***Official Real Estate Thread***

[Aruka]

Redfin laying off 8% of their employees.

A Redfin Layoff

Our CEO, Glenn Kelman, sent this email to all Redfin employees at 8:00 a.m. PDT on June 14, 2022. For the public posting, we removed links to our intranet, and his cell-phone number. Ah Redfin, I’m sorry to say that we’re asking about 8% of our employees to leave Redfin today, or about 6% if […]

www.redfin.com

 

[sdsrfr]

Redfin laying off 8% of their employees.

A Redfin Layoff

Our CEO, Glenn Kelman, sent this email to all Redfin employees at 8:00 a.m. PDT on June 14, 2022. For the public posting, we removed links to our intranet, and his cell-phone number. Ah Redfin, I’m sorry to say that we’re asking about 8% of our employees to leave Redfin today, or about 6% if […]

www.redfin.com

Compass laid off a bunch, too.

 

[PRCD]

Because Hawaii is not a local real estate market anymore

It’s global

I wish it wasn’t, because it’s fucked up and it screws people here over, but it’s only not sustainable to the extent that global capitalism is not sustainable

Everybody complains about the mean disgruntled Hawaiians but if this were the Basque Country or Northern Ireland buses and cafes would be going kaboom every so often, just to keep motherfuckers on their toes

You just get attitude on your vacation

Seems like nowhere in this country is run for the people living there, or at least the next generation that wants to continue living there.

 

[youcantbeserious]

Seems like nowhere in this country is run for the people living there, or at least the next generation that wants to continue living there.

I agree

I would support the type of law in place in many countries that restricts real estate ownership to citizens or dual citizens

Honolulu is a place where newly rich foreign nationals (there are literally millions of them) are more than happy to park their cash. And Hawaii developers, who fund political campaigns, are more than happy to keep building empty apartments for them while Hawaiians are left homeless or fleeing to the mainland

Think how frustrating it is not being to live in the neighborhood where you grew up. Now imagine you’re family has been there for 30 generations

You might be a little pissed

 

[casa_mugrienta]

Redfin laying off 8% of their employees.

A Redfin Layoff

Our CEO, Glenn Kelman, sent this email to all Redfin employees at 8:00 a.m. PDT on June 14, 2022. For the public posting, we removed links to our intranet, and his cell-phone number. Ah Redfin, I’m sorry to say that we’re asking about 8% of our employees to leave Redfin today, or about 6% if […]

www.redfin.com

Weird.

 

[Muscles]

Fed Chair Powell: "Homebuyers need a bit of a reset"

Here are some interesting comments on housing from Fed Chair Jerome Powell today. This is a quick transcript - sorry for any errors - the video is here and the discussion on housing starts around 1:51:00. Question from Mark Hamrick with Bankrate: Wonder what your assessment is about the outlook...

calculatedrisk.substack.com

From Mr. Powell himself:

I'd say if you are homebuyer, somebody or a young person looking to buy a home, you need a bit of a reset. We need to get to back to a place where supply and demand are back together and where inflation is down low again, and mortgage rates are low again.

This will be a process were by ideally, we do our work in a way were the housing market settles in a new place. And housing and credit availability are at appropriate levels

Anyone still think there's no problem when the Fed chair is saying this?

 

[vanrysss]

Isn't that the fuckwit who said wages are too high and he wants to bring them down? Dual-income families are being priced out of ever owning a home and this shitheel has the stones to spout this kind of trash.

https://www.wsj.com/articles/transcript-fed-chief-powells-postmeeting-press-conference-11651696613

 

[PRCD]

Fed Chair Powell: "Homebuyers need a bit of a reset"

Here are some interesting comments on housing from Fed Chair Jerome Powell today. This is a quick transcript - sorry for any errors - the video is here and the discussion on housing starts around 1:51:00. Question from Mark Hamrick with Bankrate: Wonder what your assessment is about the outlook...

calculatedrisk.substack.com

From Mr. Powell himself:



Anyone still think there's no problem when the Fed chair is saying this?

I thought this was the Great Reset.

Amazon.com: COVID-19: The Great Reset: 9782940631124: Schwab, Klaus, Malleret, Thierry: Books

Amazon.com: COVID-19: The Great Reset: 9782940631124: Schwab, Klaus, Malleret, Thierry: Books

www.amazon.com

 

[hammies]

I agree

I would support the type of law in place in many countries that restricts real estate ownership to citizens or dual citizens

Honolulu is a place where newly rich foreign nationals (there are literally millions of them) are more than happy to park their cash. And Hawaii developers, who fund political campaigns, are more than happy to keep building empty apartments for them while Hawaiians are left homeless or fleeing to the mainland

Think how frustrating it is not being to live in the neighborhood where you grew up. Now imagine you’re family has been there for 30 generations

You might be a little pissed

A lot of other countries have laws restricting land ownership by foreign nationals.

I could see that if somebody wants to immigrate and make their home there then maybe let them buy, but if somebody is just speculating or buying their 4th vacation home, then I could see the utility of those laws.

 

[Muscles]

Isn't that the fuckwit who said wages are too high and he wants to bring them down? Dual-income families are being priced out of ever owning a home and this shitheel has the stones to spout this kind of trash.

https://www.wsj.com/articles/transcript-fed-chief-powells-postmeeting-press-conference-11651696613

Yes.

But I follow what he says closely and most of his points are carefully crafted. He couldn't just come out and say wages need to drop because of the Fed's unemployment mandate. But the rapidly rising wages are a concern because inflation becomes a self-feeding monster.

IMO, the big take away is the fed wants to deflate home prices to reduce inflation. This is just my opinion.

 

[bluemarlin04]

Yes.

But I follow what he says closely and most of his points are carefully crafted. He couldn't just come out and say wages need to drop because of the Fed's unemployment mandate. But the rapidly rising wages are a concern because inflation becomes a self-feeding monster.

IMO, the big take away is the fed wants to deflate home prices to reduce inflation. This is just my opinion.

But consider the spread of wealth and average price of a home.

There are pockets thst it’ll barely affect

 

[Muscles]

But consider the spread of wealth and average price of a home.

There are pockets thst it’ll barely affect

Unless everyone in these pockets start paying cash for home then I doubt it.

 

[bluemarlin04]

Unless everyone in these pockets start paying cash for home then I doubt it.

I think you underestimate how much wealth exists in some of these places.

They are not getting mortgages cause thats the only way they can pay.

 

[Lance Mannion]

Fed Chair Powell: "Homebuyers need a bit of a reset"

Here are some interesting comments on housing from Fed Chair Jerome Powell today. This is a quick transcript - sorry for any errors - the video is here and the discussion on housing starts around 1:51:00. Question from Mark Hamrick with Bankrate: Wonder what your assessment is about the outlook...

calculatedrisk.substack.com

From Mr. Powell himself:



Anyone still think there's no problem when the Fed chair is saying this?

I think Milton Friedman was right about The Fed-
Abolish it

 

[Muscles]

I think you underestimate how much wealth exists in some of these places.

They are not getting mortgages cause thats the only way they can pay.

Denial is not just a river in Egypt.

 

[bluemarlin04]

Denial is not just a river in Egypt.

Do you realize how much money some boomers and those aged 45-60 have?

 

[Muscles]

Do you realize how much money some boomers and those aged 45-60 have?

I thought all these rich boomers already have sub 3% mortgages and will never sell. Or is this the different demographic that are super wealthy but for some reason don't already own a house?

 

[casa_mugrienta]

Do you realize how much money some boomers and those aged 45-60 have?

Most is stock market related or directly tied into the stock market.

 

[casa_mugrienta]

Isn't that the fuckwit who said wages are too high and he wants to bring them down? Dual-income families are being priced out of ever owning a home and this shitheel has the stones to spout this kind of trash.

https://www.wsj.com/articles/transcript-fed-chief-powells-postmeeting-press-conference-11651696613

Actually he's the guy who was saying the economy, as of last month, is a great economy for workers.

Yes, that's right.

He claimed people who generally work for wages - who are having their purchasing power destroyed by 8.6% (or 17% depending on how you spin it) - are experiencing a great economy.

Insanity, because wage workers get fvcked in the ass by inflation. With no lube.

If Powell doesn't know wages lag behind inflation we have a big fvcking problem.

But he does know, it's very basic economics, so what does that tell us?

That the Fed is a political position and will behave as such.

 

[CutnSnip]

Most is stock market related or directly tied into the stock market.

or other properties.