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Housing Market News

You know that the economy isn’t doing well. I mean, come on!

We’re all feeling it in our pocketbooks. And it’s not just about your bank account either: there are a lot of people out of work and losing their homes because they can’t make ends meet. But don’t worry – even though things seem bleak right now, there’s still plenty to be optimistic about! Watch this video for five reasons why the economy might NOT be as bad as you think.

Pending Homes Sales Drop in June

-The number of signed contracts on existing homes fell in June.

-The latest data from S&P Case-Shiller shows that prices in May were 17% higher than they were a year ago.

-Mortgage rates shot upward in June, further adding to the affordability issue.

-Newly built houses, which closed in June were down 6.6% from May, and 19.4% from June 2020

https://www.cnbc.com/2021/07/29/pending-home-sales-drop-in-june-.html

Inflation Gauge up 3.5%

–An inflation gauge followed closely by the Federal Reserve increased 3.5% year over year in June, below the expected 3.6%.

-Consumer spending increased by 1% as personal income also rose faster than expected.

-When it comes to employment, the rate of inflation increased.

https://www.cnbc.com/2021/07/30/key-inflation-indicator-up-3point5percent-year-over-year-in-june-vs-3point6percent-estimate.html

Record Lumber Prices Deliver HUGE Profits

-Lumber futures closed at $621.90(As of July 30th)

-At the peak lumber was going for $1,711.20 per 1,000 board feet, which was adding about $20,000 in building costs to a $200,000 house

-Mill executives say lumber prices could rise again due to the wildfires in British Columbia

https://www.wsj.com/articles/record-lumber-prices-deliver-sawmills-a-windfall-11627654852?mod=saved_content

If this housing market news has you worried about a possible housing bubble, you’re not alone. Housing prices are on the rise again and many Americans are unlikely to be able to afford homes if this trend keeps up. Lumber futures rose sharply earlier in the year due to COVID-19, which really hurt the supply chain with lumber mills.

Housing Supply is tight, and demand has been outpacing supply in many markets. Housing starts have been down for the past 4 months, and they have not kept pace with the growing demand for houses. Housing starts are an important measure of the demand for housing and if they don’t keep up with the growing demand then we could be at risk for a Housing Bubble Burst.

To make matters worse, as housing prices increase more homebuyers are turning to adjustable-rate mortgages, which could result in a Housing Bubble Burst if interest rates are raised and people can’t afford their monthly payments.

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Ever felt like a fraud as an entrepreneur or found yourself grappling with imposter syndrome? Fear not, as our latest conversation with Kyle Gillette, a five-time business owner and creator of the BlueShirt Leadership Framework, offers invaluable insights on overcoming these challenges and growing your business. We discuss Kyle's unique journey, from growing up on an Orange Farm in California to working in a men's mentoring program, and how these experiences shaped his approach to business and coaching.
We explore the importance of learning from failure and how Kyle's past business ventures have led him to his current success with BlueShirt Coaching. Kyle shares his thoughts on the BlueShirt Leadership Framework and how it can help business owners push past their fears and grow their businesses. We also touch on the topic of succession planning and building sellable businesses, with valuable advice for small business owners looking to transition out of their companies.
Finally, we delve into the critical role employee engagement plays in business growth. Kyle shares his experience working with clients who have seen significant increases in revenue through creating a positive work environment. We also discuss the benefits of networking and joining groups like Kyle's dads and business group on Alignable, as well as the importance of taking risks and overcoming imposter syndrome. Don't miss this valuable conversation with Kyle Gillette, packed with insights and advice for entrepreneurs and business owners.

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What would you do if you had to juggle your time between law school and managing your own start-up? Our guest on the show today, Scott Smith, faced this exact challenge. Scott, an attorney, CEO, and founder of Royal Legal Solutions, shares his inspiring journey - from purchasing his first business whilst in law school, dealing with the reality of time management as he juggled his new venture with his studies, to creating systems for efficiency. His story is one that highlights the strength in failure, its role as a stepping stone to success and the importance of system creation to reclaim time for passions.
Everyone seeks fulfillment, but what does it mean to lead a fulfilling life? Often, we are misguided by external factors like money, drugs, and social media, leading us down a path of dissatisfaction. Scott provides fascinating insights about the importance of viewing work as an extension of ourselves for organic growth and how financial success doesn't necessarily equate to a better quality of life. With a unique take on the current state of the real estate market, he brings to the table intriguing discussions about potential opportunities lurking amidst economic uncertainty.
Have you ever thought about the power of knowledge? Scott believes in education as a tool for personal growth and shares his vision for building the vault, a reservoir of wisdom for people from all walks of life. The episode also leverages the importance of accountability, controlling our emotions, and harnessing our mental strength for increased productivity. Remember, your mind is your most powerful tool, and learning to control it can open doors to an abundant life. Join us on this enlightening journey with Scott Smith, as we learn, grow, and transform.

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Caught in the whirlwind of a real estate deal at Baird Park that's been nothing short of a nocturnal nemesis, I bare it all in a heart-to-heart on the sheer intensity entrepreneurship can bring. My sleepless saga, dominated by the meticulous demands of a private inspector, echoes the familiar pangs of high-stakes business ventures. The property's potential to pivot our success hangs in the balance, and the journey has been a relentless test of my resilience.
Throughout this candid episode, I peel back the layers of not just the deal, but also the emotional and mental toll it extracts. Each inspector visit carries a weighty cost, both financially and psychologically, and the mounting setbacks have pushed me to my limits. However, the experience has ignited a transformation in perspective. The hardship is morphing into valuable lessons, and this narrative serves as a potent reminder that adversity often sets the stage for triumph. Tune in for an unfiltered glimpse into the world of deals, determination, and the delicate art of bouncing back.

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In this episode of the TruPodcast, we’re going to explore the 3 warning signs that will tell you if a housing bubble is about to burst.

It’s no secret that we’re in a time where the housing market is booming, but don’t get too excited because there are some very telling signs that say our party might be coming to an end soon. So before you invest your hard-earned money in your next investment property or buy a home, make sure you listen to this episode so you can avoid making costly mistakes later on.

There are signs of an impending housing bubble, but we are not talking about some data points that could tell us whether or not the housing market will crash.

Prices are above the housing bubble levels of 2006.

Prices have set several record highs in 2021, while the housing supply was ill-prepared for the increased demand due to the pandemic. Additionally, the housing market has been experiencing FOMO, which has driven the prices of the housing market to a point where a substantial portion of potential homebuyers cannot afford to buy.

https://www.businessinsider.com/us-housing-bubble-home-price-inflation-rent-costs-market-2021-8

More Small Houses are Hitting the Market. Will These Houses Slow the Impending Housing Bubble?

The share of small houses that were for sale in July 2021 increased. But will these houses make it more affordable for homebuyers going forward? A small house as defined by Realtor.com is between 750 and 1,750 square feet. The average median for these types of houses in July 2021 was $385,000.

https://www.businessinsider.com/small-house-listings-increasing-amid-improving-housing-market-2021-8

The “F” Word that Could Cause an Impending Housing Bubble

For the first week of August, homeowners that are in forbearance came in at 1.6 million. Overall, that is a reduction from 3.40% to 3.26%. This segment of homeowners is in jeopardy of losing their homes. You might be saying this sounds like our last housing bubble, but this time it is different. There are more homeowners that are using forbearance as a financial tool, but unfortunately, forbearance is not a tool that you should use for a long period of time.

https://www.mba.org/2021-press-releases/august/share-of-mortgage-loans-in-forbearance-decreases-to-326-percent

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