Home affordability has hit its lowest level in more than 16 years, with a median household now forced to spend over 40 percent of its income to afford a home. In December 2022, the average U.S. household would have had to spend 42.9 percent of its income to afford a home with a median price…
As ‘Blue’ States Rezone Their ‘Red’ Suburbs, It’s Not Really About ‘Affordable Housing’
March 6, 2023
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Affordable HousingBusiness & MarketsBusiness ColumnistsimmigrationOpinionproperty taxreal estatesuburbsUncategorizedUS Real Estate
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Commentary A recent New York Times opinion piece titled, “The Era of Shutting Others Out of New York’s Suburbs Is Ending,” discussed a growing trend among state legislatures, particularly in “blue” states, to force changes in local zoning laws in the suburbs to allow more multifamily housing. Traditionally, suburbs are zoned mostly for single-family homes….
Office Landlord Defaults on the Rise as Employees Continue to Work From Home
March 2, 2023
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Business & Marketscommercial real estateCompaniesdefaulteconomyInvestmentMarketsoffice landlordreal estateremote workSocial IssuesUSUS Real Estate
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Office landlord defaults are on the rise throughout the United States as employees continue to work from home. The list of major commercial real estate landlords defaulting on their loans is beginning to climb, as more developers begin to realize that American workers are increasingly preferring to work remotely or via a hybrid model, which may leave…
Americans Work Remotely as Employees in Europe and Asia Return to the Office
March 1, 2023
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Asia & PacificBusiness & MarketsCompanieseconomyEuropeGlobal Real EstateMiddle EastNY Real Estateoffice spacereal estateremote workUSUS NewsUS Real EstateWorld
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A great divergence has become noticeable in return-to-office habits, as half of American workers still work remotely compared to their counterparts in Asia and Europe who have largely returned to the office. Offices in the United States are still at about half capacity three years after the onset of the pandemic, with occupancy rates at 40–60…
Apartment Rents Fall Nationwide Amid New Supply Boost
U.S. apartment rents are falling nationwide amid a new boost in housing unit supplies this year. Apartment rents have declined in every major metropolitan area throughout the United States over the past six months, through January. The new trend is expected to last into 2024, as more units come online, reported The Wall Street Journal….
American Housing Market Loses $2.3 Trillion of Value
February 24, 2023
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30-year mortgageBusiness & Marketseconomic policieseconomyhomebuyer demandmortgage affordabilityreal estaterising mortgage ratesU.S. housing marketUSUS NewsUS Real Estate
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The U.S. housing market lost more than $2 trillion in home value during the second half of 2022 as homebuyer demand waned amid elevated mortgage rates, even as home prices fell 11.5 percent from their May peak, according to real estate brokerage Redfin. At the end of 2022, the total value of U.S. homes was…
Mortgage Insurance Costs Being Cut by $800 for 850,000 Americans
February 23, 2023
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Business & Marketseconomic policieseconomyExecutive BranchFHAHUDMarketsmortgage insurancepersonal financePolicies & ImpactsPoliticsreal estateUSUS NewsUS Real Estate
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U.S. mortgage insurance costs are being cut by $800 for 850,000 Americans. Families buying their first home will be eligible to receive some relief from mortgage insurance payments, following an announcement by the White House on Feb. 23. Vice President Kamala Harris announced the new program during an event in Maryland on Feb. 23 along…
US Mortgage Rates Continue Upward Trend, Weighing on Housing Affordability
A new survey revealed that U.S. mortgage rates continue to rise as interest rates adjust in response to stronger-than-expected economic growth. According to Freddie Mac’s Primary Mortgage Market Survey (PMMS), the 30-year fixed-rate mortgage (FRM) averaged 6.5 percent for the week ending Feb. 23, up 18 basis points from 6.32 percent in the previous week….
Mortgage Rates Surge Back Toward 7 Percent, Sending Demand for Home Loans Down by Double Digits
Mortgage applications plunged as the 30-year fixed mortgage rate inched higher toward 7 percent, a weekly industry survey discovered. For the week ended Feb. 17, the seasonally adjusted Market Composite Index—a measurement of mortgage loan application volumes—declined 13.3 percent, down from the 7.7 percent drop in the previous week, according to the Mortgage Bankers Association…
How Much Can Discount Real Estate Brokers Save Home Sellers?
February 20, 2023
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Business & MarketsCommissionhome sellersInvestmentreal estatereal estate brokersUSUS NewsUS Real Estate
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The average American is always looking for ways to save money—from markdowns on a dozen eggs to deductions on realtor commissions when they sell their homes. Over the past few years, discount commission brokerages have been popping up all over the country, guaranteeing commissions as low as 1.5–3.0 percent on each home sale. But how…
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