Weekly News (November 21, 2022)
Mortgage Interest Rates Review
(Fairway Home Loan 11/16/2022)
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7 yr Arm (%)
A year ago
A month ago
Federal Fund Rate: 3.75 -4.00% Prime Rate: 6.75-7.00%
Korean Foreign Student increased first time in 11 years: 한인 유학생 11년만에 증가세
(Korea Time 11/15/2022)
- According to “Open Door” report, Korean foreign students reached to over 40,000 while they were 39,491 in 2020- 2021 which was down by 20.7% from the previous year.
- The registered student including language schools are 40,755 which rose 3.2% in 2021-2022 from the previous year.
- Korean foreign students were 73,351 in 2010-2011 and it continues decline for the last 10 years. Economic effects of Korean students in U.S. is $1.53B which was down from $1.993B last year.
Korean company purchases a supermall in TX: LA 한인업체, 텍사스 대형 쇼핑몰 샀다
(Korea Daily 11/15/2022)
- HanNam Chain (Chairman:Ki Hwan Ha), 1000 South Vermont LLC purchased a super mall, Music City Mall, in Lewisville, TX at $40M in August, 2022.
- The name of the mall is changed to “The Vista”. The mall has 111 retail stores including a theater with about 6300 parking spaces.
- The building was the replacement property of the 1031 exchange. The relinquished property was a 4 lot land with a gas station, apartment complex and the entitlement for the development of which worth of $40M.
Quick Sales Signal Resilience in Manhattan Luxury Condo Market: 맨하탄 고급 콘도 시장 여전히 강세
- A new boutique condominium in Manhattan Greenwich Village’s 24 out of 28 units sold within a few weeks through a so-called whisper campaign at about $3000/sf, or average $3.5M per unit, said Mark Moskowitz at Argo Real Estate. ( For the last four months, average luxury condo price was $2800/sf)
- The year 2022 is on pace to be the third-best year in luxury sales of the past decade in Manhattan – There’s a fairly deep pool of rich people running around that made a lot of money in the past 10 years.
Greenwich Village Luxury Condo ($3000/sf)
Tech Firms Drop Office Space in a Swift Retreat: 기술회사 대기업들, 사무실 사용면적 줄이기 시작
- The big technology companies are now cancelling leases and flooding business districts with office space as they downsize.
- Meta Platform(Face Book), Lyft, Salesforce.com are shedding millions of square feet of office space in San Francisco, Silicon Valley, New York, Austin, Texas, etc. Amazon stopped construction in July on new office buildings amid hiring freeze and is now preparing to lay off thousands of workers – The big tech wasn’t just renting, but a big buyer too.
- The nationwide office vacancy is 12.5%. Up from 9.6% in 2019 and the highest since 2011. Overall about 212M sf of sublease space on the market, said Costar.
Home-Price Growth Slows Sharply: 주택가격 상승이 뚜렷이 저하
- Nationwide, the median sales price of an existing single-family home last quarter was up 8.6% from a year earlier to $398,500, a slowdown from the 2nd quarter’s 14.2% pace.
- Median prices were up 10% or more in 46% of the 185 metro areas tracked by NAR in the 3rd quarter, compared with 80% of metro areas in the 2nd quarter.
- Still prices in most area remain higher than they were a year ago because supply remains limited.
Median sales price of existing single-family homes
The Pricing Cool-Down is Finally Here: 드디어 물가 감소가 다가오나
- There are several reasons to expect inflation will keep losing momentum in the months ahead – might be real this time.
- The labor department on Thursday reported consumer prices rose a seasonably adjusted 0.3% in October from a month earlier, less than the 0.6% economists has forecast, putting them up 7.7% from a year earlier while it was 8.3% year-on-year gain in September.
- Investors were of course elated. The Fed policy makers have signaled they might step down the magnitude of their interest-rate increases to 0.5% from 0.75% when they next meet in December.
CPI-12 month Change
CPI 12-month change since 1970
Amazon Set to Lay Off Thousands: 아마존, 만여명 감원 준비
- Amazon.com Inc is repapering layoffs that could total about 10,000 workers, as company continues a broad cost-cutting review led by CEO, Andy Jassy. (Amazon’s global workers are 1.5M at the end of September )
- The tech company’s layoffs, which could begin as soon as this week, are targeted at corporate employees and could primarily affect Amazon’s device business, which include its hit Alexa products, as well as human resources and the retail.
- The founder Bezos said he plans to give the bulk of his fortune, estimated $124B, to the charity during his life time.
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