Market Update | FEB 09

DID YOU KNOW?

Top Headlines: Delivered by Leonard Steinberg

February 09, 2024

01  Assumable mortgages are rare compared with the trillions of dollars in new mortgages issued each year, though they have been growing in popularity. The FHA and VA together handled about 6,400 assumptions in 2023, more than double the amount in 2022.

(WSJ)

02  "The NAR does not set commissions. It never has, and it never will. Period. End of story."

03  Average London prime rents are now 29% above pre-pandemic levels notched during the period of 2017 to 2019 as many wealthy opt to rent instead of buy.

(WSJ)

04  Just as ‘QUIET LUXURY’ was the trend of the moment that many thought would last forever, along comes loud, bold, bright “Hello to Flair” design in men’s fashion - of all places - to remind us that trends come and go.....faster now than ever as retailers struggle to keep big spenders spending BIG.

(WSJ)

05  Watch out for falling rents driven by excess construction of expensive housing. Overall US rents grew just 0.3% in 2023, the slowest since 2010. Lower-tier rents rose about 2% nationally in December. Recent data proves increased supply can moderate overheated pricing. Cities like Austin, Raleigh, Charlotte, Salt Lake City, and Phoenix saw massive construction of high-end rentals in the past 2-3 years. Existing inventory prices surged around 20% since 2020, reminiscent of the 2020 paper towel pricing spike.

(WSJ)