A report from CNBC. "Sales of existing homes were weaker than expected in March. But…
This Post Has 22 Comments
From the first 5:18 video:
Denton Texas Housing Market Conditions – Denton’s Housing Reset
DFWRealtor
Nov 1, 2022
Denton Texas Housing Market Conditions. Real estate market conditions in the city of Denton, as well as Sanger, Krum and Pilot Point. Denton home prices, home sales and market statistics. Housing market correction in the city of Denton Texas following the pandemic boom & bust.
Aaron Layman Properties
The second 11 minute video:
$100K PRICE REDUCTIONS | How to “BUY THE DIP” in the Houston TX Housing Market Premiered Nov 1, 2022
There are currently $100K price reductions taking place all across the Houston TX housing market. Many of the builders are slashing prices to keep sales alive in their communities. With interest rates around 7%, builders are willing to reduce prices heavily to free up capital to continue building in new sections. They are offering $20K+ in closing costs and buying buyer’s interest rates down. Many of the builders fiscal years end in December, and the builders have incentives for move in ready homes that can close quickly.
The third 5 minute video:
Los Altos, CA Median Sale Price vs. Cambrian, San Jose – Comparing Silicon Valley Real Estate
Premiered Nov 1, 2022
Real estate market trends is all local and every market is unique and when you hear the national news stating “all housing prices are falling” this isn’t always the case. Let’s take a look at last week’s housing in two very different communities, the affluent area of Bay Area, Los Altos, and Cambrian San Jose. Both communities median sales price have decrease month over month, but over a year, the Cambrian community actually increase 4%. This is why it’s critical to get perspective and data of your local community.
The fourth 14 minute video:
Is the Market REALLY Crashing?!? Murrieta, Ca Menifee, CA Temecula
by Jessica Genung
Nov 2, 2022
Get up-to-date housing market information from the trenches! In this video I talk about what’s going on with the real estate market in Murrieta, California. I break down all the numbers and share useful stats so you can be better informed. Whether you are thinking about buying or selling, you need to know what is going on with the market! I hope you find the video helpful and please comment below to let me know what you think. Thanks for watching!
The fifth 9:17 video:
Florida Housing Market Update & Mortgage Interest Rates Today –
Southwest Florida Housing Market
Streamed live on Nov 1, 2022
Thanks for checking out this week’s Southwest Florida housing market update video. I’m Rick Harrison your Southwest Florida Real Estate Agent, and in this weeks housing market update we’ll cover the local real estate market trends, the mortgage rates today, and what the FED, inflation, and stocks are telling us about where the economy is headed in 2022.
The last 11:20 video:
Home Prices About To Look Awful In Brampton, Mississauga & Durham Real Estate – Oct 26
Team Sessa Real Estate
Nov 2, 2022
Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate Market Report for the week of Oct 20 – Oct 26, 2022
Meridian Bank cuts a third of its mortgage employees and closes 3 offices as demand slows
The Business Journals|11 hours ago
After Meridian Bank’s mortgage unit was profitable for 12 straight years, it lost $2.2 million pre-tax in the first nine months of 2022. In response, the bank has laid off a third of its workers in that business line and shuttered three offices.
“Housing is significantly affected by these higher rates, which are really back where they were before the global financial crisis. They’re not historically high, but they’re much higher than they’ve been,” Powell said during a press conference on Wednesday. “We do understand that that’s really where a very big effect of our policies is.”
Banks
June 27, 2017 10:49 AM
Updated 5 years ago
Fed’s Yellen expects no new financial crisis in ‘our lifetimes’
By Reuters Staff
LONDON (Reuters) – U.S. Federal Reserve Chair Janet Yellen said on Tuesday that she does not believe that there will be another financial crisis for at least as long as she lives, thanks largely to reforms of the banking system since the 2007-09 crash.
“Would I say there will never, ever be another financial crisis?” Yellen said at a question-and-answer event in London.
“Housing is significantly affected by these higher rates, which are really back where they were before the global financial crisis,” Powell said during the news conference. “The housing market was very overheated for a couple of years after the pandemic, as demand increased and rates were low. The market needs to get back into a balance between supply and demand.”
“For the longer term, what we need is supply and demand to get better aligned so that housing prices go up at a reasonable level, at a reasonable pace, and that people can afford houses again,” Powell said after September’s Fed meeting. “We in the housing market probably have to go through a correction to get back to that place.”
“We in the housing market probably have to go through a correction to get back to that place.”
This is “probably” going to hurt, but remember that pleasure and pain are closely related sensations.
A mansion belonging to embattled China Evergrande Group’s chairman in Hong Kong’s prestigious The Peak residential enclave has been seized by lender China Construction Bank (Asia), local online news outlet HK01 reported on Thursday.
The report did not say when the 5,000 square-foot (465 square-metre) mansion, which HK01 said was valued at HK$700 million ($89 million), was taken over by the bank.
Evergrande declined to comment on the report and chairman Hui Ka Yan could not immediately be reached. CCB (Asia) had no immediate comment.
Saddled with more than $300 billion in total liabilities, the defaulted Chinese property developer has already seen many of its assets, both in mainland China and Hong Kong, seized by creditors.
CBRE layoffs in the works
The Business Journals|15 hours ago
In third-quarter earnings, Dallas-based CBRE (NYSE: CBRE) said $300 million worth of reductions would be permanent and largely affect headcount, with company officials planning to act on $175 million in targeted costs by the end of the year.
————————–
Cancellations as a percentage of beginning backlog were up 970 basis points to 17.1% from 7.4% a year ago. “Interest rate volatility and overall economic uncertainty took a toll on our sales efforts in the third quarter, as we experienced a slowdown in demand coupled with a sharp increase in cancellations,” said Larry Mizel, MDC’s Executive Chairman.
“Buyer psychology continued to be adversely affected by the negative news flow surrounding housing market conditions and the overall economy, leading to a disappointing net order result for the quarter,” he added.
Stocks turned green after the statement, then fell as Powell repeatedly told reporters that the Fed still “has a ways to go” in its fight against inflation.
“It is very premature, in my view, to think about or be talking about pausing our rate hikes,” Powell stressed. “We have a ways to go. Our policy, we need ongoing rate hikes to get to that level of sufficiently restrictive [territory] — and of course, we don’t know exactly where that is. … I would expect to us to continue to update it based on what we’re seeing with incoming data.”
The rate hike brings the central bank’s policy rate, the federal funds rate, to a new range of 3.75% to 4% — its highest level since 2008 — from a current range between 3% and 3.25%. In the press conference, Powell stated that interest rates may need to rise above the 4.6% previously estimated.
Opendoor, Chime cut employees amid housing, tech downturn
The Business Journals|15 hours ago
Opendoor Technologies Inc. is laying off about 18% of its workforce, shedding more than 550 employees. The layoffs will come across all departments at the San Francisco-based proptech, co-founder and CEO Eric Wu wrote in a company blog post Wednesday,
Do East Sacramento communities need to establish neighborhood watch patrols? A recent spike in crime in one of the most affluent parts of Sacramento has neighbors ready to hit the streets on foot, bike or car to help keep a close eye on crime. It is something they believe is needed now more than ever.
The shocking murder of one of their own, 70-year-old Charles Starzynski, happened two weeks ago on Oct. 20 outside of the Sutter Lawn Tennis Club in broad daylight in East Sacramento. It is fresh on the minds of neighbors who met Wednesday night with police to talk about how they can help crack down on crime in their own neighborhoods.
Historically quiet, safe communities in East Sacramento are now being described by neighbors as quite the opposite.
“I have had my car broken into three times in the last month. I’ve had so much stuff stolen,” said Melinda Johnson, a McKinley Park resident.
“My neighbor just had some woman try to break into her house,” said Nancy Mathai, a McKinley Village resident.
They say drug crime largely fueled by nearby homeless encampments is becoming unbearable and unavoidable. “I have watched the customers come up to the drug dealers who are just working now at the homeless encampments because they know they have business,” said Johnson.
“I don’t sleep at night anymore. It’s really rough,” said Johnson.
The death of a community member served as a wake-up call as East Sacramento neighbors say enough is enough. “But also a wake-up call for our elected officials. What are you doing?” asked Mathai.
“Historically quiet, safe communities in East Sacramento are now being described by neighbors as quite the opposite.”
This must mean that the homeless encampments along the levies are too crowded and dangerous for newly desperate entrants.
*levees
why do you keep your luxury car in the street with anything of value in it?
Because their garages are full of junk and they don’t have basements.
Police are searching for three suspects after a shooting that left one person killed and five others hurt in Denver Tuesday afternoon, according to 9NEWS. Denver Police Department said the shooting happened in the area of Verbena Street and East Colfax Avenue.
The shooting was being investigated in the 1400 block of Verbena Street, police said. A man was found dead at the scene, and two women and three men were transported to the hospital.
Attorneys for the city of Phoenix and for a group of downtown property owners who live in the middle of the city’s largest encampment of unsheltered people — often called “the Zone” — filed into the Maricopa County Superior Court for a day-long hearing on Thursday.
It was the latest face-off in court over the encampment, prompted by a lawsuit from property owners who are attempting to push the city into action.
Missing from the hearing, though, were the more than 1,000 people who now live semipermanently on the streets of the Zone. What happens to them — and the neighborhood — is now in the hands of Superior Court Judge Alison Bachus, who could respond by ordering the city to clear the encampment, as the property owners want, or throw the case out of court, as the city has requested.
“We are not asking you, your honor, to solve this crisis,” Ilan Wurman, an attorney for the plaintiffs and a professor at Arizona State University, told the judge in his opening remarks on October 27.
“Good,” Bachus replied softly.
“What we are asking you to do is to tell the city what it can’t do. And what it can’t do is violate the law,” Wurman continued. “They don’t get to choose to violate the law. That’s not a choice.”
Freddy Brown was the first witness to testify for the property and business owners during the hearing. He owns a casket manufacturing company on Jefferson Street, which his family has operated for decades. “There is waste — human waste, paper waste, trash, everything — being dumped on the streets,” Brown said. “My employees don’t feel safe. I don’t feel safe.”
Brown was followed by Ian Francis Likwarz, who runs a mattress company in the area, and Michael Godbehere, who owns several vacant warehouses on Madison Street. Each walked through the issues that have intensified in their neighborhood over the last three years.
All have experienced vandalism and attempted break-ins. All say that urination and defecation on their properties is frequent and that condoms and drug paraphernalia are left behind, too.
Each said conditions worsened in the Zone in 2019. Before that time, the city enforced its urban camping ordinances, which allowed people to sleep on the streets but not to pitch tents. But in 2018, a decision from the Ninth U.S. Circuit Court of Appeals held that cities could not enforce camping ordinances if no shelter beds were available.
‘in 2018, a decision from the Ninth U.S. Circuit Court of Appeals held that cities could not enforce camping ordinances if no shelter beds were available’
From the first 5:18 video:
Denton Texas Housing Market Conditions – Denton’s Housing Reset
DFWRealtor
Nov 1, 2022
Denton Texas Housing Market Conditions. Real estate market conditions in the city of Denton, as well as Sanger, Krum and Pilot Point. Denton home prices, home sales and market statistics. Housing market correction in the city of Denton Texas following the pandemic boom & bust.
Aaron Layman Properties
The second 11 minute video:
$100K PRICE REDUCTIONS | How to “BUY THE DIP” in the Houston TX Housing Market Premiered Nov 1, 2022
There are currently $100K price reductions taking place all across the Houston TX housing market. Many of the builders are slashing prices to keep sales alive in their communities. With interest rates around 7%, builders are willing to reduce prices heavily to free up capital to continue building in new sections. They are offering $20K+ in closing costs and buying buyer’s interest rates down. Many of the builders fiscal years end in December, and the builders have incentives for move in ready homes that can close quickly.
The third 5 minute video:
Los Altos, CA Median Sale Price vs. Cambrian, San Jose – Comparing Silicon Valley Real Estate
Premiered Nov 1, 2022
Real estate market trends is all local and every market is unique and when you hear the national news stating “all housing prices are falling” this isn’t always the case. Let’s take a look at last week’s housing in two very different communities, the affluent area of Bay Area, Los Altos, and Cambrian San Jose. Both communities median sales price have decrease month over month, but over a year, the Cambrian community actually increase 4%. This is why it’s critical to get perspective and data of your local community.
The fourth 14 minute video:
Is the Market REALLY Crashing?!? Murrieta, Ca Menifee, CA Temecula
by Jessica Genung
Nov 2, 2022
Get up-to-date housing market information from the trenches! In this video I talk about what’s going on with the real estate market in Murrieta, California. I break down all the numbers and share useful stats so you can be better informed. Whether you are thinking about buying or selling, you need to know what is going on with the market! I hope you find the video helpful and please comment below to let me know what you think. Thanks for watching!
The fifth 9:17 video:
Florida Housing Market Update & Mortgage Interest Rates Today –
Southwest Florida Housing Market
Streamed live on Nov 1, 2022
Thanks for checking out this week’s Southwest Florida housing market update video. I’m Rick Harrison your Southwest Florida Real Estate Agent, and in this weeks housing market update we’ll cover the local real estate market trends, the mortgage rates today, and what the FED, inflation, and stocks are telling us about where the economy is headed in 2022.
The last 11:20 video:
Home Prices About To Look Awful In Brampton, Mississauga & Durham Real Estate – Oct 26
Team Sessa Real Estate
Nov 2, 2022
Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate Market Report for the week of Oct 20 – Oct 26, 2022
Meridian Bank cuts a third of its mortgage employees and closes 3 offices as demand slows
The Business Journals|11 hours ago
After Meridian Bank’s mortgage unit was profitable for 12 straight years, it lost $2.2 million pre-tax in the first nine months of 2022. In response, the bank has laid off a third of its workers in that business line and shuttered three offices.
“Housing is significantly affected by these higher rates, which are really back where they were before the global financial crisis. They’re not historically high, but they’re much higher than they’ve been,” Powell said during a press conference on Wednesday. “We do understand that that’s really where a very big effect of our policies is.”
https://www.msn.com/en-us/news/politics/fed-e2-80-99s-latest-hike-will-push-up-mortgage-rates/ar-AA13Fr6a
Banks
June 27, 2017 10:49 AM
Updated 5 years ago
Fed’s Yellen expects no new financial crisis in ‘our lifetimes’
By Reuters Staff
LONDON (Reuters) – U.S. Federal Reserve Chair Janet Yellen said on Tuesday that she does not believe that there will be another financial crisis for at least as long as she lives, thanks largely to reforms of the banking system since the 2007-09 crash.
“Would I say there will never, ever be another financial crisis?” Yellen said at a question-and-answer event in London.
“You know probably that would be going too far but I do think we’re much safer and I hope that it will not be in our lifetimes and I don’t believe it will be,” she said.
…
https://www.reuters.com/article/us-usa-fed-yellen/feds-yellen-expects-no-new-financial-crisis-in-our-lifetimes-idUSKBN19I2I5
We have the stupidest ruling class ever.
So much CR8R, so little time to post it all…
“Why did New Jersey get all the toxic waste and California get all the lawyers? New Jersey got to pick first.” (Hey, I don’t write ‘em.)
https://www.mortgagenewsdaily.com/opinion/pipelinepress-11022022
Per the following source, District of Columbia has the highest lawyers per capita. New Jersey is seventh. California is 10th.
https://lawschooltuitionbubble.wordpress.com/original-research-updated/lawyers-per-capita-by-state/
“Housing is significantly affected by these higher rates, which are really back where they were before the global financial crisis,” Powell said during the news conference. “The housing market was very overheated for a couple of years after the pandemic, as demand increased and rates were low. The market needs to get back into a balance between supply and demand.”
“For the longer term, what we need is supply and demand to get better aligned so that housing prices go up at a reasonable level, at a reasonable pace, and that people can afford houses again,” Powell said after September’s Fed meeting. “We in the housing market probably have to go through a correction to get back to that place.”
https://www.msn.com/en-us/money/realestate/housing-market-needs-to-get-back-in-balance-fed-s-powell-says/ar-AA128MYD
Has he been reading HBB?
“We in the housing market probably have to go through a correction to get back to that place.”
This is “probably” going to hurt, but remember that pleasure and pain are closely related sensations.
A mansion belonging to embattled China Evergrande Group’s chairman in Hong Kong’s prestigious The Peak residential enclave has been seized by lender China Construction Bank (Asia), local online news outlet HK01 reported on Thursday.
The report did not say when the 5,000 square-foot (465 square-metre) mansion, which HK01 said was valued at HK$700 million ($89 million), was taken over by the bank.
Evergrande declined to comment on the report and chairman Hui Ka Yan could not immediately be reached. CCB (Asia) had no immediate comment.
Saddled with more than $300 billion in total liabilities, the defaulted Chinese property developer has already seen many of its assets, both in mainland China and Hong Kong, seized by creditors.
https://finance.yahoo.com/news/evergrande-chairmans-hong-kong-mansion-032327959.html
CBRE layoffs in the works
The Business Journals|15 hours ago
In third-quarter earnings, Dallas-based CBRE (NYSE: CBRE) said $300 million worth of reductions would be permanent and largely affect headcount, with company officials planning to act on $175 million in targeted costs by the end of the year.
————————–
Cancellations as a percentage of beginning backlog were up 970 basis points to 17.1% from 7.4% a year ago. “Interest rate volatility and overall economic uncertainty took a toll on our sales efforts in the third quarter, as we experienced a slowdown in demand coupled with a sharp increase in cancellations,” said Larry Mizel, MDC’s Executive Chairman.
“Buyer psychology continued to be adversely affected by the negative news flow surrounding housing market conditions and the overall economy, leading to a disappointing net order result for the quarter,” he added.
https://ca.finance.yahoo.com/news/bear-day-m-d-c-101110625.html
Stocks turned green after the statement, then fell as Powell repeatedly told reporters that the Fed still “has a ways to go” in its fight against inflation.
“It is very premature, in my view, to think about or be talking about pausing our rate hikes,” Powell stressed. “We have a ways to go. Our policy, we need ongoing rate hikes to get to that level of sufficiently restrictive [territory] — and of course, we don’t know exactly where that is. … I would expect to us to continue to update it based on what we’re seeing with incoming data.”
The rate hike brings the central bank’s policy rate, the federal funds rate, to a new range of 3.75% to 4% — its highest level since 2008 — from a current range between 3% and 3.25%. In the press conference, Powell stated that interest rates may need to rise above the 4.6% previously estimated.
https://finance.yahoo.com/news/fed-set-to-raise-rates-powell-rate-hike-path-101845316.html
Opendoor, Chime cut employees amid housing, tech downturn
The Business Journals|15 hours ago
Opendoor Technologies Inc. is laying off about 18% of its workforce, shedding more than 550 employees. The layoffs will come across all departments at the San Francisco-based proptech, co-founder and CEO Eric Wu wrote in a company blog post Wednesday,
Do East Sacramento communities need to establish neighborhood watch patrols? A recent spike in crime in one of the most affluent parts of Sacramento has neighbors ready to hit the streets on foot, bike or car to help keep a close eye on crime. It is something they believe is needed now more than ever.
The shocking murder of one of their own, 70-year-old Charles Starzynski, happened two weeks ago on Oct. 20 outside of the Sutter Lawn Tennis Club in broad daylight in East Sacramento. It is fresh on the minds of neighbors who met Wednesday night with police to talk about how they can help crack down on crime in their own neighborhoods.
Historically quiet, safe communities in East Sacramento are now being described by neighbors as quite the opposite.
“I have had my car broken into three times in the last month. I’ve had so much stuff stolen,” said Melinda Johnson, a McKinley Park resident.
“My neighbor just had some woman try to break into her house,” said Nancy Mathai, a McKinley Village resident.
They say drug crime largely fueled by nearby homeless encampments is becoming unbearable and unavoidable. “I have watched the customers come up to the drug dealers who are just working now at the homeless encampments because they know they have business,” said Johnson.
“I don’t sleep at night anymore. It’s really rough,” said Johnson.
The death of a community member served as a wake-up call as East Sacramento neighbors say enough is enough. “But also a wake-up call for our elected officials. What are you doing?” asked Mathai.
https://www.msn.com/en-us/news/crime/east-sacramento-residents-consider-neighborhood-watch-patrol-to-deter-rising-crime/ar-AA13GgYq
“Historically quiet, safe communities in East Sacramento are now being described by neighbors as quite the opposite.”
This must mean that the homeless encampments along the levies are too crowded and dangerous for newly desperate entrants.
*levees
why do you keep your luxury car in the street with anything of value in it?
Because their garages are full of junk and they don’t have basements.
Police are searching for three suspects after a shooting that left one person killed and five others hurt in Denver Tuesday afternoon, according to 9NEWS. Denver Police Department said the shooting happened in the area of Verbena Street and East Colfax Avenue.
The shooting was being investigated in the 1400 block of Verbena Street, police said. A man was found dead at the scene, and two women and three men were transported to the hospital.
https://krdo.com/news/top-stories/2022/11/02/police-search-for-three-suspects-after-deadly-shooting-in-denver/
Attorneys for the city of Phoenix and for a group of downtown property owners who live in the middle of the city’s largest encampment of unsheltered people — often called “the Zone” — filed into the Maricopa County Superior Court for a day-long hearing on Thursday.
It was the latest face-off in court over the encampment, prompted by a lawsuit from property owners who are attempting to push the city into action.
Missing from the hearing, though, were the more than 1,000 people who now live semipermanently on the streets of the Zone. What happens to them — and the neighborhood — is now in the hands of Superior Court Judge Alison Bachus, who could respond by ordering the city to clear the encampment, as the property owners want, or throw the case out of court, as the city has requested.
“We are not asking you, your honor, to solve this crisis,” Ilan Wurman, an attorney for the plaintiffs and a professor at Arizona State University, told the judge in his opening remarks on October 27.
“Good,” Bachus replied softly.
“What we are asking you to do is to tell the city what it can’t do. And what it can’t do is violate the law,” Wurman continued. “They don’t get to choose to violate the law. That’s not a choice.”
Freddy Brown was the first witness to testify for the property and business owners during the hearing. He owns a casket manufacturing company on Jefferson Street, which his family has operated for decades. “There is waste — human waste, paper waste, trash, everything — being dumped on the streets,” Brown said. “My employees don’t feel safe. I don’t feel safe.”
Brown was followed by Ian Francis Likwarz, who runs a mattress company in the area, and Michael Godbehere, who owns several vacant warehouses on Madison Street. Each walked through the issues that have intensified in their neighborhood over the last three years.
All have experienced vandalism and attempted break-ins. All say that urination and defecation on their properties is frequent and that condoms and drug paraphernalia are left behind, too.
Each said conditions worsened in the Zone in 2019. Before that time, the city enforced its urban camping ordinances, which allowed people to sleep on the streets but not to pitch tents. But in 2018, a decision from the Ninth U.S. Circuit Court of Appeals held that cities could not enforce camping ordinances if no shelter beds were available.
https://www.phoenixnewtimes.com/news/phoenix-spars-with-business-owners-in-court-over-homeless-encampment-14803689
‘in 2018, a decision from the Ninth U.S. Circuit Court of Appeals held that cities could not enforce camping ordinances if no shelter beds were available’
A bunch of commie judges. This is designed.
“…the Ninth U.S. Circuit Court of Appeals…”
The empire strikes back!