
Seven Must Reads for the CRE Industry Today (June 22, 2022)

- America Faces a Housing Bust “America’s housing market still had a lot going for it at the start of this year. It wasn’t enough to surmount a doubling in mortgage rates in combination with persistently high prices. The National Association of Realtors’ measure of home affordability, based on mortgage rates, home prices and household income, showed that as of April existing homes were at their least affordable level since July 2007. They are even less affordable now. On Tuesday, the NAR said the median price on an existing home rose to $407,600 in May from $395,500 in April, while Freddie Mac reported last week that the average rate on a 30-year fixed mortgage was 5.78%, up from 5.23% a week earlier and from an April average of 4.98%.” (The Wall Street Journal)
- Empty Wall Street Offices to Be Revived as Apartments “A venture of two New York developers has purchased a one-third empty office building in the city’s financial district with plans to convert it into apartments, one of the largest such conversion schemes to be launched during the pandemic. The venture, which includes Silverstein Properties and Metro Loft, has agreed to pay $180 million for the 30-story building that opened in 1967 and has housed numerous technology and financial-services tenants over the decades. The new owners plan to convert it into 571 market-rate apartments, ranging from studios to three bedrooms, during the next three to four years.” (The Wall Street Journal)
- Should Proptech Panic About Funding? “Seasoned real estate professionals tend to be relentlessly optimistic folk, having experienced the cyclical nature of the industry over long periods of time. Even in the face of current inflation spikes, rising interest rates, SPACs cratering, and a looming recession, they favor rose-colored glasses over sackcloth and ashes. No surprise then that a number of proptech entrepreneurs and venture capitalists, while not blind to the challenges of the U.S. and global economies, are taking a patient view of the macro economics and how they might affect the sector’s ability to raise capital and grow companies.” (Commercial Observer)
- Commercial Construction Starts, Plans Increase Despite Recession Warning Signs “CRE development is a long game, and developers don't see short-term headwinds like inflation and interest rates as any reason to stop building.” (Bisnow)
- Apartment Players Are ‘Holding Their Breath’ Despite Suring Rents “Even with the recent, steady rise in rents—by double-digits in many markets—that degree of revenue gains is unsustainable, apartment operator Mike Brewer, COO, RADCO Companies, Atlanta, recently said. That brings the focus to expenses. And there’s not a lot of hope that prices will come down, or even what might bring them down, commented a vice president for one leading apartment maintenance and construction distributor last week.” (GlobeSt.com)
- 4th Florida Property Insurance Company Has Gone Bankrupt “Nearly 80,000 Florida homeowners will have to find new insurance, after Southern Fidelity declared bankruptcy. The Tallahassee based company is the fourth insurer to declare insolvency since February. Southern Fidelity’s bankruptcy filing is concerning because, according to insurance agents, a large portion of those dropped customers will likely have to reinsure their homes using Citizens Property Insurance -- the state-owned property insurance company. Insurance agents say Citizens has ballooned as a private company, and just one hurricane could detrimentally affect homeowners across the state.” (News4Jax)
- Double Whammy Coming for LA Affordable Housing in Next 5 Years “A ‘double whammy’ is coming for the low-income housing inventory in Los Angeles as 11,000 affordable residences flip over to market-rate units.” (Bisnow)
https://www.wealthmanagement.com/cre-wire/seven-must-reads-cre-industry-today-june-22-2022
To Find More Information, Go To Saubio Digital And Look Up Any Topic
Please follow and like us: Share This Post
Right now our hottest product is - a revolutionary article rewriting software. It's amazingly popular with Internet Marketers, and some content marketers.
This means, you take one article, and you use the article distribution system. It will generate thousands of unique versions of your article, and publish those unique articles to hundreds of websites that are related to your niche.
Take a look at our comprehensive guide to the best and most popular information ebooks and products available today on Detoxing, Colon Cleansing, Weight Loss and Dating and Romance. They are all in one spot, easy to find and compere to make a quick selection for the product that best fits your needs or wants.
So browse through a category and make your preferred selection and come back here to read more choice articles and get a few more helpful tips on ways to help your enhancement.
Detoxing Reviews
Best Body Detoxification Guides & reviews

Colon Cleanse Reviews
Best Colon Cleanse Guides & Reviews

Weight Loss Ebook Reviews
Weight loss products really work! Click here

Dating and Romance Ebook Reviews
Looking for Dating Guides? Click here
