What I'm Reading Staying Put: Despite a surge during COVID, US mobility has been falling for decades and the problem is getting worse as affordability issues intensify. When people want to move but can't, it leads to economic stagnation and political polarization. Vox Drop it Like It's Hot: Mortgage rates...
February 28th – Round Trip
What I'm Reading Round Trip: Mortgage rates are back to 2019 levels but prices are far above where they were in 2019. Calculated Risk IMO, the impact on stressed home affordability on rent growth is still being generally underestimated, despite the explosive growth over the past year or so. Pile...
February 18th – Shelter in Place
What I'm Reading Shelter In Place: Higher interest rates will make move up buyers with low, fixed mortgage rates and tons of equity less likely to move. Instead, they will likely renovate or expand their existing homes. At the same time, builders confidence is declining as rates rise and supply...
February 17th – Tale of the Tape
What I'm Reading Tale of the Tape: Mortgage debt as a percentage of GDP sits just below 50%, high on a historical basis but nowhere near GFC levels of over 70%. Calculated Risk Roll Up: Blackstone's BREIT purchased Sunbelt rental apartment owner Preferred Apartment Communities in a 5.8 billion deal. ...
February 14th – Squeezed
What I'm Reading Squeezed: U.S. housing affordability continues to get worse by the day as home prices rise alongside mortgage-interest rates. Wall Street Journal Roadmap: The 2013 taper tantrum and 1994’s crunch are good examples of how a bond bear market does not always need to equal recession. Bloomberg Crosswinds:...
February 4th – Road Block
What I'm Reading Roadblock: Demand for warehouses in the Inland Empire is massive, pushing new development further east. However, residents are not happy with having new industrial developments nearby and are pushing back hard, resulting in substantial delays or the outright withdrawal of applications. Globe Street This is great news...
February 2nd – Rush Hour
What I'm Reading Rush Hour: Buyers are scrambling to purchase homes while rates are still low. In the meantime, supply is down substantially. As a result, buying has become even more competitive, especially at lower price points leaving prospective homeowners stuck between soaring rents and unobtainable ownership. CNBC Widening Out:...
January 27th – Risky Business
What I'm Reading Risky Business: With interest rates rising, and property prices at all time highs, Canadian homeowners are increasingly turning to variable rate mortgages as a lower cost alternative. Variable rate mortgages, which offer a substantially lower initial payment now make up over half of all new home loans...
December 14th – Drop Zone
What I'm Reading Drop Zone: Drone delivery is beginning to look inevitable as developers like Alphabet continue to make breakthroughs and retailers like Walmart test in selected markets. The Diff Arms Race: Amenities aren't just for office employees anymore. Gyms, childcare centers, and restaurants are making their way into logistics...
November 18th – YOLO
Closing Announcement: RanchHarbor recently closed on Glenbrook Apartments, a 112 unit value add property in Boise, Idaho. Glenbrook is our second acquisition in the Boise market. We are excited about the closing and renovations are already underway. REBusiness Online Want to see more opportunities from us? Sign up here: RanchHarbor...