So Cal Multifamily Sales Pulse - September 8, 2024 - September 14, 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
| US Inflation May Soon Undershoot Fed's 2% Target Falling short-term average inflation metrics, slumping commodities prices, a softening labor market, and cooling wage pressures are all pointing one way: disinflation. |
Multifamily Looks Forward to Increased Deal Flow Lower rates will provide relief for underwater multifamily loans. |
| RXR CEO Says CRE Faces a 'New Paradigm' of Permanently Higher Interest Rates Interest rates will be higher than they have been for many years. |
CRE Debt Origination May Have Hit Bottom Banks are likely to spend the next several years reducing CRE exposures. |
| CMBS Special Servicing Rates Continue Their Series of Jumps in 2024 August brought another three-year high. |
Green Street: CRE Pricing Increases in August Continuing a reversal of a year-long trend toward price declines, the Green Street Commercial Property Price Index increased 1.6% in August from July. |
| Trepp: Delinquency, Servicing Rates Hit Highs Not Seen In Years Distressed CMBS loans increased across commercial real estate last month, but apartment issues stood out. |
Fed Policymakers Say They Are Ready To Start Cutting Interest Rates Noting a cooling in the labor market that could accelerate into something more dire in the absence of a policy shift. |
| Fed Rate Indicator Hints at Big Cuts, Looming Economic Challenges The Fed funds and 2-year Treasury suggests recession. |
44% Surge In Orange County Home Sellers Fails To Boost Buyer Activity August's $1.48 million median list price is up 13% in a year and up 70% vs. 2018-19. |
| Anticipated Rate Cuts May Not Offer Quick Relief for CRE Among other things, timing could be slow. |
Investment Sales Reach Lowest Level in Four Years in July Investors are closing fewer, but larger, deals across the board. |
| CRE Index Shows Market is Ready to Move CRE transaction activity has inched up every month since March. |
US Household Income Increases For First Time In 4 Years Yet they still have not fully recovered to pre-pandemic levels. |
| Fed Must Decide If Quarter-Point Cut Will Be Enough For Workers The monthly jobs report showed the pace of hiring in the US moderated over the last three months to the slowest since the onset of the pandemic in 2020. |
Special Servicing Rate Leaps Once More in August 2024, Multifamily Reaches New High The rate has still sustained an increase during every month of 2024 and reached another three-year record high in August. |
| US Small Business Surges, Sentiment Improves, Treasury Report Says Applications for businesses most likely to hire employees have risen to 140,000 per month, 30% more than 2019. |
Property Insurers Retreat from Industrial, Multifamily Amid Widespread Softening Record losses last year is prompting stricter terms for renewals and new policies. |
| With a Light Jobs Report, How Big a Rate Cut Will the Fed Do? The Fed will consider several factors about this report. |
Fed Rate Cuts Aren't Even Here Yet. Wall Street's Booming Commercial Real-Estate Business Isn't Waiting Even as loan delinquencies climb, new mortgages from Wall Street have been in high demand. |
| Mortgage Rates Fall To Lowest Level Since February 2023 Ahead Of Fed Rate Decision At 6.2%, the rate dropped slightly compared to 6.35% a week earlier. |
Mortgage Applications Continue to Climb as Rates Come Down Lower rates are driving refinancing higher, but applications are still limited as many people hold sub-5% rates. |
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