Weekly News (January 11, 2023)

Mortgage Interest Rates Review

(Fairway Home Loan 1/11/2023)

New Jersey to open statewide Section 8 housing voucher (뉴저지 Section 8 신규 신청 온 라인 접수)

(The Record   1/11/23)

• New Jersey is opening its statewide waitlist next Tuesday for Section 8 housing vouchers, a federally funded program that allows low-income families to spend roughly a third of their paychecks on housing expenses, with the government subsidizing the rest owed to landlords.
• Families can visit WaitlistCheck.com/NJ559 between Jan. 17 and Feb.3 from 9am to 5pm to fill out a pre-application for the waiting list. Some 20,000 families will be selected in a random lottery by the DCA.
• Winners will be notified via email, or applicants can check the status after Feb.24.

NYC Vacant Offices Converted to Apartment:뉴욕시, 빈사무실 주택전환 추진

(Korea Daily   1/11/2023)

• NYC Mayor, Adam Smith announced the plan of Office Adaptive Reuse Task Force including 11 recommendations which results in adding 20,000 units to live 40,000 residents.
• Currently NYC allows conversion to residential for the office building in FiDi area, built before 1961. The plan will expand to the building built before 1991, resulting in securing additional 120M sf residential spaces.
• Adam Smith announced earlier in Dec last year “Get Stuff Built” campaign and said NYC will provide 500,000 residential units in 10 years.

Shared-Apartment Companies Merge: 룸 메이트 아파트 회사 합병 (미국–독일)

(WSJ   1/11/23)

• One of the largest co-living companies in the U.S. is merging with a European peer to create one of the world’s largest providers of shared apartments for young professionals.
• New York-based Common manages more than 4,000 apartments in the U.S., while Berlin-based Habyt operates around 7,000 apartments in Europe and Asia.
• At co-living buildings, tenants usually lease rooms in larger apartments shared with other tenants. Renters have access to living rooms, kitchens and other common spaces, and amenities like cleaning services and dog walking.

Jobs Gains, Wages Show Cooling Sings: 노동시장, 임금 모두 안정세로  

(WSJ  1/7/2023)

• The U.S. labor market is loosing its momentum as hiring and wage growth cooled in December, showing the effects of slower economic growth and the Fed ‘s interest-rate increases.
• After two straight years of record-setting payroll growth following the pandemic-related disruptions, the labor is starting to show signs of stress.
• Employers added 223,000 jobs in December, the smallest gain in two years, the Labor Dept said Friday. Average hourly earnings were up 4.6% in December from the previous year, the narrowest increase since mid-2021, and down from a March peak 5.6%.

Payroll Gains and Wage Increases

Bonds Start Year With a Rally: 미국 국채 수익률, 호조로 새해 시작

(WSJ  1/9/23)

• Treasury yields, which fall when bond prices rise, logged sizable declines in the first week of the year.
• In December, the Fed’s median forecast pointed to a 5.1% rate at the end of this year and a 4.1% rate at the end of 2024—both comfortably above what markets suggest that investors think is likely.
• Unlike most Fed officials, many investors believe the economy will slip into a recession over the next 12 months, putting pressure on the central bank to start cutting rates. Many officials suggest that they don’t envision any rate cuts this year.

Yield on 10-year U.S. Treasury note

1200 Won/dollar maintained this year: 원달러 환률, 올해 1200원대 유지

(Korea Daily  1/10/23)

• Hana Securities in Korea forecasted won-dollars exchange rate will be recorded at 1255 Won per U.S. dollar.
• The decline of global trade and semi-conductor exports will keep the  exchange rate around 1200 Won throughout this year with continuous warry about the credit crunch.
• The U.S. dollar is weakened since the Fed has shown the slow pace of Federal Fund rate increases.

Samsung Expects 69% Drop in Profit: 삼성 4분기 수익이 69%나 하락

(WSJ  1/6/23)

• Samsung Electronics Co. said it expects its 4th Qt profit to plunge as the firm’s mainstay memory-chip and smartphone businesses face a sharp pullback in demand, showing the extent of global tech downturn after pandemic highs.
• The South Korean tech giant in Friday forecast its operating profit in the quarter ending Dec 31, to drop 69% from the prior year to 4.3T Won, the equivalent of $3.4B.
• Samsung said that its 4th Qt profit has fallen due to larger-than-expected order pullbacks and price drops in the memory business, combined with falling sales of smartphones and home appliances.

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