So Cal Multifamily Sales Pulse - July 7, 2024 - July 13, 2024
Disclaimer: All information contained herein is obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only. We make no claim(s) as to the accuracy or reliability of the information presented. If you wish for us to analyze your specific property or situation please feel free to call or email us anytime.
Here's What's Happening In The Market, Here’s What This Means For You
| Are Apartment Investments Heading For Trouble? Financial distress mounts in multifamily real estate sector |
Even Big Banks Are Getting Hurt By CRE The idea that only smaller banks are facing trouble from CRE loan portfolios is now out the door. |
| Fed's Powell: "More Good Data" Will "Strengthen" Case For Rate Cut The Fed is now also concerned about risks to the job market and economy should rates remain too high for too long. |
Fed to Congress: Economy Improves, CRE Lending in More Trouble Plus, June FOMC minutes show more concern about CRE. |
| Interest Rate Decisions Hinge on Lagging Inflation Estimates The Fed is setting interest rates based in part on old data. |
Multifamily Absorption Reaches Record High in Q2 The gap between demand and supply is narrowing. |
| Rent Control's Impact on Multifamily While well-meaning, these policies are riddled with unintended consequences. |
Stability Starts to Emerge in Commercial Real Estate However, that doesn't mean conditions like interest rates are getting easier. |
| June Job Numbers Bode Well For Future Interest Rate Cuts Previous months were revised down by 111,000, all showing a labor market still cooling. |
Proposition 33 Aims to Expand Rent Control in California Ballot measure would repeal statewide rent control restrictions. |
| US Federal Reserve Chair Jay Powell Hails ‘Considerable Progress’ In Tackling Inflation Central bank underscores that next US interest rate move is likely to be a cut. |
Fed Chairman Powell Cites Risk in Keeping Rates Too High for Too Long He’s beginning to tee up a rate cut. |
| Statewide Campaign Sounds Alarm on California Prop 33 to Repeal Costa Hawkins Calling the measure “deeply flawed,” affordable housing advocates and a bipartisan coalition of local leaders across California are sounding the alarm on Prop 33. |
More Homes for Sale May Signal Shift to Buyers Market There were 36.7% more homes actively for sale on a typical day in June compared with the same time in 2023. |
| Multifamily Construction Permits are Down 30% This could lead to lower supply and higher rates. |
The Fed Walks the Tightrope Over the Economy It's not just about inflation but balancing forces and risks. |
| Citi Forecasts 200 Basis Points in Rate Cuts But the Fed has also said it's not in a rush to make cuts. |
Distressed Property Investors See Prime US Opportunities Some CRE investors believe now is the best time in a generation to buy troubled US real estate as the downturn continues to roil the market. |
| State Farm Asks For Huge California Home Insurance Rate Increase, Signaling Financial Distress How State Farm’s financial peril could upend the entire California insurance market. |
Southern California Home Prices Keep Rising; Up Nearly 8% In June To All-Time Highs Marking the fourth straight month values hit an all-time high. |
| More Good Inflation News for the Fed to Consider But there still are concerns in the details and things are unlikely to be as promising next month. |
High Rents Are Pressuring Small Businesses Just as shelter has been a negative force in inflation, rents are depressing small business optimism. |
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