September 1, 2022

I have always said that it is never as good as it seems, and it is never as bad as it looks. So today, I will present you with some news from the articles I have been reading and let you know that it is not as bad as it looks!

Blackstone has decided to put a pause on purchasing Single Family homes in 28 U.S. markets. Blackstone owns about 5% of all Single Family rental properties nationwide and did not say when they will start to buy again in those 28 markets. Blackstone is usually ahead of the curve, and they may be looking at rents vs. cost. They are pulling out of specific markets as those markets could be saturated with houses they own. I am a California boy, and I don't have a lot of interest in buying more properties in Hollywood, but I just got 10% more on a vacancy we just filled. Blackstone pulling out of specific markets will open up homes for regular consumers. Blackstone is always careful to hide where they are buying or not buying. The one thing we can count on is that they will continue to buy!

The Fed came out yesterday and said they won't be easing interest rates until at least late next year. Not lowering rates is no shock, but things can change quickly. Goldman Sachs expects Home Price Growth to increase by 0.00% in 2023. That doesn't sound like a crash to me! So if rates don't go down, prices will not go up. I wonder what will happen if rates go down? Will prices go up? YUP!

Interest rates are at the worst levels since the middle of June, and we missed every number today, from Jobless claims to unemployment. Rates are moving fast and are a tad higher than they were early in the week.

I make it a point not to post the highest rates in the past 12 months, so you get nothing from me in that area today. I am pissed, and they will get better or worse! LOL! Let me know if you need a rate quote or if you have someone that needs a mortgage.

I will be around all weekend if you have any questions or if someone interested in buying a property! I will be at the UCLA football game from 11-12 on Saturday with my 84-year-old Dad, who "wants to see how they look!" I will be shocked if we make it to halftime, but a good son listens to his Dad! It will be 105 degrees at the Rose Bowl, and I love College football, but I prefer to be in my office, sit at an open house, have a tooth pulled, or maybe watch the game in an Air Conditioned house?

My cell is 661-714-6258, and my office line is 661-260-2970 xt. 2222. Please text me at 661-714-6258 or email me at Mike@AugustaFinancial.com. Have a great day and a better tomorrow! Please call me when you have a client that needs to borrow!