BANC 1: No Money Down Mortgages Are Back

In this episode we cover recent trends in US mortgages and housing, shifts in venture capital markets, crypto and web 3 venture fund raises, recent US job numbers and more.

Episode Summary

- No Money Down Mortgage Are Back

- E-Commerce Trends Lower

- Europe Energy Crises

- Venture Capital Market Shifts

- Crypto and Web 3 Startup Funding

- Growth in Asian Art Markets

- US Jobs and Growth In Hiring

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Episode Notes

banc podcast aoverk bank of america no money down mortgagesa

Bank of American Announces Zero Down Payment Loans

https://www.businessinsider.com/bank-of-america-zero-down-mortgages-buy-home-cheaper-easier-2022-9

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The no money down mortgages are starting in 21 cities.

The mortgages will initially only be available to Black and Hispanic communities (paranoia increase because it feels like a way to provide handouts with the intention of seizing assets at any signs of trouble).

It's the first test of a larger initiative from various agencies like HUD, FDIC and FRB to provide credit to specific classes of persons.

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This reminds of articles we saw back in August 2007 as shown below

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Article written in 2007 right before the Global Financial Crises

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Housing Inventory Changes

https://twitter.com/nickgerli1/status/1565802860813504512

The Housing Crash is getting BAD in these cities.😬

📈Inventory up 100% YoY. For Sale Signs Everywhere. Prices dropping.

Would not want to be a Homeowner in Phoenix, Raleigh, Austin, Nashville, or Tampa right now. pic.twitter.com/GNHARvZOwW
— Nick Gerli (@nickgerli1) September 2, 2022

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Exploding Inventory

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Where people are moving in 2022

https://www.pods.com/blog/2022/04/moving-trends/

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Used Vehicle Prices Come Down

https://publish.manheim.com/en/services/consulting/used-vehicle-value-index.html

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Amazon Closes Warehouses

https://www.bloomberg.com/news/articles/2022-09-02/amazon-closes-abandons-plans-for-dozens-of-us-warehouses

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Adobe Data Shows First E-commerce Decline In Over Two Years

https://business.adobe.com/resources/digital-price-index.html

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Detailed Index Data is at the link below

https://news.adobe.com/news/news-details/2022/Adobe-Digital-Price-Index-E-Commerce-Enters-Deflation-for-the-First-Time-in-Over-Two-Years/default.aspx

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Recently Los Angeles surpasses Boston to become venture capital hub

‍https://www.theinformation.com/articles/andreessen-horowitz-takes-tinseltown

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Europe sees increasing energy prices

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Web 3 and Crypto Venture Funding

https://blockworks.co/funding-wrap-venture-capitalists-continue-to-prioritize-web3/‍

https://blockworks.co/funding-wrap-the-web3-startups-funded-this-past-week/

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Fidelity Bitcoin 401k

https://www.barrons.com/articles/fidelity-fintech-bitcoin-401k-51658523063

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Washington State Is First To Taxes NFTs

https://www.theartnewspaper.com/2022/09/02/washington-first-state-taxing-nfts

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Seoul Sees Art Market Growth

https://www.bloomberg.com/news/articles/2022-09-02/seoul-s-inaugural-frieze-fair-opens-to-strong-sales-star-power

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US Payrolls Rise In August

https://www.cnbc.com/2022/09/02/august-2022-jobs-report-.html

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Bloomberg Terminal vie of August 2022 jobs numbers

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Defense contractors plan to hire lots of workers

That’s due to shortages of materials and skilled workers; Raytheon itself had planned to hire 2,000 engineers this year, but due to attrition, it has to hire 5,000, Hayes said.

https://www.defensenews.com/industry/2022/08/05/amid-hiring-boom-defense-firms-say-labor-shortage-is-dragging-them-down/