real estate - Unusual Whales

Average home price in America sits at $410,110 from just $66,125 in 1981

Per Business Insider Realtor.com reports that the average home price in America sat at $410,110 compared to its initial $66,125 in 1981. This was as housing affordable was even worse for certain Baby Boomers. During that time, home prices were around six times more affordable. To be

mortgage

7% mortgage rates regarded as the 'new normal' by Compass CEO

Per Business Insider The CEO of Compass, Robert Reffkin, described 7% mortgage rates as the new normal. This came in an interview with CNBC, where the CEO said that home buyers would just have to accept the new rates. Reffkin previously said that 6% was the new normal but has

bank of england

The Bank of England warns regarding sharp mortgage payment increases for 4 million households reaching almost £3,000 yearly

Per Bloomberg The Bank of England has announced that they would be increasing mortgage rates sharply, which would affect four million households. This would result in average borrowers having to pay almost £3,000 yearly. This comes as Governor Andrew Baily explains the situation, saying that the decision would still

mortgage

US monthly mortgage around $1,000 higher than two years ago for a $400,000 property, per Freddie Mac

Per Daily Mail Freddie Mac reports that monthly mortgages are now around $1,000 higher than two years ago for a property that costs $400,000. This came as the 30-year loan percentage is over double how it was two years ago. These mortgages increased from 2.9% in 2021

metlife investment management

MetLife Investment Management says 40% of single-family rentals in the US by 2030 could be owned by institutional investors

Per CNBC MetLife Investment Management said that come 2030, 40% of single-family rentals in the US could be owned by institutional investors. This was according to MetLife Investment MAnagement's 2022 forecast. The estimation is that by 2030, at least 40% of single-family rentals, or about 7.6 million

households

About 51% of households earning up to $75,000 yearly can only afford 23% of home listings

Per Morningstar Buying a home in the US has become increasingly difficult with about 51% of households earning up to $75,000 yearly only being able to afford 23% of home listings. This was according to a report by the National Association of Realtors and Realtors.com. Earners that take

realtor.com

Realtor.com doesn't expect housing affordability to improve due to undersupply in the market for a decade

Per BI Realtor.com says that it doesn't expect housing affordability to improve. This was explained to be due to borrowing costs and home undersupply. These issues reportedly built up over the past decade, according to Danielle Hale from Realtor.com. The chief economist went on CNBC to

may

May saw record low US home sales than any other month

Per Redfin US home sales saw a record low in May compared to other months, falling 7.1% year-over-year to 1.4 million units. This number was on a seasonally adjusted basis, which was the lowest since 2012. The decline was also recorded as the first annual decline since April

home sales

US home costs are 44% higher than pre-pandemic levels

Per Business Insider The prices of US homes have way exceeded pre-pandemic levels, now at 44% higher. The data was revealed by Redfin, showing a massive difference in price from January 2020 until recently. In January 2020, median home prices were $290,264 before the pandemic. Now, prices have reached

home

Homes for sale since five years ago, before the pandemic, has seen a nearly 40% drop

Per Redfin The number of homes for sale since before the pandemic has seen an extreme decline. After a 6% drop from a year earlier, the total drop from five years ago was at 39% compared to 2018 numbers. The 6% decline was reportedly the largest decline experienced in 13

us

Major US cities said to have empty office space by 2033 include NY, SF, and LA

Per Bloomberg A report by Savills explores the effect of the change to remote work settings and has found three major US cities that are said to reach empty office space by 2033. The report also pointed out that US cities were specifically vulnerable to empty office space. It was

mortgage applications

US mortgage applications fell for a fourth week, reaching the second-lowest level since 1995

Per Bloomberg Fewer Americans are applying for mortgages for the fourth week in a row as its levels reach the second-lowest since 1995. This came despite a recent 10 basis point decrease in 30-year-fixed mortgages. As seen on the Mortage Bankers Association index, it was revealed that there was a

mortgage bankers association

Mortgage Bankers Association data shows how new home buyers are facing the most unaffordable market ever

Per Business Insider The Mortgage Bankers Association have recently shared data that revealed how it was the worst time for new homebuyers. The data showed that Americans that want to buy a new home will be doing so in the most unaffordable market ever. MBA associate VP for housing economics

new york

NYC office value would drop 44% below pre-pandemic numbers by 2029 due to remote work

Per NYP New York City office space has recently suffered due to remote work, with very few people returning to the office. A combined 2022 study by researchers from New York University and Columbia University found that its office value could drop by 44% below pre-pandemic numbers. This came as

jeff bezos

Jeff Bezos and fiancée Lauren Sanchez rent Kenny G's home for $600,000 monthly

Per NYP Amazon Jeff Bezos and his fiancée Lauren Sanchez are renting the iconic home of Kenny G for $600,000 monthly. This comes as just part of Bezos' massive real estate portfolio. Kenny G's, an iconic soft-jazz saxophonist, house was in Malibu, where Bezos had just

mortgage applications

Mortgage applications were 31% down than the same week a year ago

Per CNBC The application for new mortgages has slowed down even more, as new data shows a 31% decrease from the same week a year ago. During this time, home purchases also dropped by 3%. CNBC explains that this is because of the extended fear that it could take a

real estate

Nationwide typical home costs 25% more in monthly mortgage compared to rent

Per Redfin The difference between how much one would spend on a monthly mortgage versus renting was reportedly 25%. It was noted that homeowners would spend this additional on their mortgage while renters would be able to save this difference. This was according to Redfin, which found that despite the

gen z

Almost 3/4 of Gen Z want to buy a home in less than 6 years

Per CNBC A recent report shared how almost three-quarters of Gen Z said that they wanted to buy a home in just one to six years. The survey from Rocket Morgage found that this age group wasn't that worried about the current challenges being faced. The report mentioned

Chinese

Chinese citizens working and living in Florida sued the state for a law that would ban them from being able to buy property within the state

Per BBC Florida will impose a law on July 1 that would ban Chinese citizens from purchasing property within the state. Chinese citizens working and living in the state are now filing a lawsuit, arguing that the law wasn't constitutional. Aside from being unconstitutional, the group of Chinese

home prices

US home sales are down despite the steepest price drop in 11 years

Per CNN Usually, when home prices are down, home sales go up. However, this wasn't the case in April as US home sales fell by their steepest annual rate in 11 years, but sales remained low. The National Association of Realtors reported that home prices saw the biggest

canada

Canada's mortgage payments could spike up to 40%

Per Bank of Canada Recently, the Bank of Canada shared its findings regarding the financial situation of the country in its Financial System Review - 2023 report. The bank detailed what fixed-rate and variable-rate mortgages were experiencing. It was reported that for variable payments, these buyers already experienced close to

nordstrom

Nordstrom to close 350,000 square feet worth of commitments in San Francisco

Per Biz Journals Nordstrom plans to close down over 350,000 square feet worth of commitments in San Francisco. This comprises 312,000 square feet and 45,496 square feet combined. Specifically, the retail giant plans to close its Westfield San Francisco Centre, which is 312,000 square feet large,

luxury homes

Global luxury home prices turned negative for the first time since the global financial crisis of 2009 and are expected to continue to drop

Per Business Insider The prices for global luxury homes have turned negative for the first time since the global financial crisis. The report stretched 46 leading markets and found an annual drop of 0.4% in the first quarter; this was the first negative since 2009. The study was conducted

ubs

UBS predicts a rise in commercial real estate loan defaults, although not a 2008-like credit crunch crisis

Per BI UBS is predicting an increase in defaults for commercial real estate loans. However, the impact isn't expected to be as bad as the global financial crisis in 2008. UBS Global Wealth Management Chief Investment Officer Americas, Solita Marcelli, wrote a note to clients detailing their view

millennials

The number of millennials planning to rent forever has gone up

Per Bloomberg The number of millennials that aren't looking to buy homes and plan to rent forever has increased. Three years ago, the number was just one in seven, but now, it is nearly one in four. This came from a survey by Apartment List, which showed how