2 Burst results for "Tom Blanchard"
WABE 90.1 FM
"tom blanchard" Discussed on WABE 90.1 FM
"A row. Builders broke ground on fewer new homes as well, soaring mortgage rates are pushing some would be buyers out of the market as NPR Scott horsley reports. Lisa Hayes and her husband started shopping for a new house in Vermont this year, like a lot of new parents, they wanted more space. We quickly realized we were outgrowing a 960 ft² condo with an infant that was starting to become mobile. But every house they looked at was too expensive, or needed too much work, and the bidding process was so frenzy there was little time to think things over. We couldn't afford to make an offer of $50,000 over asking. We were getting outbid by people that were just coming in and doing cash offers. Hayes and her husband had almost given up. When suddenly this summer, things seemed to settle down. They found an older farmhouse that had been sitting on the market for an unheard of two weeks. They made an offer for less than the asking price and struck a deal. We closed last week, moved in the next day and have been unpacking. The housing market, which was turbocharged through much of the pandemic, has started to slow down. Sales of existing homes last month were down more than 14% from this time last year. The average sales price continues to climb nationwide, but prices have actually dropped a bit in some of the most overheated markets like Las Vegas, where Tom Blanchard is present elect of Nevada realtors. I'm sure everybody feels like it's been a sudden stop. When you're doing a hundred on the highway and all of a sudden you see a cop and you have to slow down to the normal 75, you feel like you're going really, really slow. The cop in this case is Federal Reserve chairman Jerome Powell. He and his colleagues have begun to aggressively raise interest rates in an effort to curb inflation, and the cost of a home mortgage has nearly doubled as a result. So they put some brakes on it, hopefully they just don't over break and stop it completely. But that's always the worry. Rising mortgage rates, along with rising prices have added nearly $750 this year to the typical monthly house payment out of reach for many would be buyers. Those who remain, though, are finding more homes to choose from. There were nearly 10% more homes on the market. At the end of June, then the beginning of the month. As the man cools off, Blanchard says some sellers are having to cut their asking price. Let's face it, the green factor was pretty huge. They were trying to get everything they could, and then some. And they could do it when there was everybody beaten down their door. Now you've got to come back to reality and realize that your house isn't worth the $1 million that you thought it was. It was only worth $800,000. Home builders are also adjusting. Builders broke ground on about 8% fewer single-family homes last month than the month before. Chief economist Ian shepherdson, of Pantheon macroeconomics, suspects this is just the beginning of the housing shakeout. These numbers are all going to get worse before they get better. It's going to be ugly during the transition, but I think what we'll end up with is a market which is more healthy because it is not healthy to have a housing market where home prices are rising 20% per year or more. That's deeply abnormal. Emily Boone listed her home in Charlotte, North Carolina, this spring, in anticipation of a move to Michigan, where her husband got a new job. It's been an emotional roller coaster, she says, with some buyers offering way over the asking price, only to get cold feet and back out. Ultimately, she accepted a somewhat lower bid from a first time buyer, who wanted a place to live, not an investment. I'm not sure that that was the wisest choice financially, but it certainly makes us feel like we're not contributing to a market that is elbowing out people who are going to live in the homes. Boone hasn't found a new house yet near her husband's Michigan job. She says they may end up renting for a while as they try to figure out this new market. Scott
KDWN 720AM
"tom blanchard" Discussed on KDWN 720AM
"This is a serious problem was, And it was an article in the R. J. This week, A friend of mine named Tom Blanchard was the former president of the GAL bar. Was being questioned. And if you talk to the landlords, and you talk to the real estate agent through like all this has been a nightmare because the landlords are now their income has been caught because they're not if they were using that money to subsidize your income, and they weren't so security. They don't have a lot more money in the bank. Now it's really cutting into their bottom line. And a lot of these landlords like I want to get it. I want to get out of the property, but they can't So they're like they're hamstrung because of the stupid loss, right? So You know, here we are in a situation where people a lot of people are hamstrung. Obviously, landlords in particular, seem like they're hamstrung. But you have corporations making plenty of money. The government bailing out, you know, bailing out the stock market bailing out the corporate that right? Don't you maybe shouldn't be bailing out the American citizens. They are. They are to some extent, but probably not enough. That's the problem. How much money do you spend? And where do you suppose why are we spending money on these big corporations that have all them like? You know when they did the first peep Peep E round? If you look at the list of companies that got money, Tom Brady included a million dollars. That's ridiculous. Why should these big companies apply for that? P. P p money if they were laying people off, and how about the fraud that was perpetrated against our system? How many people were getting money through P P p through phony to shell companies getting paid, and it's a fraud just like just like unemployment in California here in Nevada, said across the country to the tune of over a billion dollars was paid out illegally. So when you go, you know the average person would do that right now. It seems that the average person is like you know what time it may be Time for me to be a scumbag. I'm gonna spare everybody had in my experience in my life. There's a certain amount of people that this is a percentage of people who are just going to take advantage. They're gonna be scumbags. They're gonna They're gonna commit fraud when they can when they think they can get away with it. And that's just the way it is, and it's been. It's always been that way and I don't know what we can do to prevent it, But it's gonna happen. I don't you know you could. You could put it better measures to prevent the fraud. There's no question about that. If they looked at it called if somebody was looking at it closer, or somebody's not letting their uncle commit fraud. And it would probably be better probably be a better situation, but that's the world we live in. That's what that's what our countries like. That's what people do not everybody, But there's a There's just a percentage of people who do that. And and and I don't see it stopping so I don't know what? I don't know what we can do about it. I mean, most people are honorable. I think that most people are stand up in honorable. I'd say I don't know what the percentages Well, let's call it You know, in most businesses, if you you're trying to keep your bad debt, anybody that gives credit right? So anybody that gives credit you're trying to keep your bad debt below 2%. You know if if you're not keeping your bad debt below 2%, you're you're doing wrong. So if you're in the credit industry, you know that a business in order to be successful, you have to keep your back. You know where you keep your bad debt, And if it rises above that, then you're in trouble. So it's 2% of the people are normally pretty bad and the less real estate dump I had a how I had a beautiful home that I lost because you could, and by the way, you couldn't have built my home for what I had to sell it for. Yeah, I mean, it took I had a million dollar home legitimately was million and 50,000 and I sold it for $440,000. That's the nuts. It was. It was a 52 100 Square foot home on a half acre last semi custom, And you know what? That was because we allowed people at that time to buy multiple homes with no stroke, no down stroke in the marketplace. They were going out the alley, auntie all over town by multiple real estate pieces with no money involved. And when the market started to go bad, they all walked away and we all got left holding the bag and a lot of good people who own homes in that area. Their value of the homes went from, Let's say 400 or 500,250. You know what people walked away and people go? That's not right. They shouldn't walk away. Well, you know what? It's good business like, you know, I'm getting screwed. I got robbed. The value of my house was supposed be 500,000 And because of all this crap now it's cutting its gotten half and realistically, it'll never get by time I get even with what my equity gets even tow. What I what I borrowed. It'll be 30 years, which is how never been the case When you brought home. My house is my old home right now is worth about 7 800,080 right. That guy's making a killing. My thing is back in the day when they had the chance to fix the loans, then.