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Weekly News (September 28, 2022)

Mortgage Interest Rates Review

(by Fairway Home Loan 09/27/2022)

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

7 yr Arm (%)

A year ago

2.800 2.125 2.490 1.314

A month ago

5.199 3.875 4.875 3.004 5.250

5.250

Last week

5.999 5.125 5.500 3.589 5.875

5.875

This week

6.750 5.750 6.500 3.957 6.500

6.500

 

In Numerous national ranks, Garden State (NJ) near Top: 여러기준으로, 뉴저지 주가 미국내 최상위에 접근  

(Record   9/28/2022)

  • Studies recently revealed that not only is New Jersey one of the happiest states, but it’s also one of the finest to live in.
  • In 2014, WalletHub said New Jersey was tied for first on its ranking of richest states, sharing the top spot with the District of Columbia.
  • When it comes to the best schools, July report of WalletHub ranks New Jersey third on its list, behind only Massachusetts and Connecticut.
  • US News ranks NJ 41st on the list of most-stressed states, which is maybe a surprise, since two of its sports teams are the Jets and Giants.
  • WalletHub ranks New Jersey 10th on the list of most financially literate states, 16th in best healthcare systems, 6th in best states for teachers, 11th safest state to live-in.

 

 

NY/NJ’s Container Volume exceeds LA: 뉴욕/뉴저지 항구 8월 물동량 LA를 넘어섰다

(Korea Daily  9/28/2022)

  • According to the Project 44, NY/NJ seaport container volume in August is 843,191 TEU(twenty-foot equivalent unit) while LA reached to 805,314 TEU.
  • LA seaport suffered from severe labor union strike and experienced a bottleneck → re-locate to other seaports including NY/NJ.
  • Container volume of 10 largest seaports including NY/NJ reached to 2,165, 9393 TEU in August, which is the 5th high historically, up 3% from July → U.S. economy entered into normal level out of the pandemic.

 

 

Fed Lifts Rate, 0.75%, Signals More denting stocks: 기준금리 0.75% 상승으로 주식 시장  다시 주춤 

(WSJ  9/23/2022)

  • The Fed approved its third consecutive interest-rate rise of 0.75% last week Wed and signaled additional large increases were likely even though they are raising the risk of recession.
  • The federal fund rate become a range of 3.00%-3.25%, a level last seen in early 2008. Nearly all of them expect to raise rates to between 4%-4.5% by the end of this year, according to new projections released Wed.
  • The board S&P 500 index fell 66 points, or 1.7%, to 3789.93.
  • The higher the fed raises rates, the greater the risk that it will go too far, tipping the economy into a recession. But Mr. Powell repeatedly emphasized the need to bring inflation down now to avoid an even worse recession later.

Federal-funds rate target

 

Home Sellers are Scarce as Rates Rise to 6.29%: 6.29% 모기지 이자율에 주택주 팔기 꺼려

(WSJ     9/23/2022)

  • Homeowners with low mortgage rates are balking at the prospect of selling their homes to borrow at much higher rates for their next home, a development that could limit the supply of houses for sale for years to come.
  • Housing inventory fell 19% year-over-year in the four weeks ended Sep 1, according to Redfin after rising for a while earlier this year.
  • Some home owners will always need to sell due to job relocation, divorces, deaths or other life events. Yet those who have option not move decide to stay put, that could keep the inventory of homes for sale below normal level and home prices elevated, even if demand remains low.

Average rate on a 30-year fixe-rate mortgage

 

 

Rents Fall for First Time Since Late 2020: 2020 년 후반부 이후 처음으로 임대료 하락

(WSJ     9/27/2022)

  • Apartment rents are falling from record highs across the U.S. for the first time in nearly two years, offering the prospect of relief to millions of tenants who have seen steep increases during the pandemic.
  • August apartment asking rents nationally slipped 0.1% from July, according to Costar Group. It was the first monthly decline in rent since December 2020.
  • Rent is moderating for a combination factors, including an increase in new apartment construction along with weakening consumer sentiment that might discourage people signing more expensive apartment leases.

Monthly change in 1 Br rent

 

 

The U.S. is Running Short of Land for Housing: 미국 주택용 택지가 부족    

(WSJ   9/26/2022)

  • In the Sunbelt, the hottest commodity isn’t oil, copper or gold. It is land.
  • Mr. Thomas’ family owns about 11,000 Ac of ranch northeast of Tamper, which he purchased 10 cents an Ac in 1932. Now he got an offer $20,000 per Ac or total $70M
  • Land-use restrictions and lack of public investment in roads, rail and other infrastructure have made it harder than ever for developers to find sites near big population centers to build homes.
  • In the Sunbelt, the average price for vacant Ac more than doubled in the past two years, according to Land.com which is owned by Costar Group.

 

 

Home Prices Suffer a Monthly Decline: 미국 집값 10년만에 처음으로 하락   

(WSJ  9/28/2022)

  • The S&P CoreLogic CS National Home Price Index fell 0.3% in July from June, and it was first monthly decline in more than a decade by its measure.
  • Home prices still are rising on a year-over-year basis, even though the pace of growth has slowed. The national index rose 15.8% on the year that ended in July, down from an 18.1% annual rate the prior month.
  • The median existing-home price rose 7.7% in August from a year earlier to $389,500, according to NAR.

S&P CoreLogic CS National Home price Index, change from a year earlier

 


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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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