Silicon Valley Real Estate Market Update 4-13-2023
Here's the weekly round-up of news. Check it out, save it for later, and/or share it with your friends.
Phishing scams are 'tip of the spear' for cyber threats Scammers often use fake emails and other phishing exploits to launch larger attacks like ransomware. Familiarize yourself with the warning signs. Full Story: REALTOR® Magazine (4/6)
Health, housing inextricably linked Homelessness has been established as a driver of emergency room visits and other bad health outcomes, with advocates pointing out that providing stable housing can lower costs to the health care system. "Housing is vital to health outcomes, particularly among patients who are vulnerable with complex health conditions," says Leora Jontef of NYC Health + Hospitals. Full Story: Becker's Hospital Review (4/5)
Shift to home-based work for real estate, other industries analyzed The pandemic served to increase the number of young people working from home, including those in the real estate, finance and information services industries. "With the centrality of work and commuting in American life, the widespread adoption of home-based work was a defining feature of the pandemic era," according to a new report by the US Census Bureau. Full Story: The Associated Press (4/9)
Report: Positive conditions for single-family rental owners Owners of single-family rentals continue to be in a good position, with most counties showing rent growth and economic issues causing some would-be homeowners to delay purchases, according to a report from the real estate firm Attom. "Rents for single-family homes are growing while prices have flattened out, which has helped boost yields for landlords for the first time in at least several years," says Attom CEO Rob Barber. Full Story: Commercial Observer (4/6)
Better times ahead for homebuilders? Investors say yes Investors are buying up stock in homebuilders based on the notion that a dearth of available houses will drive demand going forward. Last year was slow for builders, but rising new home sales and lower mortgage rates are positive signs. Full Story: The Associated Press (4/6)
US bank lending sees sharpest drop on record US bank lending declined by $104.7 billion in the last two weeks of March, the steepest decrease on record, according to Federal Reserve data. The drop in real estate and other loan types comes amid uncertainty after the failures of Silicon Valley Bank and Signature Bank, and JPMorgan Chase CEO Jamie Dimon noted that the collapses have "provoked lots of jitters in the market and will clearly cause some tightening of financial conditions." Full Story: Yahoo/Bloomberg (4/7)
Lawmakers' debt-ceiling dispute may hurt banks The unsettled debt-ceiling debate in Washington, D.C., could damage the banking sector's efforts to restore stability, according to industry analysts. "Higher interest rates stemming from fear of a default -- or an actual default -- will reduce the value of outstanding bonds," said Ben Ritz, director of the Progressive Policy Institute's Center for Funding America's Future. "That reduces the value of banks' capital reserves [and] makes it harder to cover deposits, and you're just more at risk of a Silicon Valley Bank-like situation." Full Story: The Hill (4/9)
New crop of residential, commercial tech making waves Startups are bringing real estate solutions for everything from financial and property management to lead generation and more. Full Story: REALTOR® Magazine (4/11)
Market Update Data released last week for the U.S. economy shows that the labor market is gradually slowing down. However, while the job count declined from the prior month, the March report was still strong overall. Wages inched up from a year ago at the slowest pace in 20 months, and labor force participation rose to the highest level since March 2020, while unemployment rate dropped to 3.5%. The jobs report, while delivering some good news on the inflation front, could be just enough to prompt the Fed to raise the fed funds rate by an additional 25bps in their next meeting in May. Lastly, while consumer confidence in the housing market bounced back, it remained near historic lows, which suggests that the market will likely see a more gradual recovery as it enters the spring homebuying season. Full Story CAR Market Minute Write Up
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