Weekly News (September 7, 2022)
Mortgage Interest Rates Review
(by Fairway Home Loan 09/07/2022)
|30 yr fx (%)||15 yr fx (%)||FHA (%)||10 yr Tr Y (%)||5 yr Arm (%)||
7 yr Arm (%)
|A year ago||2.750||2.125||2.375||1.289|
|A month ago||4.875||3.875||4.500||2.752||4.500||4.750|
Sizzling NYC rental market without cooling: 뉴욕 렌트 마켓 식을줄 몰라
- 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
- 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
- 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.
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