Economy - Sueep
Economy

Millennials are getting into a tough real estate market

It seems that millennials are always in tough luck in life and have struggled to get ahead.

First, the 2008 financial crisis and then the recent pandemic has impacted job opportunities. In fact, leading banks have even bet that millennials will accumulate less wealth during their lifetime than earlier generations.

Once able to gather funds, millennials have looked at traditional investments. With gold failing to provide proper ROI and traditional stock market where only 4% of the players actually end up making any money. This is an area where institutional investors and hedge funds dominate

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Economy

Single-family rents in October were up 10,9% year over year, 3 times more than in 2020.

A large number of applications for the rental of single-family homes during 2021 has exceeded the previous limits and it result in the rise of the prices set for rents, growing extremely fast for the next year.

Rents for single-family homes in October were up 10.9% year-on-year, according to the latest CoreLogic report. That’s three times the 3.2% annual growth seen in October 2020.

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Economy

Mortgage rates increased their values in 2022.

Mortgage rates increased their values after this week the Federal Reserve of the United States announced that it would accelerate the process of reducing its bonds and that there would be three rate increases in 2022.

This is reflected in the 30-year fixed rate mortgage which increased 3.12% this week.

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Economy

Zillow initiated the sale of its properties after the failure of its previous business model.

The Zillow Group has announced that it is selling approximately half of the nearly 18,000 homes in the now closed Zillow Deal Program, which was once a major direct buyer in the country.

The company announced last month that it would terminate Zillow’s services on Ibuying. This left the thousands of properties he already owned or agreed to buy in limbo.

At the end of October, records showed that Zillow had 9,790 units in stock and 8,172 units under contract, with nearly 18,000 properties downgraded.

Zillow said last week that it had made “significant progress” in liquidating and selling inventory that Zillow had offered for sale, or had entered into sales contracts or agreed to terms for more than half of the homes Zillow had sold.

 

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Economy

Average cash rent in Manhattan in November increased 16.7%

The rental market in New York is growing. Average cash rent in Manhattan in November increased 16.7% year-over-year, according to the latest rental reports from broker Douglas Elliman and real estate appraisal firm Miller Samuels.

According to the report, other records were broken in November. Franchise market share has fallen at a record pace for the fourth month in a row, indicating that homeowners are less likely to offer bonuses, such as free or free months, to make money and attract potential tenants.

In the same way, the vacancy rate in Manhattan has also reached a new record.

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Economy

Rental and occupancy growth rates hit new records in November, another sign that the country’s housing market has not followed a seasonal trend this year.

Rental and occupancy growth in general is impressive as winter approaches. Apartment occupancy rate hit a new high of 97.5% in November, according to real estate technology platform RealPage.

This is an increase of about 250 basis points from the long-term benchmark of about 95% over the past three decades.

The annual increase in rental demand for new leases was 13.9% in November. The rate of increase in lease renewals has generally been slower than when there was revenue for tenants, but it was still a high 8% even at the end of the year.

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