Weekly News (February 15, 2023)
Mortgage Interest Rates Review
(Fairway Home Loan 2/15/2023)
30 yr fx (%)
|15 yr fx (%)||FHA (%)||10 yr Tr Y (%)||5 yr Arm (%)||
7 yr Arm (%)
A year ago
A month ago
Federal Fund Rate: 4.5% -4.75% Bank Prime Rate: 7.5%-7.75%
H Mart opens a supermarket at ADM: H 마트 아메리칸 드림점 17일 그랜드 오픈
(Korea Times 2/15/23)
- The biggest Asian supermarket chain, H Mart opens the 36,280 sf supermarket at 1 American Dream Way, East Rutherford on 17th inside the American Dream Meadowland mall.
- The supermarket includes the Food Hall which sells all different dishes of Korean, Japan, Chinese, and Chickens and Bakery, etc.
- CEO, Brian Kwon said H Mart is providing not only shopping place, but also providing value of life and place of seeking pleasure.
400 unit mixed use building faces hurdle in Palisades Park: 팰팍 400 세대 주상복합 추진 논란
(Korea Times 2/14/23)
- The 400 unit mixed-use building development plan on the abandoned factory building at Fairview St has been submitted to Palisades Park Town.
- The developer is known as non-Korean, but the land is owned by two Korean and the attorney for the developer has submitted the zoning variance from M-1 Zone to redevelopment Zone. The plan includes 400 units with commercial spaces on the 95,000 sf lot.
- The Mayor Paul Kim expressed negative opinion on the plan due to overflow of students and traffic loads, and the quality of residents’ life.
JT Group selected as Pre-Sale Broker for 144th St Condo Project: JT 그룹, 노던 144가 콘도 분양파트너로 선정
(Korea Times 2/15/23)
- JT Group(CEO: Terrence Park) was contracted as the Pre-sale listing broker for condo project at 144-49 Northern Blvd in Queens. The pre-sales start in March.
- The condo project includes about 170 residential condo nits, about 10 commercial condo units. The total sales amount would be $125M: the price for studio is about $450K, 1Br is $600K, and 2Br is about $800K.
- JT Group : 516 550 0309.
Inflation is Easing but Still Far From 2% Goal: 인플레이션 둔화됬지만 여전히 목표2%에는 멀어
- The end of distressingly high inflation is coming into view. Consumer prices gained 6.5% in December, down from June’s 9.1% annual rate, the highest since 1981. There is good reason to think inflation will keep falling, Federal Reserve Chairman Jerome Powell said this.
- “The process of getting inflation down has begun,” Mr. Powell said.
- Even so, inflation is far above the Fed’s 2% target. Even excluding the volatile food and energy categories, core inflation was 5.7% in December.
- Markets seem optimistic it will fall down so of its own accord, and are betting the Fed will therefore cut rates this year. Only thing is Mr. Powell disagrees.
Housing Market Warms up Amid Drop in Mortgage Rates: 모기지 이자률 감소세로 부동산 시장 봄바람 타나
- Falling mortgage rates are beginning to stir demand in the housing market.
- The average 30-year home loan rate has come down by a full percentage point from a 20-year high above 7% in November, largely in response to signs that the Fed is nearly finished lifting interest rates.
- Mortgage applications are up by about a quarter since the end of last year. A measure of signed real-estate contracts rose in December after six month of decline.
Pending Homes & Mortgage applications
Home-Buying Firms Stuck w/ Inventory: 주택구매 회사, 재고로 고심
- Ribbon HomeInc., the New York City startup purchased homes with cash on behalf of buyers. Then it sold the homes to the buyers at the same price, plus a fee, once the buyers got a mortgage. But last year as mortgage rates surged, some Ribbon customers backed out of their purchases or needed more time to get financing. That left the company owning nearly 400 homes.
- Orchard TechnologiesInc., another power buyer that has been active in places such as Denver and Dallas, helps customers buy a new home and move before selling their previous home. If clients can’t sell their homes after four months, Orchard agrees to buy them. The company now owns about 200 homes its customers were unable to sell, said its Chief Executive Court Cunningham.
Hard or Soft Landing? Some Economists Now Predict Neither: 연착륙도, 경착륙도 없을수도
- Surprising strength in hiring and consumer spending last month, together with signs that demand for autos and housing might be stabilizing after a decline, now have some economists pointing to a third scenario that seemed improbable just a few weeks ago: an economic growth upturn.
- “A ‘no-landing’ scenario is a present-day reality,” said Neil Dutta, an economist while many Fed officials said they still expect the economy to slow this year.
- The Labor Department reported this month that employers added a robust 517,000. Last week Mastercard estimated that U.S. retail sales, excluding cars, rose 8.8% in January from a year earlier.
Interest Rates & Probability of recession
Inflation Cools but at a Slower Pace: 인풀레이션 감소세이지만 천천히
- Still-elevated inflation cooled slightly at the start of 2023 to 6.4% in January from a year earlier, with energy, housing, food and other items keeping some pressure on prices. Being edged down from 6.5% in Dec. This marked the seventh straight month of easing inflation since peaking at 9.1% in June, the highest reading since 1981.
- But the cooling trend is moderating. On a monthly basis, CPI rose 0.5% in January from December, compared with a previous 0.1% increase.
- The inflation report is likely to keep Federal Reserve officials on track to raise interest rates at their meeting in March and to signal further increases are likely after that.
Consumer Price Index changes
Google’s New AI Features Fuel Race w/ Microsoft: 구글, 새로운 AI 로 마이크로소프트에 도전
- Google unveiled new artificial intelligence-powered search and map features on Wednesday, competing announcements by the search giant and rival Microsoft Corp. as they race to bring a new generation of the technology to users.
- Google gave an additional glimpse Wednesday of its experimental conversational AI chatbot, Bard, for example, to suggest criteria to consider when trying to buy a new car, or places to visit for a scenic road trip. Another feature Google announced Wednesday will be the ability to query the search engine based on images and videos and the company allows Google Maps users to explore three-dimensional representations of destinations.
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