheep worldwide were set to be sheered en masse?
Has there ever been another point in history where the masses expect to build wealth, not by actually producing something and hard work, but through wild speculation? Spend a little time on that question and you realize we are really toast!
Speculating in a rigged casino where the Wall Street-Federal Reserve Looting Syndicate can use the engineered demolition of Fed-blown bubbles to transfer the wealth and assets of the retail investor muppets to the financier oligarchy is a fool’s game.
For those of short memory, or those who have a blue clouded memory of history, simply go back to the Tulip frenzy. Or even more recently, the 1929 stock market bust when even the elevator boy was investing in the stock market, hoping to prove to the world (or his mother-in-law) that he was not the simpleton that he really was. There is no substitute for dedicated hard work and staying power. Stop being the Sophomore girl who is being wooed by the captain of the football team who owns a bright red convertible. You are going to wind up in the back seat talking about the first thing that pops up. And it is not the price of tomatoes.
As recently as the 2000 dotcom bubble, people were quitting very good jobs to become daytraders. I was working at an IT company back then and everyone was going to retire in 5 years because they were granted stock options from the company. That company no longer exists
As recently as the 2000 dotcom bubble, people were quitting very good jobs to become daytraders.
Yep, a guy with a CPA that I worked with did just that.
Another guy, a finance guy, quit to sell things on EBAY. Weird times
‘San Francisco has suffered heavily since the pandemic, as drug addicts have taken over the city, causing businesses to shutter their doors.”
How can that happen without the backing of local political authorities?
It used to be called blockbusting. I believe this is citybusting.
Nah. THIS is city busting.
https://www.youtube.com/watch?v=2xhgpU8DI9c
Wonder where they got those weapons?
Could it be Ukraine???????
‘If you’re doing a vacation rental, it’s going to be dead from January ‘til April for sure,’ Craig said. ‘The season is too short in our area to have a positive cash flow.’”
Die, speculator scum.
“The troubles began on May 13, 2016, when Arizona’s then-Governor Doug Ducey signed SB1350. The new law stripped power from cities and municipalities. They could no longer prohibit short-term vacation rentals. Ducey’s SB1350 – dubbed ‘the Airbnb bill,’ the law purporting to help homeowners make extra money – opened the doors to out-of-town investors.
Must’ve been some well-stuffed brown envelopes being passed to Duty and his political cronies. Cities & municipalities need to start fighting back against such government overreach by corrupt AirB&B hirelings.
“Tides Equities has joined the league of multifamily investors in Texas that got in while the going was hot and are now suffering the consequences of the market’s precipitous decline.
Die, speculator scum. Just die already.
The demolition continues. A local guy offered to demo this room to collapse this room in on itself for $100 and he did:
https://ibb.co/YjZd2rV
It was teetering on one 2×4 and with a swift whack of the hammer, BOOM:
https://ibb.co/kDvqbPM
What are you ultimately planning to do? Build one of those condo-barn things and homestead?
It’s a lot in town with utilities. I’m doing the above ground demo myself (with some help this weekend), then I’ll pay someone to scoop out the pit and demo the 100+ year old foundation, and rebuild.
When STR’s don’t cash flow! Want to have some fun? Check out the reduced listings in Big Bear, CA. More sawin’ going on than a backwoods logging camp. Pages of listings featuring STR’s bought since 2019 and now for sale. Many were purchased in 2021. At first, these owners were looking for 100% appreciation, but now they’re getting a hard reality check! Good times!
Weren’t they just considering cannibalism there recently? 🙂
Is a soft landing in the bag?
Global inflation
Bond fund giant Pimco prepares for ‘harder landing’ for global economy
CIO Daniel Ivascyn says the market is ‘too confident in the quality of central bank decisions’
Daniel Ivascyn, chief investment officer at Pimco, said: ‘This could be more of an old fashioned cycle that lingers for a few years with inflation high but policymakers don’t come to the rescue’
Mary McDougall and Katie Martin in London July 1 2023
The world’s largest active bond fund manager says markets are too optimistic about central banks’ ability to dodge a recession as they battle inflation in the US and Europe.
Daniel Ivascyn, chief investment officer at Pimco, which manages $1.8tn of assets, said he was preparing for a “harder landing” than other investors while top central bank chiefs prepare to continue their campaign of interest rate rises.
“The more tightening that people feel motivated to do, the more uncertainty around these lags and the greater risk to more extreme economic outlooks,” Ivascyn said in an interview with the Financial Times.
He noted that when rates have risen in the past, a lag of five or six quarters for the impact to be felt has been “the norm”.
“We would argue that the market may still be too confident in the quality of central bank decisions and their ability to engineer positive outcomes,” he said. “We think the market is a bit too optimistic about central banks’ ability to cut policy rates as quickly as the yield curves are implying.”
…
Why do I doubt the soft landing scenario?
1) Real estate is the economy.
2) Real estate is headed down the crapper
3) Can the overall economy be far behind
No worries, AI will make everyone a gazillionaire. Just listen to the earnings calls and buy any company that mentions AI
More like QE will make everyone a gazillionaire…
Financial Times
Opinion Markets Insight
The return of quantitative easing
Stock to be boosted by increasing levels of global liquidity in markets
Michael Howell JUNE 27 2023
The writer is managing director at Crossborder Capital and author of ‘Capital Wars: The Rise of Global Liquidity’
Rising world stock markets appear to confirm that global liquidity — the pool of cash and credit shifting around financial markets — is once again expanding after skidding lower last year.
So much then for central bank quantitative tightening, the much-mooted unwinding of the massive stimulus programmes to support markets and economies.
Our estimates show that the liquidity cycle bottomed during October 2022, in the wake of former UK prime minister Liz Truss’s “mini” Budget debacle, and looks set to trend higher over the next few years. Investors should therefore expect a continuing tail wind from global liquidity instead of last year’s severe headwinds. This should prove good for stocks, but less positive for bond investors.
Britain’s gilt sell-off last autumn gives us a foretaste of future challenges for sovereign debt markets and points to some coming hard decisions for both policymakers and investors. The integrity of banks and sovereign bond markets are sacrosanct in modern finance. Led by the US Federal Reserve, central banks have just injected substantial cash into money markets over recent months helping to bailout flaky banks. But in coming years they will probably have to bailout debt-burdened governments, too.
In short, markets need ever more central bank liquidity for financial stability and governments will need it even more for fiscal stability. In a world of excessive debt, large central bank balance sheets are a necessity. So, forget QT, quantitative easing is coming back. The pool of global liquidity — which we estimate to be about $170tn — is not going to shrink significantly any time soon.
…
There is no economy. Just debt and financialization buying yet ever more garbage that nobody needs.
Yahoo
Stock-picking System Predicts Top Stocks of 2023
Chaikin Analytics
GOBankingRates
Housing Market 2023: When Will the Housing Market Recession End and What’s the Impact on the Broader Economy?
Dawn Allcot
May 29, 2023·2 min read
In this article:
Swarmcatcher / Getty Images/iStockphoto
The U.S. housing market has seen prices drop year-over-year for three months, beginning in February 2023. It was the first housing price drop in 11 years, according to National Association of Realtors data. Home sales also declined by 3.4% between March 2023 and April 2023.
Experts at Fannie Mae’s Economic and Strategic Research (ESR) Group believe that the housing market downturn could lead to a “modest recession” overall in the second half of 2023. If wage-related inflation continues, the Fed is likely to maintain its tight grip on economic policies. “Inflation has been resistant to Fed efforts to drive it down, and we view the risks to our baseline forecast as tilted toward more tightening rather than easing — although, for the moment, the Fed has adopted a wait-and-see approach, said Doug Duncan, Senior Vice President and Chief Economist, Fannie Mae, in a press release.
…
https://finance.yahoo.com/news/housing-market-2023-housing-market-165845759.html
Investing / Real Estate
Housing Market 2023: Prices Are Now So High That Banks Are Losing Money on Mortgages
3 min Read
June 28, 2023
By Selena Fragassi
Real estate growth chart.
Mohammed Haneefa Nizamudeen / Getty Images/iStockphoto
One more indicator that the housing market is on a shaky foundation: Banks are now losing money on mortgages. In a new report from the Mortgage Bankers Association (MBA) released this week, it’s said that independent mortgage banks and subsidiaries of chartered banks had record low profits throughout 2022.
In fact, financial institutions lost an average of $301 per loan they finalized in 2022 — in stark contrast to the $2,339 profit per loan that was reported in 2021 — equating to a 113% decrease, per Business Insider. The MBA noted this is the first time it’s seen profits in the red since reporting began in 2008.
…
https://www.gobankingrates.com/investing/real-estate/housing-market-prices-now-so-high-that-banks-are-losing-money-on-mortgages/
So when do they stop the bleeding?
Investing / Real Estate
I’m a Real Estate Agent: Here Are the 6 Cities Where You Should Avoid Buying a Home This Summer
4 min Read
June 30, 2023
By Heather Taylor
Jonathan Ross / Getty Images/iStockphoto
Summer is one of the hottest times of the year to buy a home. The months of May, June, July and August are popular with potential buyers thanks to factors including kids being out of school for summer break and families being more likely to commit to purchasing a home and moving in before the start of the school year.
While housing inventory is typically at its highest during the summer months, this doesn’t mean every city is ideal for buyers. GOBankingRates spoke to real estate agents to find out which cities buyers should reconsider purchasing a home in. Buyers beware: Real estate agents said to avoid these six cities when buying a home this summer.
Las Vegas, Nevada
Buyers looking for long-term investments should steer clear of buying a home in Las Vegas, said Carmelo Carrasco, realtor at Axel Property Management.
Carrasco said Las Vegas is known for being a volatile market with quick jumps and drops in prices.
Cleveland
Buyers who want to find a home for sale under $100,000 can pull it off by searching in Ohio cities like Cleveland and Mansfield. However, Seth Williams, owner and real estate broker at Reference Real Estate, does not recommend buyers move to Cleveland unless they plan on a temporary settlement and to leave with a high sales gain.
“Ohio has one of the slowest growth rates in America when it comes to home values. In the last 30 years, the average price has grown only by 70%,” Williams said.
Austin, Texas
Austin has several factors working in its favor as an appealing city for buyers. It has a good housing market and job opportunities. The one significant drawback? Austin is out of the price range for most people.
According to Redfin, the median sale price of a home in Austin was $535,000 in March 2023. Brady Bridges, broker and owner at Reside Real Estate, said the high prices and cost of living, which is 16% higher than the U.S. national average, make Austin’s market potentially difficult for first-time buyers.
Miami
Miami offers gorgeous real estate and no personal income tax to entice potential buyers, but Carrasco doesn’t recommend buying a home here this summer. Due to its location, Carrasco said Miami is known to be an expensive and volatile market.
San Francisco
Carrasco said buyers interested in moving to San Francisco need to expect a limited selection of homes in their price range. This is due to high prices and strong demand for a desirable location.
Overall, buyers are advised to avoid buying a home in California this summer. Despite having a hot real estate market, Williams said the prices cost first-time homeowners a lot of money and can make the homebuying process exceptionally hard.
Seattle
Seattle is another expensive city where Carrasco does not recommend buying a home this summer.
In recent years, Seattle has also become significantly warmer. While it has not been directly affected by natural disasters like wildfires and earthquakes on the same level as states like California and Oregon, these disasters are not an impossibility in Washington state. Buyers who move to cities impacted by natural disasters, Carrasco said, are often subject to higher insurance rates, repair costs and other financial risks. This can easily outweigh the benefits of buying a home.
…
https://www.gobankingrates.com/investing/real-estate/cities-avoid-buying-a-home-this-summer-according-to-real-estate-agent/
“San Francisco
…
Despite having a hot real estate market,…”
Got red hotcakes?
Yahoo
Yahoo Finance
Lost home equity: San Francisco homes are selling for $220,000 less than a year ago
Rebecca Chen
May 27, 2023·5 min read
In many cities across the country, homes are selling for tens of thousands of dollars less — sometimes hundreds of thousands of dollars less — than just one year ago.
In San Francisco, the median sales price was $220,000 lower than at the same time last year — the largest decline by dollar amount — wiping out 13.4% in equity. Prices in Oakland, California, saw the biggest drop percentage-wise, falling 16.1% or $174,500 less year over year, according to data published by Redfin.
The other notable declines occurred in Austin, Texas, where median prices fell 15.3% or $85,000; Boise, Idaho, where prices lost 15.1% in value or $80,000; and Salt Lake City, where the median decreased 10.9% or $60,000.
…
https://finance.yahoo.com/news/lost-home-equity-san-francisco-homes-are-selling-for-220000-less-than-a-year-ago-153041282.html
News
San Francisco’s Decline is a Warning to Other American Cities
By Giulia Carbonaro
On 6/12/23 at 5:00 AM EDT
Struggling with rampant homelessness, a drug crisis, surging crime and several business closures, San Francisco is no longer the thriving city it used to be. Its decline in recent months has led some to say the city “is dying”—especially as its citizens move elsewhere.
A quarter of a million people have reportedly fled the Bay Area since the beginning of 2020. According to U.S. Census estimates, San Francisco’s population dropped by 7.2 percent between 2020 and 2021 and by 0.3 percent between 2021 and 2022.
This exodus, sparked by the COVID-19 pandemic and the change in working habits that came with it, continued in 2022 even as the health emergency drew to a close. While life in other big cities started getting back to normal, San Francisco and the Bay Area continued to shrink, although at a slower pace.
…
https://www.newsweek.com/san-francisco-decline-warning-american-cities-1801200
“Carmelo Carrasco, realtor at Axel Property Management”
Is she really that clueless, or just a liar?
The San Francisco Standard
California
It’s Official: A Quarter Million People Fled the Bay Area Since Covid
Written by Maryann Jones Thompson
Published Mar. 31, 2023 • 7:00am
SF’s population dip might make it easier to find a spot to sit in Dolores Park. | Justin Katigbak for The Standard
San Francisco and the Bay Area continued their population declines in 2022, according to Census data released Thursday, but not at the clip witnessed during the first year of the pandemic.
Though the first 2022 state and national data came out in December, the new county figures provide the first look at how the nine counties of the Bay Area gained—or lost—population compared to other large counties around the country.
The bottom line? Though rates of decline in the population of large U.S. counties leveled off from those seen during the first year of the pandemic, San Francisco and the Bay Area continue to shrink from their pre-Covid populations, while other counties have expanded.
…
https://sfstandard.com/research-data/san-francisco-bay-area-california-population-decline-census-pandemic-covid/
Before the Bell
What markets are saying about when to expect a recession
Analysis by Krystal Hur, CNN
Published 7:43 AM EDT, Sun July 2, 2023
New York CNN —
Economists, investors and the Federal Reserve have sounded alarm bells for months that a recession could come later this year. But a growing chorus of experts believe a downturn might not happen until early next year.
Here are some of those recent calls:
– Bank of America CEO Brian Moynihan told CNN on Tuesday that he believes the US economy could tip into a recession early next year, rather than this year like he originally predicted.
– Vanguard economists wrote in their mid-year outlook that they see a high probability of recession, and the “odds have risen that it could be delayed from 2023 to 2024.”
– JPMorgan Chase economists said in a note last week that there could be a “synchronized global downturn sometime in 2024.”
Delaying recession predictions isn’t anything new. Investors and economists last year predicted that the US could enter a recession in early 2023, after the Fed set out on its aggressive interest rate hiking campaign to tame inflation. As the economy proved more resilient than expected, and the US has avoided recession so far, the case for a 2023 recession has been crumbling. Bets have accordingly started to move further out.
“We’re kicking the recession can down the road,” said David Grecsek, managing director in investment strategy and research at wealth management firm Aspiriant. “You have to recognize that boy, we keep kicking this can — doesn’t it just mean that we’re not going to have a recession?”
…
https://www.cnn.com/2023/07/02/business/stocks-week-ahead-recession-2024/index.html
The Great Recession startedin December 2007, on the eve of an election year. But it wasn’t officially declared a recession until around the time of the 2008 election. By then the wheels had fallen off the Wall Street bus, and financial markets were in a full blown state of panic, which nobody could have seen coming.
But it wasn’t officially declared a recession until around the time of the 2008 election.
This time it wasn’t officially declared a recession (see 3Q2022 GDP shenanigans) because of the 2022 election.
Peter Schiff at 1:58. Rumble doesn’t appear to have “copy video URL at current time” like YouTube.
‘Bad Breadth’ is the latest ridiculous reason naysayers insist stocks are doomed
By Ken Fisher
July 2, 2023 12:27pm Updated
00:19 / 01:00
Look this bull market in the mouth, and it seems like four out of five doctors will tell you it’s got a classic, open-and-shut case of “bad breadth.”
Stocks have rallied for the past nine months despite aggressive rate hikes and widespread recession fears. But the boom isn’t sufficiently broad, the naysayers insist. Instead, it looks narrow, hollow and fragile.
Accordingly, these would-be physicians of finance would like to see the gains demonstrate more breadth – that is, markedly more stocks doing well versus badly. Sounds reasonable, right?
In fact, this diagnosis reeks of quackery. And I’d like to explain why this is important for your financial health.
…
More From: Ken Fisher
– Why fears of a banking crisis were overblown — bad regulation is the real problem
– Why the stock market is smarter than any of us – including the bears
– Why the US banking crisis is like winter in Europe — and what it means for stocks
– Government fear-mongering over Silicon Valley Bank — and how to profit
– A bull market is in full swing – and most of us are in denial
…
https://nypost.com/2023/07/02/bad-breadth-is-the-latest-ridiculous-reason-naysayers-insist-stocks-are-doomed/
Markets
The Fed won’t hit its 2% inflation target until 2025 – and consumers spending less shows recession is coming, Bank of America CEO says
Zahra Tayeb
Jun 28, 2023, 6:52 AM ET
Brian T. Moynihan, Chairman and Chief Executive Officer of the Bank of America Corporation, speaks during the Bloomberg Global Business Forum in New York City, New York, U.S., September 25, 2019. REUTERS/Shannon Stapleton
– The Fed won’t reach its 2% inflation target till 2025, according to Bank of America’s CEO.
– Brian Moynihan added that data shows consumers are spending less, pointing to an incoming recession.
– He warned of more interest-rate hikes this year before the Fed starts cutting borrowing costs.
…
https://markets.businessinsider.com/news/stocks/bofa-ceo-brian-moynihan-recession-coming-consumers-cutback-spending-2023-6?amp
He warned of more interest-rate hikes this year
How did “inflation” slow?
Gradually, then suddenly.
Been on the water?
I have. I went fishing in Northern Ontario with my son and grandson.
Nice!
Tragic News: Actress Succumbs to Assisted Suicide Following Covid-19 Booster Injuries
By Jim Hoft Jul. 1, 2023 3:15 pm
Katarina Pavelek, a Slovakian actress known for her work on Fox Sports Live (2013), The Mindy Project (2012), and Marry Me (2014), died earlier this month in Liestal, Switzerland following an assisted suicide.
The model and actress had received her Covid-19 booster shot a year ago, which she believed would enhance her immune system.
Tragically, Pavelek experienced significant health deterioration thereafter, according to Evie Magazine.
Like most people, Pavelek thought the jab would improve her immune system – instead, it did the opposite, and she suffered heavily as a result.
Pavelek publicly addressed her thousands of followers on Instagram on June 1, 2023, announcing her heartbreaking decision to end her life due to the severity of her illness.
“Hi guys, over last 10 days I became severely ill again homebound unable to do much. My body is too weak to fight this illness and I have no more strength so I made decision to end my life at Pegasos association in Switzerland. I was diagnosed with untreatable chronic neurological illness,” Pavelek wrote.
“ME/CFS caused by booster jab on top of having suspected respiratory ALS. This illness made me disabled, unable to work or have social life and unable to enjoy life all together. Breathing have become more and more difficult and painful for me and my lung function has been declining. Thank you for all your friendship and support over last year,” she added.
“The booster jab I received over year ago destroyed my health, my body and my life completely. There is no other way to end my suffering other than the decision I made,” she concluded.
Pavelek’s experience is not isolated. She is one of the millions who have reported adverse reactions following the administration of the experimental Covid-19 vaccine.
https://www-thegatewaypundit-com.webpkgcache.com/doc/-/s/www.thegatewaypundit.com/2023/07/tragic-news-actress-succumbs-assisted-suicide-following-covid/
100% safe and effective?
Remember who threatened to get you FIRED FROM YOUR JOB for not getting injected with that mRNA poison?
These people will not be forgotten. There will be no amnesty. There will be trials, convictions, and executions.
It’s a medical genocide, and the only response to it will be Nuremberg Trials.
Our blog host posted this a week ago but it’s worth a re-post if anybody sees it for the first time.
LET THERE BE NO AMNESTY FOR WHAT HAPPENED DURING THE CONVID-19 SCAMDEMIC (2m20s):
https://www.bitchute.com/video/R66f8COGhLeM/
Finally almost 2/3 years later the massive covid plandemic scandal is being exposed to the masses
https://www.bitchute.com/video/71ugfvTe9PX8/
1:33.
I had covid, and it’s not the common cold by any stretch of the imagination.
Unfortunately, one of the reasons I got it was due to misinformation about the vaccine conferring immunity. It would have been helpful to know that it doesn’t before I and a number of relatives learned otherwise from personal experience.
one of the reasons I got it
This comment is a bit vague. Does the “it” refer to COVID or the vaccine?
It = covid. I underestimated my risk of catching the virus due to misinformation about the vaccine conferring immunity.
misinformation about the vaccine conferring immunity
Which variant?
I had covid, and it’s not the common cold by any stretch of the imagination.
It sure was for everybody I know. Nobody even considered visiting a doctor for their symptoms.
Nobody even considered visiting a doctor
Many did and had unfortunate outcomes.
It sure was for everybody I know.
Which variant?
Which variant?
Some lies were told.
Delta.
I know a number of people who had bad covid experiences, including my primary care physician.
Only two people I knew personally died.
Apparently President Trump and his debate opponent, Chris Christie, both had severe cases but lived to tell about it.
Delta was nasty. I don’t believe the vaccines ever promised “immunity” which implies 100% against symptoms. Instead, Big Pharma used the term “protection,” and they even gave a % protection against symptoms/hospital. For reference, the measles vaccine doesn’t offer immunity either. It offers 95% protection.
The mRNA COVID vaccine was developed for wild-type COVID, and it protected very well against Alpha, but it didn’t do as well against Delta. And by the time Delta came along the mRNA vaccine had faded. It’s hard to say someone “lied” about the vaccines fading, since nobody knew it would fade until Israel reported it.
Both of my kids caught the delta variant during a brief visit to San Jose, CA. My daughter and son were really sick for the better part of a week.
I know a number of people who had bad covid experiences, including my primary care physician.
What percentage were jabbed?
had unfortunate outcomes
Or dehumanized for daring to seek care. When I had COVID the first time, I had pain up and down my spine, which, in women, can be a sign of a heart attack. I seriously had people “caring” for me that thought I deserved to die for not being jabbed and told me that I chose poorly.
Haunting words from Dr. Tess Lawrie.
The globalist media does not want you knowing, or discussing, what is happening in France right now.
It looks much worse than our 2020 “Summer Of Love” after Saint George died from a fentanyl overdose.
The French are a disarmed population, and they are much further along in their Great Replacement.
And the globalists want all of this here in the USA.
“The French are a disarmed population”
except for the immigrants shooting Uzis into the sky, and soon into…
“…and they are much further along in their Great Replacement.”
And Allah’s mosques are everywhere in le ghetto.
I saw somewhere that it’s spread to Switzerland.
“For top-ranked Naples, 1,051 homes were sold in April, with a median list price of $800,000 and a median sale price of $675,000, reflecting a 0.96 average sale-to-list ratio”
What kind of math is this!? The median sales price is 15+% lower than the median list price.
0.96
>>> 675/800
0.84375
Streamed on: Jun 30, 12:00 pm EDT
EXPOSING THE CENSORSHIP INDUSTRIAL COMPLEX | Part 1 – #158 – Stay Free With Russell Brand
Join us for part one of a special LIVE event with me, Michael Shellenberger and Matt Taibbi exposing the Censorship Industrial Complex at Westminster Hall in London. What is the Censorship Industrial Complex? And how did government agencies, academic institutions and private groups begin censoring you?
https://rumble.com/v2x5x8y-exposing-the-censorship-industrial-complex-part-1-158-stay-free-with-russel.html
One hour nine minutes.
‘the result of the current market slowdown, driven by inflation and higher mortgage rates, that has caused properties to take longer to sell compared to a year ago, said Realtor Diana Fisher. ‘As a result, a stabilization in pricing trends has been noticed’
via GIPHY
‘Liquidations of companies are accelerating in number as more businesses succumb to the toxic mix of a troughing property market, high inflation, spending-shy households…but even so, liquidation numbers remain lower than before Covid-19 first made landfall’
This was because the global housing bubble began popping in 2018, after central bank tightening starting in 2017, and New Zealand/Australia were sinking like a turd in a well.
‘If you’re doing a vacation rental, it’s going to be dead from January ‘til April for sure…The season is too short in our area to have a positive cash flow’
It wouldn’t be if the guberment hadn’t guaranteed the loans for STR’s Chip. The relationship between Fannie/Freddie and the STR explosion deserves examination. And it serves as another in the long train of examples that the GSE’s actions result in the exact opposite of their stated purpose: affordable housing.
A good rule of thumb is whatever the government says they’re doing they’re actually doing the opposite.
https://www.breitbart.com/politics/2023/07/02/los-angeles-metro-suffers-third-world-style-wave-of-copper-wire-theft/
In 2021, commenting on the looting of cargo trains in L.A., California Gov. Gavin Newsom (D) commented: “We look like a third-world country.” He apologized for using the pejorative word “gangs” to describe the theft.
Speaking of Los Angeles and theft, did anyone ever do a follow-up on those news stories of Amazon boxes being looted from train cars? There were some dramatic pictures of Amazon order boxes opened and scattered all over the train tracks. Presumably this is still going on.
BitChute? Rumble? That’s treading into some risky business right there.
Don’t go to those websites and watch those videos. Stay on the plantation. Even Tim Pool brags about using NewsGuard™ because all Tim Pool cares about is not getting booted from YouTube.
And avoid Gab and Western Rifle Shooters, nothing but bad news for you there, cattle tax slaves.
all Tim Pool cares about is not getting booted from YouTube
Gotta protect his grift!