Silicon Valley Real Estate Market Update 4-27-2023
Here's the weekly round-up of news. Check it out, save it for later, and/or share it with your friends.
New industrial challenges as overseas jobs return home The trend toward reshoring manufacturing jobs means identifying available land to build on or facilities suitable for retrofitting is paramount. Full Story: REALTOR® Magazine (3/22)
Prepare homeowners for possible flood damage Spring showers may bring flowers, but they also might cause flooding in basements, crawl spaces and weakened foundations. Here's how to help prepare and prevent that. Full Story: REALTOR® Magazine (April 28, 2022)
Wave of foreclosures continues across US ATTOM is tracking the rise in foreclosures that has gone on unabated since the end of government mandated homeowner protections enacted at the start of the coronavirus pandemic. New York, Chicago and Los Angeles topped the list of larger U.S. cities seeing the highest number of foreclosures. Full Story: Los Angeles Daily News (4/19)
Fidelity chair warns on lingering credit squeeze Fidelity Investments chair Romain Boscher says a "true and visible credit crunch" remains the "biggest threat" facing the economy. Boscher told an industry event that tightening credit stemming from the bank failures in March has yet to work its way out of the financial system. Full Story: Reuters (4/19)
White House keeping an eye on CRE, economist says The White House is carefully monitoring commercial real estate conditions, Jared Bernstein, a member of the White House Council of Economic Advisers, said at a Senate committee hearing. During the hearing, Sen. Mark Warner, D-Va., discussed the amount of outstanding commercial debt that is linked to real estate and pointed to dislocation in the market. "That is a relevant, germane concern," Bernstein noted. Full Story: Reuters (4/18)
Mortgage rates rise again, putting buyers on edge Economists say even minor movement in borrowing costs will continue to have an impact on housing activity. Full Story: REALTOR® Magazine (4/21)
Banks concerned about falling CRE valuations A decline in commercial real estate valuations and associated risk to banks' balance sheets are causing concern among bank executives. "The question we all have is whether contagion will spread from the office sector," says Bryan McDonnell, head of real estate debt at PGIM. "If you get to a confidence issue, then, all of a sudden, people might put all commercial real estate in the same bucket." Full Story: Financial Times (4/22)
Property resilience is increasingly affecting value More and more, investors are evaluating how properties will hold up against punishing climate conditions. Commercial and residential real estate pros can help their clients "future-proof" their assets. Full Story: REALTOR® Magazine (4/17)
Small bank leaders widely expect slower lending growth Some smaller banks have reported marginal to modest growth in first-quarter loan volumes, but several executives have said they a slowdown in lending sparked by higher interest rates and recent banking turmoil. Piper Sandler analyst Scott Siefers said the industry "could simply be in for a long haul of pretty weak trends as customers weigh uncertainty and banks themselves pull back on their appetite to lend." Full Story: American Banker (4/21)
Market Update News from last week showed that while buyers perhaps took advantage on lower mortgage rates at the start of the year, a recent upturn in mortgage rates threatens to keep the housing market under pressure. Sales of existing single-family homes took a step back as well as mortgage applications. Residential construction on the other hand, particularly for single-family homes, picked up as builders grew less pessimistic towards the market. The latest report showed builders were more optimistic about present/future sales and stated witnessing an uptick in buyer traffic and a smaller share offering buyer incentives. Lastly, the labor market continued growing although growth slowed considerably in March, especially in California. Full Story: Car Market Minute
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