So Cal Multifamily Sales Pulse - August 4, 2024 - August 10 , 2024
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Here's What's Happening In The Market, Here’s What This Means For You
| Renter Population Grows Three Times Faster Than Homeowner Population The number of renter households in America grew 1.9% year over year in the second quarter of 2024 to a record 45.2 million. |
Inventory of Homes for Sale Continues to Rise The inventory of smaller and more affordable homes has risen as a share of the market. |
| Job Flop — Good News for a September Rate Cut or Too Little, Too Late? The report of 114,000 new jobs and 4.3% unemployment rate in July falls well under the expected 185,000 and 4.1%. |
Foreclosures Surge As Some Investors Call Bottom, Others Say Pain Is Just Starting Commercial property owners are losing their properties to their lenders at the highest rate since 2015. |
| Goldman Sachs Says Chance of Recession Now 25% Worries grow about a coming economic slump that rate cuts might not be enough to put off. |
Office Loan Delinquencies Rise as Market Shifts in 2024 More than $260 billion in office loans have matured recently or will mature by 2026, according to the latest CommercialEdge report. |
| Fed Survey: Banks Tightened CRE Lending Standards in Q2 The loan tightening in the CRE sector occurred amid a broader move toward stricter lending standards in commercial and industrial lending. |
Wall Street Economists Say Investor Fears About Recession Are Overblown Talk in some corners of the investment world has shifted from the timing of rate cuts to the timing of a recession hitting the US economy. |
| Fed Policymakers Signal Rate Cuts Ahead, But Not Recession Many of the latest job report's details leave a little more room for confidence that we're slowing but not falling off a cliff. |
Credit Card Debt Hits Record $1.14 Trillion, New York Fed Research Shows As credit card debt mounts, young adults, who are likely renters with less of a financial cushion than their elders, are increasingly falling behind. |
| California Rent Control Back On The Ballot, Twice Sky-high rent is among Californians’ biggest concerns. Nearly 30% of tenants spend more than half their income on rent. |
Jamie Dimon Still Sees a 65% Chance of a Recession But JPMorgan economists only see a 35% chance of a recession. |
| July Sees More Stability in Apartment Occupancy, Rent Growth In July, the U.S. apartment market showed signs of continued stability, with occupancy rates holding steady and modest growth in asking rents. |
Ignore the Headlines: A Wave of Distressed Deals Likely Won’t Happen Lenders are starting to clear their balance sheets and sell off loans that could pose a high risk. |
| Commercial Construction Projects Keep Being Abandoned. Reviving Them Could Take Years As of July, construction abandonments were up 11% nationally for both public and private projects compared to the same time last year and up almost 49% for private projects alone. |
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