Weekly News (September 7, 2022)

Mortgage Interest Rates Review

(by Fairway Home Loan 09/07/2022)

Sizzling NYC rental market without cooling: 뉴욕 렌트 마켓 식을줄 몰라

(WSJ 9/2/2022)

As the Fed raised mortgage rates, forced-out buyers move to rental market and push rent to climb up further in NYC, especially in Queens, Brooklyn.
According to REZI, a Crane company for rental brokering, DOM for NYC rental market in 2nd Q was 21 days, which is 50% faster than last year.
NYC average rent rose 23%. Average rent in Soho and Tribeca, Manhattan was $6,458 and average rent in Hudson Yard and Chelsea was $5,360.
Among area outside Manhattan, Dumbo in Brooklyn($4,359), Williamsburg($4,320) show the highest rent. Following these cities are Sunnyside in Queens ($3,507) and LIC ($3,354).

Legalization of basement in NYC costs $14B: 뉴욕시 지하 불법주택 개조에 140억불 든다

(Korea Daily 9/7/2022)

New York Post studied from the Ida damages last year and forecasted renovation to make basement legal in NYC will cost $14B, based on the fact that it will cost $275,000 – $375,000 per unit.
Donovan Richard, Queens Borough Chief mentioned that NYC is in serious housing problem and NYC needs state and federal supports in order to prevent damages from natural disaster.
( C Land is suggesting legalization of basement in Palisades Park, NJ)

3.8M Renters might face eviction in U.S.: 렌트비 연체 세입자 380만명 퇴거 위기

(Korea Time 9/6/2022)

Yahoo Finance & Census Bureau reported recently that 8.5M renters are behind rent in August in U.S. and 48% among them, or 3.8M renters can face eviction possibly by October this year.
Economists say the current situation might be caused by end of rent support programs, end of moratorium for eviction, increase rent along inflation, and lack of rental properties.
Income of 56% of total renters in U.S. is lower than $50,000 and the median income of renters is $42,500 which is lower than the median income of U.S. family which is $67,500.

Americans lured to shop European Real Estate: 미국인들, 유럽 부동산 쇼핑 열기

(Korea Times 9/6/2022)

WSJ reported recently that Americans are attracted by shopping real estate properties because the dollar value rose – relative property value declined.
U.S. Dollar value becomes stronger to below 1 dollar for 1 Euro, which is the lowest since 2002 when Euro system was accepted in EU block.
Currently properties in Euro becomes 20% lower than from average. More over, property value rose only 5% such as in Paris, compared to 29% rise such as in Phoenix, U.S.

CBRE Bets on Return-to-Office Tech: CBRE, 사무실복귀 기술회사에 거액 투자

(WSJ 9/7/2022)

CBRE Group Inc invested $125M to one of fastest growing real-estate technology firms, VTS.
The deal puts a valuation of about $1.7B on VTS, which manages more than 87,000 commercial properties, mostly office buildings in North America and Europe. (VTS is lunched in 2019)
VTS has benefited from the upheaval because landlords and tenants are using its app and other services to lure workers back and cope with market changes.

S&P 500 Dropped 4.2% in August: 8월 미국 주요 주식 지표 4.2% 하락

(WSJ 9/1/2022)

U.S. stocks fell across the board on Wed, making the fourth straight day of declines driven by an expectation of tighter Fed Reserve policy. Major indexes slid between 4% and 5% in August, their worst monthly performances sine June.
S&P 500 → 3955 (Dropped 31.16, or 0.8%)
Dow Jones → 31510.43 (Dropped 2,890.44, or 0.9%)
Nasdaq → 11816.20 (Dropped 66.93, or 0.6%)
The yield on 10-year Treasury inched higher to 3.131% from 3.107 on 8/30. Shorter-dated yields continue to be higher, sending a recessionary signal. 2-year yield edged lower to 3.448% from 3.466%, which marked its highest level since 2007.

REBORN COFFEE”, Korean Co went to IPO in U.S.:한인 커피 전문 기업 나스닥 상장

(Korea Times 9/1/2022)

REBORN COFFEE filed IPO at Nasdaq with $5.00 per share and collected $72B by 1.44M shares. (www.reborncoffee.com)
Founder, Mr. Kim said he will open about 200 chain stores annually worldwide, which will make $1B value in 5 years. First he will make 20 leaders in 20 stores around NY, Texas, and Seattle.
He started the first store in Orange County, California and opened 9 stores in U.S. and 4 stores in Korea. The company’s revenue last year was $2.28M.

New Brief on YouTube : https://youtu.be/ey65-g7ukmU

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