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Monthly Archives: August 2023
You aren’t successful enough to afford Bergen County
From the Record: First-time NJ home buyer? What today’s low inventory and high mortgage rates mean to you As if being a first-time home buyer in New Jersey weren’t difficult enough, we can now add low market inventory and high … Continue reading
Posted in General
190 Comments
Shrinkflation hits housing
From the Week: The answer to rising home prices: smaller homes With the prices of homes remaining stubbornly unaffordable, the number of available home listings shrinking, and record high mortgage rates, potential homebuyers are increasingly looking to newly constructed homes to fill … Continue reading
Posted in Demographics, Economics, National Real Estate, New Development
144 Comments
Sales drop, still no inventory
From Reuters: US existing home sales slide again, but prices up from a year earlier Existing home sales fell 2.2% in July to a seasonally adjusted annual rate of 4.07 million units, the lowest level since January, from an unrevised … Continue reading
Posted in Economics, Housing Bubble, National Real Estate
103 Comments
You’d be crazy to sell
Interesting look at mortgage rate lock-in from Fortune:
Posted in Crisis, Economics, Mortgages, National Real Estate
87 Comments
Welcome back old friend
From Fortune: Housing market affordability is worse now than at the height of the housing bubble in 2006 On Monday, the average 30-year fixed mortgage rate reached 7.48%, marking the highest level since the year 2000. Even prior to this recent surge … Continue reading
Posted in Crisis, Demographics, Economics, Housing Bubble, Mortgages, National Real Estate
123 Comments
Sustainable?
From Yahoo Finance: Goldman Sachs no longer expects US home prices to decline in 2023 Goldman Sachs housing analysts no longer think home prices will fall this year. Instead, they are forecasting a slight increase. “We are revising our home … Continue reading
Posted in Economics, Housing Bubble, National Real Estate
139 Comments
Dark clouds ahead, or too much pessimism?
From ROI-NJ: Survey: Will N.J.’s economy remain as is or worsen by end of 2023? How about that economy? The answer may not be that good: 44% of 434 certified public accountants surveyed by the New Jersey Society of Certified Public … Continue reading
Posted in Demographics, Economics, Employment, New Jersey Real Estate
63 Comments
Sorry about your job
From the Record: NJ job market numbers are out: See where we’re headed New Jersey’s private sector lost 9,500 jobs in the past two months and the unemployment rate ticked up from 3.7% to 3.9% according to a preliminary jobs report released … Continue reading
Posted in Economics, Employment, New Jersey Real Estate
31 Comments
20 year high
From NPR: Mortgage rates just hit their highest since 2002 Mortgage rates jumped to their highest level in more than two decades, making home-ownership even less affordable for many would-be buyers. The average interest rate on a 30-year, fixed-rate home … Continue reading
Posted in Economics, Housing Bubble, Mortgages
71 Comments
Too much money, too few options, more records
From News 12: Home prices on Long Island hit record high Home prices on Long Island are hitting record highs this summer. In July, Nassau County’s median closing price was $725,000. The price is $30,000 more than the month before, … Continue reading
Posted in Housing Bubble, National Real Estate, NYC
124 Comments
9.7% of North Jersey homes over a $1m
From Redfin: Nearly 1 in 10 U.S. Homes Are Worth at Least $1 Million, Close to All-Time High Just over 8% of U.S. homes are worth $1 million or more, near June 2022’s all-time high of 8.6%. This analysis estimated … Continue reading
Posted in Demographics, Economics, Housing Bubble, National Real Estate
45 Comments
When will rates impact housing?
From HousingWire: Where are mortgage rates headed? ast week ended with a wild ride for mortgage rates. We anticipated the two inflation reports could help mortgage rates, however, we had a bad bond auction last Thursday, and the 10-year yield rose sharply. Weekly … Continue reading
Posted in Demographics, Economics, Housing Bubble, Mortgages, National Real Estate
61 Comments
Peak Shore?
From the Philly Inquirer: Did Shore house owners push their luck with high rents? Prices are dropping and weeks are open. Last summer, her Shore house in Avalon fully booked, Katie Leighton took the family on a vacation to Europe. … Continue reading
Posted in New Jersey Real Estate, Shore Real Estate, Unrest
23 Comments
You’ll need to find another way to launder money
From Reuters: US set to unveil long-awaited crackdown on real estate money laundering The U.S. Treasury Department will soon propose a rule that would effectively end anonymous luxury-home purchases, closing a loophole that the agency says allows corrupt oligarchs, terrorists … Continue reading
Posted in Housing Bubble, National Real Estate, Politics
74 Comments
Another day, another record
From CNBC: The average Manhattan rent just hit a new record of $5,588 a month Rents in Manhattan hit a new high in July, as higher interest rates and low supply continued to drive up prices. The average monthly rent … Continue reading
Posted in Demographics, Economics, Employment, NYC
40 Comments