Silicon Valley Real Estate Market Update 4-20-2023
Here's the weekly round-up of news. Check it out, save it for later, and/or share it with your friends.
Where homeowners pay the lowest, highest property taxes Real estate taxes have been on the rise over the last few years. Help home buyers avoid the sticker shock. Full Story: REALTOR® Magazine (4/14)
Mortgage rates move closer to 'sweet spot' for buyers As NAR economists predict a fall below 6% by year's end, new data reveals the rate threshold at which the market would likely be flooded with buyers. Full Story: REALTOR® Magazine (4/14)
Federal agencies told to get more employees in the office The White House Office of Management and Budget is directing federal agencies to revise workforce plans so there is an increase of in-person employees at offices. "The guidance we are releasing today directs agencies to refresh their Work Environment plans and policies, with the general expectation that agency headquarters will continue to substantially increase in-person presence in the office, while also conducting regular assessments to determine what is working well, what is not, and what can be improved," according to a blog post by OMB Deputy Director Jason Miller. Full Story: Reuters (4/13)
New York City to see large office-to-apartment conversion Developers are getting ready to begin the conversion of the building at 25 Water St. that once housed JPMorgan Chase and the Daily News into more than 1,300 apartments, a project they say is the biggest office-to-apartment conversion in the U.S. Owners GFP Real Estate and Metro Loft aim to carve two courtyards out of the center to the structure and build apartments around them, complying with light and air requirements. Full Story: Gothamist (New York) (4/13)
Mobile home parks see rents rise due to acquisition wave Freddie Mac and Fannie Mae programs have helped finance mobile home community acquisitions by investors that are raising rents on low-income seniors and others. Full Story: NBC News (4/16)
Lawmakers question $30B in FHLB loans to failed banks Lawmakers are scrutinizing $30 billion in loans that the Federal Home Loan Banks issued to now-failed banks. The FHLB system's primary aim is to support housing and community development, and some lawmakers are asking why the loans went to cryptocurrency-focused institutions. Full Story: Politico (4/14)
Market Update Economic data released last week showed that the U.S. economy is losing momentum as the lagged effects of monetary policy tightening slow growth as intended. Retail sales and Inflation posted its second-straight monthly decline. However, prices remain elevated for core goods and services which will likely push the Fed to hike rates at their May meeting one last time by another 25 basis points. Consumers adjusted their expectations around inflation and although still relatively pessimistic overall, their long-term sentiment remains stable. Californians will continue to face inventory challenge besides in 2023, as fewer REALTORS® are listing properties ahead of the usual spring home buying season. Full Story CAR Market Minute Write Up
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