Labor market continued to grow in April. Employers created 253,000 positions in April, up from the 165,000 jobs added in March but below the year-to-date monthly average of 285,000. Hiring last month spanned most sectors, ranging from technical health care and professional services roles to hourly restaurant positions. April’s employment growth, paired with a reduction in...
Read MoreEmployers continuing to hire, but at tapering pace. The economy welcomed 236,000 new positions in March, the slowest month for job creation since a net loss in December 2020. Hiring was led by the leisure and hospitality sector, along with additions in health care, the public sector, and professional and business services. These gains offset job losses ...
Read MoreConstruction starts hindered. A tight labor market, strong wage growth, and elevated costs for food, services and housing have all contributed to keeping overall inflation elevated. The Fed has responded to this by hiking interest rates. As of late March, the overnight lending rate was at 4.75 percent, the highest level since December 2007. Also, despite ...
Read MoreIn February, the Supreme Court heard arguments on the legality of federal student loan forgiveness, and repayment will begin 60 days after a decision is announced. The return of this fixed expense that many households have not contended with in three years will likely weigh on consumer spending, stacking on top of existing inflation pressure and recessionary fears…
Read MoreMillennial flow to homeownership postponed. The age 28- to 34-year-old subset is among the largest population groups by size, and will play an important role for the multifamily sector going forward. This bulky cohort was responsible for strong apartment demand over the past decade, as they started their careers and formed households. Now, many are reaching a life period that historically correlates with growing their households and transitioning...
Read MoreBanking shock prompts Fed to take a more measured approach. At its March 22 meeting, the Federal Open Market Committee raised the federal funds rate for the ninth time in 12 months. The 25-basis-point hike matches the margin from February and lifts the lending rate’s lower bound to 4.75 percent. The FOMC cited still-too-high inflation and ...
Read MoreMillennial flow to homeownership postponed. The age 28- to 34-year-old subset is among the largest population groups by size, and will play an important role for the multifamily sector going forward. This bulky cohort was responsible for strong apartment demand over the past decade, as they started their careers and formed households. Now, many are reaching a life period that historically correlates with growing their households and transitioning...
Read MoreBanking turmoil may encourage the Fed to tread carefully. Over the past year the Federal Reserve has aggressively increased interest rates in a bid to cool infl ation, creating challenges for commercial real estate investors and lenders. Messaging from the Fed prior to the recent bank failures implied ...
Read MoreProminent tech and venture capital bank closes. Silicon Valley Bank (SVB), the country’s 16th-largest bank, was seized by California state regulators on Friday, March 10 and placed into FDIC receivership in the largest banking collapse since 2008. Recent troubles in the ...
Read MoreEmployment gain hits highest point in nearly a year. Job growth surged in January, as a net 517,000 positions were created on a seasonally-adjusted basis. January’s employment gain not only surpasses last year’s monthly average of 401,000 jobs, but it was also the most active period for hiring since February ...
Read More2023 Multifamily U.S. Investment Forecast
Read MoreJob growth tapers slightly in December. Across the country, a net 223,000 jobs were created in December, pushing the unemployment rate back down to 3.5 percent. While still above the 2000-2019 average, monthly hiring has been trending down since July of this year. Staff additions last month were most prevalent in the leisure and hospitality sector ...
Read MoreAffordability constraints remain the key storyline in 2023. Prospective homebuyers are encountering the compounded effects of a pandemic price run-up and subsequent surge in mortgage rates. Adding to those challenges is a growing concern over a potential economic slowdown or recession. The possibility of stalled career advancement makes...
Read MoreFederal Reserve caps off 2022 with a slimmer rate bump. In December, the Federal Open Market Committee administered a 50-basis-point hike to the federal funds rate, following four straight 75-basis-point upward adjustments…
Read MoreInto the Unknown Will Capital Markets Liquidity Revive? Fed Policy Tightening Prompts Caution from Lenders — Key Trends to Look for in the Year Ahead
Read MoreHiring sustains pace in November. Employers brought on a net 263,000 new personnel in November, roughly in line with the prior three-month average. Over 4.3 million jobs have been created year-to-date, which already marks 2022 as the…
Read More• New tax imposes minimum financial impacts of $200,000 on transfer of property priced over $5 million and $550,000 on property priced above $10 million.
• Cost of taxation could be recaptured through price appreciation — historical data implies average of three or more years, depending on property type.
• Investors may look elsewhere in the Los Angeles metro or to other markets to avoid additional tax burden
Read Morenflation falls to slowest pace since the start of the year. Headline CPI increased 7.7 percent over the 12 months ended in October, the smallest year-over-year increase since January 2022. While a notable deceleration compared to recent months, October’s downshift is unlikely..
Read MoreFederal Reserve lifts rates again, adjusts guidance. The Federal Open Market Committee implemented its sixth rate hike of the year on November 2, raising the federal funds rate by a fourth consecutive 75-basis-point margin. In fewer than eight months, the FOMC has taken the target range on the overnight rate from a lower bound of zero to an upper limit of 4.0 percent, the...
Read MoreIf you bought your first home during the past year, consider yourself one of the fortunate few.
Skyrocketing home prices and climbing interest rates pushed the share of first-time homebuyers to an all-time low, according to a new report from the National Association of Realtors. And those first-time buyers were the oldest they have ever been, as the growing lack of affordability forced people to wait longer to reach life milestones like buying a home.
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