Real Estate News 10/06/2023

Today’s News Synopsis:

A homebuyer on a $3,000 monthly budget has lost nearly $40,000 in purchasing power over the last year, as mortgage rates have risen from around 6.5% in October 2022 to nearly 8% today. The glimmer of hope for the housing market: a small September uptick in new listings.

In The News:

Redfin – “Housing Market Update: New Listings Hold Up As Mortgage Rates Soar Toward 8% ” (10-05-2023)

“Mortgage rates hit their highest level in more than 20 years this week, pushing homebuyers’ monthly housing payments to all-time highs.”

NAR– “Biggest challenges for real estate firms: NAR ” (10-04-2023)

“Housing affordability, maintaining sufficient inventory and keeping up with technology were among the biggest challenges cited for firms in the next two years, according to the 2023 Profile of Real Estate Firms by the National Association of REALTORS®”

Propmodo– “What San Francisco’s AI Leasing Boom Means for Its Office Market” (10-04-2023)

“When news broke that Hive AI signed a lease for more than 57,000 square feet in a San Francisco office building next to the city’s iconic Salesforce Tower this July, it was big news around the industry. ”

CNN – “Biden cancels another $9 billion in student loan debt days after payments restart” (10-04-2023)

“The Biden administration has approved debt relief for an additional 125,000 student loan borrowers, totaling $9 billion in forgiveness, the White House said Wednesday.”

Multifamily Executive – “Largest YoY cuts in asking rent, September: RealPage” (10-05-2023)

“Apartment demand continues to rebound and normalize; however, it’s failing to keep pace with the massive amount of supply coming online, according to RealPage Market Analytics’ third quarter report.”