The current Bank of England base interest rate—the rate that largely determines mortgage interest rates—is 2.25 percent. This week, the average interest rates for two and five-year fixed rate mortgages topped six percent for the first time in over a … Continue reading →
Total U.S. construction starts fell by five percent in June to a seasonally adjusted annual rate of $932.3 billion, with nonresidential building starts declining 14 percent and residential starts declining six percent, according to Dodge Construction Network. Year-to-date, total construction … Continue reading →
Average house prices in the UK increased by 12.4 percent to £281,000 ($344,097) over the year ending April 2022, according to the UK Office for National Statistics. Among the countries that comprise the UK, England has the highest average house … Continue reading →
As mortgage demand falls, residential real estate companies are reducing their workforce. Redfin is laying off 470 employees and Compass is shedding 450 jobs (10 percent of its workforce), according to MarketWatch. The Federal Open Market Committee (FOMC) voted this … Continue reading →
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) and with 20 percent down increased from 5.33 percent to 5.40 percent during the first week of June, according to CNBC (citing data from … Continue reading →
Upzoning is a change in the zoning code to allow for increased development or density (for example, increasing the allowable FAR). On September 16, California governor Gavin Newsom signed Senate Bill No. 9 (SB 9) into law. Known as the … Continue reading →
The Q2–2021 median sale price for condos and co-ops in Manhattan rose to $1,130,000 – its highest level in eight quarters, according to Douglas Elliman. The number of sales surged 151.8 percent year-over-year to 3,417 and the months of supply … Continue reading →
Between March 23 and August 16, sales of Manhattan homes declined by 56 percent year-over-year and for properties priced at $4 million or above, sales were down by about 67 percent, according to The Wall Street Journal (citing data from … Continue reading →
A Brookings report breaks down the component costs for a mid-rise (four- to six-story) multifamily project into three categories (land costs, hard and soft costs) and estimates the contribution of each category to the total development costs as follows: Land … Continue reading →
Searches for moving to New York City suburbs are up almost 250 percent compared to the same period in 2019, according to moveBuddha. The data is derived from the last four weeks of queries on Older males usually viagra canada … Continue reading →