So Cal Multifamily Sales Pulse - June 9, 2024 - June 15, 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
| Multifamily Feels Pressure on Loans and Increased Inventory But NOI growth is still positive, and the rush of added units should moderate by later this year. |
Study: Southern California Is Most Disaster-Prone Region In U.S. This year, such disasters could cost the four counties $7.1 billion. |
| Homeownership Costs Jumped 26% Since Start Of Pandemic: Bankrate The increase reflects rising home prices, which went up 40% since the beginning of the COVID-19 pandemic. |
April Sales Weakest So Far This Year Hospitality saw the biggest jump while multifamily was the highest trading asset. |
| Deal-Thirsty Investors Are Still Waiting for CRE Distress Opportunistic buyers cool their heels in frustration as lenders and borrowers try to hang on for an improved financing market. |
Apartment Rents Drop in Seven of 11 Major California Cities The primary driver behind the falling rental prices in California is not increasing housing supply, but decreasing demand. |
| US Small-Business Optimism Improves to Highest Level This Year Five of the 10 components that make up the sentiment gauge increased in May. |
US Household Wealth Hit Another Record In First Quarter, Fed Data Shows Household net worth rose 3.2%, or by $5.1 trillion, with the appreciation of equity holdings accounting for the lion's share of the gain. |
| Fitch: Office Loan Delinquencies Will Surpass Global Financial Crisis Levels The slow recovery is expected to lead to weaker performance and higher loan losses. |
PIMCO Joins Chorus Warning Of Regional Bank Failures Commercial real estate exec: “The real wave of distress is just starting.” |
| CRE Loan Distress Hits Third Consecutive Record It's another bit of bad news when considering if an expected wave of CRE problems is an overhyped myth or a realistic prediction. |
Federal Reserve Holds Rates Steady, Signals One Cut In 2024 As CRE Grows Increasingly Impatient The central bank outlined in a statement that there has been “modest progress” toward its 2% inflation objective. |
| US Small-Business Optimism Improves to Highest Level This Year Firms grew less downbeat about the economy’s prospects. |
CRE Lenders and Borrowers Have Adjusted to Fed’s Higher-for-Longer Policy Both lenders and borrowers have had to recalibrate their expectations and strategies over the past several months. |
| Jump In Jobless Claims, Soft PPI Lift Fed Rate-Cut Odds; S&P 500 Rises Initial jobless claims jumped to the highest level since last summer. |
Maturing Apartment Loans Could Overtake Office for Troubled Debt From 2028 through 2033 the apartment sector will contribute a larger share of potentially troubled maturities than office. |
| Only One Rate Cut This Year And that's at best. It's still possible that there could be no cuts. |
As Fed Stands Pat On Interest Rates, There Are 'A Lot Of Zombie Banks Out There' While Fed Chair Powell says the banking system looks solid, a buyer of soured debt from banks thinks otherwise. |
| Economic Commentary: Consumer Spending Drives Retail Price Cuts Economic indicators have been pointing to a slow start to the beginning of the second quarter. |
Orange County’s Homebuying Pace Tumbles To All-Time Low April's homebuying pace is 39% below the 37-year average. |
| Class B And Class C Properties Outperforming In The Orange County Multifamily Market Investment activity in Orange County was slow but steady in the first quarter. |
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