The WARN filings, by company.
Hammered by waves of layoffs, swooning stocks, collapsing cryptos, and 6% mortgage rates.
BART was already “facing a fiscal cliff” after working from home and driving to work caused revenues to collapse.
In California overall, prices dropped year-over-year, as sales collapsed, supply more than doubled. No dear, this isn’t just a seasonal dip.
Other companies are licking their chops at finally being able to hire tech workers.
And this was during the summer rally as mortgage rates dropped to 5%, stocks bounced, the Fed “pivoted,” and the Good Times started all over again.
San Francisco & Silicon Valley lead. Southern California catching up. In Los Angeles, prices fell in July from June for the first since Adam and Eve.
Last time it tried to sell the building was in 2019. Now the office market is an entirely different ballgame.
Sales volume plunged 38%.
The first year-over-year price declines crop up as the crazy California housing market “normalizes” amid holy-moly mortgage rates.