Weekly News (March 22, 2023)
Mortgage Interest Rates Review
(Fairway Home Loan 3/22/2023)
30 yr fx (%)
|15 yr fx (%)||FHA (%)||10 yr Tr Y (%)||5 yr Arm (%)||
7 yr Arm (%)
A year ago
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Number of Liquor License in NJ will be increased: 뉴저지 주 주류 라이센스 확대
(Korea Daily/Times 3/20/23)
- The Governor Murphy is in the process of making the law to increase number of liquor license in NJ.
- Current law restricts to 1 license per 3000 residents in a town. The new law will increase the limit 3000 to 10% less every year, i.e., 1 license per 2700 residents in 2024, 2430 residents in 2025, etc.
- The business with an existing license under $150,000 annual revenue for the last 3 years get $50,000 tax deduction.
- There are 1400 unused licenses in NJ.
NJ shopping mall will get Liquor license: NJ 대형 몰에 주류허가 확대
(Korea Daily 3/22/23)
- NJ State Representative is in the process of making law to expand liquor license — special permit — to food court restaurants in shopping malls.
- The State government is trying to attract more shoppers to retail stores in shopping malls because shopping malls are losing customers to online shopping.
Korean Home Owner Rate is lowest among Asians: 한인 주택 소유률, 아시안중에 최저
(Korea Daily 3/18/23)
- According to AREAA, home ownership of Korean, total population is 1.45M, or 54.2%, and the median income is $100,000.
- Population Median Income Homeownership
Vietnam 1.86M $82,900 69.2%
Chinese 4.09M $103,500 66.3%
Japanese 750K $102,300 65.3%
Philippines 2.99M $107,000 64.3%
Indian 4.39M $153,050 62.0%
Thailand 340K $63,000 58.0%
Cambodian 340K $67,000 57.0%
Native Hawaiian 190K $78,000 55.0%
Indonesian 130K $80,000 55.0%
Korean 1.45M $100,000 54.2%
Home Buyers Want an Out if They’re Laid Off: 주택 구입자들, 실직시 집계약해약을 조건으로
- More home buyers are putting an unusual escape clause into their contracts: If they lose their job before closing, they can back out of the deal.
- Known as an employment contingency, these provisions appeal to tech and finance workers rattled by recent waves of layoffs, real-estate agents and lawyers said. Fears over a recession and the fallout in the tech and banking sectors following the failure of Silicon Valley Bank may only increase their popularity this home-buying season, they said. Like any contingency, this clause will weaken your offer in some competitive markets even if it helps settle your fears.
New Home Construction 9.8% Up: 6개월만에 주택착공 첫증가 – 9.8%
(Korea Daily 3/18/23)
- Dept. of Commerce reported that new home construction start is up 9.8% to 1.45M annual rate in Feb from the last month, which is the first increase for last 6 months.
- This improvement went over Bloomberg’s forecast of 1.31M and Bloomberg said that the bottom of the residential market is coming close.
- New home permits increase 13.8% to 1.52M, which is a good indicator of residential market move.
Home Prices Ease From High: 미집값, 11년만에 첫 전년대비 하락
- The first year-over-year drop in home prices in more than a decade and a dip in mortgage rates snapped a yearlong streak of declining monthly home sales, showing the effects of the Federal Reserve’s campaign to raise interest rates.
- Sales of previously owned homes, which make up most of the housing market, rose 14.5% to 4.58M in February from the prior month but were down 22.6% from a year earlier, NAR said Tuesday. Sales had decreased for 12 consecutive months through January.
- The national median existing- home sale price fell 0.2% in February from a year earlier to $363,000, the first year-over year decline since February 2012. Median prices, which aren’t seasonally adjusted, were down 12.3% from a record in June.
US median existing-home price, change from a year earlier
Big Bank Plan Might Not Solve Big Woes: 큰은행들의 도움도 큰 걱정해소 못해
- Megabanks coming together to shore upFirst Republic Bankwill probably solve today’s big problem. But it may not help for much beyond that.
- A $30 billion infusion of deposit cash into First Republic by the biggest banks in the nation will almost surely relieve the immediate pressure on the California lender. This group includesJPMorgan Chase, Bank of America, Citigroup , Wells Fargo, Goldman Sachs, Morgan Stanley, U.S. Bancorp , PNC Financial Servicesand others—essentially the country’s largest banks. In effect, some of the influx of deposits that megabanks received over the past week from people fleeing midsize lenders will be redirected to First Republic.
- The biggest lenders might be able to do this for one bank now. But they can hardly play that role systemically, sending deposits to whoever is leaking them. It also doesn’t address banks’ longer term challenges with rising interest rates.
Google Launches ChatGPT Rival: 구글, ChatGPT 대항마 출시
- Google is opening public access to the conversational computer program Bard, its answer to the viral chatbot ChatGPT, while stopping short of integrating the new tool its flagship search engine.
- TheAlphabet Inc.-owned search giant said Bard is an “early experiment” that it would offer at a dedicated site, bard.google.com, instead of within its current products.
- Bard is based on LaMDA, short for “ language model for dialogue applications,” an AI system Google engineers began developing as far back as 2015.