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Some Owners Are Buckling Under The Financial Pressure And Feel They Have No Choice But To Sell

It’s Friday desk clearing time for this blogger. “‘The sharpest price decline in Utah’s real estate history occurred from May 2022 to January 2023,’ wrote the report’s authors, housing researchers Jim Wood and Dejan Eskic. In those eight months, the statewide median sales price of an existing home fell 16%. ‘There is no other comparable short-term decline, when housing prices fell so far so fast, in either the Great Recession or the decade of the 1980s,’ Wood and Eskic wrote.”

“Across the Austin-Round Rock metro area, half of the houses last month sold for more than $460,000 and half sold for less, for a 7.6% decline in the median sales price. Median sales prices have continued to see year-over-year declines as mortgage interest rates have risen. ‘Buyers cannot afford the same price points with these higher rates,’ said Clare Losey, housing economist for the Austin Board of Realtors. Williamson County: Median price: $435,516, down 8.7% from August 2022. Hays County: Median price: $394,990, down 10.1% from August 2022. Bastrop County: Median price: $339,990, down 15% from August 2022.”

“Sierra Nevada Realtors on Wednesday released its August 2023 report on existing home sales in Carson City and Lyon, Douglas, Washoe, Storey and Churchill counties. Active inventory is up across the rural counties by 10.4%. In August 2023, Carson City median sales price for an existing single-family residence was $465,000, a decrease of 8.8% from the previous month and a decrease of 9.2% from the previous year. In August 2023, Lyon County median sales price for an existing single-family residence was $380,000, a decrease of .2% from last month and a decrease of 10.6% from the previous year.”

“Whether you are renting or buying a home in the D.C. area, the process can be complicated and expensive. When he looks at the numbers, local real estate agent John Coleman said interest rates make buying a home less attractive. ‘Homeownership is a long-term game,’ Coleman said. ‘If you’re looking to sell it in three to four years, I wouldn’t buy right now. I just wouldn’t. There’s cost-of-sale in terms of buying and then selling … it’s kind of like driving a car off the lot.'”

“To anyone who’s been paying attention, it’s no surprise that the Long Island housing market has been struggling lately. And the slowdown in home sales has also been painfully obvious to people in businesses that have depended on a healthy real estate industry for their own success. ‘During the height of COVID, it was like the steroid era of baseball. Interest rates were at 2.5 percent, people with no experience in the industry were making money hand over fist,’ Chris Roberti, director of strategic growth for Woodbury-based mortgage lender Hartford Funding told LIBN. ‘I was working around the clock and sometimes didn’t even have time to eat lunch. It was crazy. And then all of a sudden, everything kind of fell off a cliff. It was a violent rise in rates and happened in like three to four weeks.'”

“Robert Esposito, principal of Hauppauge-based Relocator Service Inc., has also been riding the housing rollercoaster. During the height of the COVID pandemic, Esposito’s firm was busier than ever, as home sales boomed. But two years later, the housing boom has turned bust, and the company’s residential moving business is now down about 40 percent since 2020. ‘This is the first time I’m really noticing how much the pendulum has swung,’ Esposito says.”

“More than a year after the News4JAX I-TEAM exposed the owner of a Jacksonville fence company for taking thousands of dollars from customers without doing the work, Glen Northrup pleaded guilty on Thursday to organized fraud, a second-degree felony. ‘I lost everything, everything,’ he said. ‘I feel bad right now. The customers got to understand I’ve got to pay lawyers and all the fees I have to pay. I’ve got that paid and now we are going to move forward.’ He blames all of this on a bad situation with his business. ‘My landlord come in and foreclosed on me so I couldn’t renew the lease, so I lost the business, I lost my home, I lost all my materials back there. I had 10-12 customers’ materials waiting to go, and then my help left, so I was left there holding the bag.'”

“Given more volatile income streams than nearly every other sector, hospitality real estate is on a razor’s edge all its own. Though it doesn’t face the same existential crisis as office, the hotel sector is softening at an inopportune time. ‘I think the extend-and-pretend days are coming to an end, especially when banks look at sponsors and find they’re not putting in enough cash at the property level, nor enough cash in the reserves,’ Ridgemont Hospitality COO Dhruv Patel said. ‘The business transient traveler, that one-to-two-day, quick-hit business trip, I think we’ve all settled into the understanding that it’s never coming back,’ said Patel, whose company owns hotels near Oakland International Airport and Google’s headquarters in Mountain View, California. ‘We feel kind of stuck,’ Patel said. ‘There’s margin pressure through the roof.'”

“Buyers lamenting a shortage of inventory in the Toronto-area real estate market will have a rush of fresh listings to sort through this month. The average price in the Beaches dipped to $1.4-million at the end of August from $1.5-million one year earlier, says Rochelle DeClute, broker with DeClute Union Realty. Increasingly, sellers are wrapping their minds around the current landscape, she says. ‘We’re seeing the price change happen in a couple of weeks,’ she says of the more pragmatic sellers. In an added twist, sellers are sometimes chasing buyers these days. ‘Strategically, if a buyer is interested, there’s no reason the seller can’t write an offer to the buyer,’ Ms. DeClute says.”

“Ms. DeClute says the current environment remains a sellers’ market but she is also seeing an increase in motivated sellers. Many homeowners are shocked, for example, when the time comes to renew a mortgage and they see payments double. Some are deciding to step out of home ownership as a result. In midtown Toronto, properties that were changing hands for $2.1-million or $2.2-million are now more likely to fetch $1.9-million or $1.95-million. Victor Tran, mortgage specialist with rates.ca., says ‘purchase transactions have been down the drain.’ Most of the people he sees struggling are holding investment properties, Mr. Tran says, adding that he has not yet had clients who are giving up a principal residence. Mr. Tran predicts an uptick in inventory in the coming weeks as sellers enter the traditional fall market. But he adds that some owners are also buckling under the financial pressure and feel they have no choice but to sell. ‘A lot of people are on edge.'”

“The UK housing market is facing ongoing challenges, with house prices continuing to fall, the latest Royal Institution of Chartered Surveyors residential market survey shows. ‘Viewing levels have been lower being a holiday period. Sales are being agreed, but below vendor expectations, many of whom are not aware of the impact of interest rates on values. Buyers are expecting discounts and sales are agreed when parties to a chain agree to share those discounts,’ said Anthony Filice of Kelvin Francis Ltd from Cardiff.”

“People in Sweden have become more pessimistic about house prices, with the bank SEB’s September housing indicator showing a rise in the share who expect falling prices. ‘Housing price expectations have long resisted following economic developments but the expected fall has finally come,’ said Américo Fernández, SEB’s private economist. He said that a lower-than-expected turnout of buyers at the first weekend for house viewings after the summer break appeared to have dispelled sellers’ expectations for higher prices. ‘This month, economic reality and the chilly reception to the big viewing weekend appears to have forced households to lower their future expectations somewhat,’ he continued. ‘In the coming autumn, we can expect a peak in interest rates, wavering power prices, and ever emptier wallets, which taken together suggests a suppressed and uncertain situation for house prices.'”

“Finland’s economic downturn will last longer than expected, driven by weaker export demand and a rapid slowdown in construction activity in the face of high interest rates, the Bank of Finland said on Friday. Hundreds of construction companies have already gone bankrupt this year in Finland, and the coming months do not look much brighter. Real estate data shows that new apartment sales in August dropped more than 60% year on year. ‘This year housing construction will drop below the level it hit during the (2007-2009) financial crisis,’ said Jouni Vihmo, chief economist at the Confederation of Finnish Construction Industries.”

“QV Nelson/Marlborough manager Craig Russell said it was still a ‘low sales volume environment’ – though listing numbers were expected to increase in spring, as they typically do every year. ‘There is still an oversupply of modern typical homes in the Richmond location, which have been sitting on the market for an extended period. A number of properties are also affected by conditional contracts, and in particular chain sale situations whereby the sale of a vendor’s property is contingent on the sale of the purchaser’s property.'”

“A NSW family has lost $59,000 in the wake of their builder going into liquidation. Chris Le, his partner, and both their sets of parents had paid a hefty deposit to Simone Homes to build them a house on a plot of land in Eagle Vale, in Sydney’s southwest. It’s a double whammy for the Le family, because, as building work never commenced and the land was not yet titled, the construction company was not able to take out a Builders Warranty Insurance policy. That puts the unlucky family in the same boat as other unsecured creditors and they are unlikely to receive the full amount of their deposit back, if anything. ‘This whole thing has been nothing less of a dumpster fire,’ Mr Le told news.com.au.”

“Construction worker Shi Tieniu bought a presale apartment in an industrial city in northwestern China’s Shaanxi province, billed as a ‘superior product’ to be ‘passed down through generations.’ Eight years later, it is an unfinished shell, and every night he must climb 20 flights of stairs to sleep in a threadbare room without water, heating or electricity. ‘I almost never drink water, wash my face or brush my teeth,'” said Shi, 39, who moved into the Gaotie Wellness City complex in May. ‘I want this to be finished as soon as possible, so my elderly parents have somewhere to spend their final years… I have no money now, I’ve lost my family property and all that’s left is this unfinished building.'”

“Shi and a few dozen desperate home buyers live in the block in Tongchuan city as part of a nationwide campaign to pressure authorities to address so-called ‘rotting’ or unfinished homes that have become more common during a years-long property slump that has bankrupted many developers and left others massively indebted. Many of Shi’s neighbours are retirees who had bought apartments for their unmarried sons, or labourers who cannot afford to rent elsewhere. To enter the complex, residents pick their way through an overgrown field, past abandoned construction machinery to a hole in the wall.”

“‘My life savings were spent here. My son is still unmarried. I’m already 60, after a few years I won’t be able to climb so many stairs,’ said a resident and former coal miner surnamed Gao who paid 240,000 yuan for a flat in 2018. ‘You cannot rely on these houses. Look at how they turned out now, and how it has destroyed my family,’ said home buyer Qi Xiaoxia, 65. ‘My son is now 36. I borrowed money from all my relatives and friends to pay for the house. These past few years, we’ve tightened our belts to repay… but we still have no house and my son has no wife.'”

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This Post Has 150 Comments

    1. A sharp partisan divide remains over new Covid boosters (9/15/2023):

      “More than half of voters say they’re likely to seek out the newest shot, as Covid cases trend upward and the U.S. heads into its fourth winter with the virus, according to new polling conducted by POLITICO and Morning Consult.

      The 57 percent who will “probably” or “definitely” get vaccinated signals that a sizable share of the population remains open to the vaccines, even as they increasingly become the subject of political attacks and disinformation.

      Nearly eight in 10 Democrats, 79 percent, say they will “definitely” or “probably” get the new vaccine, which will be made widely available by the end of this week. But only 39 percent of Republicans expect to seek out the updated shot, reflecting the sharp political divide that’s hampered the Covid response in recent years.”

      https://www.politico.com/news/2023/09/15/poll-covid-booster-democrats-00116123

      The “disinformation” referenced in the article is that the alleged vaccines do anything to prevent infection or transmission of CCP Flu, which they do not.

      1. Related article.

        Gallup — American Public Opinion and Vaccination Requirements (9/3/2021):

        “Americans’ political identity is strongly related to their opinions about vaccine requirements, echoing similar partisan differences on such issues as vaccination hesitancy, mask requirements and the importance of COVID-19 as the nation’s top problem. Very large majorities of Democrats are in favor of each of the five vaccination requirements tested …

        The variation across these party/vaccination status groups is extreme. For example, 96% of vaccinated Democrats favor the requirement for proof of vaccination before flying on an airplane, compared with 12% of unvaccinated Republicans. Ninety-four percent of vaccinated Democrats favor the requirement for attendance at events, compared with 9% of unvaccinated Republicans.”

        https://news.gallup.com/poll/354506/update-american-public-opinion-vaccination-requirements.aspx

        Never forget, these people wanted you not only excluded from participating in public life, they wanted you FIRED FROM YOUR JOB for not getting injected with experimental deadly mRNA poison.

        No job –> no paycheck –> no mortgage or rent payment.

        Get injected, or become homeless.

      3. Wasn’t there only something like 30% uptake of the previous Omicron booster? So I don’t see how 50% are interested in this one.

        1. The CDC says 56M people in the US got the bivalent booster. Right next to that they calculate it’s 82% of the population.

          I’m going to have to get out my calculator!

          2. The page navigation is a little tricky. The labels at the top are actually separate tabs that you click on to see the info.

            At Least One Dose: 270.2 million, 81.4% of total population
            Completed Primary series: 230.6 million, 69.5% of total population
            Updated (bivalent) booster: 56.5 million, 17% of total population (43.3% of age 65+)

          4. The 17% number is just the ones who took the bivalent jab

            Plenty of fools took 3-4 jabs before the bivalent came out. I think it’s closer to 50% who took 3 or more

      4. as Covid cases trend upward
        Went on a cruise last week with a group of about 40 people, most of who I did not know, well, I know at least 8 of us have Covid, probably more. Yeah it’s out there again (my second time) and no I ain’t getting a booster.

        1. The horse paste works. Everyone in my circle who took it breezed through it. Keep a stash. I got hundreds of pills and was passing them out like candy since summer 2021 to anyone who needed them.

          Also vitamin D, zinc, bromelain.

          1. I got hundreds of pills

            Those suckers ain’t cheap. I got some with a prescription in 2021, and it was $60 for a box of 30.

      5. More than half of voters say they’re likely to seek out the newest shot

        I wonder if that is true? It could be propaganda: “Wow! Everyone is getting the booster, I guess I should too.”

        At this point I don’t trust any vaccine. How do I know they aren’t slipping some of the Covid juice into say the flu vaccine. you know, “for my own good”?

        1. “At this point I don’t trust any vaccine. How do I know they aren’t slipping some of the Covid juice into say the flu vaccine. you know, “for my own good”?

          +1 and share that with everyone you know.

          I’ll never consent to another injection of anything, ever.

    3. Had to have blood drawn today. Very busy branch of testing company (mostly blood) in Las Vegas. Chatting with the phlebotomist, and we got into the vaccines. She is unvaxxed. She whispered to me, “You wouldn’t believe how many people are dying.” Even though I’ve been reading as much as I can on the subject, I was still a bit shocked to hear her say it.

      1. I recall that it was difficult to get blood drawn locally during the peak of the scamdemic because the labs were all demanding that their phlebotomists get jabbed, and most quit. I had to make an appointment at a hospital to have blood drawn by a nurse.

        She whispered to me, “You wouldn’t believe how many people are dying.”

        Funny how there are no doctors screaming about that on the evening news.

        No vaccines of any kind for me anymore. The trust is shattered.

  2. ‘During the height of COVID, it was like the steroid era of baseball. Interest rates were at 2.5 percent, people with no experience in the industry were making money hand over fist,’ Chris Roberti, director of strategic growth for Woodbury-based mortgage lender Hartford Funding told LIBN. ‘I was working around the clock and sometimes didn’t even have time to eat lunch. It was crazy. And then all of a sudden, everything kind of fell off a cliff’

    Was it like somebody flipped a light switch Chris?

    1. And then all of a sudden, everything kind of fell off a cliff’

      So funny how they can’t, or refuse, to make the connection with rising interest rates.

      And many here predicted that the runaway spending would result in a skyrocketing CPI and much higher interest rates.

  3. ‘My landlord come in and foreclosed on me so I couldn’t renew the lease, so I lost the business, I lost my home, I lost all my materials back there. I had 10-12 customers’ materials waiting to go, and then my help left, so I was left there holding the bag’

    Bag Holder Stonks GIFfrom Bag Holder GIFs

  4. In August 2023, Carson City median sales price for an existing single-family residence was $465,000, a decrease of 8.8% from the previous month and a decrease of 9.2% from the previous year.

    Is that a lot?

    1. This is where I currently call home, splitting my time between NNV and the Oregon coast. The signs are everywhere that that the crash has begun. But it’s got a long way to go. That median number should be just under 300K here. We’ll get there.

        1. I know in NNV the last bust saw 50% haircuts, in some areas even more. There’s no reason this time it won’t be worse.

      2. That median number should be just under 300K here. We’ll get there.

        Carson City incomes don’t even remotely support $300k houses. Only transplants believe that nonsense. Based upon local wages, house prices should be $140k, especially considering 8% mortgages. A $140k house with 20% down at 8% is about $1,150 per month – which is pretty much what the median income would support, traditionally speaking. No new math BS.

  5. ‘Increasingly, sellers are wrapping their minds around the current landscape, she says. ‘We’re seeing the price change happen in a couple of weeks,’ she says of the more pragmatic sellers. In an added twist, sellers are sometimes chasing buyers these days. ‘Strategically, if a buyer is interested, there’s no reason the seller can’t write an offer to the buyer’

    That’s some red hotcakes right there Rochelle.

    1. “In an added twist, sellers are sometimes chasing buyers these days. ‘Strategically, if a buyer is interested, there’s no reason the seller can’t write an offer to the buyer’”

      – Tomorrow’s headline: “IIn a surprising reversal of market direction, sellers are now writing love letters to buyers.” ❤️

      – Enjoyed yer boom? Now enjoy yer bust…

    2. I’m still waiting for the sellers to chase me, including a written offer to come back and feed the squirrels after they move out.

  6. Some are deciding to step out of home ownership as a result.

    You don’t “own” a home until the final mortgage check clears.

    1. Maybe not even at that point if you have to pay a hefty annual property tax bill to maintain possession.

  7. Greenville SC ,our local “Big City’, Has a large grocery store closure, going on now..It opened just a year ago ,with much fanfare,with 800K of grants,on the Southside, an iffy area , It was called a food desert,which is code for bad area , with a lot of foot traffic…
    They said it was low head count, and some other issues, Of course, no one in their right mind would drive into an iffy area of town to buy groceries where there’s a lot of “Foot traffic”, and those would probably be the folks who intend to pay,that stay away….
    And the name of the do-gooding Grocery Chain?…”Piggley Wiggley”, Yeah, It used to be the best Known Grocery name in the South, there’s still some of them around,they started the self-serve grocery Idea ,way back…..Even they can’t make it if folks don’t intend to pay….

    2. “…and those would probably be the folks who intend to pay, that stay away….”

      Here in SoCal (Orange County), the new grocery store contact sport is dodging filled up shopping carts pushed out the front door by smash/grab thieves who know that no-one will confront them.

      Free groceries up to $950 and worst case penalty is a citation.

      Please, smash/grabbers, just don’t ding up the Tesla’s or BMW’s in the parking lot. Have a nice day and enjoy your free groceries.

      1. They should install signs at the exits that say, “Smash and Grabbers; Please Exit In An Orderly Manner. Thank You For Your Consideration.”

      2. Tesla’s or BMW’s

        Out of curiosity, do you add these apostrophes or is it an autocorrect situation? You want plural not possessive. And yes, this grammatically incorrect trend bugs me.

      3. They’re nicking the cart too. I saw that all the time ten years ago. A young immigrant couple would buy the stuff, wheel the cart out to the parking lot, with a babe in the seat, and just keep going. In some areas, Target installed wheel locks, which stopped the cart theft.

  8. ‘Housing price expectations have long resisted following economic developments but the expected fall has finally come’…He said that a lower-than-expected turnout of buyers at the first weekend for house viewings after the summer break appeared to have dispelled sellers’ expectations for higher prices. ‘This month, economic reality and the chilly reception to the big viewing weekend appears to have forced households to lower their future expectations somewhat,’ he continued. ‘In the coming autumn, we can expect a peak in interest rates, wavering power prices, and ever emptier wallets’

    Américo is a well known far right stopped clock Putin puppet antivaxxer election denying conspiracy theorist perma bear.

    1. Américo is a well known far right stopped clock Putin puppet antivaxxer election denying conspiracy theorist perma bear.

      You say that like it’s a bad thing.

  9. That puts the unlucky family in the same boat as other unsecured creditors and they are unlikely to receive the full amount of their deposit back, if anything.

    Luck has nothing to do with it. Putting down big deposits with builders at the peak of the housing bubble was a huge leap of faith, with no guarantees any contracts would be honored.

    1. So, I wonder… if the builder goes bust and doesn’t finish the house, does the homebuyer at least get to keep the land underneath? Or is the plot still considered the owned by the builder, and can therefore be distributed to creditors who are first in line in a Chapter 11?

  10. I have no money now, I’ve lost my family property and all that’s left is this unfinished building.’”

    There’s a country western song in there just waiting to be written, Shi.

  14. Two related articles …

    US Manufacturing Production Lower YoY For 6th Straight Month, As Automaker Output Plunges

    https://www.zerohedge.com/economics/us-manufacturing-production-lower-yoy-6th-straight-month-automake-output-plunges

    UAW strikes at Big 3 automakers, targets select factories
    The UAW is employing a ‘stand up’ strike strategy for maximum leverage against the automakers

    https://finance.yahoo.com/news/uaw-strikes-at-big-3-automakers-targets-select-factories-071225154.html

    Methinks the automobile management and the head of the union are in bed with each other.

    1. I wouldn’t worry too much about an inventory crunch. Between the clandestine lots hiding new vehicles and the massive amount of repos there gonna be plenty to pick from.

      1. I stopped by the local Nissan dealership the other day to get a new key fob for my daughter’s car. The place was overflowing with new inventory, with not a buyer in sight. This same dealership was gouging buyers for thousands over MSRP during the contrived scamdemic-era “chip shortages.” What happens when millions of the idiots who overpaid for a rapidly-depreciating asset financed over 6-7 years decide to just let the repo man haul their vehicle away so they can get a cheaper replacement?

        2. IIRC, Nissan plants in the US are not union, so they won’t be striking, though Nissan could furlough workers and stop production.

          1. “Nissan plants in the US are not union, so they won’t be striking,”

            It would be better for Nissan if their workers would go on strike because then they wouldn’t have to endure the stigma of instituting a layoff.

            It is in the interest of the unions to strike when times are good, not when they are bad. When times are good the leverage for striking goes to the unions, when times are bad the leverage for striking goes to the companies.

        3. I was in a large Chevy dealer helping my MIL buy on Saturday of Labor Day weekend.

          Ghost town. Plenty of cars though. Two sales guys actually called the manager over to see who got to help her.

    2. Things might not be sufficiently dire yet. Rebates are few and small so far. What I’m seeing on cars.com is a 48K MSRP being offered for $47K.

  15. A reader sent these in:

    California existing home sales have declined 47% from the Covid peak, a deeper plunge than the 38% decline in the US as a whole. It is difficult for me to paint a “soft landing” economic scenario when I spend all day looking at waterfall charts like this one.

    https://twitter.com/JeffWeniger/status/1702047699413938495

    Traveling to the Bay Area doesn’t seem safe anymore

    https://twitter.com/ClownWorld_/status/1702180223553569268

    Bellingham, Washington 🇺🇸

    https://twitter.com/ClownWorld_/status/1702069316693467445

    Biggest price drops since January:

    https://twitter.com/GuyDealership/status/1701949377156178149

    Cracks are showing in the real estate market.

    I’ve been tracking vacation house prices in a few markets, and this is the story almost everywhere. Listed high, cut, cut, cut. Every cycle it’s always the vacation homes that come down to earth first, then “normal” markets next. Unless you’re in an urban market with fundamental supply or demand pressure, the combo of high rates and a softening economy is pressuring prices. If you’re frustrated about housing affordability lately – I think the next 12-18 months is going to afford some opportunity.

    https://twitter.com/BillDA/status/1702343679376032249

    I’ve been following air bnb groups and subreddits for awhile now, they are all very concerned about 2024 bookings. Cracks for sure

    https://twitter.com/JUSTINOCONNOR_/status/1702345957411533199

    Same thing in my neighborhood – mega hot north Dallas suburb.

    https://twitter.com/allenthird/status/1702346428561965088

    U.S RESI: Mortgage applications dropped last week to their lowest point since 1996. i.e. Worse than during the housing crisis from 2005-2008

    https://twitter.com/INArteCarloDoss/status/1702220936236134543

    Trudeau blames Harper and Conservatives for housing crisis.

    https://twitter.com/therealhebrahim/status/1702490998042190246

    Soooo……we didn’t have a hotel shortage in 2019, but AirBnBs doubled due to temporary stimulus when inflation was low and no one had to make ANY payments. Now inflation is destroying budgets, people are almost out of pandemic savings, student loans are back on, heading into a recession……

    https://twitter.com/GRomePow/status/1702473290303107078

    I feel like there are a startling number of people who work in real estate who don’t realize that their industry has been running a giant levered long bond fund for the past 40 years.

    https://twitter.com/BamaBonds/status/1702323067480162784

    Just so everyone knows. +1% mortgage rate = -10% value of your house. Yes reality takes time since math is hard, but that is the reality.

    https://twitter.com/GRomePow/status/1702331045855854831

    Employee Tax Credit got halted, the echo scam of PPP. Buh bye small business owner welfare.

    https://twitter.com/GRomePow/status/1702430050594038198

    I have received dozens of unsolicited invitations from various outfits over the last several months offering to help file a claim. Funny thing is I don’t have any employees. 😂

    https://twitter.com/dfwaaronlayman/status/1702429552365216045

    Investor housing purchases in Phoenix are falling FASTER than during the GFC

    https://twitter.com/GRomePow/status/1702417970356785360

    Down from $2 million to only $1 million, in a few months, here in Tampa lol

    https://twitter.com/FluentInFinance/status/1702333949627019340

    Home prices divided by manufacturing wages are at a record high, 1953-2023. At the peak of the housing bubble in 2005, home prices were equal to 13,862 hours of manufacturing wages. Current home prices of $406,700 are equal to 15,353 hours of work at $26.49 per hour.

    https://twitter.com/JeffWeniger/status/1702417889368604695

    New condo listings in the Toronto are for the month of August. Second highest level on record, only behind the COVID boom

    https://twitter.com/JohnPasalis/status/1702382758612402600

    Construction loan rate history:

    https://twitter.com/aussieflya/status/1702408393778925880

    this flip flopped:
    — sold in June ’22 for $522K
    — payments missed since March 2023
    — listed in April 2023 for $584K
    — 8 percent mortgage with a prepayment rider (!!!)

    https://twitter.com/kristinbjornsen/status/1702410511093027266

    $TLSA Cybertruck looks like a clumsy tech-elephant as it traverses this… ugh… dirt road?

    https://twitter.com/ClothesTesla/status/1702034222628638796

    JUST IN: 🇺🇸 Binance US chief risk officer & head of legal resign.

    https://twitter.com/WatcherGuru/status/1702371564958671074

    Damn. Here it is. Sometimes even when you know it’s coming, once you see it, it still hits you. It’s not that people stopped moving to Oregon. It’s that many more packed up and left. First time in 2 generations. (Fwiw I’m writing up income and poverty first, migration second)

    https://twitter.com/lehnerjw/status/1702337467461062776

    If only there were signs the Federal Reserve went too far

    https://twitter.com/GRomePow/status/1702388429085159508

    The yield curve has been signaling a recession for 212 days straight now. This is a record. Historically, the longer it takes for the recession to start after the inversion, the more severe the recession is

    https://twitter.com/heresyfinancial/status/1702372562549002477

    Remember all that cheap housing in Arizona? Just got this email today. Don’t forget it’s extra for floors and other minor stuff like that. Postage sized lots.

    https://twitter.com/LaziestofDans/status/1702364431873876090

    The average rate over time since 1971 is almost 7.74%. People shouldn’t be surprised by this. Maybe they should have stopped watching a 24 year old influencer who started an STR in Phoenix and read a book.

    https://twitter.com/CarolWalshReal1/status/1702367265478651964

    Prime Minister Justin Trudeau asked what he considers an affordable price for a home in Canada

    https://twitter.com/6ixbuzztv/status/1702344808587481145

    Its funny, a year ago everyone was convinced there would be 5% mortgages by the end of 2022. Now they’re convinced there will be 5% mortgages by the end of 2024. When none of them realize it doesn’t matter now until mortgages are 2% and without demographics it might not matter at all.

    https://twitter.com/GRomePow/status/1702328777295237176

    Jagmeet Singh’s Evasive Response Raises Eyebrows Amidst Property Investment Controversy 🏡💰

    https://twitter.com/therealhebrahim/status/1702300676309848347

    People got delusional with their 3% mortgages thinking they’d live in their home for 30 years. Life throws you curveballs like below and you have to adapt. If you ran for the hills from the pandemic and bought a house remotely it’s gonna cost ya

    https://twitter.com/StealthQE4/status/1702296303105946109

    2. Just so everyone knows. +1% mortgage rate = -10% value of your house. Yes reality takes time since math is hard, but that is the reality.

    4. “ A reader sent these in:”

      – Great X tweets!

      – Everything is indeed awesome and right with the world!

      – No one is over their skis when everyone is over their skis. Right? Hello? Bueller? 😀

      – Thank you Ben!

    5. “Employee [Retention] Tax Credit got halted, the echo scam of PPP. Buh bye small business owner welfare.”

      Danielle DiMartino Booth is celebrating on Twitter/X.

      Some googly background:

      The ERC (part of the CARES Act) was free money, approx $28K-40K per employee/year, that a small business owner could claim for wages paid between March 2020 and September 30, 2021. Businesses have until April 15, 2025, to do a lookback and apply for the credit retroactively. IRS was paying out $30 billion/month. As time went on, the IRS was expecting the applications to slow to a trickle and then stop, as all the qualified businesses applied and were paid. But now, dozens of shady firms have popped up to file new applications, taking a cut of any IRA payouts. The IRS Commissioner was fighting the fraud, and finally put a pause on new applications.

      Danielle D-B was highlighting the fraud, even connecting the ERC payouts to business owners taking a large amount of foreign vacations (with their children in First Class airplane seats). This will save the taxpayer a lot of money.

    1. Top 5 US Banks are over-leveraged and it’s a recipe for disaster 🚨

      Goldman: 110.3x !!!
      JP Morgan: 17.1x
      Citibank: 32.1x
      BOA: 9.5x
      Wells Fargo: 9.5x

        1. Precious metals prices aren’t doing sh!t. They have been flat for years. Silver and gold are lower than they were in Sept. 2020.

          2. Thank you. I hold PMs, but it gets tiring when every uptick (even after a big drop) is heralded as “the sky is falling and PMs are way up!!!!!”

            That said, I do believe PMs/gold are an important part of a balanced portfolio, and dampen volatility

  17. So why are they still building luxury town homes for age restricted buyers?

    I’m already 60, after a few years I won’t be able to climb so many stairs,

  18. I’ve been following air bnb groups and subreddits for awhile now, they are all very concerned about 2024 bookings. Cracks for sure

    Die, speculator scum. Just die already.

  20. The housing market in Southwest Florida is STILL going crazy. SFH prices have nearly doubled in the past few years and every time I think I see a sign of a slowdown, things tick back up. It was ground zero for Housing Bust #1 and I suspect it will take top prize in the epic crash contest again by the time it all shakes out. This is insane…

    1. When you print double digit trillions in monetary and fiscal stimulus in a small window of time, you get asset price bubbles extreme in nature.

    2. Didn’t we hear somewhere that Florida is kind of ground zero for the PPP and ERC fraud? When it’s not your money your spending it’s amazing how high prices can go. But that spigot just recently got shut off. Watch for the tide to go out next. Also heard that IRS set up shop down in Florida to go after the fraudsters. Hang ‘em high!

  21. Here is a great Salt Lake City listing: https://www.homie.com/listings/1667457

    Not only are they open to creative financing, but this great investment opportunity already has tenants!

    The current total revenue from tenants is approximately $7,690. After a $74,000 down payment the monthly nut will be $9,323. Gotta get the foothold in the market, get on that ladder!

    In all seriousness, this area is decent. It is walkable to downtown and a good area for jogging and walking. But that price, oof.

    1. Paul Krugman (economics), Laurence Tribe (constitutional law) and Jim Cramer (financial markets) are hacks. I wonder if they’re friends.

  26. “Buyers lamenting a shortage of inventory in the Toronto-area real estate market will have a rush of fresh listings to sort through this month. The average price in the Beaches dipped to $1.4-million at the end of August from $1.5-million one year earlier, says Rochelle DeClute, broker with DeClute Union Realty. Increasingly, sellers are wrapping their minds around the current landscape, she says. ‘We’re seeing the price change happen in a couple of weeks,’ she says of the more pragmatic sellers. In an added twist, sellers are sometimes chasing buyers these days. ‘Strategically, if a buyer is interested, there’s no reason the seller can’t write an offer to the buyer,’ Ms. DeClute says.”

    Oh how the table has turned. No more love letter or feeding the squirrel?

    That Tampa 1 millions is just a lot. This greedy POS was trying to sell an empty lot for $2 M.

    The condo in Hollywood, FL has $1400+ monthly condo fee! The total monthly payment is over $5K!

    1. Makes me think of that small Italian island with a population of 6,000 that was quickly swarmed by 8,000 Africans who boated in.

    3. https://twitter.com/BillMelugin_/status/1702725504044867747?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1702725504044867747%7Ctwgr%5E7435a358bdd99002e561c6b833f08e9a0b0c6933%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.zerohedge.com%2Fpolitical%2Fclose-freaking-border-angry-new-yorkers-shout-down-aoc-nadler-over-immigrant-crisis (2m35s):

      NEW: Watch as Border Patrol mass releases hundreds of illegal migrants to a city street in San Diego as CBP facilities are overcrowded.

      Migrant: “It’s no problem if I go to Chicago?”
      BP agent: “You can do whatever you want, you’re free.”

      These are Biden’s buses, not Texas.

  33. The housing market is seeing more buyers get cold feet as mortgage rates soar
    Filip De Mott
    Sep 15, 2023, 9:16 AM PDT
    An above shot of houses, yards, and streets.
    US housing market adamkaz/Getty Images

    – Nearly 16% of home sale deals in August were canceled, the highest rate since last October, Redfin reported.

    – Soaring mortgage rates, which climbed as high as 7.23% last month, are giving homebuyers cold feet.

    – “I’ve seen more homebuyers cancel deals in the last six months than I’ve seen at any point during my 24 years of working in real estate.”

    Surging mortgage rates are not only keeping potential homebuyers out of the market, they’re pushing away those who were ready to sign.

    In August, 15.7% of home-purchase deals set to go under contract that month were canceled, equal to nearly 60,000 of agreements, Redfin reported. That’s the highest rate since cancellations peaked in October 2022 and up from 14.3% a year earlier.

    “I’ve seen more homebuyers cancel deals in the last six months than I’ve seen at any point during my 24 years of working in real estate. They’re getting cold feet,” Jaime Moore, a Redfin real estate agent quoted by the release, said.

    “Buyers get sticker shock when they see their high rate on paper alongside extra expenses for maintenance, repairs and closing costs. Many of them would rather back out, even if it means losing their earnest money. A lot of sellers are also willing to let buyers slip away because they don’t want to concede to repair requests.”
    …
    https://markets.businessinsider.com/mymarkets?originurl=/news/stocks/housing-market-homebuyers-canceled-house-price-deals-mortgage-rates-2023-9

    2. – “I’ve seen more homebuyers cancel deals in the last six months than I’ve seen at any point during my 24 years of working in real estate.”

      Seeing a lot more of this over the last couple of months in the areas I watch. With both contingent and pending sales dropping out. The contingent listings dropping out are surely the fact the the sale was contingent upon the sale of buyers current house, which just isn’t selling..or they can’t sell for the amount they need to close the purchase. Then a lot aren’t qualifying for financing, and more and more each day are waking up to the fact that they’re about to make a huge financial mistake. It’s just like last time at the comparable point of the ‘08 burst. Feels like late ‘06. Overall, it’s acting just like a bursting bubble should at this point. We haven’t even got to the carnage phase yet. So there’s still time to load up on popcorn. 🍿👍

  34. Published September 15, 2023 9:00am EDT
    Yield curve pioneer warns Fed not to raise rates, predicts possible recession in 2024
    The yield curve inversion has continued for 212 days, Campbell Harvey says
    By Charles Creitz FOXBusiness
    Duke University finance professor Campbell Harvey discusses the state of the U.S. economy and the Fed’s interest rate strategy on ‘The Claman Countdown.’ video
    Recession is coming in 2024: Campbell Harvey
    Duke University finance professor Campbell Harvey discusses the state of the U.S. economy and the Fed’s interest rate strategy on ‘The Claman Countdown.’

    Yield curve pioneer Campbell Harvey warned the Federal Reserve against raising rates again later this year, telling FOX Business on “The Claman Countdown” that a recession might still be coming in 2024.
    …
    https://www.foxbusiness.com/media/yield-curve-pioneer-warns-fed-not-raise-rates-predicts-possible-recession-2024

    1. Financial Times
      Markets Briefing Markets
      Tech sector sell-off drags down Wall Street stocks
      Declines come after markets in Europe and Asia were boosted by Chinese economic data
      Montage of Wall St sign and a chart
      Nicholas Megaw in New York, Daria Mosolova in London and Hudson Lockett in Hong Kong an hour ago

      Wall Street stocks fell on Friday, as signs of weak demand from the world’s top chipmaker hit Big Tech shares.

      The benchmark S&P 500 dropped 1.2 per cent on the day, while the tech-dominated Nasdaq Composite fell 1.6 per cent. For the week, the indices shed 0.2 per cent and 0.3 per cent, respectively.

      Technology stocks led the market lower on Friday after a report that Taiwan’s TSMC had asked its major suppliers to delay the delivery of high-end chipmaking equipment.

      The Philadelphia Semiconductor index, tracking 30 of the world’s biggest semiconductor manufacturers, fell 3 per cent.

      Bryant VanCronkhite, senior portfolio manager at Allspring Global Investments, said the TSMC news had spooked investors as it provided a reminder that the economic outlook was still uncertain despite recent optimism.

      “The market has priced in a soft landing,” VanCronkhite said. “We’ve had good economic data, dropping inflation, and that’s given confidence that the [Federal Reserve] will stick the landing . . . [but] there are several micro-data points that suggest the all-clear flag cannot be waved quite yet.”
      …

  35. ‘it’s kind of like driving a car off the lot’

    John, I’ve had similar thoughts. Keep up the good work!

  36. ‘During the height of COVID, it was like the steroid era of baseball. Interest rates were at 2.5 percent, people with no experience in the industry were making money hand over fist’

    Well Chris, we still expect that the lending was rock solid in such an environment.

  37. ‘I think the extend-and-pretend days are coming to an end, especially when banks look at sponsors and find they’re not putting in enough cash at the property level, nor enough cash in the reserves’

    Wait just a minute Dhruv, what’s this not putting in enough cash stuff? I already put in my money, remember, at the meeting where you told me we were gonna be rich with a 5% cap rate?

  38. ‘Buyers are expecting discounts and sales are agreed when parties to a chain agree to share those discounts’

    The chain includes you Tony. Have you ‘agree to share those discounts’?

  39. ‘new apartment sales in August dropped more than 60% year on year. ‘This year housing construction will drop below the level it hit during the (2007-2009) financial crisis’

    Wa happened to my shortage Jouni?

  40. ‘There is still an oversupply of modern typical homes in the Richmond location, which have been sitting on the market for an extended period. A number of properties are also affected by conditional contracts, and in particular chain sale situations whereby the sale of a vendor’s property is contingent on the sale of the purchaser’s property’

    There’s a chain again! So if one deal blows up, in a declining market mind you, another falls through, which means another and another. Oh dear.

  41. Dumb question of the day:

    What do Fed losses signify, given they possess a printing press technology and could just print away any losses incurred?

    1. Fed losses breach $100 billion as interest costs rise
      By Michael S. Derby
      September 15, 2023 7:52 AM PDT
      Updated 9 hours ago
      The U.S. Federal Reserve building is pictured in Washington, March 18, 2008.
      REUTERS/Jason Reed/File Photo

      NEW YORK, Sept 15 (Reuters) – Federal Reserve losses breached the $100 billion mark, central bank data released on Thursday showed, and they’re likely to go a lot higher before the red ink stops.

      The U.S. central bank is continuing to pay out more in interest costs than it takes in from the interest it earns on bonds it owns and from the services it provides to the financial sector. While there’s considerable uncertainty around how it will all play out, some observers believe Fed losses, which began a year ago, could eventually as much as double before abating.

      William English, a former top central bank staffer now at Yale University, said he sees a “peak” loss of around $200 billion by 2025. Meanwhile, Derek Tang of forecasting firm LH Meyer said the loss is likely to be between $150 billion and $200 billion by next year.

      The Fed captures its losses in what it calls a deferred asset, an accounting measure that tallies what it will eventually have to cover in the future before it can return to its normal practice of returning its profits to the Treasury. Losing money is very rare for the Fed. But at the same time, the central bank has cautioned many times that the situation in no way impairs its ability to conduct monetary policy and to achieve its goals.
      …
      https://www.reuters.com/markets/us/fed-losses-breach-100-billion-interest-costs-rise-2023-09-15/

  42. Financial Times
    US economy
    Asset managers BlackRock and Amundi warn of rising US recession risk
    Investment chiefs point to cooling labour market and favour Treasuries
    A barista hands a pastry over the counter to a customer at a coffee shop in Washington DC. A mug is held by a colleague in the foreground
    The alerts from Amundi and BlackRock come even as the broader market expects a soft landing
    Kate Duguid in New York and Harriet Agnew in London September 13 2023

    Investment chiefs at two of the world’s largest asset managers have warned that the risk of a US recession is rising, even as government officials and a growing number of investors believe the Federal Reserve’s interest rate rises will not damage the economy significantly.

    Top fund managers at BlackRock and Amundi told the Financial Times that while the US economy has largely looked resilient in the face of aggressive monetary tightening by the Fed, cracks are now appearing, notably in the labour market.

    “The probability of a recession for us is very high,” said Vincent Mortier, chief investment officer at Amundi, which manages $2.1tn. “The question mark is how deep and how long . . . We are much more concerned by the dynamics in the US than the consensus,” he said, adding that he expected the contraction to come at the end of this year or early next year.
    …

    1. U.S.
      Housing Market’s Most At-Risk Areas as Foreclosures Rise
      By Omar Mohammed On 9/14/23 at 3:02 PM EDT

      New Jersey and Illinois are facing a stressed housing market that’s grappling with gaps in affordable homes, underwater mortgages, foreclosures and unemployment, according to a new report, at a time of uncertainty for the housing market amid high interest rates.

      ATTOM, a real estate data analysis firm, revealed that nearly half of the counties most at risk are in those two states. New Jersey exhibited the highest rates of foreclosures among the top 50 counties facing the downside. The biggest clusters were found to be in New York City, Chicago and Philadelphia.

      Meanwhile, the southern United States and the northeast demonstrated a more solid environment in the second quarter of 2023.

      “We continue to see pockets of the U.S. housing market where the foundation is a bit shakier – or more solid – than others, based on important quarterly metrics,” ATTOM CEO Rob Barber said in a statement.
      …
      https://www.newsweek.com/housing-market-most-risk-areas-foreclosures-1827142

    2. Remember when Alan Greenspan suggested the housing market was just “a bit frothy” in a few red hot coastal areas?

      This time the bubble is utterly ubiquitous!

      1. Foreclosure Rates Edge Up In August 2023
        Christine Stuart
        Sep 12, 2023

        Despite a 7% monthly increase, the year-over-year trend shows a slight decline; Nevada, Illinois, and South Carolina see highest rates.

        New data from ATTOM says foreclosures are on the rise. The report indicates a total of 33,952 U.S. properties faced foreclosure filings. This figure marks a 7% increase from July 2023, though it’s 2% less than August 2022.

        Nationwide, the statistics point to one in every 4,113 housing units receiving a foreclosure filing in August 2023. Nevada led the pack with one foreclosure filing for every 2,224 housing units, followed closely by Illinois and South Carolina. New Jersey and Delaware were also high on the list.

        In terms of metropolitan areas with populations exceeding 200,000, Columbia, S.C., faced the highest foreclosure rates. Fayetteville, N.C., Peoria, Illinois, Las Vegas, and Jacksonville, N.C., also grappled with elevated rates.

        For metropolitan regions with populations over 1 million, Las Vegas was accompanied by Cleveland, Ohio, Riverside, Calif., Jacksonville, Fla., and Chicago as the cities hardest hit by foreclosure rates.

        However, it’s not all doom and gloom. The commencement of the foreclosure process on U.S. properties showed an increase of 9% from July to August 2023, tallying 22,899. Still, this was a decrease of 4% from the previous year. Louisiana, California, Tennessee, Alabama, and Florida observed the most significant monthly spikes in foreclosure starts.

        Essential stories, every weekday.
        In a concerning trend for major metro areas with populations above 1 million, Austin, Texas, Nashville, Tenn., and Raleigh, N.C., saw the most considerable monthly upsurges in foreclosure initiations.
        …
        https://nationalmortgageprofessional.com/news/foreclosure-rates-edge-august-2023

  44. Help! I Care More About Climate Change Than My Partner

    https://wattsupwiththat.com/2023/09/14/help-i-care-more-about-climate-change-than-my-partner/

    (A wife talking about her husband:) “You’re not talking about whose turn it is to take the rubbish out; you’re talking about extinction and survival,”

    (Which leads to:) This tension even led to a stalemate on whether to have children.

    I hope their gene pool that is boiling over with stupidity ends with their correct solution to this stalemate.

    1. This tension even led to a stalemate on whether to have children.

      One of the objectives of the hoax, I would say. Get that birthrate well below 1.0.

      And don’t have pets either. They too have a carbon footprint!

      1. “Get Ready for a New Bull Market Instead”

        Notice how the messaging about real estate has evolved in the wake of over a decade’s worth of extraordinarily easy money and quantitative easing from the Fed, targeted on mortgage backed security purchases?

        Back in the early days of this blog, circa 2004, nobody would have dreamed of describing the housing situation as a “bull market.” This is an artifact of a New Era where greed-driven Wall Street speculators have taken over, driving out American families who just want a place to live in, but are priced out forever.

      2. “He quickly raised the key point that housing market crash speculation isn’t new… and no crash has happened yet.”

        That’s just a lie, plain and simple. Everyone who paid any attention whatsoever knows the housing crash from 2006-2012 was epic, and only ended with the Fed’s extraordinary housing market stimulus through QE-targeted on MBS purchases.

        Now that the Fed has returned to its core mission of containing inflation, who will intervene to keep housing prices propped up on a permanently high plateau?

  46. California Governor Dispenses Millions of Dollars to Get Tough on Rampant Retail Crime

    https://www.yahoo.com/lifestyle/california-governor-dispenses-millions-dollars-195903882.html

    Gov. Gavin Newsom wants retail thieves to know that crime doesn’t pay.

    (Who dares say that Govenor Newsom doesn’t have a sense of humor?)

    To fight this crime, the governor on Thursday revealed he was disbursing $267 million in state funds over the next three years to 55 city and county law enforcement agencies and prosecutors.

    (So much for defunding the police. But as to the prosecutors …)

    (More humor from the Guv:) “Enough with these brazen smash-and-grabs. We’re ensuring law enforcement agencies have the resources they need to take down these criminals,” Newsom said in a statement.

    (Stay tuned.)

    1. Translation” “Wow, voters are pizzed off over crime, even more than we expected. We need to pretend that we care.”

  47. Mortgage maths pop quiz:

    How large of a loan can you finance over thirty years of $4000 monthly payments at current interest rates (say 7% APR, for simplicity)? Assume no downpayment to keep the example simple and transparent.

    Follow-up question: How come you can rent a place ‘worth’ twice as much for the same $4000?

    PS After I annoyed and vexed my wife by repeatedly asking her to guess the answer to my question, she guessed it almost to the dollar.

    PPS The place we rented for the past several years has a Zestimate of around twice the answer to my question, and we have been renting for well under $4000.

    Someting is rotten in the state of California

    1. Yahoo Finance
      Mortgage rates stuck above 7% for over a month
      Gabriella Cruz-Martinez
      Thu, September 14, 2023 at 11:06 AM PDT·4 min read

      Mortgage rates again stayed above 7% this week after core inflation in August came in higher than expected.

      The average rate on the 30-year fixed mortgage increased to 7.18% this week, up from 7.12% the week prior, according to Freddie Mac. Rates have exceeded 7% for five straight weeks, and likely will remain above that in the near term as markets anticipate the Federal Reserve’s interest rate decision next week.
      …
      https://finance.yahoo.com/news/mortgage-rates-stuck-above-7-for-over-a-month-180632247.html

    2. we have been renting for well under $4000.

      Well, you are living in a different world than me, but at least not in the worser one over in the universe of debt. That $4K would cover my house expenses here for 2 to 3 years. Less than a year of that $4K/mo would cover the check I wrote to buy the place 10 years ago. I used to have more zeros on my income and expenses, but now I’m quite content to cruise on my boat in summer and do my art in the off season. Good luck with the California financial fast lane.

    3. “How large of a loan can you finance over thirty years of $4000 monthly payments at current interest rates (say 7% APR, for simplicity)? Assume no down payment to keep the example simple and transparent.”

      My old trusty RPN HP42S says:
      NPV = $601,230.27

  48. To put the article I am about to post into context, 1996 was the last time my wife and I bought a home . But it was at the end of half a decade of falling prices.

    By contrast, the incipient bust is just getting underway

    1. Real Estate
      Mortgage demand stalls at a level not seen since 1996
      Published Wed, Sep 13 2023 7:00 AM EDT
      Updated Wed, Sep 13 2023 2:51 PM EDT
      Diana Olick

      WATCH LIVE
      Key Points

      – The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances — $726,200 or less — increased to 7.27% from 7.21%.

      – Demand for refinances dropped 5% for the week and was 31% lower than the same week one year ago.

      – Applications for mortgages to purchase a home rose 1% week to week but were 27% lower than the same week one year ago.
      …
      https://www.cnbc.com/2023/09/13/mortgage-demand-stalls-at-a-level-not-seen-since-1996.html

  49. BONDS
    Treasury yields rise as investors digest inflation data
    PUBLISHED FRI, SEP 15 2023 4:14 AM EDT
    UPDATED FRI, SEP 15 2023 4:14 PM EDT
    Sarah Min
    Sophie Kiderlin

    U.S. Treasury yields climbed on Friday as markets absorbed the latest economic data and investors considered what it may mean for interest rates.

    The 10-year Treasury yield was trading 4 basis points higher at 4.332%. The 2-year Treasury yield was last up by more than 2 basis points to 5.039%.

    Yields and prices move in opposite directions. One basis point equals 0.01%.

    https://www.cnbc.com/2023/09/15/us-treasury-yields-investors-digest-inflation-data.html

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