An End To Automatically Asking For More Cash
A report from the Press Democrat in California. “The wind has shifted this summer in Sonoma County’s housing market, with slower sales, rising inventory and an end to sellers automatically asking for more cash than their neighbors received for comparable homes. July home sales fell to their lowest level for the month in nine years, according to The Press Democrat’s monthly housing report compiled by Pacific Union International senior vice president Rick Laws. Sales for the past three months have declined 8 percent from the same period a year earlier. ‘It’s going to be a very weak summer,’ said Mike Kelly, an agent with Keller Williams Realty in Santa Rosa.”
“‘People are still buying houses, but there’s not the frenzy anymore,’ said Tom Kemper, manager of the Coldwell Banker office on Bicentennial Avenue in Santa Rosa.”
“Starting in May, sales slowed, even as the median price for a time kept rising. That rise in the median price could be due to increasing home values but also to a shift in the type of homes that sell. The spring median increase does appear partly tied to a jump in sales of more expensive homes in May and June. July’s drop in the median price similarly seems due partly to a decline in such sales. For example, the number of homes selling for $1 million or more declined to 69 last month from 100 in June.”
“Kelly, the longtime host of KSRO’s weekly real estate show, suggested buyers for years frequently bid against one another in order to purchase homes. Many still seem to think they need to offer the sellers’ listing prices when a lesser offer might prove acceptable. ‘Guess what?’ Kelly said of the market. ‘It’s shifted. It’s cooled off.’
“The slowing isn’t limited to Sonoma County. The California Association of Realtors last week reported that July was the third straight month of declining sales statewide when calculated on a seasonally adjusted annual basis. The association characterized the ’softening of the market’ as more a shift than a major correction.”
“Local brokers, nonetheless, cautioned against overstating the changes. They acknowledged some sellers have cut prices to sell homes, but said attractive, well-priced properties still draw multiple offers. Also, they said the amount of available homes for sale remains relatively limited by historic standards. Even so, more sellers are rethinking their expectations. ‘You’re not going to get $30,000 more than you would have last year,’ said Lori Sacco, managing broker for Vanguard Properties in Sebastopol.”
“Several suggested buyers are catching their breath and don’t feel the same urgency to make an offer. ‘They’re not afraid to look twice,’ said Pam Bradford, a broker associate with Praxis Realty in Santa Rosa. If buyers earlier this year would have held off making a quick offer on a property, she said, ‘you would have missed it.’”
From Houston Culturemap in Texas. “Houston, it looks like we might have a foreclosure problem. This summer, the Houston area has posted alarming year-over-year jumps in the number of homes starting to go through foreclosure, according to ATTOM Data Solutions. The Houston area saw a 76 percent spike in what’s known as foreclosure starts this July compared with last July, the ATTOM report says. This followed two months of double-digit increases in the Houston area compared with last year: 62 percent in June and 153 percent in May. A foreclosure start represents the first public notice of a foreclosure proceeding.”
“‘The increase in foreclosure starts was somewhat expected in Houston and some parts of Florida — particularly Jacksonville — given the hurricane-induced flooding there last year,’ says Daren Blomquist, senior vice president of ATTOM, a provider of real estate data. ‘But the widespread upward trend in foreclosure starts across a geographically diverse set of markets this summer indicates there is more to this trend than just natural disasters driving increased distress, although that is an interesting and important piece to all this.’”
“Aside from Houston, Austin was the only Texas market listed in the report as having notched three months in a row of significant year-over-year increases in foreclosure starts: 65 percent in May 2018 compared with May 2017, 44 percent in June, and 29 percent in July. Michael Weaster, a foreclosure specialist with Berkshire Hathaway HomeServices Anderson Properties in Bellaire, says he hasn’t detected a rise in foreclosure activity in the Houston area. Weaster suspects most of the homes in the Houston area that recently have gone into foreclosure have been sold through government-run foreclosure auctions rather than through real estate agents.”
“Data from the Houston Association of Realtors (HAR) backs up Weaster’s observation. The group tallied 159 local foreclosure sales in the region’s Multiple Listing Service (MLS) in July 2017, compared with 105 in July 2018. That’s a drop of 34 percent. HAR spokesman David Mendel says his association ‘is not seeing a spike in foreclosures at all. That means that many of these transactions are happening outside of MLS.’”
‘Houston, it looks like we might have a foreclosure problem’
Dong!
‘The wind has shifted this summer in Sonoma County’s housing market, with slower sales, rising inventory and an end to sellers automatically asking for more cash’
I wonder sometimes if Californians listen to themselves. Do you guys seriously think these shacks are ATM’s that will spit out gobs of cash evermore? Cuz if you do you are the worlds biggest idiots.
“I wonder sometimes if Californians listen to themselves.”
Sometimes ourself is the only audience we have.
“Do you guys seriously think these shacks are ATM’s that will spit out gobs of cash evermore?”
Uh, yes.
“Cuz if you do you are the worlds biggest idiots.”
Here, hit my hand.
somebody should come out with a bagholder halloween costume.
$imple, just order a Manafort co$tume.
From what I read about him quite a while back it seems like it couldn’t happen to a nicer guy.
“Do you guys seriously think these shacks are ATM’s that will spit out gobs of cash evermore?”
So far, so good…
Mel Watt says YES!!!
“Do you guys seriously think these shacks are ATM’s that will spit out gobs of cash evermore?”
Did it occur to you that the recent fire in Sonoma County has played a role?
I don’t understand why you have to insult people regarding the decisions they make. Is this a blog for information or where you show your insecurities? You are so bitter about real estate, someone must have gotten emotionally hurt.
I have so much money left after “throwing money away on rent” every month that I don’t know where to throw it.
If you want a Realtor circle jerk where anyone “talking down the market” gets downvoted / shadowbanned into invisibility, may I suggest you visit any local city subreddit discussion or the city-data forums about local real estate.
Foreclosures are happening. Sales are slowing. Prices are dropping. Pay attention.
“I don’t understand why you have to insult people regarding the decisions they make.”
No deliberate insulting is necessary. All one has to do is point out the facts regarding people’s decisions and the feeling of being insulted naturally follows.
Why are you on a housing bubble blog when you’re butthurt about it?
“You are so bitter about real e$tate”
Well, iffin’ ten$.of.thou$and of $elf intere$ted real e$tate “True Beliver$” ply folk$ daily with deciet$ & fal$lehood$ regarding million$ of properties, $eems quite natural that one might nouri$h a $mattering of … Bitterne$$
Stupid decisions should be called out whenever possible in order to protect others from making the same dumb mistake. It’s a mission of mercy.
’someone must have gotten emotionally hurt’
It’s only money Sam.
Just Walk Away
https://www.youtube.com/watch?v=7ttKJwvFIgw
https://idahobusinessreview.com/2018/08/21/ada-county-home-prices-chill-just-a-bit-record-high-for-canyon-county/
Median home prices – new and existing – in Ada County eased off to $319,000 in July, a 1.7 percent drop from the all-time record high of $324,000 in June, according to Boise Regional Realtors’ monthly housing report.
The Idaho home price increase rates were the third-highest in the country in June behind only Nevada and Washington, according to the most recent statistics released by CoreLogic. The Irvine, California, real estate data provider calculated the statewide price increase at 11.4 percent for Idaho, 12.6 percent for Nevada, 12.1 percent for Washington and 6.9 percent nationwide.
Yet Ada County was just $22,000 higher than the national median home price of $302,100 calculated in June by the U.S. Census Bureau. The Census’s median nationwide home price peaked at $343,400 in November.
Eee-bola!
Ok can someone ’splain to me the ebola joke. I don’t get it.
“…national median home price of $302,100 calculated in June by the U.S. Census Bureau. The Census’s median nationwide home price peaked at $343,400 in November.”
Annualized rate of decline in the median nationwide home price:
((302100/343400)^(12/8)-1)*100% = -17.5%.
It’s dropping like a turd in a well, and the lamestream media is completely missing it!
‘most of the homes in the Houston area that recently have gone into foreclosure have been sold through government-run foreclosure auctions rather than through real estate agents’
Sure, they have these nifty “programs” that offer restricted look-see to suckers, I mean first time buyers! Isn’t Unca Sam a nice old fart? It’s mostly web based. You can find them on HUD/VA and Fannie and Freddie each have their own. These UHS know this.
so does this mean that these U Sam programs dont get counted in the NAR stats?
If so, are they listed as comps for valuation purposes.
“‘People are still buying houses, but there’s not the frenzy anymore,’ said Tom Kemper, manager of the Coldwell Banker office on Bicentennial Avenue in Santa Rosa.”
It must be hard to sell homes in recently-burned communities, especially when the air is still filled with toxic smoke from nearby wild fires!
This could be a selling point. If the brush and trees have all been burned away then the fire hazard has been eliminated.
See? It’s all about marketing, it’s about spin.
Now Professor, no need to rub $alts in fre$h di$aster wound$ … & actually, depending on # of $tuctures lo$t, the local area is often hard hit for $uppling $helter to fellow citizens who are in need of such a$$istance.
The more government tries to “help make things fair” - the more corrupt things get.
*****
Appellate Court Ordered CA Governor to Return ‘Unlawfully Diverted’ Subprime Crisis Funds
Canada Free Press | 08/21/18 | Katy Grimes
Gov. Jerry Brown was recently ordered by the state’s 3rd Appellate District Court to repay more than $331 million in funds the state illegally diverted from a national fund intended to help homeowners struggling with foreclosures from the housing crisis. Instead of complying with the court order, Democrats are pushing through a bill to legitimize the theft of funds.
“California received approximately $410 million of the $2.5 billion paid to the states by the big five mortgage servicers—Ally (formerly GMAC), Bank of America, Citigroup, JPMorgan Chase and Wells Fargo—under a National Mortgage Settlement (NMS) with the federal government, the ruling states,” Legal NewsLine reported.
Here’s a link …
https://www.law.com/therecorder/2018/07/11/calif-appellate-court-orders-governor-to-return-330m-to-fund-for-distressed-homeowners/?slreturn=20180721144247
Looking for my shocked face - nope, cant find it. CA going Venezuela - will they issue their own currency using blockchain too?
So glad I got out over a decade ago. I dont even like to visit anymore - people drive crazy - like they’re trying to hit you or something. One big third world demolition derby in the desert - California dreamin’.
California doesn’t have the worst drivers in the nation? Baloney!
New survey requires a suspended sense of disbelief
By Patrick May | pmay@bayareanewsgroup.com | Bay Area News Group
PUBLISHED: August 21, 2018 at 2:10 pm | UPDATED: August 21, 2018 at 2:16 pm
Reading the latest SmartAsset survey of the states with the country’s worst drivers, Californians don’t know whether to be thrilled that we’re in third and not first place or angry because anyone who drives in the Golden State knows full well that we’re definitely the very best at very bad driving.
The financial tech company has ranked us after Mississippi and Tennessee, which is outrageous no matter what metrics you’re using to define “worst.” The only thing those two states have over us is a bunch of vowels and consonants aside one another, which California, of course, is sorely missing.
In any case, SmartAsset says it measured bad drivers by looking at four factors: “We look at the percent of drivers with insurance, number of DUIs per driver, average number of deaths per miles driven and how often residents Google terms like traffic ticket or speeding ticket.”
Californians would take issue with that methodology. First off, whether we happen to have insurance or not is beside the point — we still drive more horribly than anyone else in this country. Try it. Go drive on Interstate 880 in the East Bay. Or the 405 in Los Angeles. We dare you. In fact, we challenge you to drive any of our messed-up roads jammed with messed-up motorists and come back and tell us that Tennesseans are worse! Sure, they might come out ahead of us on BBQ and blues, but bad driving? No way.
…
“Go drive on Interstate 880 in the East Bay.”
That’s where I cut my California driving teeth. Took more than a half hour to go less than ten miles.
New Mexico has the worst drivers I’ve ever personally had to deal with.
Oh my…
*****
US Foreclosures Rise For First Time In 36 Months
ZeroHedge - August 21, 2018
A total of 30,187 U.S. properties started the foreclosure process for the first time in July, up 1 percent from the previous month and while the increase was less than 1% from a year ago, it marked the first annual increase in exactly 3 years.
Metro areas posting year-over-year increases in foreclosure starts in July included Los Angeles, California (up 20 percent); Houston, Texas (up 76 percent); Philadelphia, Pennsylvania (up 10 percent); Miami, Florida (up 29 percent); and San Francisco, California (up 10 percent).
The data comes shortly after a separate report found that there has been a plunge of sales in ultra-luxury real estate in New York City, where apartments that cost $5 million or more have seen their sale plunge more than 31% in the first 6 months of the year.
Foreclosures, outliers, and bears, OH MY!
Hurricane $eason doe$n’t end until Nov, … $anta Ana’s & Diablo’$ in $ept. / Oct. … Earth $hakes foundation$ @.any.moment …
$cary!
Don’t forget about the floods and debris flows in recent burn areas where the watershed was scorched to the ground, assuming that it rains again in California some day.
Well, NorCal had their wettest winter in recorded history during the 2016-2017 winter. So who knows what will happen during future wet seasons.
(No, I don’t think the computer models are reliable forecasters of this, or anything much beyond the local weather for the next 24-48 hours.)
http://www.latimes.com/local/lanow/la-me-ln-california-precipitation-record-20170413-story.html
‘But the widespread upward trend in foreclosure starts across a geographically diverse set of markets this summer indicates there is more to this trend than just natural disasters driving increased distress, although that is an interesting and important piece to all this.’
Suddenly there are too many outliers to shake a stick at ‘em all!
And we never had “natural disasters” before either.
Do you remember the news stories of Florida real estate investors chasing deals in the tailwinds of hurricanes during the bad hurricane season of 2005? I do.
https://weather.com/storms/hurricane/news/2005-hurricane-season-by-the-numbers
dont u love how these big brokerage houses put out some bad news to get retail to go short? Then the buyback desk and algos force short covering rallies.
This my friends has been your market for 10 years.
Suck ‘em in, shake ‘em out.
Austin, TX Housing Prices Crater 5% YOY As Mortgage Defaults Skyrocket
https://www.movoto.com/austin-tx/market-trends/
Can anyone explain the images of physical coins that are always included in articles that discuss (virtual) cryptocurrency? Seems like a scam.
Bitcoin futures volumes fall for third day running, down 69% from one week ago
Published: Aug 21, 2018 9:35 a.m. ET
Bitcoin holds steady, altcoins drift lower in Tuesday trading in New York
Getty Images
By Aaron Hankin
Reporter
Bitcoin prices open mostly unchanged Tuesday and are looking at consecutive subdued sessions as investors look for the next catalyst to drive sentiment in the cryptocurrency market.
A single bitcoin (BTCUSD, -0.43%) was last worth $6,449.46, down 0.1% since Monday at 5 p.m. Eastern Time on the Kraken crypto exchange and has remained inside a $250 range over that period.
According to data from the CME Group Inc., volumes on the futures market decreased for the third consecutive trading session on Monday, with 2,480 transactions, and are down 69% since August 13, when more than 8,000 bitcoin futures contracts changed hands.
https://www.marketwatch.com/story/bitcoin-futures-volumes-fall-for-third-day-running-down-69-from-one-week-ago-2018-08-21
“Bitcoin prices open mostly unchanged Tuesday and are looking at consecutive subdued sessions as investors look for the next catalyst to drive sentiment in the cryptocurrency market.”
Bahahahahahaha … “investors” … bahahahahaha …”looking for the next catalyst” …
(next catalyst = the next stupid story that can be successfully sold to stupid dumbed-down ignorant pukes)
“… to drive sentiment (read “emotions”) in the cryptocurrency market.
Who produces those fake coins they show in articles about Bitcoin?
$6,000+ is still an eye-popping price. Wait until it goes under $100.
Is $100 where you get support from “the fundamentals”?
Under $100 is where reality finally sinks in, that it’s going to zero.
Venezuela is where Bitcoin has fundamental support.
‘It’s going to be a very weak summer,’ said Mike Kelly, an agent with Keller Williams Realty in Santa Rosa.”
Sending out a song dedication to the CA greedheads & FBs: “Cruel Summer” by Bananarama.
https://www.youtube.com/watch?v=l9ml3nyww80
If buyers earlier this year would have held off making a quick offer on a property, she said, ‘you would have missed it.’”
Yes, and the “winners” of those bidding wars are going to be cautionary tales as the Fed’s Everything Bubble implodes.
a foundation built on sand.
The Houston area saw a 76 percent spike in what’s known as foreclosure starts this July compared with last July, the ATTOM report says.
Going to be downright comical watching Houston realtors try to spin that figure away.
I got an email from a Houston turnkey company the other day. They are offering a house with renters already installed and $30k of equity built into the deal. I don’t think any trinket places have been offering sweet deals like that for a while. My guess is the market is getting real soft.
buy what r u waiting for?
I hear Jeffrey Dahlmer’s old apartment was up for rent. The ad said roommates included - some assembly required.
Arvada, CO Housing Prices Crater 8% YOY As Construction Costs Under $50/Square Foot While Builders Slash Prices
https://www.movoto.com/arvada-co/market-trends/
Some one just posted this foreclosure heat map elsewhere. Surprises!
https://farm2.staticflickr.com/1833/44134182522_89fa1799e7_o.jpg
Oh Florida! And look how far into Texas that hurricane made people quit their mortgage payment. And southern California, didn’t learn a thing did you?
Cape coral,chronic foreclosure swamp
By the looks of it it’s gonna be the longest summer on record. A real scorcher coast to coast. Red.Hot.Rage.
The Midwest surprises me.
Certain that heat$ map, doe$ knot include$ farmer$.
“Tariff$.are.ea$y.to.win!”
You’re welcome!
It is interesting to see the “contagion” depicted visually.
But, what is that purple color around far southern Nevada? Is that the “hottest” (not) area of all?
Maui cracking down on illegal rentals using an intermet sleuth company in Colorado.
Seems like the Airbnb backlash keeps growing.
https://www.sanluisobispo.com/news/business/article217001660.html
Monterey, CA Housing Prices Crater 11% YOY As Desperate Sellers Slash Prices
https://www.movoto.com/monterey-ca/market-trends/
Not a big deal when the market was up 25% the year prior. You baffoon.
Housing my friend.
Westminster, CO Housing Prices Crater 7% YOY On Rampant Mortgage Fraud
https://www.movoto.com/westminster-co/market-trends/
“Housing my friend.” This may be the worst comeback in the history of comebacks.
ahhht!…… Housing.
Albany, OR Housing Prices Crater 15% YOY As California Housing Bust Interrupts Supply Of Speculators
https://www.movoto.com/albany-or/market-trends/
Baffoon isn’t a word.
David Cee was corrected on that before.
Grammar isn’t a prerequisite for Realtwhores.
Nor the Individual - 1 National Repre$entative of: “make.’Merika.great.again!”
Actually the $/sq ft is up. I think prices are softening but not nearly to the extent that you suggest.
Again.$/sq ft valuation is a poor performer as it excludes all items in the transaction except for the structure and the area of dirt directly under it.
Clackamas, OR Housing Prices Crater 9% YOY As Necrosis Sets In On Portland Housing Market
https://www.movoto.com/clackamas-or/market-trends/
Well it is better than just $ accounts a little bit for mix
Been drinking again?
Instagrammability is now the No 1 consideration for millennials when deciding where to go on holiday. When did everyone lose touch with reality?
“We know that celebrities are different people in private than in public; that someone reading out the birthday cards on CBeebies could be racking up lines in a club on their night off. But what happens now that social media makes nanoscopic celebrities out of us all? Who are we being real with and who are we performing for?
It’s a question I ask myself when I hear research revealing that, for millennials, Instagrammability is now the No 1 consideration when deciding where to holiday. Or the news last week that half of cosmetic surgeons in the US say that people are asking for procedures to look better in selfies, and that there is a disconcerting increase in the number of people asking for procedures to make them look more like how they do in Snapchat filters: enhanced cheekbones and digitally smooth skin.
This isn’t old-fashioned peer pressure, which mostly dissipates as you get older and realise that your friends’ lives are bogged down in their own struggles. It’s a new kind of pressure from another group: the people who only get to see the celebrity version of you. This is the group we watch the daily machinations and monologues of, but would never call and say: “Do you fancy a drink this evening?”
https://www.theguardian.com/commentisfree/2018/aug/21/why-do-people-bend-to-the-tyrannical-pressures-of-social-media-lets-get-real
Millennials are wankers. They’re giving the Boomers serious competition in the category of “Most worthless, self-absorbed generation in human history.”
A bit judgmental aren’t you? Where do you put your halo down when you sleep at night?
Seattle WA (Fairmount) Housing Prices Crater 8% YOY As Real Estate Interests Scramble To Conceal Bust From The Public
https://www.zillow.com/fairmount-park-seattle-wa/home-values/
*Select price from dropdown menu on first chart