Weekly News (January 25, 2023)
Mortgage Interest Rates Review
(Fairway Asset Corp. 1/25/2023)
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: 4.25% -4.5% Prime Rate: 7.25%-7.50%
H Mart opens a 8,500 sf store in Manhattan: H 마트, 센트럴팍 인근에 8,500 sf 매장 준비
(Korea Daily 1/24/2023)
- The Real Deal said H Mart is opening a 8,500 sf store in Upper East Manhattan – 223 E 86th St. The company purchased the 13 story building at $8.7M.
- The opening project will take about 6 more month to prepare the necessary funding.
- Recently H Mart opens a store in LIC in November and the 3rd store in Irvine, California.
GLF sued Bank of Hope for the forced deposit: 글로벌 리더쉽파운데이션 , 뱅크오브호프 상대 소송
(Korea Times 1/25/23)
- In Oct, 2022, GLF(Global Leadership Foundation – Chair: HeeNam Bae) filed the suite against Bank of Hope for illegal confiscation and the forced deposit as “Compulsory Deposit Account”.
- GLF claimed that BOH refinanced $1.1M (original application was $1.02M) and then they forced deposit back $54,882 into the bank and they charged interests, and the compulsory deposit account is an illegal.
- Also GLF claimed BOH confiscated the fund out of SBA EIDL loan amount($150K) . BOH declared the default of GLF loan after NYC imposed the property tax on GLF’s building, which GCF claimed the tax exemption before.
Home Sales Slip to Cap Worst Year Since 2014: 주택 거래, 2014 이후 최저
- U.S. existing-home sale fell again in December, concluding the weakest year for sales activity since 2014.
- Sales of previously owned homes, which make up most of the housing market, slid 17.8% in 2022 from the prior year to 5.03M, NAR said Friday.
- On a month-to-month basis, sales fell 1.5% in December, a record 11th straight monthly decline. December sales fell to 4.02M, the weakest rate since November 2010, down 34% from a year earlier.
- The national median existing-home price rose 2.3% in December from a year earlier to $366,900. Prices fell month-over-month for the sixth straight month after reaching a record high of $413,800 in June.
Existing-home sales & Median price
Real Estate Market is coming back?: 부동산 시장 다시 살아나나…
(Korea Times 1/20/23)
- According to NAHB, the residential market index, which NAHB and Wells Fargo survey every month, shows 35 in Jan. The index over 50 indicates positive market and below 50 indicates the opposite.
- It is still under 50, but it showed the first increase in 12 months. MBA announced 28% increase of mortgage application from the last week which was affected by dropping interest rates by almost 1% from the peak which was about 7.2%.
- Among mortgage applications, re-financing rose 34% from the previous week.
The Fed might increase 0.25% twice this year: 연준, 금리 0.25%씩 두차례 인상후, 긴축 끝낼둣
(Korea Times 1/23/23)
- Reuters surveyed economy experts and 81%(68 out of 83) forecasted that the Fed might raise 0.25% two time this year and the rate becomes the terminal rate — 4.75% – 5.00%.
- This interest rates forecast is lower than the Fed expected, but the Reuters said it might be almost the same mindset because of economy growth rate, inflation rates, and unemployment rate.
- 60% of experts answered the survey forecasted also mild recession with growth rate of 0.5% in 2023 and 1.3% in 2024, and said the unemployment rate will be 4.3% in 2023.
Microsoft To Layoff 10,000, Cites Shaky Economy: 마이크로소프트 10,000명 감원–불안한 경제
- Microsoft Corp. plans to eliminate 10,000 jobs in response to the global economic slowdown, the company’s largest layoffs in more than 8 years and the latest in a string of cuts from big technology companies.
- The software giant’s CEO, Satya Nadella, while he was in WEF in Davos, said that the layoffs would happen before the end of March, and affect less than 5% of company’s worldwide workforce.
- Microsoft has been enjoying some positive news this year, as it negotiates increasing its investment in artificial intelligence startup OpenAI.
Google’s Parent to Cut 12,000 Jobs: 구글 모기업(알파벳), 12000명 감원
- Google’s parent company said it would cut its staff by 6% in its largest-ever round of layoffs, extending a retrenchment among technology companies after record pandemic hiring.
- Alphabet Inc. said the cuts would eliminate roughly 12,000 jobs across different units and regions, though some areas, including recruiting and projects outside of the company’s core businesses, would be more heavily affected.
- Earlier this month, Amazon.com Inc. said layoffs would affect more than 18,000 employees and Salesforce Inc. said it was laying off 10% of its workforce. Last year, Meta Platforms Inc. said it would cut 13% of staff.