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Weekly News (June 17, 2020)

This week’s Interest Rate (25th  Week)

(Fairway Asset )

 

 30 yr fx(%)

 15 yr fx(%) FHA(%)

10 yr Tr Y (%)

A year ago      3.875       3.39
A month ago      3.25       2.77
This week      2.899       2.375     2.625          0.750

(The rate based on 25% down payment with 740 above credit score)
  Prime Rate:3.0% / Ref IR: 0.00- 0.25%

Conventional interest rate is lowest in history.  FHA and VA loan rates are getting better.  Many lenders still have COVID-19 overlays.

 

24 Hour Fitness to close 7 gyms in New Jersey due to COVID-19

(The Record   6/17)

  • The national gym chain 24 Hour Fitness will be closing 7 New Jersey locations, including Hasbrouck Heights, Saddle Brook and Wayne.
  • The chain filed for voluntary bankruptcy Chapter 11 and the company lists 130 locations that will be closing in 14 states as a part of restructuring.

 

ADM(American Dream Meadowland) was hit by COVID-19 hard

(The  Korea Daily  6/16)

  • 300M sf shopping and entertainment mega mall opened partially on 10/25/2019.
  • 7% of employees (around 100) received laid-off notice on 6/1/2020.  The mall is supposed to create 16,000 indoor employees and 7000 related employment around the area when it is open fully.
  • The developer Triple Five has defaulted 2 month rent for the Mall of America in Minnesota.

 

NYC provides grant money to small restaurant owners for payment of wages

(The Korea Times   6/12)

  • Max $30,000 will be granted to restaurants, so called, mom-and-pop restaurants to boost small business restaurants who are an important parts of NYC economy.  Online application is available: nyc.gov/opportunity and the priority will be given to those who donated free meals and lowered the meal price during lockdown time.

 

New York City reopening makes different impact depending industries

(The Korea Daily  6/16)

  • Construction business is bouncing back quickly : 33,556 sites opened including residential, commercial, apartment, and infra construction and 45% of jobs lost during COVID-19 came back to work.
  • Other small business and retails are opened, but worries on rent and utility payment : 35% of them may have difficult to pay rent for next 6 months.

 

Financial Times poll shows pandemic hits black voter’s incomes hardest

  (FT  6/4)

  • The survey shows 74% of black voters reported a financial hit compare to 58% of white voters.  Also it found that more African-Americans had lost their jobs since the outbreak began, highlighting the growing economic inequalities at a time when Americans are protesting against the killing of George Floyd.
  • FT and the Peter G Peterson Foundation found that 25% of black respondents had been dismissed and lost jobs since the start of the recent lock down, compared to 19% of white respondents.
  • The survey showed black Americans were more likely to be pessimistic about both the public health crisis and the potential for an economic recovery that their counterparts.

 

US retail sales rose 17.7% in May 

(The  WSJ   6/17)

  • US shoppers opened their wallets at malls and auto dealerships in May as states eased restrictions to contain novel coronavirus.
  • Still retail spending last month remained below pre-pandemic level, totaling $485.5B compared with $527.3B in February.

 

Lockdowns changed spending: home improvement increased

(The WSJ    6/17)

  • Bank accounts swelled for many during lockdowns.  Consumers are putting some of extra cash into home improvement.
  • Spending on travelling, restaurants, department stores, and jewelry is reduced, but spending on Grocery(about 33% increase), home improvement (about 27% increase) and furniture is increased.

 


 

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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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