🚨Builders Buckle as Bankruptcies Boom
🚨Builders Buckle as Bankruptcies Boom
Builders struggle to stay afloat in a sinking market
Canada's real estate market is in full-blown crisis mode, with bankruptcies piling up faster than bad sequels to a movie franchise.
Construction companies, especially the smaller ones, are going belly-up left and right, with a 50% jump in insolvencies last year.
Down in the U.S., things aren't looking any rosier.
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Foreclosures are turning into the latest trend, especially in places like Peoria County, Illinois, where homes are going under at an alarming rate.
As if that wasn’t enough, July’s single-family home construction nosedived thanks to Hurricane Beryl, while multifamily projects are taking off like a rocket.
In the rental market, it’s a rollercoaster—rents are still sky-high in places like Miami, but cities like San Francisco and New York are starting to cool down.
And to top things off, Warren Buffett decided to ditch nearly half of his Apple stock, because apparently, cash is king when the market starts acting like a bad soap opera.
In this edition of the AltReports:
💔 Financial Fallout
🚪Housing Hurdles
🌪️ Beryl Blow
🎢 Rent Rollercoaster
🍏 Apple Axed
Video of the Week: The Florida Housing Market is in Trouble (August ‘24 Update)
Chart of the Week: Which Banks May Face Scrutiny of CRE Exposure
Podcast of the Week: How to Find Distressed Properties and Turn Them into Cash Machines.
Real Estate Insolvencies in Canada Set to Surpass Levels of Global Financial Crisis
Canada’s real estate market is doing its best impression of a sinking ship, with insolvencies ready to outdo the disaster of the global financial crisis.
The latest numbers from Insolvency Insider Canada show construction industry bankruptcies skyrocketing by 50% last year—ouch.
The hardest hit? Small to mid-sized businesses who were already barely keeping their heads above water.
Top 10 Counties with Highest Foreclosure Rates in July 2024
In the latest episode of “America’s Housing Crisis,” ATTOM’s report reveals the top 10 U.S. counties where foreclosures are practically a new hobby.
The Midwest, South, and West are the unlucky winners, with Illinois’ Peoria County leading the pack—where one in every 1,055 homes is waving the white flag.
The suburbs and smaller metros aren’t safe either, as rising interest rates and inflation tag team to put the squeeze on homeowners.
Plunge of Single-Family Construction Starts in July Was Huge Outlier
July saw single-family home construction starts take a 6.7% nosedive thanks to Hurricane Beryl crashing the party.
Meanwhile, the multifamily housing market is on a wild ride, surging 45% since March lows.
It’s a tale of two markets: single-family homes are getting KO’d, while multifamily projects are riding high, especially in cities where rentals are the hot ticket.
One-Third of Property Managers are Offering Concessions as Rental Market Cools
Sun Belt cities like Miami and Phoenix are still squeezing renters dry.
However, places like San Francisco and New York are starting to chill out due to more empty units and new construction.
As the market cools off, renters are gaining a bit more leverage to negotiate—so don’t be afraid to ask for that rent cut.
Berkshire Dumped Nearly Half its Apple Shares, Cash is King
Warren Buffett, the Oracle of Omaha, just threw Apple under the bus, selling off nearly half his shares.
He’s piling the profits into short-term U.S. Treasury bills, betting they’re the safest spot to park his billions as the market rollercoaster nears its final loop.
When in doubt, Buffett says, hold onto your cash and watch the chaos from a distance.