Utah Housing Market Update Utah Housing Market Crash

Utah housing market update, Utah housing market crash. You're going to want to watch this video because we're going to cover a lot. Check this out. Apollo private credit fund limits withdrawals after requests exceed 5% cap. And they manage $930 billion. Now, BlackRock just did that a couple of weeks ago. We're not hearing about it because the only thing we're hearing about in the news is the war in oil prices and how inflation is going to come back and prices are going to skyrocket. But everybody is ignoring the fact that another major private credit company, hedge fund, is not allowing people, shareholders, to take their money out. BlackRock again, and now Apollo. We're going to go through this. We're going to go through some numbers, through some graphs, through the interest rates, oil prices. And I have something over here that you're going to want to stay tuned to. Something that most people don't know is going to have big impact on the housing market here in Utah and nationwide. Now, it's been a little while since I made a video. Decided to go on vacation to the beach and relax with all this crazy stuff going. It was spontaneous. Couldn't get a video out for you guys prior. Got back, been extremely busy, and here I am recording this for you guys at 12.10 a.m. on Thursday night, technically Friday morning. So this will be released for you guys. Now, take a look at this. If we compare. So here's 2026. March of 2025 and March of 2026. We had 10,400 active units last year. We have 11,500 this year, which is a 10% increase year over year. Now, under contracts are still up year over year. 7.8, that'll help if I remove myself. So right here, 11,500 compared to 10,500, an increase of 10.6%. There it is. Now, under contracts are up 7.82% year over year. And 4,600 compared to 4,300 a year ago. Now, if we compare it to 2019, we had under contracts 6,200 almost and 6,600. So 6,000 plus compared to 4,000 plus. Showing us, again, and I've broken this down, that we are not under contracts. We haven't recovered back to the pre-pandemic levels, let alone what the under contracts and solds were during the pandemic, right? So now, check this big kicker out. I'm gonna share this with you guys right now. This right here, oh, here we go. Student loan delinquency rates jump nearly 25%. Now, if we scroll to this part, and I did block some stuff off here because it's getting political. That's not what I'm into. Nearly 25% of student loan borrowers with a payment due are now behind, compared to 9% in 2019. Again, 9% in 2019. Now, you tell me, as I've been saying, things haven't fully unraveled, but 25% of student loan borrowers are delinquent, compared to pre-pandemic 2019, 9%. And then we look over here, and we have only 4,000 plus properties under contract compared to the pre-pandemic of 6,000 plus. It's a pretty big difference, right? Now, again, the private hedge funds are not allowing people, shareholders, investors, to pull out their money that they are managing. And again, under contracts are up year over year. So if we go over here and we take a look, we see that that is up 7.8%. Now, the weird thing is, there are some multiple offers here in the last couple of weeks. Now, if the house is moving ready, it's priced well, it's going to get multiple offers, especially if it's on the east bench, east side of the interstate in Salt Lake County, but homes really everywhere. Now, townhomes, on the other hand, are actually taking much bigger hits. They're much harder to move. And the townhome that I have currently under contract for a seller, we did multiple price adjustments, and the other townhomes around us did the same. And I was negotiating for a buyer. We were about $6,000 difference, and a seller decided to not go under contract with the buyer that I was representing. That's pretty silly, with multiple other townhomes around him for sale. So townhomes are really getting hit. If condos are also getting hit, single-family homes, it's priced well. If it's moving ready, it is going to generate interest. It'll go pretty quickly, and potentially with multiple offers, depending on the location. But it's the spring selling season. That's the best time the last few years, every year here since the pandemic. And well, this inventory is growing. Now, the big news here is, so are the mortgage rates. Check this out. Mortgage rates have jumped up to 6.5%. Shot up from 6 to 6.5 here on this mortgage daily chart. And that is a huge swing, following with what's going with oil. I mean, look at oil, just skyrocketing as well. And so are the interest rates, because the 10-year treasury is also skyrocketing, because, well, other countries are not buying U.S. treasuries right now because of the war. They're wanting to have us stop that war. And when the 10-year goes up, that's the biggest correlation with interest rates, because the Fed is announcing that they potentially are only going to do one Fed rate cut this year, compared to two or three that are being priced in. And that's why you're seeing the swing upwards. Now, we're going to do a recap here. I'm going to share some other information with you guys. If it is April, and we're seeing this much pressure in the housing market, what happens if these interest rates continue climbing towards 7%? And that is happening as we're essentially already halfway through the spring selling season. I mean, it's about to be April, and then it's May, right? So at least a third of that spring selling season. And for me, the spring selling season is March, April, and May. Technically, spring goes into June, but I think that's how all of us view it. So essentially, again, we are through a good chunk of that seller season. And we see that these rates are skyrocketing. We see oil prices are not coming down. And the video that I made a couple of weeks ago, I stated that if the war doesn't end in a couple of weeks, the chances of a extended messy war that's going to have major impacts on the economy is going to increase. And that's exactly what we're seeing right now. So here we go. Apollo, private credit fund, another big one, not as big as BlackRock, but another big one, is not allowing people to take their money out. They manage over 930 billion. You're seeing that actives continue increasing. So here's our chart, number of listings entered. So right here, more listings are being entered every month, year over year. And it's the highest since 2022 here. Beats all of these years. And here's the actives. So you're seeing actives are still staying elevated. And last year was much higher than the previous years. And all of that is happening as the economy is on the brink of a recession, potentially, especially if this continues and if this holds. Remember that in February, we had a negative 92,000 jobs. That was prior to the war. Well, if the war comes in now, what are we going to be at? And of course, they're all cooking numbers. I don't like none of the politicians, so don't even wanna talk about that. And here we go, Apollo. We're seeing that under contracts are 4,000, 4,000, compared to pre-pandemic of 2018 and 19, 6,000, 6,000. We're seeing those number of listings here, again, higher, actives are higher. Student loans, 25% of student loans are delinquent, compared to 9% in 2019. And that alone is showing some vulnerability in the economy. I mean, this is taking down the pool of buyers that can buy. And then I forgot to actually pull it up, so you're just gonna take my word for it. I'm not gonna go pull that up. I'm gonna delay the video here for you guys. But negative 10% of mortgage applications because of what's going on with the economy and what's going on with oil prices, with the interest rates rising. So you have 10% less buyers now applying for mortgages. And then you have these big private funds having issues with 25% of student loans delinquent, that have a payment rate, up from 9% in 2019. So you gotta ask yourself, what do you wanna do, right? Now, think of the realtor has your back, whatever that is, smash the like button, hit the subscribe button, leave a comment with your thoughts. And my phone number, it's down there. It's gonna be in the comment. It's gonna be pinned. It's gonna be in the description. Call me, text me. Verizon's been acting up here in the last year. If it goes directly to voicemail, leave me a voicemail, send me a text message, because every month, a couple of calls, they just don't come through. Not sure what's going on with Verizon. Maybe they're having issues with the economy. I don't know. They need the guy. Can you hear me now? If you're old enough to watch the commercials, can you hear me now? Can you hear me now? So I need to bring that guy back because I need that kind of service from my cell phone. Anyway, there you go. I mean, that's what's happening. And until next time, hit that like button, hit that subscribe button, and my phone number's down below. If you're ready now, if you want to wait, whenever the time is right for you, then go to the Realtor, has your back, and I'll do my best to negotiate you the best deal that you want.