😬 SF Slump Meets Sky-High Rates
San Francisco's housing market takes a hit as mortgage rates reach the stratosphere.
San Francisco's housing market is morphing into a "Discount Store," with homes selling at a median loss of $100,000 this summer.
Meanwhile, mortgage rates are hitting a 22-year peak, causing a significant dip in new listings but a surge in single-family rental inventories.
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In Houston, MF1 Capital is foreclosing on Rockstar Capital's property due to a defaulted $51 million loan, illustrating the growing pressures in the real estate sector.
Also foreclosure volumes are expected to rise by the end of 2023!
In this edition of the AltReports:
💸 Financial Fumble
😜 Listing Lunacy
🎸 Realty Rockslide
🖊️ Auction Insights
💥 Worcester Wallet-Whack
Video of the Week: Phase 2 Of The Housing Crash
Chart of the Week: Huge Spike in Bankruptcies
Podcast of the Week: Building a Real Estate Sales Team from $400k to $11M
SF Real Estate Median Loss Was $100K This Summer
Seems San Francisco has turned into the "Discount Store" of the housing market! This summer, 1 in 8 homes in the city sold at a loss, with sellers facing a median deficit of a whopping $100,000 - and that's not even counting the staging costs or agent commissions.
Mortgage Rates Soar to 22-Year High
The housing market is throwing a bit of a tantrum, stomping its feet with skyrocketing interest rates - the highest in 22 years, no less! Meanwhile, new listings are playing hard to get, decreasing by 29.5% compared to last year.
Multifamily Distress: MF1 to Foreclose on Rockstar Capital Complex
MF1 Capital is foreclosing on a property in Houston owned by the flamboyantly named Rockstar Capital, who defaulted on a cool $51 million loan.
The "Apartment Rockstar" himself, Robert Martinez, complained about the unworkable loan situation, with the property not raking in enough to cover the debt payments.