The New York Federal Reserve Bank said more Americans had their credit applications rejected last month at levels not seen in years. The New York Fed reported on July 16 added that fewer people across the country also sought to borrow. The report was part of the bank’s monthly Survey of Consumer Expectations, which is taken every four…
New York Federal Reserve Reports Surge in Credit Application Rejections
July 19, 2023
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Business & Marketseconomic policieseconomyinflationloan applicationloan rejectionNew York Federal Reservepersonal financePolicies & Impactsreal estaterecessionUSUS NewsUS Real Estate
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Negotiation Is the Important Key
Being informed is the best tool you can use during negotiations. Knowledge about the home’s condition, the range of value, and the many other aspects that affect value will be helpful to your ability to negotiate with confidence. In addition to information regarding the home’s features and value, you must be aware of and consider…
Property Giant Lendlease to Lay Off 740 Employees
Lendlease is cutting 10 percent of its global workforce as the real estate giant works to implement a five-year turnaround plan. A Lendlease spokesman on Tuesday confirmed the company will lay off about 740 people. Overseas workers will take the brunt of the job losses, with five percent of the company’s Australian staff receiving redundancies….
Hybrid Work Trend May Crash Commercial Real Estate Values By 2030, Says McKinsey
July 15, 2023
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Business & Marketscommercial real estateCompanieseconomic policieseconomyGlobal Real Estatehybrid workInvestmentMarketspandemicreal estateremote work
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A trend towards hybrid and remote work since the pandemic may cut $800 billion from office property values by the end of the decade, according to a recent study by consulting firm McKinsey. McKinsey said that employees continued to spend far less time working at the office compared to the pre-pandemic era, The survey, published on July…
Worst Case Scenario: Hybrid Work Trends May Result in Office Space Demand Falling 38 Percent by 2030, Says McKinsey
July 15, 2023
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Business & Marketscommercial real estateCompanieseconomic policieseconomyGlobal Real Estatehybrid workInvestmentMarketspandemicreal estateremote work
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A trend towards hybrid and remote work since the pandemic may cut $800 billion from office property values by the end of the decade, according to a recent study by consulting firm McKinsey. McKinsey said that employees continued to spend far less time working at the office compared to the pre-pandemic era, The survey, published on July…
Home Prices Hit Record High As Housing Supply Shortage Worsens
July 14, 2023
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Business & Marketseconomic policieseconomyhome priceshousing supplyinflationInvestmentMarketsreal estateUSUS NewsUS Real Estate
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Home prices hit a record high again in May, amid a worsening supply shortage in the housing market. The sharp jump in mortgage interest rates in last year caused an overheated housing market to slow down, but the slump did not last long. The cost for a home, which has been rising since the start…
Experts Warn Private Real Estate Deals Offer Low-Income Homebuyers False Hope
Many aspiring homeowners see a land contract as the answer to their prayers, but mortgage experts and lawyers say they almost always result in financial calamity. “Land contracts and leases with option to buy are both costly and destructive detours that diminish the likelihood that consumers entering these contracts will ever own a home,” said…
Private Real Estate Deals Offer Low-Income Homebuyers False Hope, Experts Warn
Many aspiring homeowners see a land contract as the answer to their prayers, although mortgage experts and lawyers say they almost always result in financial calamity. “Land contracts and leases with an option to buy are both costly and destructive detours that diminish the likelihood that consumers entering these contracts will ever own a home,”…
My Home Appraised Much Higher Than the Purchase Price
Dear Monty: I just bought my first home. I discovered at the closing that it was appraised for a much higher price than I paid. It is so much more that I’d like to know if I should resell it now. Monty’s Answer: There is no exact price for a home. If you asked 10…
Victorians to Bear Australia’ Heaviest Property Taxes
Victorian homeowners will be hit with the heaviest property tax in Australia from the 2023-2024 financial year onward as the state Labor government carries out its COVID-19 debt repayment plan. According to a new report by the Victorian Parliamentary Budget Office, Victorians will need to pay an estimated property tax (land transfer duty plus land tax)…
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