Silicon Valley Real Estate Market News 3-16-2023
Here's the weekly round-up of news. Check it out, save it for later, and/or share it with your friends.
- Market Minute Write up... The takeover of Silicon Valley Bank by Federal Regulators last week has ushered in new economic uncertainty to the forecast that has spooked investors and cast doubts about what the Federal Reserve will do at its upcoming meeting, with markets anticipating a less aggressive posture amidst a potentially softer economic backdrop. This uncertainty about broader exposure has fueled a rally in the bond market as investors flee to safety, which has already begun to lower yields and mortgage rates have started to follow suit after above 7% in recent weeks. Still, labor market data suggests that the economy is still running hotter than the Fed would like it to, and the upcoming inflation report will play a large role in whatever action they decide to take later this month. READ MORE
- Foreign Buyers Call U.S. Housing Market ‘Excellent’... Wealthy international investors once again have their eyes on U.S. real estate, with 80% saying it’s a “safe investment” and the majority calling current market conditions “excellent” or “good,” according to a new survey(link is external) from Global Luxury Coldwell Banker Real Estate. The positive sentiment among international buyers is significantly higher than that of domestic buyers: Fannie Mae’s Home Purchase Sentiment Index neared an all-time low in February, driven by concerns about homeselling conditions, mortgage rate concerns and job security. Seventy-nine percent of U.S. consumers said it’s a bad time to buy a home, Fannie found. READ MORE
- How 3 Recent Bank Failures Could Impact Housing Market ... Mortgage rates had been steadily rising in recent weeks, with the 30-year fixed-rate loan averaging 6.73% last week, according to Freddie Mac. The Fed has been making a series of aggressive rate increases, which may indirectly influence mortgage rates, over the last few months. Home buyers have been up against affordability woes, as mortgage rates are nearly double what they were just a year ago. READ MORE
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