Amazing chart about Canada housing market (on the right) vs. US housing market (on the left).
Source: Michel A.Arouet
JUST IN: The Value of US Distressed commercial real-eestate is approaching $80 billion, the highest level in a decade Now less than HALF the 2008 financial crisis levels
Blackstone, Brookfield and Goldman Sachs have defaulted or relinquished offices to lenders this year. Today, Pimco walked away from 20 hotels with +$240MM in debt. Over $1.5 trillion of commercial real estate loans will mature over the next 3 years. Source: Bloomberg, Genevieve Roch-Decter, CFA, Barchart
Michael Burry Stock Tracker ♟
🚨🚨Latest news on real estate market
US Commercial real estate sales volume have fallen to the lowest level in 13 years
Source: Green Street
US Housing | The National Association of Realtors’ index of contract signings tumbled 7.1% to 71.8 from July, the group reported Thursday
The decline was larger than all estimates in a Bloomberg survey of economists. *US AUG. PENDING HOME SALES FALL 7.1% M/M; EST. DOWN 1% *US AUG. PENDING HOME SALES FALL 18.8% FROM PREVIOUS YEAR Source: Bloomberg
Housing | According to Bankrate.com‘s data, US 30-Year fixed-rate mortgage reached 7.78%, the highest rate since August 2000
*This situation is expected to have a significant effect on closed sales from September to November. Source: C.Barraud
US Home Prices hit a new all-time high in July while affordability has plummeted to record lows
Source: Charlie Bilello
Home price to income ratios are now above 4.5x and at their highest levels since the 1950s
Even in the 2008 financial crisis, home price to income ratios did not cross 4.5x. This means that home price to income ratios are the same as the post-WW2 era in the US. The median home price to income ratio is 1.2x below current levels, at 3.2x. Either home values need to fall or income needs to rise. Source: The Kobeissi Letter
