Aarthi Swaminathan of MarketWatch reports that new-home sales are up nearly 9%, boosted by strength in the Northeast. He writes: The numbers: Sales of newly built homes in the U.S. rose in March, posting the biggest increase since December 2022. Home buyers snapped up new homes, pushing sales to the highest level since September 2023, just before the 30-year mortgage rate began its trek to 7%. U.S. new-home sales rose 8.8% to an annual rate of 693,000 in March, from a revised 637,000 in the prior month, the Commerce Department reported Tuesday. [...] What are they saying? “It is … [Read more...]
America’s Pandemic-Driven Warehouse Boom is Losing Steam
Liz Young of The Wall Street Journal tells her readers that average leasing rates across the U.S. have flattened out, with deals to be had. She writes: Taylor Wood says bargaining with warehouse owners for storage space is far different than during the pandemic, when demand for industrial space was red hot. “I’ve never seen a market like that, where we were basically scratching and clawing for every building,” said Wood, a broker at real estate services firm Savills. “There were five offers on every building.” Now, Wood sees signs rents are flattening nationwide and even ticking … [Read more...]
Want to Buy a Home?
Want to buy a home or know someone you love who wants to? Don’t let current mortgage rates keep you from building equity. Get in the game. This whole idea of young couples renting is not helpful. There’s nothing like a mortgage to focus one’s mind on being a producer. And if you are retired or soon to be, then pay that mortgage off. This isn’t about inflation. It’s about owning your home, not the bank. Action Line: A home is a long-term investment. When you want to talk about investing long-term, I'm here. In the meantime, click here to subscribe to my free monthly Survive & Thrive … [Read more...]
Saudi Arabia’s Extraordinary Real Estate Boom
Mark Faithfull of The Robin Report tells his readers move over Dubai, Saudi Arabia is taking center world stage. He writes: Saudi Arabia stands out as a youthful market overall, with last year’s census revealing that of the 32.2 million inhabitants, 63 percent of Saudis (42 percent of the total population) are under the age of 30 years old. That’s about 8.5 million people, while the median age of the entire population is just 29. That tees up Saudi Arabia as an attractive proposition for development. Saudi Arabia’s approach has not been without its critics, to say the least, dividing … [Read more...]
Where Are All the Distressed Office-Building Sales?
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...]
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