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…
Selling Too Soon in Uncertain Market Puts Former Homebuyers’ Equity at Risk
Dear Monty: We bought our first home in 2021. We paid $287,400 for it. We saved our $30k down payment by living on one income (we both work) for the first six years of our marriage. My wife just received a big promotion, but we have to relocate. To prepare to sell, we obtained three…
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….
Australian House Prices Stabilised in February but Experts Warn Downturn Not Over
The pace of falling house values saw signs of slowing in February, underpinned by low levels of advertised stock, but experts say it is still too early to declare the downturn over. Property researcher CoreLogic reported that its home value index saw the smallest monthly fall in February since rates began rising in May 2022….
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…
What’s Going on With Mortgage Rates in 2023?
With the 2022 mortgage rate peaking at 7.12 percent and inflation at 6.5 percent by the end of December 2022, it was a tumultuous economic year. The hot housing market slowed down in many markets primarily due to high mortgage rates. But what will 2023 bring for mortgage rates? Is there relief on the way?…
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….
The Nine Most Important Contingencies When Buying or Selling a Home
Dear Monty: We are going to buy our first home this year. We are investigating using an agent or buying directly from a for-sale-by-owner (FSBO). Some friends have used agents, while others have not. We want more information on the contingencies we may require. Do you have a checklist of contingencies to use in purchase…
China Added to Its Money Supply in 2022
News Analysis China has reportedly added trillions of yuan to the money supply in 2022, the most in its history and equivalent to the combined amount from the United States, Japan, and the European Union. However, the move may have no way to boost the Chinese economy, given a sluggish trend in GDP and a…
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