Silicon Valley Real Estate Market Update 6-1-2023
Here's the weekly round-up of news. Check it out, save it for later, and/or share it with your friends.
Valuing market-resistant properties Real estate professionals need to consider both the complexities of the market and the different valuation methods when measuring the effect of a harmful property condition or stigma. Full Story: REALTOR® Magazine
Fannie Mae: Recession likely in Q3 Fannie Mae economists predict 0.3% negative growth for the year and a recession starting in the third quarter. Recession "is more a question of when than if," the economists say, citing rising interest rates and a tougher lending environment amid banking turmoil. Full Story: CFO Dive
Challenges of poverty go beyond gentrification Displacement of residents is among the negative impacts of gentrification, a concept that has a long and complex history in American cities. "For low-income people, rates of displacement and evictions are similarly high in gentrifying neighborhoods as in neighborhoods defined by concentrated poverty and disinvestment," Benjamin Schneider writes. Full Story: Fast Company
Mortgage rates expected to decline The U.S. Federal Reserve isn’t expected to announce another interest rate hike in the wake of the banking crisis, especially as the inflation the Fed has been fighting continues to slow. The change in policy could give mortgage interest rates some room to come down. Realtor.com’s chief economist anticipates mortgage rates will stabilize over the short term and then begin dropping by the late summer and early fall. Rates could eventually return to the 5% and high 4% range. But those longing for the days of rock-bottom rates, such as when they fell below 3% during the COVID-19 pandemic, shouldn’t get their hopes up. Full Story: Realtor.com
Market Update Debt ceiling has been in the headlines of many news coverage in the past couple weeks and will likely remain the focal point this week. Concerns about a possible government default have had negative effects on both interest rates and consumer sentiment and are directly impacting the housing market. While new home sales continued to improve as tight supply remained an issue in the existing housing market, demand could dip in the short term as rates remain elevated. With consumer spending staying solid and inflation not easing in the latest reading, the housing market could face additional headwinds as the Fed contemplate on having another rate hike in their June meeting. Full Story CAR Market Minute Write Up
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