Weekly News (February 22, 2023)
Mortgage Interest Rates Review
Fairway Home Loan 2/22/2023
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HyunDai Auto purchased 8 story building in Manhattan: 현대차, 맨하탄 8층 건물 샀다
(Korea Times 2/17/23)
- According to Bloomberg, HyunDai Auto purchased a 8 story building in Manhattan at $275M, which will be used for HyunDai Auto, HyunDai Capital, Other Investment & Management companies.
- The building is newly developed and is located in Tribeca near Holland Tunnel, with space of 10,033 SM (107,955 sf) and each floor has a terrace.
- According to Newmark, commercial brokerage company, vacancy rate in Manhattan is still about 20%, but newly developed or renovated office building are attracted to purchase.
HyunDai Building in Manhattan
“SK On” will establish IT Center in GA: SK온, 조지아주에 IT 센터 설립
(Alabama Korea Times 1/14/23)
- GA State announced that SK On will establish the IT Center by spending $19M in Atlanta area in GA , which will support those battery factories in U.S.
- Governor, Brian Kemp office said SK Battery America(SKBA) will set up Technology Support Center in Rosewell and hire around 200 employees.
- SK On built the battery factory in Commerce in Jackson County, GA by investing $2.6B since 2019, which produces automobile batteries.
Mortgage rates rose again after 5 week’s decline: 모기지이자, 연속 5주 하락후 다시 상승
(Korea Times 2/17/23)
- MBA reported the 30-year mortgage rates are 6.39% last week after 5 consecutive week’s decline, which could be caused by the Fed’s signal that they could perform further contraction on money policy.
- According to MBA, last week’s mortgage application declined 7.7% from the week before. Some experts say this could result in housing market down and lowering house price this year.
- MBA director, Jeff Taylor said house sales is lowest in 40 years and house price could decline 4 – 6% this year and 7 -9% in some area.
Home Sales Fall 12 Months in Row as Mortgage Sting: 주택 거래, 12개월 연속 감소
- The U.S. housing market weakened in January for the 12th straight month as continued high mortgage rates kept buyers on the sidelines.
- Sales of previously owned homes, which make up most of the housing market, fell 0.7% in January from the prior month to a seasonally adjusted annual rate of 4 million, the slowest since October 2010, NAR said Tuesday. January sales fell 36.9% from a year earlier, which marked the longest streak of back-to-back monthly decline since 1999.
- The national median existing- home price rose 1.3% in January from a year earlier to $359,000. Prices fell month-over-month for the seventh straight month after reaching a record high of $413,800 in June.
U.S. existing-home sales by region
Zillow Signals More Pain Ahead: 질로 회사, 앞으로 더 안 좋은 전망
- U.S. Home purchases fell more than 40% in the fourth quarter from a year earlier, Redfin reported this week.
- Visits to Zillow’s app and websites were down 5% year over year in 4th Qt and its agent ads business could see sales fall as much as 28% over the year-earlier period . Redfin on Thursday said it expects 1st Qt revenue to fall as much as 49% year on year. Opendoor bought around 5000 homes in a single month last summer, but it was buying fewer that 1000 homes by December.
- Such a sharp drop in physical buying seem to call into question the iBuying model’s visibility, particularly as Zillow and Redfin left the arena.
News Corp, Costar Fail to reach a Deal: 뉴스 Corp, 코스타와 의 판매 계약 결별
- News Corp’s talks to sell the parent ofRealtor.comto Co-Star Group Inc. have ended without a deal. CoStar had been in talks to purchase Move Inc. from News Corp for about $3 billion.
- For News Corp, parent of The Wall Street Journal, the deal would have brought in a pile of cash when the company is facing challenges, including slowing spending from some advertisers, media and other sectors of the economy. News Corp said this month that it expects to reduce head count by 5% this year.
- For CoStar, an information provider for the commercial-real estate industry, the deal would have put it into head-to-head competition with Zillow Group Inc.
Local Banks move on to Home Mortgage Business: 로컬 뱅크 모기지 진출 본격. 한인은행은 온도차
(Korea Times 2/22/2023)
- While large major banks are leaving home mortgage market – Wells Fargo & Chase, local community banks move into home mortgage market.
- US Metro opened a sister company for the home mortgage sector last year. Bank of Hope, Hanmi Bank, PCB Bank, and ShinHan Bank are operating home mortgage lending.
- Frost Bank sees a merit of small local bank for the mortgage sector because of its relationship with local clients. Most Korean banks are focusing commercial loans(CRE), but home mortgage loans can be mid-and long-term strategy even though it won’t make profits in short-term.
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