Monthly Archives: June 2023

The Great Migration Continues

Posted on June 30, 2023 by grim

From Redfin: Drought-Stricken Phoenix Is the Top Destination For Relocating Homebuyers A record share of homebuyers are relocating because high mortgage rates have made housing more expensive than ever, making relatively affordable areas more attractive. Phoenix, Las Vegas and Miami–where … Continue reading →

Posted in Demographics, Economics, National Real Estate | 80 Comments

Recovery!

Posted on June 28, 2023 by grim

From CNBC: Home prices rose for third straight month in April, S&P Case-Shiller index says Home prices peaked last June, falling sharply through the beginning of this year. Now, they’re recovering steadily. Home prices in April were still down 0.2% … Continue reading →

Posted in Demographics, Economics, Housing Recovery, National Real Estate | 78 Comments

I’m going where there’s no depression, to the lovely land that’s free from care. 

Posted on June 27, 2023 by grim

From Ritholtz: What Recession? Rising rates, falling savings, increased deficits, dubious GDP: Ever since the yield curve inverted and warnings of “imminent recession” filled the air, the Philly Fed’s map of State Coincident Indexes has provided a good real-time snapshot of the state … Continue reading →

Posted in Demographics, Economics, Employment, National Real Estate | 59 Comments

Getting uglier in the UK

Posted on June 26, 2023 by grim

From CNBC: Mortgage catastrophe brews in Britain as millions are pushed toward insolvency There is intensifying pressure on Britain’s government to do more to help struggling households, with the country’s shadow finance minister warning of a “mortgage catastrophe” as millions … Continue reading →

Posted in Crisis, Economics, Foreclosures, Mortgages | 36 Comments

NJ last state in the nation to outlaw pumping gas

Posted on June 24, 2023 by grim

From Jalopnik: Drivers In Oregon Will Finally Be Allowed To Pump Their Own Gas For most of the country, the idea of pulling into a gas station and then waiting for someone to come over and pump your gas for … Continue reading →

Posted in Crisis, New Jersey Real Estate, Unrest | 51 Comments

Home prices finally dip (a little)

Posted on June 23, 2023 by grim

From CNN: US home prices fall by largest amount annually since December 2011 US home prices fell in May at the largest annual rate in more than a decade, according to a National Association of Realtors report released Thursday. The … Continue reading →

Posted in Crisis, Housing Bubble, Mortgages, National Real Estate | 55 Comments

Bottom?

Posted on June 22, 2023 by grim

From Redfin: There Were Fewer Homes for Sale in May Than Any Other Month on Record The number of homes for sale in the U.S. fell 7.1% year over year to 1.4 million on a seasonally adjusted basis in May. … Continue reading →

Posted in Demographics, Economics, Housing Bubble, National Real Estate | 80 Comments

Could be worse, we could be the UK

Posted on June 19, 2023 by grim

From the Guardian: Millions are facing soaring mortgage rates. How did we leave them so vulnerable? There is a cross-party consensus that Britain as a property-owning democracy should promote home ownership. To that end, 7.5 million people hold a record £1.7tn … Continue reading →

Posted in Crisis, Demographics, Economics, Mortgages, Philly | 76 Comments

Past Peak Mortgage?

Posted on June 17, 2023 by grim

From CNN: Mortgage rates tick down for the second week in a row Mortgage rates ticked down this week for the second week in a row, as investors absorbed the Federal Reserve’s expected pause on raising the federal funds rate after 10 … Continue reading →

Posted in Economics, Mortgages, National Real Estate | 33 Comments

Pending sales tracking far below previous years

Posted on June 16, 2023 by grim

From Redfin: Housing Market Update: There Are Nearly 40% Fewer Homes For Sale Than Pre-Pandemic The total number of U.S. homes for sale dropped 6% from a year earlier during the four weeks ending June 11, the biggest decline in … Continue reading →

Posted in Demographics, Economics, Employment, Housing Bubble, National Real Estate | 63 Comments

Fed presses pause

Posted on June 15, 2023 by grim

From CNN: The Fed holds rates steady, pausing its rate-hiking campaign The Federal Reserve said Wednesday it would pause its historic rate-hiking campaign as it waits for the effects to trickle further through the economy, but signaled that additional rate hikes are … Continue reading →

Posted in Economics, Employment, Mortgages, National Real Estate, Politics | 93 Comments

NYC not bulletproof

Posted on June 14, 2023 by grim

From the Real Deal: I-sales recap: Midtown offices sell for steep discounts A pair of Midtown office buildings once valued above $40 million recently sold for about half of that amount, dragging the properties into the mid-market range and topping … Continue reading →

Posted in Economics, National Real Estate, NYC | 51 Comments

Keep Spending, Boomers.

Posted on June 13, 2023 by grim

From CNN: Gen Z and Millennials are scrimping. Boomers? Living it up Baby Boomers are living it up, splurging on cruises and restaurants. Younger Americans are struggling just to keep up. Bank of America internal data shows a “significant gap” … Continue reading →

Posted in Demographics, Economics, National Real Estate | 88 Comments

Filling it in

Posted on June 12, 2023 by grim

From the Jersey Journal: Jersey City considers allowing ‘cottage’ industry that could ease city’s housing dilemma Need a little extra income? Looking to move an aging relative or out-of-work college grad back home, but just don’t have the room? Jersey … Continue reading →

Posted in Economics, New Development, New Jersey Real Estate, Politics | 49 Comments

Line ’em up

Posted on June 10, 2023 by grim

From the Star Ledger (Hat Tip JB): This 2-family home on the market for $590K got 88 offers in less than a week It was a quick sell for a home in Bergen County that hit the market for just … Continue reading →

Posted in General | 80 Comments