Carol Ryan of The Wall Street Journal reports that only 3.5% of offices sold last year came from a distressed seller, thanks to optimism and forgiving lenders. Ryan writes: If offices are in such hot water, where are all the forced sellers? Office-building owners have been under pressure since the Covid-19 pandemic hollowed out their buildings in early 2020. According to data from real-estate consulting firm Colliers, the U.S. vacancy rate has risen from 11% in late 2019 to 17% today, higher than at any point in the 2008 global financial crisis. But forced sales are still … [Read more...]
A Looming U.S. Housing Crisis
Leslie Kaufman, Saijel Kishan, and Nadia Lopez of Bloomberg tell their readers about a hidden housing crisis in the making. In places most prone to wildfires and hurricanes, state “insurers of last resort” are absorbing trillions of dollars in risk. They write: In places most prone to wildfires and hurricanes, state “insurers of last resort” are absorbing trillions of dollars in risk. It is so easy to start a wildfire. A smoldering campfire, a lightning strike, an errant firework or a spark from a power line or a hot muffler: However California’s next monumental blaze begins, the toll will … [Read more...]
New Jersey Airbnb Rentals Booming After NY Ban
Amanda Hoover of WIRED tells her readers that after New York placed strict restrictions on short-term rentals six months ago, rents still remain high as former hosts are frustrated, causing a boom in Airbnb rentals in nearby New Jersey. Hoover writes: Six months have passed since New York City all but banned short-term rentals like those offered via Airbnb. The policy was intended to free up apartments in America’s most congested city to become homes for long-term New Yorkers, instead of housing rotating out-of-town guests that bring noise, trash, and worse. So far, the law’s most noticeable … [Read more...]
Home-Shopping Boosted by Falling Mortgage Rates
Nicole Friedman of The Wall Street Journal reports that falling mortgage rates boosted home-shopping activity in January, luring the first wave of opportunistic buyers back to the market after last year’s epic collapse in home sales. Friedman writes: A number of home seekers who paused when borrowing rates marched higher last year have resumed their search, real-estate agents say. Real-estate showings in the week ended Jan. 31 were up 9.9% from the first week of the year, according to ShowingTime, a subsidiary of Zillow Group. Buyers are seizing on the recent reversal in mortgage rates, … [Read more...]
Controversial New Florida Law Allows Developers to Bypass Local Zoning
Patricia Mazzei of The New York Times reports that a controversial new Florida law allows developers to bypass local zoning rules if they promise “workforce housing.” It has stirred an uproar around the state, most recently in affluent Bal Harbour. Mazzie writes: In Bal Harbour, Fla., an oceanside village north of Miami Beach, a luxury mall says it wants to help tackle one of the nation’s — and Florida’s — most intractable problems: a lack of affordable housing. It is an unexpected move for a retail temple where Gucci, Chanel and Rolex are on offer. Affordable? Here? But in a rare … [Read more...]
Housing Sentiment Jumps on Mortgage Rate Outlook
Aarthi Swaminathan of MarketWatch tells his readers that a "survey-high share of consumers" polled by Fannie Mae are expecting rates to drop over the next year. He writes: Consumers are feeling more enthusiastic about the U.S. housing market, with a rising share saying they think mortgage rates will fall over the next 12 months, according to a new survey by Fannie Mae. The monthly Home Purchase Sentiment Index rose 2.9 points in December to 67.2, driven primarily by consumers’ expectation that rates will fall, the government-sponsored enterprise said on Monday. The HPSI uses information … [Read more...]
Warehouse Market Shows Sign of Cooling
Liz Young of The Wall Street Journal tells her readers that fourth-quarter warehouse vacancy rates are at 5.2%, up from 3.1% in the same period a year earlier. She writes: More warehouse space is sitting empty across the U.S. than at any time since the pandemic. The average warehouse vacancy rate across the U.S. jumped to 5.2% in the fourth quarter of 2023 from 4.6% the previous quarter and 3.1% a year earlier, according to a new report from commercial real-estate services firm Cushman & Wakefield. That marked the first time the vacancy rate surpassed 5% since 2020, when a … [Read more...]
Airbnb Gets Eviction Notice in New York
Amanda Hoover of Wired is reporting that thousands of Airbnbs and short-term rentals are about to be wiped off the map in New York City. She writes: Local Law 18, which came into force Tuesday, is so strict it doesn’t just limit how Airbnb operates in the city—it almost bans it entirely for many guests and hosts. From now on, all short-term rental hosts in New York must register with the city, and only those who live in the place they’re renting—and are present when someone is staying—can qualify. And people can only have two guests. Gone are the days of sleek downtown apartments outfitted … [Read more...]
How Low Can Home Sales Fall?
Your Survival Guy is watching as existing home sales hit levels last seen during the aftermath of the housing crisis. According to the hopeful economists at the National Association of Realtors (NAR), sales will rise next year by 13.5%, and mortgage rates will pull back to 6% to 7% by Spring. All that remains to be seen. NAR writes: "Builders are back on their feet, up 5% in newly constructed home sales year to date," said [NAR Chief Economist Lawrence] Yun. "Builders can simply create inventory. In a housing shortage environment, builders are really benefiting." He explained NAR's … [Read more...]
High Rates Squeezing Home Sales
Nicole Friedman of The Wall Street Journal report home sales fell in September to the lowest rate in 13 years, showing the corner of the economy most weakened by high-interest rates and remains in decline. She writes: For all of 2023, sales of previously owned homes are on track to be the lowest since at least 2011, because increased rates are weighing on demand. But high rates are also limiting the inventory of homes on the market, because homeowners with low rates are unwilling to sell and move. The small supply is pushing home prices higher in much of the U.S. Existing home sales, … [Read more...]
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