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Weekly News (November 9, 2022)

Mortgage Interest Rates Review

(by Fairway Home Loan 11/9/2022)

30 yr fx (%)

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

7 yr Arm (%)

A year ago 3.100 2.375 2.750 1.538

A month ago

6.375 5.375 5.999 3.593 6.250

6.250

Last week

6.750 5.750 6.375 4.044 6.625

6.625

This week

6.625 5.625 6.250 4.132 6.500

6.500

 Federal Fund Rate: 3.75 -4.00%        Prime Rate: 6.75-7.00% 

 

 

Paul Kim(Democrat) won the election for Mayor of Palisades Park, NJ: 폴 김, 팔리세이드 팍 시장 선거의 승리

(Republican  Camp   11/9/2022)

  • Generally it was low voting rate – among about 6000 registered Korean voters, only about 1000 voted, according to Republican election camp.
  • Paul Kim won and Stephanie Jang defeated, and the difference was 173 (28 from voting machine, 145 from pre-voting and mail voting).

 

 

180-unit apartment sold at $89M in North Haledon: 노스 헬던에  180개 유닛 아파트 단지, $89에 판매

(Record    11/4/2022)

  • Tulfra, based in Rochelle Park and 30 year partner Hampshire Companies announced the sale of Molly Brook on Belmont, an upscale apartment community in North Haledon at $89M ($495,000 per unit). The project took 10 years of planning, entitling, building and leasing, and reached 100% occupancy less than 12 months.
  • The buyer is JLL Income Property Trust who has $7B assets under management. The brokers were 4 agents of Cushman and Wakefield, who represented the seller and procured the buyer.
  • Molly Brook is professionally leased and managed by Bozzuto Management, who will continue under new ownership.

Molly Brook complex in North Haledon

 

 

Fed Lifts Rates, Signals ‘Ways to Go’: 준비위원회 기준 금리 0.75% 인상  

(WSJ  11/3/22)

  • The Fed lifted interest rates by another 0.75% to 3.75%-4.00% to combat inflation and signaled plans to keep raising them, possibly in smaller increments but to higher levels than previously anticipated.
  • After the decision, Chairman Jerome Powell said officials would contemplate a smaller hike at their next meeting in December. But he cautioned that they might raise borrowing costs next year more than they have projected.
  • Mr. Powell also warned that reducing the size of rate increases didn’t mean the Fed thought it was close to pivoting away from raising rates.

Federal-funds rate target

 

 

Robust Hiring shows Signs of Cooling Off: 탄탄한 고용시장, 식기시작하는 조짐

(WSJ  11/5/2022)

  • The U.S. labor market remains strong but it is showing more signs of cooling following the Fed’s aggressive interest-rate increases aimed at combating high inflation.
  • Employers added 261,000 jobs in October, a robust number but the fewest since December 2020, and the unemployment rate rose to 3.7%, according to the Labor Department.
  • The report points to an economy that is gradually losing momentum following a torrid stretch of growth last year and earlier this year.

Job Changes

 

Unemployment rate

 

 

Home Buyers Set Sights Farther Away: 주택 구입자, 도심에서 더 멀어져

(WSJ  11/4/2022)

  • The rise of remote work and the ballooning cost of housing in major metro areas are leading Americans to move much farther away when buying a home.
  • Median distance people move rises to 50 miles from 15 miles in era of high prices and remote work.
  • Smaller communities were especially popular with buyers: 48% of home purchases were in small towns and rural areas, a record in data going back to 2003 and up from 32% a year earlier, NAR survey showed.

Median distance between new home and previous home

 

 

SBA 7(a) Loan exempts the fee: SBA 7(a) 융자 수수료를 한시적으로 면제

(Korea Daily    11/09/2022)

  • SBA announced they will exempt the fee for 7(a) loan program under $500,000 for one year.
  • It will apply to the fiscal year beginning Oct 1, 2022 through Sep 31, 2023 and the typical fee for under $500,000 is 3%.
  • During the previous fiscal year, the exemption limit was up to $350,000.

 

Tesla Has a Twitter problem: 테슬라, 트위터 인수로 중국과 문제가 될수도

(WSJ  11/8/2022)

  • The electric-vehicle pioneer is hugely reliant on China. The Shanghai plant is its largest manufacturing and export hub, with room to make more than 750,000 Model 3s or Model Ys – roughly two-fifths of its global capacity.
  • A big question for Tesla investors is how adroitly he can maintain them while pursuing his goal of improving “free speech” at Twitter – a social media platform blocked for most users in China precisely because that is what it offers. The operation could be held hostage to social-media politics.
  • Musk sold $4B Tesla shares after Twitter purchase.

 

 

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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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