Weekly Real Estate News, July 13, 2023–Phil HallBoston Mayor Michelle Wu unveiled a program offering tax incentives that will encourage the conversion of downtown office buildings into residential housing.https://wrenews.com/new-program-seeks-to-convert-boston-office-properties-into-multifamily-housing/?
Category: Top National News
Mortgage Rates Close in on the 7% Mark
MReport, July 13, 2023–Eric C. PeckFreddie Mac said the 30-year fixed-rate mortgage is nearing the 7% mark. A year ago, the 30-year FRM averaged 5.51%. (MBA mention)https://themreport.com/news/data/07-13-2023/rates-close-in-7-mark-2
Mortgage Rates Close in on the 7% Mark
MReport, July 13, 2023–Eric C. PeckFreddie Mac said the 30-year fixed-rate mortgage is nearing the 7% mark. A year ago, the 30-year FRM averaged 5.51%. (MBA mention)https://themreport.com/news/data/07-13-2023/rates-close-in-7-mark-2
St. Louis Fed President Bullard Steps Down to be Dean at Purdue School of Business
Reuters, July 13, 2023St. Louis Federal Reserve President James Bullard, the U.S. central bank’s longest-serving current policymaker and a leading hawkish voice supporting interest-rate hikes, will be leaving his bank …
Rising Data Center Costs Linked to AI Demands
Wall Street Journal, July 13, 2023–Angus Loten (subscription)Runaway demand for artificial intelligence is prompting some data center operators to raise commercial leases to cover the added costs of powering stacks …
Inflation Eases But Fed Can’t Conquer Housing Prices
Politico, July 12, 2023–Katy O’Donnell, Sam SuttonAs the Biden administration cheers signs that price rises across the economy have started to cool, homeownership remains out of reach for many first-time …
What Does Meaningful Housing Deregulation Look Like?
Forbes magazine, July 13, 2023–Roger ValdezDeregulation. It’s a word that sparks controversy. Why use it? Because it’s the best word to describe what’s needed to create better access to housing …
The Luxury Tower Built for New York’s Elite Still Sits Half Empty
Wall Street Journal, July 13, 2023–Katherine Clarke (subscription)Related Companies has struggled to unload its most expensive units at 35 Hudson Yards. Now the developer is offering deep discounts.https://www.wsj.com/articles/hudson-yards-condos-14aed09e?
Housing Market Affordability is So Out of Whack That ‘The Bulk of the Drop in Home Prices is Yet to Come,’ Says Pantheon Macroeconomics
Fortune magazine, July 12, 2023–Lance Lambert (subscription)In contrast to the emerging narrative that the U.S. housing market has bottomed, a recent report from economic research consultancy firm Pantheon Macroeconomics argues …
Primary MI Securitization Volume Up in Second Quarter
Inside Mortgage Finance, July 13, 2023–John Bancroft (subscription)Primary mortgage insurance activity increased in the second quarter of 2023 after seven consecutive quarterly declines.https://www.insidemortgagefinance.com/articles/228328-primary-mi-securitization-volume-up-in-second-quarter?v=preview