A record low number of homes for sale combined with an uptick in homebuyer demand propped up housing prices in June, even as elevated mortgage rates kept many buyers on the sidelines. The median U.S. home sale price was $426,056 in June, just 1.5% ($6,341) below the all-time high of $432,397 set in May 2022.
The U.S. economy isn’t the only thing unwilling to capitulate despite sharply higher interest rates. Commercial real-estate prices have been heading lower in the wake of the pandemic and the Federal Reserve’s inflation fight, but the bulk of the pain still looks poised to come, according to Morgan Stanley analysts. Prices for apartment buildings, offices
Real estate in the world’s superstar cities has not kept up with shifts in behavior caused by the pandemic. The cities’ vibrancy is at risk, and they will have to adapt. Continue reading here.
For over a century in New York, commercial-property investors have carved up the value of the city’s skyscrapers by separating the land from the building and trading the pieces separately. But now, in the midst of one of the worst office downturns since World War II, that practice is escalating disputes between the owners of
Tens of millions of federal student-loan borrowers will soon owe monthly payments for the first time in more than three years. Some of them aren’t ready for it. The payment and interest pause put extra cash into people’s pockets, but they tended to spend it rather than save it, according to recent research. Some borrowers
At a Glance: Findings from the June SCE Credit Access Survey Continue reading here.
Just when everyone is abandoning the recession call, the data starts to slow down. 1) The Restaurant Performance Index has sharply declined in recent months… 2) Credit card and auto loan delinquencies continue to rise, and these trends will continue with the Fed on hold well into next year… 3) Weekly data for bank lending