Real Estate Minute with Steve-March 13, 2023
Monday, Mar 13, 2023
Quick update on the Market current inventory is at 10,247 with 969 actually selling, very similar to last week nothing to be concerned with based on surplus and sales.
The SVB debacle is definitely concerning when the 16th largest bank in America and the 2nd largest bank to fail since the housing crisis of 2007/2008. I'm definitely concerned with the run on deposits that can further affect other financial institutes. Were glad that the FEDS stepped in
“The US Treasury, Federal Reserve, and the Federal Deposit Insurance Corp. helped assuage those worries (https://www.businessinsider.com/us-go... Sunday by announcing deposits at the country's 16th-largest bank would be guaranteed, and the bank's customers would have access to all of their money on Monday. The FDIC took control of SVB on Friday, while the Fed plans to offer loans to banks and other deposit holders in case they face a wave of withdrawals.”
This will hopefully slow down the withdrawal of deposits and stabilize the potential domino effect.