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Agreed.
Doesn't matter what you're dealing with. Vehicles, art, jewelry, coins, etc.
But if it's in a building or on a property leased to someone (who doesn't own the bricks) and the actual property owner takes back legal possession of the property for back rent or any other reason, what happens to your stuff?
Will you actually get your stuff back? And are you responsible for the costs (storage costs, legal fees, etc.,) to get your stuff back?
Could become a bit of a conundrum depending on who you're dealing with.
The S&P CoreLogic Case-Shiller 20-city house price index rise fell 0.5% in December, its sixth monthly decline.
Year-over-year appreciation was still up 4.6%, but has slowed down from a 6.8% annual increase in the previous month.
A broader measure of home prices, the national index, fell a seasonally adjusted 0.3% in December, but was up 5.8% over the past year.
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Big picture: Home prices reflect the major slowdown the interest rate-sensitive housing sector went through at the end of last year.
And with mortgage rates back up, housing sales are poised to take a hit, meaning that home prices will likely continue this downward slide in the coming months.
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This morning Bloomberg reports that Wall Street's largest commercial real estate landlord, private equity giant Blackstone, has defaulted on a €531 million ($562 million) bond backed by a portfolio of offices and stores owned by Sponda Oy, a Finnish landlord it acquired in 2018.
While the PE firm had sought an extension from holders of the securitized notes to allow time to dispose of assets and repay the debt, the surge in market volatility triggered by the war in Ukraine and rising interest rates interrupted the sales process and bondholders voted against a further extension, the Bloomberg sources said.
And since the security has now matured and has not been repaid, loan servicer Mount Street has determined that an event of default has occurred, according to a statement Thursday. The loan will now be transferred to a special servicer.
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And while Blackstone is understandably trying to minimize the news, the PE firm clearly continues to scramble to stabilize the bleeding in its massive real estate portfolio and on Wednesday it said that it had blocked investors from cashing out their investments at its $71 billion real estate income trust (BREIT), as the private equity firm continues to grapple with a flurry of redemption requests.
BREIT said it fulfilled redemption requests of $1.4 billion in February, which represents only 35% of the approximately $3.9 billion in total withdrawal requests for the month, the firm said in a letter to investors as Reuters first reported.
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March 2023 Monthly Housing Market Trends Report
Mar 30, 2023
- The number of homes for sale increased by 59.9% compared to last year.
- The total number of unsold homes, including homes that are under contract, increased by 9.3% compared to last year.
- Home sellers were less active this March, with 20.1% fewer homes being listed for sale compared to last year.
- The median price of homes for sale increased by 6.3% annually in March, lower than February’s growth rate.
- Homes spent 54 days on the market, which is 18 days longer than last year but still shorter than before the pandemic.
According to Realtor.com®’s March housing data, the inventory of homes for sale continued to grow higher than last year but this pace of growth declined slightly and inventory remained constrained compared to pre-pandemic levels. Sellers were listing in lower numbers than previous years but those who listed their homes gradually adjusted to softer market conditions, as growth in the median list price continued to slow. Despite slowing listing price growth and increased price reductions, high interest rates continued to create an affordability challenge for buyers as fewer homes went under contract compared to the previous year.
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March 2023 Monthly Housing Market Trends Report
According to Realtor.com®’s March housing data, the inventory of homes for sale continued to grow higher than last year but this pace of growth declined slightly and inventory remained constrained compared to pre-pandemic levels.www.realtor.com
Fewer new listings, fewer contracts/buyers.
.Blackstone REIT limits investor redemptions again in March
Blackstone Inc said on Monday it had again blocked withdrawals from its $70 billion real estate income trust in March as the private equity firm faced a flurry of redemption requests.www.reuters.com
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The National Association of Home Builders/Wells Fargo Housing Market Index rose to 45 in April, a one-point gain. Anything below 50 is considered negative.
The reading is the highest since September. The index stood at 77 in April 2022.
Builders in the report cited a lack of listings on the resale market, which gave them an unusually strong edge. New listings of existing homes have fallen about 25% compared with a year ago.
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Builders said one-third of housing inventory is new construction, compared with historical norms of around 10%. Concerns had grown that builders might have more trouble with construction loans after recent regional bank failures.
But the bevy of new construction suggests that is not the case.
"While AD&C loan conditions are tight, there is not significant evidence thus far that pressure on the regional bank system has made this lending environment for builders and land developers worse," said Robert Dietz, NAHB's chief economist.
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So stop making CC payments before you apply for a mortgage.
Stuff you need stuff you don't.Man, Jermoe Powell is NOT going to be happy,. Certainly doesn't look like inflation is softening here Jerome. In Fact, that looks like it just started going vertical.
Stuff you need stuff you don't.
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