Silicon Valley Real Estate Market Update 7/13/2023



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

 

Housing shortage costs deals for a third of REALTORS® Inventory recently hit its lowest level since 1999, which is impacting real estate professionals' ability to serve clients, NAR's 2023 Member Profile finds. Full Story: REALTOR® Magazine (7/11) 

 

Insurers shun California's homes, citing wildfire risk Farmers Insurance, the second-largest provider of homeowners insurance in California, has limited new policies in the state due to high costs and wildfire risks. This decision follows similar moves by Allstate and State Farm, which have stopped writing new homeowners policies in the state, citing wildfire risk and limits on insurance premiums. Full Story: CNN (7/10) 

 

Banks move to secure funding with covered bond issuance Banks' issuance of mortgage-backed covered bonds reached a record high in the first half of this year, exceeding the previous peak in 2011. The surge in sales, driven by the need to secure affordable funding amid a turbulent period for the banking sector, has been attributed to the conclusion of central banks' pandemic-era support for debt markets and the sector, as well as preparations for the winding down of funding schemes like the Bank of England's. Full Story: Financial Times (7/10) 

 

Labor market data raises pressure on Fed to lift rates A raft of stronger-than-expected labor market data last week has put more pressure on the Federal Reserve to raise interest rates further to cool the economy and ease inflation. Some analysts say the economy is bound to slow in the second half of the year as the effects of high rates are felt. "It still seems likely that the economy's next move is a step down," said Comerica Bank Chief Economist Bill Adams. Full Story: Axios (7/7),  The Wall Street Journal (7/7) 

 

Market Update:  The biggest economic news last week was that the labor markets continue to shrug off various headwinds and record solid gains. Fears of recession have faded somewhat, although the tight labor market may also keep inflation stubbornly high and prevent the Fed from taking their foot off the gas on interest rates. In addition, the Treasury market suggests that there will be little relief for interest rates over the short-run as 2- and 10-year yields continue their upward trend. Mortgage rates have topped 7% again after a modest reprieve during April and May. Mortgage applications reflect these headwinds, but much like home sales, home purchase sentiment remains above the lows hit late last year and California is expected to see closed transactions remain solid in the June and July data. Full Story CAR Market Minute Write Up

 

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