Silicon Valley Real Estate Market Update 7/6/2023



Here's the weekly round-up of news. Check it out, save it for later, and/or share it with your friends. 

 

Bring problem properties back to productive use Effective, strategic code enforcement can help communities revitalize vacant properties, raise values and improve the local economy. Full Story: REALTOR® Magazine

 

Federal Reserve set for further rate hikes Federal Reserve officials have indicated their intention to resume interest rate increases in response to the persistently high inflation in the U.S. economy. Minutes from June's Federal Open Market Committee meeting revealed that "almost all" participating officials believe that "additional increases" in the benchmark interest rate are warranted, citing a tight labour market and upside risks to inflation as key factors influencing the outlook. Full Story: Financial Times (7/5) 

 

Experts question 30% rule in homebuying The traditional rule of spending no more than 30% of your income on housing is being questioned in areas with high living costs, such as Vancouver. Bruce Sellery, CEO of Credit Canada, says, "The benchmark doesn't apply anymore. Housing costs have increased dramatically, everywhere. And so individuals need to look at their own specific situation and determine how to best allocate limited resources." Full Story: CBC News (Canada) (7/2) 

 

NAR: FHA move on multifamily loans to spur more housing The Federal Housing Administration announced Thursday it is increasing the threshold for large multifamily loans for the first time in a decade. Full Story: REALTOR® Magazine (6/29) 

 

Economist: Mortgage rates matter less than you think Though borrowing costs have doubled from two years ago, home buyers have avenues to offset higher interest rates, says NAR Deputy Chief Economist Jessica Lautz. Full Story: REALTOR® Magazine (6/29) 

 

Report touches on climate-related risk for insurance A report from the Treasury Department's Federal Insurance Office addresses the potential impact of climate change on real estate assets and what that could mean for insurers, including life insurers. "Real estate may be vulnerable to credit risk if increases in the frequency and severity of climate-related disasters lead to a decrease in borrowers' ability to repay or service their debt and/or to declines in real estate asset values," the report notes. Full Story: ThinkAdvisor (free registration) (6/29) 

 

Market Update The U.S. economy survived the first half of 2023 without going into a recession, as consumers turned out to be more resilient than most economists expected. Despite going through high inflation rates, banking crisis, and debt ceiling issues in the first six months of the year, consumers remain upbeat, and their confidence recovered somewhat in recent weeks. The housing market, on the other hand, has continued to encounter headwinds since late 2022, as rates stayed elevated and housing supply remained tight. With an increase in home building activity at the national level, we could see some slight improvement in market conditions in the U.S., but tight inventory will likely remain the norm in California in the second half of the year until rates start coming down meaningfully. Full Story CAR Market Minute Write Up

 

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