by Greg Wasik | Nov 20, 2022 | Uncategorized
Sales of existing homes in the U.S. declined for the ninth consecutive month in October, marking the longest decline on record. The steepest mortgage rates in two decades and high home prices are keeping many buyers away. The National Association of Realtors announced...
by Greg Wasik | Nov 6, 2022 | Los Angeles Real Estate and Appraisal News
Opendoor Technologies writes down inventory by $573 Million, lays off 18% of their employees due to the declining real estate market related to the impact of higher interest rates leading to lower transaction volume. The company announced that they decided to drop the...
by Greg Wasik | Oct 14, 2022 | Los Angeles Real Estate and Appraisal News
Real estate appraisal and technology firm Clear Capital yesterday laid off over 25% of its current workforce due to the rapid decline of the lending market. Clear Capital provides human-written appraisals and automated valuations as well as inspection reports. The...
by Greg Wasik | Aug 10, 2022 | Los Angeles Real Estate and Appraisal News
loanDepot a major non-bank lender has cut 4,8000 jobs in 2022 so far. According to a filing with the SEC, they plan to drop from 11,300 employees to 6,500 by the end of 2022. “In 2020 and 2021, like other mortgage companies, we scaled our organization to meet the...
by Greg Wasik | Jul 12, 2022 | Los Angeles Real Estate and Appraisal News
Sprout Mortgage a major non-QM lender, told more than 300 workers last week that it would be shutting down in a conference call. Prior to this there already had been job cuts in April and June. Prior to the closure, the president of Sprout, Shea Pallante, told...
by Greg Wasik | Jul 6, 2022 | Los Angeles Real Estate and Appraisal News
The sales and home prices in Southern California appear to have been edging lower in the month of June over the month of May. This adds to all of the mounting evidence that a major housing slowdown is pulling the SoCal home values even lower every single day. In fact,...
by Greg Wasik | Jul 1, 2022 | Los Angeles Real Estate and Appraisal News
Showing the impact of rising interest rates in the real estate market, PIMCO-backed FGMC last week laid off 80% of its approximately 500 employees. According to one employee they are no longer accepting new mortgages which suggests the firm will be shut down. In a...
by Greg Wasik | Jun 16, 2022 | Los Angeles Real Estate and Appraisal News
Due to the recent increase in interest rates from under 3% to over 6% in a matter of months, real estate industry giants Redfin and Compass announced yesterday large layoffs of 6% and 10% of their workforces, respectively. At Compass this totals approximately 450...
by Greg Wasik | Jun 8, 2021 | Los Angeles Real Estate and Appraisal News
Significant activity has been spotted in the real estate market, with several homes being sold to record numbers in Los Angeles for months. Douglas Elleman noted that the real estate market recorded total home sales up by 10% from the last quarter and up by 40%...
by Jen Case | Mar 29, 2021 | Los Angeles Real Estate and Appraisal News
February’s Southern California home prices reached an all-time high due to buyers competing during a shortage of homes for sale, which signals that the pandemic home-buying trends are extending into 2021. Southern California home sales surged 17.6% from February...
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