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...]
Home Sales on Track for Slowest Year Since 2008
Nicole Friedman of The Wall Street Journal tells us that the residential real-estate market is being hindered by mortgage rates, limited inventory. She writes: The highest mortgage rates in 23 years are dragging down home sales to their lowest levels since the subprime crisis period. Sales of previously owned homes in 2023 are expected to dwindle to a rate not seen since at least 2011, when the U.S. population was smaller and the country was still recovering from one of the worst housing crises ever, according to many economist forecasts. Chen Zhao, economics research lead at … [Read more...]
Biden Making Homeownership Harder for Americans
At Heritage.org, economist Stephen Moore explains how Joe Biden is making homeownership more difficult for Americans. He writes: In boasting about “Bidenomics” two weeks ago in Milwaukee, President Joe Biden declared that his policies are “restoring the American dream.” Then he went into his creepy whispering mode and assured us “it’s working.” Huh? Isn’t a big aspiration of the American dream owning a home? Biden keeps making first-time homeownership harder for young families for two reasons. One is that the overall jump in inflation and the slower increase in wages and salaries means … [Read more...]
The Quick Death of the Local Mall
Prices for mall real estate peaked in 2016, and since then, some low-end malls have watched their values drop "at least 50% and in some cases more than 70%," according to Kate King, reporting in The Wall Street Journal. She writes: WATERFORD, Conn.—Crystal Mall’s parking lots used to be so crowded that parents would line up to drop off their teenagers near one of the entrances rather than search for a spot. Now, the vast stretches of cracked pavement surrounding this 1980s-era regional mall on Connecticut’s coast have more weeds than cars. Valued by an appraiser at $153 million as recently … [Read more...]
Home Prices Fall for the First Time in at Least Six Years
It's been six years since home prices fell on an annual basis, maybe even longer. Since Realtor.com began keeping records in 2017, its index of home prices hasn't fallen on an annual basis until now. Liz Lucking reports in Mansion Global: In good news for U.S. home buyers, many of whom are exhausted by the ever-growing cost of owning, median home prices have slipped for the first time in years, according to a report Thursday from Realtor.com. Listing prices fell 0.9% annually in June, the first yearly decline since at least 2017, which is when the online property portal began tracking the … [Read more...]
Summer Rental?
Prices remain high for summer rentals on Cape Cod, but demand is down. Beth Teitell reports in The Boston Globe: Has the Earth been thrown off its rotation? Apparently. In a stunning turnaround from recent years, the story with vacation rentals on the Cape this summer is not one of scarcity. It’s no longer, if you haven’t booked a year in advance don’t expect a place with window screens. Rather, it’s a tale of vacancy. “It’s crickets,” said Sarah Buckwalter, a professional organizer and co-owner of an inherited four-bedroom, two-bath that’s on a tidal pond in North Falmouth, within walking … [Read more...]
Mortgage Demand Drops on Rates, Low Inventory
Mortgage demand is falling in response to low inventory available to buyers and sustained higher rates. CNBC's Diana Olick reports: Mortgage rates fell back from their recent highs, but demand dropped for the fourth straight week. Total mortgage application volume declined 1.4% last week, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 6.81% from 6.91%, with points falling to 0.66 from 0.83 … [Read more...]
Is an Investment Property Disaster Looming?
The Wall Street Journal's Will Parker, Konrad Putzier and Shane Shifflett explain the fate of Jay Gajavelli, and investors like him across America, who are reeling after using low-interest rates to fund their investment empires. They write: Few investors rode the pandemic-era housing boom as high as Jay Gajavelli. Fewer still have fallen as far. Before Gajavelli found his real-estate career, the 61-year-old immigrant from India was just another information-technology worker, putting in 60-hour weeks for a middling job in Dallas. Last year, Gajavelli’s company owned more than $500 million … [Read more...]
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