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Builders Are Really Willing To Just Get Out With Their Behind

A report from the Miami Herald. “Homebuyers and renters are in luck. Real estate experts predict you can expect better deals in South Florida in 2024. ‘There’s that old saying of what goes up, must come down,’ said Jack McCabe, owner of the Deerfield Beach-based real estate and economic research firm Jack McCabe Expert Services. ‘We’re going to see that this year. A lot of what drove the market will taper off,’ he said. ‘Yes, people might be coming from across the globe, but will they make up for the domestic, Northeast buyer? No, they won’t. Are we going to see a tapering off of these unrealistic, artificial, inflated prices? Yes, we are. For condos and townhomes, we’ve got a lot of new product coming on the market. As a result, we’re going to see the prices of condos and townhomes coming down.'”

WKRN in Tennessee. “A rollercoaster ride — that’s how experts describe what this past year’s been like in real estate. ‘It’s a real time to strike for investors,’ said real estate agent Jeff Checko. ‘Now is one of those ‘cash is king’ times that you should be absolutely taking advantage of maybe even bulk purchases from builders that are really willing to just get out with their behind.’ But what about buyers in 2024? ‘So, if I’m a first-time homebuyer, let me say, ‘Let me not get a new car right now. Let me take care of getting this asset, even if it puts me a little uncomfortable in terms of my monthly cash flow and how I feel about it,’ because that situation could very well occur again, and now you’re getting pushed out another couple of years,’ Checko explained. As far as the hot parts of town, Checko sees the biggest potential for price spikes in Nashville’s urban core.”

The San Francisco Chronicle in California. “The five most expensive unsold homes in San Francisco have one thing in common: Despite their beauty, luxury and history, they’ve lingered on the market and are still for sale as the year ends. The first three quarters of this year were hard on luxury sales, with many real estate agents attributing the depression in high-end real estate to the economic worries of early 2023, as well as the relentless ‘doom loop’ media coverage aimed at the city. People who have $35 million in the bank typically don’t have to buy a house, and especially not in San Francisco. ‘Upper-tier clients in San Francisco are grappling with an existential quandary: Is this really where I want to park $20 million?’ said Herman Chan of Sotheby’s International Realty in an email to SFGATE.”

The Pueblo Chieftain. “Pueblo’s niche affordable home-building business, indieDwell of Colorado, is struggling financially, but there is an effort underway to rebrand the business and provide much-needed jobs for Pueblo residents, especially its second-chance employees. Civil lawsuits against indieDwell are starting to stack up in Pueblo District Court. Whitestone & Co. is ‘one of the largest Section 8 landlords in the country’ whose properties are ‘really affordable homes,’ said Gino Cozza, CEO for Whitestone & Co. Cozza supplied the Chieftain with a bank statement indicating Whitestone paid a $627,672 deposit to indieDwell through JP Morgan Chase bank on Nov. 22, 2022. The deposit was for 20 homes.”

“Cozza said he would have a conversation with one indieDwell board member who he was supposed to follow up with the next week, only to find out that the board member had left. ‘A year came and went and I don’t have any homes and they don’t have any money,’ he said. ‘I’ve been trying for many months to try to avoid getting lawyers involved, but I finally got to that point after the last phone call I had with them. It was clear I was being strung along.'”

The Wall Street Journal. “From 2019 to 2022, a new type of real-estate fund became one of the hottest fundraising juggernauts on Wall Street by giving individual investors the chance to participate in soaring values of apartment buildings, warehouses and other types of commercial property. Last year, those funds, known as nontraded real-estate investment trusts, ran off the rails. As concerns increased about the troubled commercial-property market, fundraising plummeted by the funds’ sponsors, many of them giant investment firms such as Blackstone and Starwood Capital Group.”

“Redemptions slowed toward the end of 2023. But outflows are expected to continue to exceed funds raised as 2024 begins, making the business a symbol of one of the worst downturns to hit the commercial-property industry since World War II. ‘If this thing doesn’t turn around they’re going to have to keep hitting the asset-sale button,’ said Kevin Gannon, Stanger’s chief executive. ‘Investors are saying they’re not buying [the funds’ valuations] because they’re not giving them money and they’re redeeming like gangbusters.'”

The Columbus Dispatch. “Many central Ohio business leaders aren’t convinced that inflation is going away anytime soon, even as a growing amount of evidence shows otherwise. In fact, they think it could get worse in 2024. The annual Columbus CEO survey of business leaders on economic conditions in central Ohio shows that 59% of them expect inflation to worsen in 2024. Another 4% expect a large increase in inflation. ‘The findings from the University of Michigan consumer sentiment survey found exactly the same thing,’ said economist Bill LaFayette, owner of economic consulting firm Regionomics, who completed the analysis of the survey for CEO. ‘People are thinking inflation will increase.'”

The Globe and Mail in Canada. “After being vilified for its plans to buy $1-billion worth of houses in Ontario to rent them out, Core Development Group Ltd. says it now also wants to build new rental houses from scratch. Core’s founder and chief executive officer, Corey Hawtin says he now sees a chance to build not apartment buildings, but rather single-family homes that are purpose-built for rental, to fill what he characterizes as an unmet need for detached housing in the rental market. The company is under contract on two sites, one in Kingston and one in London.”

“If Core follows through on its plans to build single-family rentals, it would be benefiting from a downturn in new home building. Some developers have had to postpone or even sell projects because they have been unable to handle higher borrowing and construction costs. ‘The low-rise developers are not able to sell those homes. So we think there’s an opportunity to bring that sort of scale, scale up the business in that market,’ Mr. Hawtin said.”

Glasgow Live in Scotland. “Residents of a new build estate in Glasgow feel they have been left ‘abandoned’ by homebuilders as many of the promised features remain unfinished. Lochwood Gardens estate, in Easterhouse, welcomed its first residents back in 2020. Merchant Homes started work in the area in April 2019 after plans were greenlit by Glasgow City Council. Samantha Deakin and her young family were one of the first to move into development in July 2020. Since her first day on Lochwood Gardens, the 33-year-old has looked out onto an unfinished car park which becomes overgrown with weeds in the summer.”

“She told Glasgow Live: ‘When we moved in it was all rubble, they told us not to worry and it would be sorted within a month. Three and a half years later it is still not fully finished. We keep getting promised that the work will start as soon as possible but we have been left with an eyesore this was supposed to be stones and landscaped. It is still all rubble and weeds. Driving in here is depressing. I thought this was my dream home to raise my kids in but it has been a nightmare.'”

“Another resident, who moved to Lochwood Gardens in December 2021, says she felt a lack of security in her own home. On a few occasions, she has had to phone emergency services after seeing vandals break in to properties still under construction. The concerned homeowner said: ‘There were vandals coming into the unfinished homes. They put up emergency numbers but they turned around and said to phone the emergency services because they aren’t there to secure the site. It caused me real issues with my mental health. Living on this estate is depressing. A lot of these house were over £200,000 which is a lot of money for this area. I’m from Easterhouse and I wanted to stay here but I was sold a nightmare. Nothing has been done properly. I worked hard to get this house but I regret buying here.'”

The Times-Age in New Zealand. “In light of recent coverage by the Times-Age over Mt Munro property buyers claiming they were misled about a wind farm development close to their houses, two other parties who recently bought in the area claim they are in the same boat. Chris Davies and her husband Dave Berry moved from Waikato to Eketāhuna in 2021 because they wanted somewhere quiet. Davies said they made the offer in December 2020, offered the vendors ‘top dollar,’ and had finalised the sale by January.”

“They moved onto the site permanently later that year, and Davies said that at the end of 2022, they had a new property shipped to the site from Waikato. ‘We love the serenity of the place, and we love the views,’ Davies said. ‘We positioned the new house with the bedroom facing those ridges. If the wind farm goes ahead, we’ll be staring directly at it. If we’d known all of this beforehand, we wouldn’t have gone offering the money.'”

“She said they had reached out to the agent who sold them the property, who had told them he had no knowledge of the wind farm at the time of purchase. ‘The question is, who’s responsibility is it?’ Davies asked. ‘You put your trust in your real estate agent, and how do you know what questions to ask if you don’t know what’s going on?'”

“Another resident [who wanted to stay anonymous] bought his land in September last year and said there was no mention of wind farms from the agent verbally or in writing. Now armed with the knowledge that Meridian’s proposed wind farm for Mt Munro has been in the pipeline for years, he said he feels misled. ‘When I viewed it, it was peaceful. Looking out from anywhere on the property was just green hills and no interruptions,’ he said. ‘But now there could be a honky tonk windmill in my face, which is a big letdown. It feels like there’s been deceit from the agents. I’m starting to regret the purchase.”

From Barron‘s. “Liu Jianguo, a 47-year-old teacher in the second-tier city of Guiyang, considers himself lucky. He lives in a sliver of China where the property market isn’t withering. ‘I have friends in the big cities,’ he said. ‘They are aware they’re in a bad place for buying or selling real estate.’ New home prices in China’s 70 big cities fell for a sixth month and values in the secondary market declined the most in nine years. China’s priciest housing markets, Beijing and Shanghai, relaxed homebuying policies to boost the market.”

“‘However one slices the data, the existing excess supply in the market is likely to take at least another four years to unwind, absent a meaningful pickup in demand,’ Oxford Economics lead economist Louise Loo said in a recent report. ‘Increasing supply coming from secondary market transactions—as households, worried about depleting profits from price declines, sell their second or third homes—is an additional drag to this process,’ she said, adding that ‘developers’ inventory is far too large for households to absorb quickly.'”

“The sector’s struggles are hitting investors, homeowners, and the offshore bond market. The epic bear run for Chinese property stocks is nearing a 14-year low. Taken together, China’s overall GDP growth is likely to slow to 4% in 2024 and 2025, Moody’s analysts said in a report this month. ‘To offset the diminished role of the property sector over the medium term, substantial and coordinated reforms will be needed for consumption and higher value-added production to drive growth,’ it said.”

“But that solution too has its problems. An estimated 70% of China’s household assets are parked in property. Convincing people to spend and revive the economy when their core savings are being wiped away is a hard sell. ‘I’m too old to go investing elsewhere,’ said recent Beijing retiree Liu Ming. ‘But I’m telling my daughter: ‘Don’t put all your eggs in property.'”

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This Post Has 56 Comments

  1. ‘The findings from the University of Michigan consumer sentiment survey found exactly the same thing,’ said economist Bill LaFayette, owner of economic consulting firm Regionomics, who completed the analysis of the survey for CEO. ‘People are thinking inflation will increase’

    Oh dear, that would be bad news for Jerry!

  2. ‘Davies said they made the offer in December 2020, offered the vendors ‘top dollar’

    December 2020 was the tippy top for shack prices in that sh$thole Chris and Dave. You are undeniably winnahs!

    ‘‘When I viewed it, it was peaceful. Looking out from anywhere on the property was just green hills and no interruptions,’ he said. ‘But now there could be a honky tonk windmill in my face, which is a big letdown’

    Cheer up anon, some people would pay extra fer a honky tonk windmill in their face.

  3. ‘So, if I’m a first-time homebuyer, let me say, ‘Let me not get a new car right now. Let me take care of getting this asset, even if it puts me a little uncomfortable in terms of my monthly cash flow and how I feel about it,’ because that situation could very well occur again, and now you’re getting pushed out another couple of years’

    You tell em Jeff, you have to be in it to win it. Giving up food may be necessary, but you only live once!

  4. ‘Liu Jianguo, a 47-year-old teacher in the second-tier city of Guiyang, considers himself lucky. He lives in a sliver of China where the property market isn’t withering. ‘I have friends in the big cities,’ he said. ‘They are aware they’re in a bad place for buying or selling real estate’

    Real estate has been completely turned on its head in China.

    ‘An estimated 70% of China’s household assets are parked in property. Convincing people to spend and revive the economy when their core savings are being wiped away is a hard sell. ‘I’m too old to go investing elsewhere,’ said recent Beijing retiree Liu Ming. ‘But I’m telling my daughter: ‘Don’t put all your eggs in property’

    Listen to yer Mom, she should know. Liu got schlonged.

    1. The nightmare scenario for the Fed and its bullion bank market manipulators who have been suppressing the prices of physical gold and silver with naked shorting of millions of nonexistent ounces is that 1.4B Chinese will start stacking the shiny in the same way their wiser and more prudent ancestors did. It’s Game Over for the rigged precious metals markets once big buyers stand for delivery and the COMEX informs them the silver and gold they notionally purchased, doesn’t exist in above-ground physical form.

        1. The Chinese have been buying massive amounts of gold for many years. The problem with large debts though is that when debts have to be paid, real assets will be sold off.

      2. Asians, Middle Easterners, and Indians all stack physical metal more than the West. They never had the luxury of a world reserve currency like Americans do. They know that their currency can inflate away to nothing in a heartbeat, so a reserve of physical metal will at least pay the bills.

        One precious metal expert often ties the price of silver to whether there was a good harvest in India. Good harvest –> Indians sell the crop for extra silver to store as savings –> demand increases –> price increases. Bad harvest –> less crop to sell –> Indians sell their stored silver to pay bills –> supply increases –> price decreases.

        I believe the CCP encourages their citizens to stack, knowing they can confiscate it in a heartbeat. There is some speculation that the CCP is stacking all the product from their mines too, with the intention of buying their way out of any future Depression or international conflict.

    2. ‘Don’t put all your eggs in property’

      This is a lesson that remains to be learned by many highly leveraged property investors here in America.

    3. What I don’t understand is how a Chinese real estate depression, coupled with all their major developers going bankruptcy over an 18 month period, when 70% of household wealth is tied up in real estate, in addition to the microchip embargo, and lingering effects of the CCP covid-shutdowns, somehow equals ‘only’ 4% growth. This don’t make no sense to me. Because that should be some serious 1932 depths of the great depression type stuff.

      1. They are in a great depression. They’re telling their young adults with their bran new college degrees to go back to the family farm.

  7. It’s 2024 — where’s my self-driving car?

    If you think the idea of a driverless car is a product of the 21st century, you haven’t heard of Francis P. Houdina.

    Actually, it’s likely even his mother hadn’t heard of that name, because he had made it up, a fact that eventually led to an altercation with the better-known escape artist Harry Houdini, but that’s beside the point.

    On July 27, 1925, Houdina staged an exhibition in Manhattan to demonstrate his wireless car. The New York Times said the car had a “loose housing around the shaft to the steering wheel,” and police advised him to postpone the stunt, but he forged ahead, anyway.

    The newspaper described how the wobbly car, with a remote driver in a car that followed it closely, forced a milk wagon and two trucks onto nearby curbs for safety. It smashed into the fender of a car filled with men who were grinding movie cameras, trying to film the event for posterity. It continued up the road, nearly colliding with a fire engine.

    The Times quoted Houdina as saying he planned a trip across the country, once the radio controls had been perfected. Not surprisingly, I can find no record of that ever happening.

    Houdina’s invention was not, by modern standards, anything close to an autonomous vehicle, where the car is making the decisions. But, clearly, the idea of a driverless car has been attracting inventors and consumers alike for at least 99 years.

    All of which is to say, it’s 2024 already. Where is my driverless car?

    Back in 2016, fully 91 years after Houdina’s stunt, Business Insider said, “10 million self-driving cars will be on the road by 2020.”

    We’re four years past that and I’m looking around. Nope. Nothing yet.

    Well, at least not where I’m standing.

    I may be writing another version of this column in two years, wondering where my driverless car is. The Society of Automotive Engineers says there are six levels of autonomous driving, from zero to six. Most cars being sold today are, at best, on Level 2, at which the car can handle acceleration and enough steering to keep you in a lane. An attentive driver is still needed for everything else, and to make sure the Level 2 stuff works right.

    The website for Semiconductor Engineering said Mercedes-Benz now has Level 3 vehicles, described as being able to do just about everything, but still requiring a driver to be at the ready. That’s a huge step forward. An expert once told me the difference between Levels 2 and 3 was as wide as the Grand Canyon.

    A number of driverless taxi fleets have received permission to operate in limited ways in some cities, but a recent accident in San Francisco was a setback.

    Level 4 would be the major breakthrough, the level at which a human driver is no longer needed. But that’s a difficult level to achieve.

    To get there, the car would have to “see” a construction worker with a “slow” sign and know what it means. The website said the car would have to interpret the hand signals of a police officer directing traffic in an intersection and be able to distinguish that from a regular person in a crosswalk who happens to be waving at a friend.

    “Think about driving through downtown Manhattan, Chicago, or San Francisco,” the website quoted David Fritz, vice president of hybrid and virtual systems at Siemens Digital Industries Software, as saying. “The number of unanticipated situations is myriad.”

    Cars may begin offering some limited Level 4 technology, such as being able to park themselves. But fully self-driving cars everywhere by 2026?

    I don’t want to sound as if I think the car industry will never get there. One of my favorite parts of a biography of the Wright Brothers by David McCullough was his description of how the people of Dayton, Ohio, were so used to making fun of Wilbur and Orville that they couldn’t see the daily flights the brothers were taking right over their heads.

    A lot of automation is happening around us already. Self-driving cars are coming, but we should temper our excitement with a measure of realism.

    I’d love to have an autonomous car take me to the doctor or to visit a grandchild in my old age, but I’d still like a steering wheel and the option to take control. For one thing, any machine that relies on computers and internet updates could also be hacked.

    I don’t want my car to end up like Houdina’s wireless roadster of a century ago, wobbling where I don’t want it to go.

    https://www.msn.com/en-us/autos/other/opinion-it-s-2024-where-s-my-self-driving-car/ar-AA1mkOz9

  8. Bonds
    Treasury yields climb as 2024 trading begins
    Published Tue, Jan 2 2024 4:27 AM EST
    Updated An Hour Ago
    Lisa Kailai Han
    Sophie Kiderlin

    U.S. Treasury yields climbed on Tuesday as 2024 trading kicked off and questions about the outlook for interest rates and the state of the economy remained.

    The yield on the 10-year Treasury
    was up by 8 basis points at 3.943%. The 2-year Treasury yield was also last 8 basis points higher at 4.328%.

    Yields and prices move in opposite directions and one basis point equals 0.01%.
    …
    https://www.cnbc.com/2024/01/02/us-treasury-yields-as-2024-trading-begins.html

    1. Financial Times
      Treasury yields surge and US stocks fall as rate cut bets moderate
      Jaren Kerr in New York

      US stocks declined in the first session of the year, while Treasury yields surged as traders moderated expectations for interest rate cuts.

      The benchmark S&P 500 fell 0.6 per cent, dragged down by tech stocks. The tech-heavy Nasdaq Composite slid 1.6 per cent, notching its worst daily fall since late October.

      Yields on the rate-sensitive two-year Treasury rose 0.07 percentage points to 4.32 per cent, while the yield on the 10-year note rose 0.08 percentage points to 3.94 per cent, having topped 4 per cent earlier in the session. The dollar rose 0.9 per cent against a basket of six peers.
      …

    1. Yikes, that looks like a Deliverance cliche come to life. Satellite shows that the yards are full of junk, and I’m sure the insides all look like an episode of Hoarders.

      Still, in that area, is $250K is bad deal for 4.7 acres and some utility hookups? What would it take to toss out the current renters, demo everything, ship in a few new pre-fabs, and rent it out as a nicer little community?

      1. They are finding that normalizing pedos is proving harder than they thought it would be. We were supposed to celebrating them in pardes by now.

  11. “No Stomach” In US To Keep Funding Ukraine As ‘War Is Over’: Ex-Pentagon Official

    TUESDAY, JAN 02, 2024 – 04:15 AM

    According to Maloof’s assessment in the interview:

    “The United States has their appropriations hung up. The US government could shut down by January 17 if the administration and Congress can’t negotiate and work out an arrangement for funding Ukraine and Israel, but at the same time to enforce the border. I think the Republicans to date have held firm, and we’ll see if they’ll hold on. But there’s no stomach right now any longer to fund the Ukrainians.

    Frankly, the people see that the war is over. Basically, the [Ukrainian] counteroffensive failed, and there’s no way that they can pick it back up and turn things around, because they’ve gone into total defensive mode. The so-called counteroffensive just does not exist,” said Maloof.

    This is a moment long past due where the American people and their leadership are being forced to put America first given the NATO’ization of Ukraine project has failed.

    “We have got to worry about our whether our government is even going to be open for business,” he continued, and added: “there is a second tranche in February that would shut down as well if they have not reached a resolution on funding the government agencies the way the House has dictated.”

    American public support for funding Ukraine amid the Russian invasion was already slipping as early as last summer…

    https://www.zerohedge.com/geopolitical/no-stomach-us-keep-funding-ukraine-war-over-ex-pentagon-official

    1. But but but I was told by MSM that Putin was on stage 19th of cancer and the Ukraine forces were winning! Wat happen?

    2. Ukrainian soldiers finally admitting to Russia’s superiority, scolding citizens who keep downplaying the opponent:

      🇺🇦 During the live TV marathon the Armed Forces officer in the studio replied to the question about the Russian Army: “Who told you that we are fighting with losers? We ourselves are losers and idiots. The Russian army is stronger than the Ukrainian one, better prepared, better armed and has the best weapons in the world, it’s better than most armies of the world.”

      https://www.bitchute.com/video/Xakc8ypCfkyp/

      1:34.

        1. I’m sure his stuff is already in the safe house. A coup is possible at any time. The best troops aren’t on the line, they protect the guberment. In a situation like this loyalties could change any moment.

          1. My understanding is that the secret service already has a plan in place to evacuate him. As to why the secret service I am not sure. I would think that maybe it would be a three lettered agency which would bug hum out.

            What I do think is certain is that at some point US agents will tell him “It’s time to go. Now.” He’ll be halfway across the Atlantic before the news officially breaks, as his replacements announce that they have taken over and are suing the Russians for peace.

      1. They’ll replace her with someone just as bad, if not worse.

        I am sure They will use the “City of Chicago” model when replacing her.

  13. Economy
    Recession deniers are making the same mistake as during the dot-com and housing bubbles, top economist David Rosenberg says
    Theron Mohamed
    Jan 2, 2024, 7:50 AM PST
    David Rosenberg
    CNBC

    – Recession deniers are repeating mistakes from the dot-com and housing bubbles, David Rosenberg says.

    – They’re ignoring the inverted yield curve, shrinking money supply, and leading indicators, he says.

    – The economist warns the stock market typically plummets by about 30% during recessions.
    …
    https://www.businessinsider.com/recession-forecast-rosenberg-economy-fed-dotcom-housing-bubbles-yield-curve-2024-1

  14. ‘Upper-tier clients in San Francisco are grappling with an existential quandary: Is this really where I want to park $20 million?’

    I appreciate the heavy philosophy Herman. My magic 8 balls says no.

  15. ‘If Core follows through on its plans to build single-family rentals, it would be benefiting from a downturn in new home building. Some developers have had to postpone or even sell projects because they have been unable to handle higher borrowing and construction costs. ‘The low-rise developers are not able to sell those homes. So we think there’s an opportunity to bring that sort of scale, scale up the business in that market’

    That’s the spirit Corey, undercut them while they’re drowning!

    1. So long as they can sell below highly leveraged used home seller comps and above construction cost, why not?

  16. ‘It caused me real issues with my mental health. Living on this estate is depressing. A lot of these house were over £200,000 which is a lot of money for this area. I’m from Easterhouse and I wanted to stay here but I was sold a nightmare. Nothing has been done properly. I worked hard to get this house but I regret buying here’

    Is this a bad time to talk about an extended warranty concerned homeowner? I have a discount available if yer interested.

  18. Kiyosaki’s investment strategy is multifaceted. He is known for his stance against fiat money, labeling it in derogatory terms and instead advocating for investment in what he calls “real assets” like Bitcoin,

    “real assets” like Bitcoin,

    LOLOLOL!!!!

  19. Wha happened to me Santy Claus rally?

    Markets
    CNBC TV
    LIVE UPDATES
    Updated Wed, Jan 3 2024 12:19 AM EST
    Stock futures fall overnight after Nasdaq registers worst day since October: Live updates
    Samantha Subin
    Traders work on the floor of the New York Stock Exchange.
    Traders work on the floor of the New York Stock Exchange.
    NYSE

    Stock futures slipped in overnight trading after the Nasdaq Composite registered its worst session since October.

    Futures tied to the Dow Jones Industrial Average
    slipped 35 points, or 0.08% while S&P 500 futures and Nasdaq-100 futures also fell 0.09% and 0.14% respectively.
    …

    https://www.cnbc.com/2024/01/02/stock-market-today-live-updates.html

    1. Pinned Post
      3 hours ago
      Asia-Pacific equities decline as hopes for US interest rate cuts dim
      Financial Times reporters

      Most Asia-Pacific markets opened lower on Wednesday morning in line with falling investor confidence that the US will cut interest rates.

      Hong Kong’s Hang Seng index dropped 1 per cent as Alibaba shares continued their slide, declining more than 2.5 per cent. Tencent stocks fell more than 1 per cent.

      South Korea’s Kospi retreated nearly 2 per cent, while Australia’s S&P/ASX 200 index declined 1 per cent. China’s CSI 300 was flat, and Japan’s Topix inched up 0.2 per cent.

      On Tuesday, the S&P 500 fell 0.6 per cent, dragged down by tech stocks. The tech-heavy Nasdaq Composite slid 1.6 per cent, notching its worst daily fall since late October.

      The US Federal Reserve begins its next two-day interest rate-setting meeting on January 30.
      …

    1. NJ one of 3 states expected to see housing market crash in 2024
      Mike Brant
      Published: January 2, 2024
      It looks like New Jersey’s housing market may soon run out of steam. And that’s unfortunate for so many living in The Garden State.

      According to a recent report released by ATTOM, New Jersey is among one of the top three states expected to see a housing market crash in 2024.

      Illinois and California are the other two states expected to see housing market trouble in the months ahead. The list also includes individual cities in multiple states, such as New York City.

      According to Newsweek, “Real estate markets in Illinois, New Jersey and California are at risk of downturn next year due to higher levels of foreclosures, unemployment and underwater mortgages.”
      …
      Read More: NJ one of 3 states expected to see housing market crash in 2024 | https://nj1015.com/nj-one-of-3-states-expected-to-see-housing-market-crash-in-2024/?utm_source=tsmclip&utm_medium=referral

      1. San Diego realtor on 12/30/2023, https:// nitter.poast.org/ JulieChangRE/ status/ 1741225220395172313#m:

        Real estate values only go up – especially in CA

        Except if you’re in SF

        If you’re long SF – seems like there’s amazing buying opportunities

        1. Long on SF? Fools and their money…

          As you are probably aware SF has long been a sort of bellwether. It wasn’t all that long ago when a small home selling for 400k was big news and everyone was in awe. The local news would go out and interview the young ‘investors’ to see what they were smoking. Over time people stopped being surprised and just went with it.

          Around the same time in San Diego there would be serious meetings about housing affordability and lots of interest in it. Now everyone is just like, whatever. It would be interesting to overlay charts of SF and SD and watch the symmetry and observe the lag between the two markets. I believe SD is on the same path just a bit behind the curve. We’ll see.

          1. Now everyone is just like, whatever.

            I suspect San Diego is the new home for many former San Francisco and Los Angeles residents. Locals wouldn’t have paid the prices I’ve seen.

Comments are closed.