Silicon Valley Real Estate Market Update 4-6-2023
Here's the weekly round-up of news. Check it out, save it for later, and/or share it with your friends.
Transparency, accuracy doubly important for hybrid appraisals In theory, hybrid appraisals promise to speed the appraisal process, provide opportunities for agents to earn fees for collecting data and reduce delays. However, appraisers' experience with hybrid assignments raise troubling concerns. Here's what you should know. Full Story: REALTOR® Magazine (4/3)
Lawmaker sets sights on affordable housing for military Members of Congress are considering increases to the Basic Allowance for Housing and other measures to address affordability challenges facing service members. "Joining the military, especially for a lot of minority families, was really a way up the economic ladder. ... So how do we make sure that we get back to that place where families who are serving don't feel like they have these huge financial struggles?" said Rep. Marilyn Strickland, D-Wash. Full Story: Military online (4/3)
Regulation blamed for dearth of affordable apartments The luxury segment accounts for a large proportion of a boom in apartment building, which reached a 50-year high last year, according to Yardi Matrix. However, the growth fails to address an affordability issue, and builders say they're constrained by regulation, including zoning codes that limit land availability. Full Story: CNBC (4/2)
Data: Small-business bankruptcies indicate credit stress A record high number of bankruptcy filings by small- and medium-size businesses so far this year signals a potential credit crunch, Matthew Mish of UBS has written in a research note. Retail, real estate, health care and chemicals industries have led the filings, according to UBS data, which suggests the next targets could include construction, restaurant and financial businesses. Full Story: Insider (4/1)
Q4 GDP, consumer spending downgraded in latest estimate The U.S. economy expanded at a 2.6% annual pace in the fourth quarter, a slight downgrade from the government's previous estimate of 2.7%. Consumer spending increased at a 1% annual rate, compared with 1.4% in the previous estimate. Full Story: The Associated Press (3/30)
Potential wage-price spiral could spur more rate hikes Concerns that the economy could fall into a so-called wage-price spiral could encourage the Federal Reserve to continue with its inflation-fighting campaign despite recent turmoil in the banking sector. The city of Midland, Texas, which has seen rapid inflation followed by strong pay hikes, offers a case study. Full Story: BNN Bloomberg (Canada)
SVB collapse prompts questions for HVAC green tech The failure of Silicon Valley Bank poses uncertainty around funding for construction tech startups and green tech investments, creating concerns for the HVAC sector's sustainability efforts. The collapses of SVB and Signature Bank and turmoil at First Republic Bank and other institutions also are causing worries over commercial real estate financing. Full Story: Engineered Systems (3/28)
Market Update The economy is still exhibiting resilience despite slower growth in recent weeks. Although consumers’ view on their present situation took a step back, improvement on their outlook continued to edge higher. The strong labor market has much to do with it, as it continues to push real wages higher and keep the economy from falling behind. That said, real spending is losing steam and it may not be too long before demand begins to pull back, sending the economy into correction mode. Meanwhile, as mortgage rates dip, applications to purchase or refinance continue to increase. The spring buying season, however, may not be as strong as prior years, as housing supply is expected to be tight in coming months due to lock-in effect. Full Story: Car Market Minute Write Up
FURTHER DETAILS TO GET YOUR LEARN ON…
- Access and share “Your Home is an Investment—Know Its Value,” a resource from NAR’s Real Property Valuation Committee that describes the different types of valuation products, including hybrid appraisals.
- Read the Federal Housing Finance Agency’s Appraisal-Related Policies, Practices and Processes
- Federal and state governments, AARP and other organizations are seeking new solutions to keep Scam 'Epidemic' at bay
- The 2023 U.S. Houzz Kitchen Trends Study shows the growing popularity of sustainable features.Sustainable Features Figure Into 92% of Kitchen Renovations
- Electrify Everything in Your Home to boost home efficiency
- When we use age-inclusive language, we acknowledge and respect people of all ages, and help create a more inclusive and equitable society.
- And because it’s National Walking Day, 20 Ways To Give Purpose To Your Daily Walk
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