What I’m Reading
Sitting it Out: Foreign purchases of U.S. residential real estate were down 27% in the year ended in March, a new low since the end of the Great Recession. As insane as the housing market has been, the boom has taken place with little foreign interest compared to historical levels. Imagine what happens from here foreign interest returned to its historical level…. Wall Street Journal
Standing Out: Austin was the big winner of the COVID tech migration, taking share from other regions like the Bay Area thanks to somewhat lower costs and a business friendly climate that has attracted both large and small companies. San Francisco Chronicle
Echo: Mortgage rates are falling back to historic lows, once again dropping below the effective average rate of all mortgage debt outstanding. We are likely to see another refinance boom for those who missed out last year. Axios
Slowdown: Sales of new homes are dropping as buyers get priced out and builders struggle to deliver at affordable price points. CNBC At the same time, inventory is rising, although still very close to historic lows. Calculated Risk Blog
Mind the Gap: There is a massive difference in BFR financing options available to large institutions and middle market investors. Globe Street
Chart of the Day
Austin is kicking the crap out of the big coastal markets when it comes to returning to the office.
Source: Kastle Systems
WTF
Hold My Beer: A man apparently shot himself by accident while showing off his gun in a bar because Florida. Associated Press
When You’ve Gotta Go: A woman who claimed that she had to poop when pulled over by police had a crack pipe visible in her bra because Florida. The Palm Beach Post
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
Visit us at RanchHarbor.com