Weekly News (April 10, 2024)

Mortgage Interest Rates Review

United Mortgage Nation  4/10/2024

Federal Fund Rate: 5.25 -5.50%        Prime Rate: 8.25 – 8.50%  

MTA approved congestion tax below 60th St in Manhattan

맨하탄 교통 혼잡세 시행길 열렸다

Korea Times  3/28/24 

• The congestion pricing imposed on vehicles entering the commercial district at the southern end of 60th Street in Manhattan was set at $15 per passenger vehicle. 
• On the 30th , the NY MTA released the final recommendation approved by for 11 and no 1 and announced that it can be implemented form as early as June. 
• However, the actual collection of the tax is depending on the final result of the suits including that of NJ Government. 

Manhattan Congestion Tax 

Korea Times 3/28/24

Residents ratio born in Korea living in Bergen Co is #1 

한국출생자 인구 비율, 버겐카운티가 최고   

Korea Daily  4/10/24 

• According to Census’ report for population born in foreign countries in 2022, residents born in Korea in U.S. is 1,034,299 while Korean, including mixed, living in U.S. is 2,051,572.  So about a half of Korean population were born in Korea.    
• In Bergen County, Korean born in Korea are 43,886 or 4.6% of county population, which is #1 in U.S. 
• Korean population in NJ is 108,498. Among them Korean born in Korea takes 40.4%.  

Home Insurers Take to the Sky to Spot Policyholders’ Risks

주택보험사, 항공 사진으로 지붕상태 점검   

WSJ  4/8/24 

• Across the U.S., insurance companies are using aerial images of homes as a tool to ditch properties seen as higher risk. Nearly every building in the country is being photographed, often without the owner’s knowledge. Companies are deploying drones, manned airplanes and high-altitude balloons to take images, which can cover 99% of the U.S. population. 
• Insurers are sending nonrenewal notices to homeowners across California. State Farm last month said it plans to drop coverage on about 30,000 residential and 42,000 commercial properties in the state. 
• Aerial images are expected to become more detailed and frequent. If satellite launches go as planned, images could be updated daily by 2030, according to Neil Pearson, a consultant who works with imagery companies.

Future Toilets , Mirrors Give Medical Feedback

미래의 화장실 변기와 거울이 의료 도구로…

WSJ  4/10/24 

• Advanced technology for bathrooms could alleviate burdens on the healthcare system and help aging populations stay longer in their homes.
• Homeowners will be looking for toilets with more features, like urinalysis and self-cleaning capabilities and are increasingly giving priority to health and wellness in home design since the pandemic. Tech companies imagine mirrors with screen-like interfaces that could connect users to healthcare professionals when the devices flag health concerns. Showers with sauna-like steam and infrared capabilities are already on the market, starting at around $3,000. Smart floor tiles could also use pressure sensors to detect balance, gait and posture. Pressure sensors were embedded underneath ceramic tile floors. Sinks could detect the presence of bacteria and viruses.  

Blackstone Strikes $10B Deal

블랙스톤, $10B 아파트 건물 프로젝트 구입

WSJ   4/9/24 

• Blackstone has agreed to acquire an owner of upscale apartment buildings for about $10 billion, signaling that one of the world’s largest real-estate investors is ramping up investments again after a period of moving more cautiously.
• Blackstone is taking private Apartment Income REIT, known as AIR Communities, which owns 76 rental housing communities that are primarily in coastal markets, including Miami, Los Angeles, and Boston. It  is the Blackstone’s largest transaction in the multifamily market.
• The commercial real-estate market has been suffering its worst downturn since the 2008-09 financial crisis. Higher interest rates have hurt values of most property types because prices rise and fall depending on how much it costs to borrow.

Lack of Supply causing Housing Issues

주택 시장 구조적 문제는 공급 부족에서…   

Korea Daily  3/30/24 

• The Fed Chair, Jerome Powell mentioned that residential market has a structural problem of lacking supply of housing. 
• Also he said he understand the residential market became slow due to the mortgage interest rates and new construction and residential sales in general will become active when the interest rates lowered. He said he is working hard targeting not only for residential market, but more broad area which can affect inflation in general. 
• The Chair of Central bank of San Francisco, Mary Daily said elevated housing cost due to lack of supply, etc is contributing high inflation, hindering the path to reach to the Fed’s target 2%.      

Economic Data Stir Doubts About Fed Rate Cuts

경제 지표상 연방금리 인하에 의문이…      

WSJ   4/8/24 

• After the latest blockbuster jobs report Friday showed continuing strength in the economy, more traders are betting the Fed might cut the benchmark federal-funds rate just once or twice this year, fewer than officials’ last median forecast of three quarter-point cuts. 
• “The Fed can still cut in June and couch it as fine-tuning rather than a dramatic change in the stance of monetary policy,” said Brian Jacobsen, chief economist at Annex Wealth Management. “But in a hurry.”
• Futures tied to the fed-funds rate show the benchmark rate finishing the year around 4.75%, according to FactSet. Those contracts had showed rates ending 2024 below 4% just a few months ago.