Measured prior to yesterday’s quarter-point rate hike by the Fed, the average rate for a benchmark 30-year mortgage had dropped another 18 basis points (0.18 percentage points) over the past week to 6.42 percent but remained 200 basis points, or roughly 45 percent, higher than at the same time... Read More »

Having been revised down over the past quarter in the absolute, the seasonally adjusted pace of new single-family home sales in the U.S. ticked up 1.1 percent last month to an annualized rate of 640,000 sales but was down 19.0 percent on a year-over-year basis, 22.2 percent lower than... Read More »

Having ended 2022 nearing its pre-pandemic peak, the net number of people living in San Francisco with a paycheck dropped by 5,400 in January to 560,600 as the impact of tech layoffs and new unemployment claims started to be realized, based on updated data from the State. That being... Read More »

As we outlined yesterday, while the net number of homes on the market in San Francisco (i.e., inventory) is currently unchanged, month-over-month and year-over-year, it’s not due to a jump in demand. In fact, pending home sales in San Francisco, which were down an average of 40 percent on... Read More »

While the net number of homes on the market in San Francisco has held over the past month and now year-over-year, it’s important to understand that the “holding pattern” is being driven by a sharp drop in the number of condos and single-family homes that are being listed for... Read More »

As we revealed at the end of last year, a modification to the approved plans for Related California’s 365-foot-tall tower to rise on the parking lot parcel at 98 Franklin Street, at the intersection of Oak, was in the works, a modification which would increase the tower’s height to... Read More »

With all the volatility in the financial markets, the average rate for a benchmark 30-year mortgage ticked down 13 basis points (0.13 percentage points) over the past week to 6.60 percent but remains 244 basis points, or roughly 60 percent, higher than at the same time last year and... Read More »

Driven by discounting and concessions, as home builders are more “motivated to sell homes in their construction pipeline,” versus existing-home owners that might try to hold out for last year’s prices, with varying results, mortgage loan application volume for new homes across the U.S. ticked up 4 percent last... Read More »

Purchased for $3.195 million in June of 2016, the 1,791-square-foot, three-bedroom, three-bath unit #30E in the LUMINA tower at 338 Main Street failed to resell when listed for only 3 percent more ($3.295 million) last May, after which is was listed for rent at $10,000 per month. For those... Read More »

As indexed by the Mortgage Bankers Association, mortgage credit availability in the U.S. dropped to its lowest level since January of 2013, with “all loan types seeing declines in availability over the month” and the index for Jumbo loan availability having declined the most, driven by an “ongoing trend... Read More »