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Weekly News (August 31, 2022)

Mortgage Interest Rates Review (34th Week)

by Fairway Home Loan 08/31/2022

30 yr fx (%)

15 yr fx (%) FHA (%) 10 yr Tr Y (%) 5 yr Arm (%)

7 yr Arm (%)

A year ago 2.750 2.125 2.375 1.289
A month ago 4.875 3.875 4.500 2.752 4.500 4.750
Last week 5.199 3.875 4.875 3.004 5.250 5.250
This week 5.375 4.375 5.000 3.144 5.375 5.500

 

Penn Station Re-development is risky: 펜스테이션 재개발 계획은 큰 도박수

(Korea Daily  8/30/2022)

  • NYT reported that the Penn Station re-development plan ($22B) is risky business amid many corporations reduce their NY office presence.
  • The project got an approval from PACB (Public Authority Control Board) in July and includes expansion of Penn Station, 10 more high-rise mixed use buildings around the station.
  • NYT pointed out that near by Hudson Yard is suffering with vacancy for last 3 years. The office vacancy rate in Hudson Yard is 37% while average vacancy rate in Manhattan is 19%.

 

Small Investors Snap Up Out-of-Town Properties:  온라인으로 구매 노트북 집주인투자  인기

(WSJ    8/29/2022)

  • Data services help small investors by On-Line real estate purchase and collect rent remotely. ( It provides sales prices, crime rates, local schools with precision).
  • Roofstock and Appreciate connect them with financing or local managers who can handle property maintenance and leasing.
  • Home purchase by Investors climb to record level during the Pandemic, reaching to 28% in Feb, 2022, up from 17% in 2019.
  • Out-of-state small investors, purchased between 2 and 10 homes a year, bought 2.1% of all American homes sold in the 2nd Q in 2022, up from 1.5% in 2019.

 

Growth in Home Prices Eased in June: 주택가 상승세 꺽기기 시작

(WSJ  8/31/2022)

  • Case-Shiller Home Price Index said home prices in major metropolitan areas rose 18% in June, down from a 19.9% in May.
  • The housing market has cooled in recent months, and existing-home sales have fallen for six straight months.
  • The median existing-home price rose 10.8% in July from a year earlier to $403,800, according to NAR.

 

Zillow stocks fell : More pain is coming: 떨어지는 질로(Zillow) 주식, 더한 어려움이 올지도  

(WSJ    8/30/2022)

  • Zillow lost 2/3 of its value over last 12 months to a market capitalization of barely $8B amid virtually every adult is surfing its site.
  • Zillow said housing market is going through a “rebalancing”. In July, sales of new single-family homes fell nearly 30% on an annual basis and nearly 13% versus June.
  • About 234M people surf Zillow’s apps and sites monthly, 90% of U.S. adults, but Zillow monetizes only 3% of U.S. real-estate transactions.
  • After their iBuying division’s failure, Zillow partnerships with Opendoor, automated home-flipping market leader for the referral fee.

 

U.S. 2Q Economy Growth, -0.6%

(Korea Times 8/26/2022)

  • D.O.C announced it adjusted U.S. 2Q GDP growth to -0.6% upwardly. (Forecast was -0.9%)
  • U.S experienced two consecutive months with minus growth (1Q GDP: -1.6%) which counted as a recession technically.
  • Official decision of recession is done by NBER(National Bureau of Economic Research)
  • Biden Admin and the Fed are denying a recession – mainly for strong job market.

 

Job Vacancies rose in July in U.S.: 7, 미국 고용 시장 증가     

(The Record     8/31/2022)

  • The number of open jobs in U.S. rose in July after three months of declines à Sings that employers still urgently seeking workers despite a weakening economy and high inflation.
  • 11.2M open jobs available on the last day of July – nearly two jobs , on average, for every unemployed person – up from 11M in June.
  • The Fed has made very little progress in terms of narrowing the gap between labor supply and demand.

 

“HANKOOK Tire” plans expansion in Tennessee, U.S.: 국 타이어, 테네시 공장 증설 계획 발표  

(Korea Daily 8/31/2022)

  • HANKOOK Tire in Rockville, Tennessee has capacity of producing 5.5M tires a year, which is 8th global factory facilities.
  • After expanding 2nd Phase (passenger cars, light trucks) and 3rd Phase(Truck, Bus), their capacity will rise to 12M tires a year.
  • The company will invest a total of $1.575B till 2026 in U.S.
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Stephen Lee

He has been in Real Estate industry in about 20 years and has been Broker of Record for 9 years. His experience includes residential, commercial, and property management. Prior to involving with Real Estate business, he has been involved in the digital communication equipment industry utilizing his engineering background and education, including running own company. He has established C Land Realty in 2011 which has grown to staffing over 100 Real Estate agents and the annual transaction amount of over $110,000,000 today.

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