Silicon Valley Real Estate Market Update 7/20/2023


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

 

Why swimming pools don't always add value to homes Experts say that buying a house with a swimming pool may come with unintended consequences, including high cost for maintenance, safety risks and insurance requirements. Full Story: Kiplinger (7/17) 

 

What's the future of corporate real estate? Residential housing prices are primed for gains once the Federal Reserve stops raising interest rates, although affordability issues will remain, according to Susan Wachter, a professor at Wharton. However, the office market could remain troubled amid increased vacancies and remote work, and the situation could affect small banks, according to Wachter. Full Story: Knowledge@Wharton (7/14) 

 

Fed survey finds rise in unsuccessful loan applications A survey by the Federal Reserve Bank of New York shows loan applicants were turned down at a rate of 21.8% over the 12 months ending in June, marking the highest rate in five years, while the number of applications was the lowest since October 2020. Applicants' expectations that they would be rejected for a mortgage or refinancing, an auto loan, or an extension of a credit card limit also have climbed sharply, according to the survey. Full Story: Bloomberg (7/17),  Reuters (7/17) 

 

Capital rules set to include new mortgage requirements U.S. bank regulators are expected to announce their comprehensive blueprint for overhauling capital rules next week, surpassing international standards with additional requirements for major lenders' residential mortgages. The forthcoming plans, a part of the domestic version of Basel III, will be disclosed July 27 by the Federal Reserve, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency, sources say. Full Story: Bloomberg (7/17) 

 

Sophisticated twist on the 'Barbiecore' craze This design theme is all about playfulness, but it's maturing. Check out how Barbie-inspired aesthetics are upgrading the feeling of luxury. Full Story: REALTOR® Magazine/Styled, Staged & Sold (7/17) 

 

U.S. banks report Q2 profit but warn of looming risks Several major U.S. banks posted higher profits for the second quarter due to increased interest rates, signaling a resilient economy with pockets of optimism in struggling sectors such as dealmaking. However, concerns arose as consumers scaled back spending and losses accumulated in areas such as credit cards and commercial real estate, leading investors to question the sustainability of the positive results. Full Story: Reuters (7/15)

 

Market Update.  Despite interest rates that remain near 7%, the economy continues to perform well. Last week’s inflation report generated some confidence that things are improving more quickly in the Fed’s effort to tame rising prices. Consumers remain relatively optimistic and even new MBS issuances rose for the first time in over a year. The Federal Open Market Committee is set to meet next week and are expected to raise their benchmark rate 25 basis points, so mortgage rates may remain elevated over the short term. Thus far, buyers seemed to have rebounded modestly from the initial shock of rising rates and the market has grown more competitive as demand continues to outstrip supply. Full Story CAR Market Minute Write Up

 

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