Tag Archives: Banks

Complete Paralysis: Just 1% Of US Homes Have Changed Hands In 2023, The Lowest On Record

aerial view of buildigns

Editors note: The media would have you think that the housing market is just fine as prices haven’t bottomed out yet. From Zerohedge

While the US housing market has remained surprisingly resilient price-wise in the face of 7% mortgage rates, which the Fed has pushed to near-Volcker levels precisely in hopes of accelerating the disinflationary wave by crushing housing, that single most valuable asset of the US middle class, the reality why prices have not collapsed is that the bid-ask spread for any home currently for sale has ballooned to levels where the market is effectively frozen as there is simply no possibility for the bid and ask to meet somewhere “in the middle” of the range (those who are hoping to buy are already tapped out before being asked to pay even more, while sellers are already wealthy and absent a liquidity crunch see no reason to sell a home at what they view as firesale prices).

Overnight, real-estate brokerage Redfin calculated just how widespread said paralysis is: it found that just 14 of every 1,000 U.S. homes changed hands during the first six months of 2023. That’s down from 19 of every 1,000 during the same period of 2019 and the lowest turnover rate in at least a decade, since Redfin’s records started. That means prospective homebuyers have 28% fewer homes to choose from than they did before the pandemic upended the U.S. housing market.

Redfin uses turnover as a measure of housing availability; it indicates how often homes change hands in a given area.  This analysis includes overall for-sale housing turnover and breakdowns based on neighborhood type and home type.The pre-pandemic turnover rate noted above (roughly 20 of every 1,000 sellable homes change hands in the first half of a year) is fairly typical for the modern housing market, but a more active market would have a rate closer to 40 or 50 of every 1,000.As Redfin adds, the wild pandemic-era housing market has intensified an existing shortage of homes for sale and led to this year’s low turnover rate. In 2018, Freddie Mac estimated that about 2.5 million more homes needed to be built to meet demand, with the shortfall mainly due to a lack of construction of single-family homes. The homebuying boom of late 2020 and 2021, driven by record-low mortgage rates, remote work and a surge in investor purchases, depleted already low inventory levels. Finally, 2022’s soaring mortgage rates–average rates nearly doubled from January to June–exacerbated the shortage by handcuffing homeowners to their comparatively low rates. Some homeowners have opted to renovate their current home, and some are buying another home but hanging onto their first one and renting it out to either a longterm tenant or short-term vacationers. Now, the supply of homes for sale is at a record low. Read the rest at Zerohedge.

Johnny’s notes: I remember when there was that surge in investor purchases that are mentioned in the above paragraph. Back in 2020 our landlord received some ridiculous offers for her ranch (thankfully she didn’t sell) and she said others in the area had as well. Corporations like Blackstone are buying up residential properties and either letting them sit empty and rot or they’re renting them out at much higher rates than pre-covid. Either way it created a housing shortage and drove the prices out of reach for most people, which is why the market remains stagnant.

What I see being built here in the Spokane WA area are nothing but apartment buildings. I see it even in our somewhat rural area as the older folks who owned the land for years are dying off and the relatives are selling it to developers. Those developers are ramming through plans to put up cookie cutter style townhomes and apartments to maximize their land investments. My question to them would be this…how are people going to pay $2,000-$3,000 per month in rent when incomes keep going DOWN in relation to inflation? Where are all of these rich renters going to come from?

It’s not just the housing market either, it’s the entire economy that’s crashing! In the video below you’ll see the car market and the REPOS going through the roof at levels never before seen! Brand new Teslas with 1500 miles are being repossessed! Guys if those with credit and income good enough to buy a new Tesla are giving them back to the bank the market is in HUGE trouble. That’s one market I know well as I spent almost 20 years buying, selling and financing cars.

It’s amazing to watch the world continue to make it’s plans even as God’s judgement is being pronounced all around us. “As in the days of Noah” I guess, just as Jesus said it would be in Matthew 24. They all went around making plans, getting married, giving in marriage and more until the rains came and the ground burst open! Nobody thought Noah was foolish on that day.

That’s the world we see today, everyone keeps making plans like everything will return to normal one day soon, we just need to get Trump or whoever the flavor of the week is back into office. Then everything will be fine and blah blah blah. Yep, just as in the Days of Noah…

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The Bank Failures Have Begun as Biden Administration Announces “No Bailouts” for SVB, Iran and Saudi Arabia Normalize Ties

round silver and gold coins

There are also at least a dozen other banks in the US alone that are on the brink of failure! In the Tweet below you’ll see that the FDIC regulators are already in the offices of First Republic Bank.

Bill Ackman is on the record as saying the Federal Government has 48 hours for any kind of bailout to work. It won’t be coming.

All of that and much more is in today’s video. War is still brewing as well so stay ready, prayed up and prepped up at all times!!!

Janet Yellen Says no Bailouts

Israeli Tech Companies Affected

Crypto in Trouble

More companies affected by the Crash

The UK Tech Sector also hammered by bank seizure

US B52 Simulates Nuclear attack on St. Petersburg Russia, Violates Russian Airspace

Rumble Link to My Video

Iran and Saudi Arabia are Friends Again???

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Tanks are on the streets of China to protect the banks!

Look at this tweet from China as tanks are on the street to protect the banks from the people who can’t get their money!

How long before this spreads to the rest of the world in the form of bank runs and massive civil unrest? prayed up and prepped up!

ALERT! HUNDREDS OF BANKS ARE CLOSING AROUND THE USA!

Right at Christmas time when the press would be off duty and not reporting on this subject. Evergrande in China is also melting down as they are not paying employees and they are going to strike. Here more in this report from Bro News YT Channel.

Banks Closing across America right before Christmas? WHY?

Here is more on the story from NYPRESSNEWS.com.

“Many of our locations may have reduced hours, alternate days of operations or may have been temporarily closed,” Bank of America Corp. (NYSE: BAC) tells customers on its website. “We are doing everything we can to reopen as soon as possible, though some locations may remain closed for an extended period of time.”

This week, Bank of America and JPMorgan Chase & Co. (NYSE: JPM) were tight-lipped on how widespread the temporary closures are, with both declining to provide national numbers. The two banks referred CBJ sister publication the San Francisco Business Times to their website branch locator tools, which don’t offer a high-level overview. Their reluctance to talk is fueling concerns about the fate of many branches as the industry seeks to permanently scale back costly brick-and-mortar locations. 

In a few instances, BofA also indicates on its website that some temporarily-closed financial centers will permanently shutter in early 2022. Locally, that includes branches such as at 3021 Prosperity Church Road in Charlotte and 368 W. Plaza Drive in Mooresville.

Nationally, Wells Fargo & Co. (NYSE: WFC) said it has about 4,800 branches and 94% are open, suggesting that approximately 288 branches are temporarily closed across the country. Source

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RUMOR Mill Says Deutsche Bank in Bankruptcy Proceeding

There are RUMORS coming out of Germany this afternoon that Deutsche Bank has ALLEGEDLY filed Bankruptcy. This wouldn’t surprise me the bank posted at 928 Million dollar net loss in the 3rd quarter! That goes along with an 18,000 job loss during the same period.

When the banking system does go, whether it’s now or in the near future be prepared for daily life to change drastically! Here is a video I did earlier on the subject. God bless and stand firm!