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Weekly News (October 12, 2022)

Mortgage Interest Rates Review

(by Fairway Home Loan 10/12/2022)

30 yr fx (%)

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

7 yr Arm (%)

A year ago

2.999 2.250 2.625 1.524

A month ago

5.625 4.625 5.250 3.326 5.375 5.500
Last week 6.375 5.375 5.999 3.593 6.250

6.250

This week 6.625 5.625 6.250 3.874 6.500

6.500

Federal Fund Rate: 3.00 -3.25%        Prime Rate: 6.00-6.25%

 

 

Day Care Center opens in Fort Lee, NJ: 저지 포트리에 한국 어덜트 데이케어 열리다     

(Korea Daily  10/12/2022)

  • Magnolia Adult Day Care Center opens on 10/15 at 2300 3rd Street, Fort Lee, NJ with 20,000 sf facility – 100 parking space.
  • The program includes Life style management, Health management, Games, Theater, Gardening, Art activities, Music activities, Learning activities(computers, hand phones), and physical therapy.
  • Tel: 201 874 8835 (Daniel Hung) / 201 482 4500 ext. 203

 

 

Fort Lee, 14th Rank as favorable city to live: 포트리 전국에서 살기좋은 도시로 14  

(Korea Times    10/7/2022)

  • According to Money Magazine survey, Fort Lee, NJ is 14th rank as favorable city to live, one of three cities in NJ among 50 cities nationwide.
  • Money Magazine reported that Fort Lee is well mix of various restaurants, groceries, book stores, beauty supply, NoraeBang, etc. and provides clean residential environment and good scenery and combination of nature.
  • Jersey City was 10th and Morristown was 30th in NJ.

 

 

Hoboken Terminal Redevelopment began: 호보켄 터미널 대대적인 재개발

(Korea Daily  10/7/2022)

  • Phil Murphy Governor announced Hoboken Terminal redevelopment project which joins NJ Transit trains and buses, NY-NJ Ferry services, PATH trains, Bergen Light Rail services.
  • The State had entered into the contract with NJ Transit and LCOR real estate development company in 2005, but it was delayed due to Hurricane Sandy and COVID-19.
  • It will cost $174M and complete 2025, or worst case in 2027. This project will also add European style terminal building, Ferry terminal with exhibition halls, two mixed use high rise building, new bus terminal, and public space for pedestrians and bicycle riders.

 

 

NYC’s Housing Shortage slows economy recovery: 욕시 주택 부족이 경제회복에 악영향      

(Korea Daily    10/12/2022)

  • According to NYC Comptroller’s recent report, rent hike will affect economy recovery negatively. Therefore, it asks social safety net to come up with solution.
  • Last year all five NYC boroughs showed 19% average rent increase. The comptroller said the reason of this hike is that non rent-controlled units are more than a half.
  • Also the reason of this hike is that more workers are coming back to work and moved into the NYC five boroughs. But more fundamental reason is the lack of supply which is new construction.

 

 

Florida Couple Stole Mansions from the Rich: 플로리다 부부 고급 주택을 훔치는 사기행각       

(WSJ  10/12/2022)

  • With the help of fake passports, the couple and their associates impersonated four owners of Miami area mansions and penthouses. They fooled lenders into providing nearly $10M in mortgages on those homes in 2019 and 2020.
  • For property thieves, Florida is an ideal hunting ground. Many high-end homes are owned by foreigners and stand empty for much of the year. Lightly regulated brokers and lenders often close loans quickly without asking too many questions or much paper work.
  • The fraud investigator for Brower County Property Appraiser’s Office said residential property thefts in South Florida are “out of control”.

 

 

Chinese Real Estate Investment declined in US: 미 부동산 시장 떠나는 중국 자본  

(Korea Times    10/12/2022)

  • According to WSJ, Chinese commercial investment declined $23.6B since 2019 while it increased $52B between 2013 and 2018. The reasons are 1) China’s foreign investment regulation 2) China’s domestic economy decline 3) worse political relationship between U.S. and China.
  • Some Chinese commercial owners bargain to sell their buildings: NHA Group sold a commercial building on Park Ave at $1.8B recently, which they purchased at $2.2B in 2017.
  • Instead, commercial investment form Korea, Germany, Singapore are coming into Manhattan market.

 

 

Yields Climb as Data Stoke Rate Worries: 이자률 걱정에 국채 수익률 상승 

(WSJ  10/8/2022)

  • Job report suggested the economy isn’t cooling as fast as Fed policy makers hope. U.S. government-bond yields rose Friday after fresh labor-market data for September showed little sign of a serious economic slowdown.
  • The Labor Department’s latest report showed the unemployment rate dropping to 3.5% last month, falling to match the lowest level it has hit in decades.
  • The traders read the new data as a warning that the Fed will not easily back away from its plan to keep raising interest rates as it aims to cool the economy to control inflation. Bond prices dropped, pushing up yields, which move inversely.

 

 

Delta invests $60M in Air Taxi developer: 델타 항공사 비행 택시 개발에 6천만 불 투자  

(The Record/WSJ   10/12/2022)

  • Delta Air Lines says it has invested $60M in a startup that hopes to build electric helicopter like air taxis to ferry passengers to the airport.
  • It has taken a 2% stake in Joby Aviation, and could invest up to another $140M as the manufacturer hits key mile stones.
  • Joby is among several companies working on electric-powered aircraft that take off and land vertically, like helicopters. The company has said that it expects to begin flying in 2024.

 


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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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