In the face of the economic downturn and China’s tough anti-COVID campaign, Chinese wealthy people are scrambling to flee the country, selling their luxury homes in Shanghai and other first-tier cities at steep discounts and cutting their shares in listed companies to cash out. According to Shanghai property media, since October, local secondhand luxury properties…
Shanghai Luxury Properties Panic for Discount Sale as Wealthy People Prepare to Flee
Existing Home Sales Expected to Drop Next Year to 11-Year Low
December 14, 2022
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Existing home sales in the United States will likely drop in 2023 to an 11-year low. Sales of previously owned homes will fall for a second year in 2023 to their lowest annual total since 2012, when the housing market was still recovering from the subprime mortgage crisis of 2008–09, according to the National Association of…
The Difference Between Mediation and Litigation
Dear Monty: We recently sold our home. Everything went smoothly from beginning to end. A week ago, we received a letter from the buyer. They want us to write a substantial check because they discovered a problem they claim we failed to disclose. The reason for contacting you is that they are requesting that we…
Home Price Rebound Likely: CoreLogic
The expected end of interest rate hikes could soon see the property market rebound. The residential property market has been cooling off from the lofty heights reached in the late stages of the pandemic, falling 2.3 percent in the year to November. Capital city prices have led the drop-off, falling 5.2 percent in 12 months,…
Inflation Could Tank Warehouse Construction Boom Next Year: Report
New warehouse construction in the United States will plunge next year due to a rapid increase in capital costs, while barriers to development in California will help make Texas the leading hotbed of leasing demand, according to forecasts by logistics real estate giant Prologis Inc. Warehouse demand in Mexico will also accelerate as the United…
Co-buying a House: How Platonic Partners Make It Work
Seven years ago, Phil Levin and his girlfriend, Kristen Berman, pondered a common question: Should we move in together? Levin assumed they’d take a predictable path and find a more affordable apartment outside of pricey San Francisco. But Berman, a behavioral scientist, shared her reservations about leaving their friend network—and some facts to back it…
Investor Home Purchases Follow National Trend of Housing Market Slump
Investor home purchases are down over 30 percent year-over-year nationwide, mirroring the trend of individual home purchases over the past several months. A recent report from Redfin indicates the third quarter drop is the largest decline since the Great Recession, with the exception of the second quarter of 2020 due to the Pandemic. Investors bought…
White House to Electrify Federal Buildings Amid Anti-Gas Drive
The White House has unveiled an ambitious plan to curb fossil fuel use at federal buildings in a bid to fight climate change, drawing criticism from the natural gas industry amid a growing nationwide campaign to switch buildings to all-electric power. The plan, announced Dec. 7, involves the first-ever federal building performance standard, which sets…
Total Number of Homes for Sale Jumps by Record Amount as Housing Market Slowdown Continues
December 9, 2022
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Home sale numbers in the United States rose by a record, while new listings fell amid a slowing down in the housing market, according to real estate brokerage firm Redfin. There was a 15 percent increase in the total number of houses available for sale for the week ended Dec. 4 when compared to a…
Home Prices Will Fall for First Time in 10 Years: Real Estate Brokerage
December 8, 2022
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Yearly home prices in the United States are set to fall next year for the first time in a decade, with residential property sales also declining, according to real estate brokerage Redfin. The median home sales price is expected to drop by 4 percent to $368,000 in 2023, which will be its first annual decline…
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