October housing market hit a wall

From Mansion Global:

October Was a Spooky Month for the U.S. Housing Market

Would-be buyers are turning their backs on the turbulent U.S. housing market in droves, according to new data released from Redfin on Monday. 

The number of pending sales, the amount of deals being scrapped and the proportion of homes seeing their asking price slashed all reached foreboding milestones in an October chill that could rival winter’s. 

Pending sales dropped 32.1% annually to 414,492 last month, the largest decline since at least 2013, when Redfin’s records began. 

At the same time, almost 60,000 home-purchase agreements fell through, equating to 17.9% of the homes that went under contract last month, a record high, the data showed. In addition, almost one-quarter, or 23.9%, of homes for sale in October experienced a price drop, double the rate of a year earlier, the online property portal said. 

“The Fed’s actions to curb inflation are causing the housing market to slow at a pace not seen since the financial crisis,” Chen Zhao, Redfin’s economics research lead, said in the report. 

“There are already early but promising signs that inflation is cooling, which caused mortgage rates to drop last week,” she added. “If that progress continues, buyers who recently backed out of deals may return to the market and sellers may be less inclined to slash their prices.”

This entry was posted in Demographics, Economics, Mortgages, National Real Estate. Bookmark the permalink.

66 Responses to October housing market hit a wall

  1. Chicago says:


  2. Fast Eddie says:

    “The Fed’s actions to curb inflation are causing the housing market to slow at a pace not seen since the financial crisis,” Chen Zhao, Redfin’s economics research lead, said in the report.

    “There are already early but promising signs that inflation is cooling, which caused mortgage rates to drop last week,” she added. “If that progress continues, buyers who recently backed out of deals may return to the market and sellers may be less inclined to slash their prices.”

    No doubt, Chen Zhao is another millennial whom probably thinks the inflationary period of the early 80s as is old as the model T Ford. Sweetie, these events don’t turn on a weekly basis. There’s no “app” on your phone to alter the course of the economy with a swipe. This is a trench war that moves back and forth by an inch or two for a long period of time. That last statement above sounds like a term paper that was due on Monday morning and she completed it Sunday night. When Amazon announces layoffs BEFORE the holiday season and the CEO is telling you to stock ammo, that should say something even the amateurs can comprehend.

  3. grim says:

    I’ve still got suppliers jacking up prices on everything – supply chain, challenges hiring, raw materials, etc etc etc.

    +10% price hike on one of our most important inputs yesterday (single largest input cost on whiskey production), this on top of a +15% price hike earlier this year.

    Last shipment of bottles in was now more expensive for India-made glass than what we were previously paying or US-made glass (both in NJ and midwest). This is absurd to me, and reeks of straight up price gouging, because they can. Think about that, 3 years ago our glass was being manufactured in SOUTH JERSEY, which we paid a PREMIUM or, and our price today for India made glass is HIGHER than even that. Yeah, and the quality is complete shit now.

    Sorry, companies will continue to jack up prices, even if the economy goes into straight up recession, because at this point, they can. F*ck you, pay me. Recession irrelevant, Ford happily producing fewer cars at higher margins.

  4. Juice Box says:


  5. Fast Eddie says:


    Wait… what happened to your South Jersey glass supplier?

  6. No One says:

    Glass is crystallized energy. With transport costs.
    Where is the old NJ bottle maker now?
    In inflation you either raise prices or die.

  7. Grim says:

    SBF effectively altruized himself a $40m penthouse using client funds.

  8. Grim says:

    Piramal shuttered the NJ plant, consolidating operations in Ohio I believe. They shut down Ohio last year, and some other sites, and shifted it all to India. These moves coincided with Blackstone’s acquisition of Piramal starting in 2020.

  9. Fast Eddie says:

    New York City announces big budget cuts and a hiring freeze across all agencies. I guess triple-digit overtime and outlandish pension obligations have consequences. But what’s the problem? Just raise taxes.

  10. grim says:

    Piramal was one of the biggest suppliers to the craft alcohol industry in the US. There aren’t many other options unless you are willing to buy custom glass direct from offshore, and you need to order in container quantities.

  11. Fast Eddie says:

    Is it acceptable to put some Silk City Bourbon in my oatmeal?

  12. Grim says:

    Releasing out Oat Bourbon in 2 weeks. 51% corn, 49% oat.

    I believe this would be considered breakfast bourbon.

  13. No One says:

    Sounds like America is meeting Biden’s co2 emission reduction goals, one glass bottle at a time.

    Also sounds like some Blacksone analyst assumed low container shipping costs forever. Also made some assumptions about price elasticity.

    Form an association and split a container load direct?

  14. BRT says:

    SBF effectively altruized himself a $40m penthouse using client funds.

    But he drove a Corolla for appearances.

  15. BRT says:

    I paid through the nose for hot sauce bottles this year.

  16. 3b says:

    Grim: And it’s gluten free!

  17. Juice Box says:

    re: drive a Corolla but bought a penthouse..

    Drove where? He lived and worked in the Bahamas all walking distance.

    It’s also a bit crazier than that. SBF’s parents and brother are apparently in on it. Parents pushed him into the Effective Altruism movement too. There is a million dollar home in the Bahamas that his parents now own their names are on the deed, was that kind of conveyance was declared on their taxes? They say now they are trying to return the home to FTX LOL!!!

    It was all a fraud this Effective Altruism, because they never cared were the money came from, never looked under the covers, they only cared that it was spent on their causes.

    BTW SBF is a very obese spokesperson for a Vegan. It’s for the animals he claimed. I bet he was scarfing down loads and loads of cheeseburgers and fast food, while he partied and did all kinds of wacky stuff with his crew, FTX condoms for parties, rumors of drug use in what was described as a co-living compound in the Bahamas. There was a reporter there yesterday, the security guard says the place is empty they have all scattered.

  18. Ex says:

    Hahaha of course they did. Where’s gopher girl?!!?

  19. BRT says:

    BTW SBF is a very obese spokesperson for a Vegan.

    Many vegans I’ve met eat potato chips and crackers en masse.

  20. Juice Box says:

    SBF is still on the Island with his parents, so is the co-founder Gary Wang and director of engineering Nishad Singh all “under supervision” by the local authorities, and cannot leave. Gopher girl is supposedly still in Hong Kong.

    How could anyone think this was an office for any kind of company?


  21. Hold my beer says:

    Vegans can consume unlimited amounts of soda and corn chips and high carb foods.

  22. Libturd says:

    How are everyone’s NFTs and Crypto doing?


    Go ahead and click on one year to see one of the greatest sucker’s chart ever.

  23. Juice Box says:

    Report out today 50% of all Bitcoin accounts (addresses) are now underwater.

    Won’t be long now folks, the slide into the trough of disillusionment continues.

  24. Juice Box says:

    Lib -Bieber took a bath on his Bored Ape NFT purchase.


  25. Libturd says:

    I wonder how the Bored Aped NFT owner I met in Costa Rica at the NFT peak is doing. :P

    You know, it’s always idiots that fall for this stuff. I did warn him.

  26. Fast Eddie says:

    You’re beginning to witness the manner in which the Roman Empire began its decline.

  27. BRT says:

    SBF is just chilling, he only got over his head, he didn’t commit fraud. But don’t worry, they are investigating Tom Brady and Steph Curry

  28. Libturd says:

    Gary, I agree with you on this one.

    The corruption in our country is reaching heights I’ve never seen before and the selfishness of our countrymates is becoming unmatched. Our police force is beginning to resemble those you would find in Mexico and our schools are turning into cesspools. The amount of favor campaign contributions return is becoming disgusting and I’m seeing this corruption increase in my everyday life.

    For example, I looked up our judge handling our court case. Prior to appointment, she gave handsome donations to members of both parties in our state and especially to those who would appoint her to her federal position.

    This purchase of favor is downright disgusting and you can follow the money nearly every time.

    I swear, we would all be in prison by now if we acted with the same immorality and lack of ethics that our politicians choose to. And yet, so many of us cheerlead for them.

  29. Chicago says:

    Dude. It the same as it ever was. You can just see it more readily.

  30. Chicago says:

    I thought Beyond Meat was a dyke bar in Fishtown North Philly?

    No Beef says:
    November 22, 2022 at 10:08 am

    Well, the name says Beyond…

  31. Libturd says:

    “You can just see it more readily.”

    I’m sure that’s part of it. But the selfishness, especially on the roads, is a new phenomenon.

  32. 3b says:

    Lib: I agree, the selfishness and aggressiveness on the roads has increased dramatically. Everyone seems to be pissed off in general.

  33. Chicago says:

    FTX Lawyer Says ‘Substantial Amount’ of Crypto Firm’s Assets Stolen or Missing

  34. Fast Eddie says:

    Aside from the corruption and road warriors loose on the highways, the greatest impact and most damage is being done to our kids. It’s tragic and distressing. Our educational facilities are being turned into adult-themed warehouses, accountability is now defined by s0cial media majorities and obscene behavior has become mainstream. Nothing is sacred or protected anymore… it’s all about self interpretation of what is right and wrong. The fabric of our nation is becoming frayed and worn in the guise of an enlightened society but that society is slowly disintegrating.

  35. No One says:

    Shocker. I wonder who stole it or helped it go missing?
    That whole “industry” could disappear without a trace and it wouldn’t bother me at all.
    At least my generation didn’t claim that Beanie Babies were going to replace all money.

  36. EnjoyTheNiceTuesdayAfternoon says:

    SBF’s mistake was filing for bankruptcy. Everything is out in the open and he will do time. The other crypto scammers are ghosting or hiding what’s up.

    Fat Eddie,

    Take your prozac. You are dribbling away with complaints. Read below from NY times.
    Dave Philipps

    By Dave Philipps

    Published Nov. 21, 2022Updated Nov. 22, 2022, 9:36 a.m. ET

    COLORADO SPRINGS — Richard M. Fierro was at a table in Club Q with his wife, daughter and friends on Saturday, watching a drag show, when the sudden flash of gunfire ripped across the nightclub and instincts forged during four combat deployments in Iraq and Afghanistan instantly kicked in. Fight back, he told himself, protect your people.

    In an interview at his house on Monday, where his wife and daughter were still recovering from injuries, Mr. Fierro, 45, who spent 15 years as an Army officer and left as a major in 2013, according to military records, described charging through the chaos at the club, tackling the gunman and beating him bloody with the gunman’s own gun.

    “I don’t know exactly what I did, I just went into combat mode,” Mr. Fierro said, shaking his head as he stood in his driveway, an American flag hanging limp in the freezing air. “I just know I have to kill this guy before he kills us.”

    The authorities are holding Anderson Lee Aldrich, 22, on charges of killing five people, and say that 18 more people were injured in a rampage at the club that lasted only a few minutes. The death toll could have been much higher, officials said on Sunday, if patrons of the bar had not stopped the gunman.

    “He saved a lot of lives,” Mayor John Suthers said of Mr. Fierro. The mayor said he had spoken to Mr. Fierro and was struck by his humility. “I have never encountered a person who engaged in such heroic actions and was so humble about it.”

    It was supposed to be a chill family night out — the combat veteran and his wife, Jess, joined their daughter, Kassandra, her longtime boyfriend Raymond Green Vance, and two family friends to watch one of his daughter’s friends perform a drag act.

    It was Mr. Fierro’s first time at a drag show, and he was digging it. He had spent 15 years in the Army, and now relished his role as a civilian and a father, watching one of his daughter’s old high-school friends perform.

    “These kids want to live that way, want to have a good time, have at it,” he said as he described the night. “I’m happy about it because that is what I fought for, so they can do whatever the hell they want.”

    Mr. Fierro was trying to get better at going out. In Iraq and Afghanistan he’d been shot at, seen roadside bombs shred trucks in his platoon, and lost friends. He was twice awarded the Bronze Star.

    The wars were both past and still present. There were things he would never forget. For a long time after coming home, crowds put him on edge. He couldn’t help to be vigilant. In restaurants he sat against the wall, facing the door. No matter how much he tried to relax, part of him was always ready for an attack, like an itch that could not be scratched.

    He was too often distrustful, quick to anger. It had been hell on his wife and daughter. He was working on it. There was medication and there were sessions with a psychologist. He got rid of all the guns in the house. He grew his hair out long and grew a long, white goatee to distance himself from his days in uniform.

    He and his wife ran a successful local brewery called Atrevida Beer Co. and he had a warm relationship with his daughter and her longtime boyfriend. But he also accepted that war would always be with him.

    But that night at Club Q, he was not thinking of war at all. The women were dancing. He was joking with his friends. Then the shooting started.

    It was a staccato of flashes by the front door, the familiar sound of small-arms fire. Mr. Fierro knew it too well. Without thinking, he hit the floor, pulling his friend down with him. Bullets sprayed across the bar, smashing bottles and glasses. People screamed. Mr. Fierro looked up and saw a figure as big as a bear, easily more than 300 pounds, wearing body armor and carrying a rifle a lot like the one he had carried in Iraq. The shooter was moving through the bar toward a door leading to a patio where dozens of people had fled.

    The long-suppressed instincts of a platoon leader surged back to life. He raced across the room, grabbed the gunman by a handle on the back of his body armor, pulled him to the floor and jumped on top of him.

    “Was he shooting at the time? Was he about to shoot? I don’t know,” Mr. Fierro said. “I just knew I had to take him down.

    The two crashed to the floor. The gunman’s military-style rifle clattered just out of reach. Mr. Fierro started to go for it, but then saw the gunman come up with a pistol in his other hand.

    “I grabbed the gun out of his hand and just started hitting him in the head, over and over,” Mr. Fierro said.

    As he held the man down and slammed the pistol down on his skull, Mr. Fierro started barking orders. He yelled for another club patron, using a string of expletives, to grab the rifle then told the patron to start kicking the gunman in the face. A drag dancer was passing by, and Mr. Fierro said he ordered her to stomp the attacker with her high heels. The whole time, Mr. Fierro said, he kept pummeling the shooter with the pistol while screaming obscenities.

    What allowed him to throw aside all fear and act? He said he has no idea. Probably those old instincts of war, that had burdened him for so long at home, suddenly had a place now that something like war had come to his hometown.

    “In combat, most of the time nothing happens, but it’s that mad minute, that mad minute, and you are tested in that minute. It becomes habit,” he said. “I don’t know how I got the weapon away from that guy, no idea. I’m just a dude, I’m a fat old vet, but I knew I had to do something.”

    When police arrived a few minutes later, the gunman was no longer struggling, Mr. Fierro said. Mr. Fierro said he feared that he had killed him.

    Mr. Fierro was covered in blood. He got up and frantically lurched around in the dark, looking for his family. He spotted his friends on the floor. One had been shot several times in the chest and arm. Another had been shot in the leg.

    As more police filed in, Mr. Fierro said he started yelling like he was back in combat. Casualties. Casualties. I need a medic here now. He yelled to the police that the scene was clear, the shooter was down, but people needed help. He said he took tourniquets from a young police officer and put them on his bleeding friends. He said he tried to speak calmly to them as he worked, telling them they would be OK.

    He spied his wife and daughter on the edge of the room, and was about to go to them when he was tackled.

    Officers rushing into the chaotic scene had spotted a blood-spattered man with a handgun, not knowing if he was a threat. They put him in handcuffs and locked him in the back of a police car for what seemed like more than an hour. He said he screamed and pleaded to be let go so that he could see his family.

    Eventually, he was freed. He went to the hospital with his wife and daughter, who had only minor injuries. His friends were there, and are still there, in much more serious condition. They were all alive. But his daughter’s boyfriend was nowhere to be found. In the chaos they had lost him. They drove back to the club, searching for him, they circled familiar streets, hoping they would find him walking home. But there was nothing.

    The family got a call late Sunday from his mother. He had died in the shooting.

    When Mr. Fierro heard, he said, he held his daughter and cried.

    In part he cried because he knew what lay ahead. The families of the dead, the people who were shot, had now been in war, like he had. They would struggle like he and so many of his combat buddies had. They would ache with misplaced vigilance, they would lash out in anger, never be able to scratch the itch of fear, be torn by the longing to forget and the urge to always remember.

    “My little girl, she screamed and I was crying with her,” he said. “Driving home from the hospital I told them, ‘Look, I’ve gone through this before, and down range, when this happens, you just get out on the next patrol. You need to get it out of your mind.’ That is how you cured it. You cured it by doing more. Eventually you get home safe. But here I worry there is no next patrol. It is harder to cure. You are already home.”

  37. BRT says:

    Remember that Beeple artist NFT artwork that sold for like 60 million?

  38. Libturd says:

    I’m not sure how much of that stuff really sold at those tremendous prices. My son told me, the fool’s game was to make it appear like you sold your NFT at a higher price than you paid to someone else. Though, that someone else was either another instance of you or someone else that you transmitted crypto (or anything else of value to). The more times the NFT traded hands, the more likely a a fool would purchase it as it looked like there was demand for it. Of course, once the fool owns it, only another fool would purchase it and this was unlikely because it has stopped switching owners (supposed).

    Which is why people need to do their due diligence. Otherwise, they are simply gambling. Who is going to gamble with their entire future? Only a fool.

  39. Libturd says:

    Which is why I never have any sympathy for Madoff type suckers or Enron investors, etc.

    How long does it take to look at the SEC filings? 5 minutes? We’re talking huge percentages of people’s wealth going to trash like this. At least look.

  40. Ex says:

    The best art story that I heard when the fellow painted a mural for Facebook and asked to be paid in stock. Very early FB stock. He’s set now. For life.

  41. BananaJoe says:

    Eddie it’s reached a height of decadence and appears to be collapsing within. Progressivism is decay.

    What would the most effective way to shatter a civilization? Perhaps confuse people over something as fundamental as boy or girl.

    Thanks to Murphy grooming laws they are now teaching six year olds that “any living thing is capable of reproduction.” That is deranged.

  42. BananaJoe says:

    And meanwhile pay no attention to the man behind the curtain. The left was in non stop hysteria over the hoaxes that’ they perpetrated against trump. The institutionalized corruption that is everywhere almost goes unsaid. Very, very convenient that ftx and it’s democrat mega donor mission collapses just days after the election.

  43. Ex says:

    Bad news Donnie, your three year battle to hide your taxes is Over😭😭

    Banana JerkOff – you are dumber than dogshit.

  44. joyce says:

    I wonder if they will include a carve out for things like criminal background checks (for employers that are still allowed to do that), finding those delinquent in child support payments, and other things.


  45. BananaJoe says:

    Bombshell. Game changer. Beginning of the end. I’m sure that hoax will pan out for you. Truth is that trump broke people like you. Trump will come and go but you’ll still be a fool for going along with all that shlt.

  46. Fast Eddie says:


    Next thing you know, the left will be consulting with a mule for policy guidance. Observe any part of our modern day existence and you’ll find incoherence. A sad example:

    “Dr. Rachel Levine, the assistant secretary for health at the Department of Health and Human Services, requested research favoring allowing minors to undergo gender transition surgeries, such as double mastectomies, in 2017 from a doctor at the Children’s Hospital of Philadelphia. The doctor said they were unaware of any such data, despite confirming that minors were receiving the surgeries at their hospital, according to emails obtained by Megan Brock through a Right-to-Know request and shared with the Washington Examiner.

    “I know that we had discussed at US PATH the possibility of gender confirmation surgery for young people under 18 years of age,” Levine wrote in an email on May 4, 2017, to Dr. Nadia Dowshen, co-founder of the Gender and Sexuality Development Clinic at the Children’s Hospital of Philadelphia. “This could include top surgery for trans young men and top and bottom surgery for trans young women. Is there any literature to support this protocol?”

    Levine, the first openly transgender federal official to be confirmed by the Senate, has been a staunch advocate for “gender-affirming care,” such as gender transition surgeries or puberty blockers, and has argued that states should not limit minors’ access to such treatments.”

  47. Ex says:

    This little cream puff is going doooooown:

    The US justice department is scheduled to ask a court on Tuesday to void the special master review examining documents seized from Donald Trump’s Mar-a-Lago residence and make the materials available to the criminal investigation surrounding the former president.

    The hearing is particularly consequential for Trump: should he lose, it could mark the end of the special master process on which he has relied to delay, and gain more insight into, the investigation surrounding his potential mishandling of national security information.

    Hope he has enough bronzer for prison.

  48. BananaJoe says:

    Yeah that’s abuse and should be criminal. Encouraging children to mutilate themselves for political gains. Same as Murphy.

  49. Juice Box says:

    Eddie it’s not too late for you Levine became a woman at age 55 and later went on to win loads of prestige as a woman, like woman of the year etc.

  50. BananaJoe says:

    Look no further than that mug to recognize the ravages of mental illness. And they want us to pretend it away. Not doing it.

  51. SmallGovConservative says:

    BananaJoe says:
    November 22, 2022 at 4:28 pm
    “Look no further than that mug to recognize the ravages of mental illness. ”

    Scary to think that in some euro countries, which are just lightly ahead of us in their descent into a woke-induced national insanity, that statement would be considered an online hate crime.

  52. SmallGovConservative says:

    Ex says:
    November 22, 2022 at 3:24 pm
    “Bad news Donnie, your three year battle…”

    Ex playing Wile E. Coyote again, absolutely certain that the anvil dangling above his head is going to land on Donnie this time — beep, beep!

  53. 3b says:

    Biden Administration extending student loan payment pause to June 30, 2023.

  54. chicagofinance says:
  55. chicagofinance says:

    The End Is Nigh (FlabMax Follow The Money Edition):

  56. BRT says:


    Jesus, that was brutal

  57. leftwing says:

    Why I miss Wall Street….strong, knowledgeable personalities confident enough to call idiots out and tell them to fuck off…goodness those clips were refreshing.

  58. grim says:

    Well, Twitter appears to still be working, and getting a ton of press to boot. Clearly, Elon’s managed to remain top of mind.

  59. Chicago says:

    Left: Big Red pulled it out of their ass in the 3rd against SHU.

  60. Juice Box says:

    SBF sent a letter to employees today, apparently still has access etc.

    In it he describes how he did not want bankruptcy and how to fix it.

    Maybe there is still a chance to save the company,” he said in the letter Tuesday. “I believe that there are billions of dollars of genuine interest from new investors that could go to making customers whole. But I can’t promise you that anything will happen, because it’s not my choice.”

    Delusional has new meaning now, he basically describes a Ponzi, to pay off the stolen funds by bilking new investors with a promise of greater returns.


  61. The Great Pumpkin says:


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