So Cal Multifamily Sales Pulse - June 30, 2024 - July 6, 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
| Fed's Favored Inflation Index Slows, Paving Way For Possible Rate Cuts The economy is moving in the right direction, with persistent growth, moderating inflation, and a more normal balance in the job market. |
Loan Modifications Nearly Double in 12 Months As of the end of May, about $22 billion in loans received modifications. |
| Similarities to Global Financial Crisis Aside, Outlook Remains Stable for Commercial Real Estate While deal volume is down 60% (Q1 2024) compared with the 2022 peak, the decline is less severe than during the GFC. |
US Commercial Property Prices Inch Up, but Vacancy Threat Looms Tentative Increase Comes With Potential for a Decline, CoStar Report Finds. |
| Report: Fears of Bank Loan Portfolios Overstated, but 70% Office Loans To Default Despite the gaudy numbers, Moody’s Ratings believes credit metrics prove the system is safe for now. |
Fed: Large Banks Could Withstand 40% Decline In CRE Values The test looked at a hypothetical major recession that would include a 40% drop in commercial real estate prices, a 36% drop in home values, a 10% overall unemployment rate and a 55% decrease in equities. |
| US Economic Growth For Last Quarter Is Revised Up Slightly To A 1.4% Annual Rate Consumer spending grew at just a 1.5% rate, down from an initial estimate of 2%, in a sign that high interest rates may be taking a toll on the economy. |
Fed's Powell Confirms a Wait for Any Rate Cuts The central bank sees things getting back on track but wants to be 'more confident that inflation is moving sustainably down.' |
| Cooling Labor Markets Raise Questions About Economy Assumptions about jobs, wages, inflation, and recessions have some correlation, but nothing that is immutable. |
Rental Security Deposits In California Cut Substantially Under New Law The cost to move into a furnished rental in California will be cut in half under Assembly Bill 12. |
| Commercial Property Vacancy Rate To Peak In 2026 At 24%: Moody’s “The preference of many employees to work from home cannot be overlooked,” Moody’s economists said. |
2024 Isn’t Going To Plan. 61 Global CRE Execs Tell Us What Has Surprised Them — And What’s Next Halftime is over and commercial real estate is now back on the clock. |
| Valuation Declines on Distressed Properties Now Average 43% By valuation grouping, distressed properties valued at less than $5 million have seen the largest declines in assessed values at an average of 51%. |
Price Increases Could Signify the Start of a Bottom Or it could just mean a short break in declining values. |
| Fed's Powell: Disinflationary Trend Resuming Nobody had expected the kind of significant economic boom that was seen by the U.S. in the latter half of 2023. |
Commercial Real Estate Investing Statistics for 2024 Industrial and multifamily properties continue to receive a larger share of commercial real estate investment than offices. |
| June Jobs Report Raises Pressure On Fed For September Rate Cut The June jobs report sent a clear message to the Federal Reserve — the central bank risks falling behind the curve. |
California Rents, Per Square Foot, Rank 5th-Highest In US 11th smallest rentals nationally at 851 square feet, 5% below US norm. |
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