MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 1/29/2023 – 2/5/2023
Let’s see what the market’s doing this week in the Riverdale area of the Bronx.
Did You Know?
* The New York/New Jersey area will host the FIFA World Cup final in 2026 after beating out contenders in Dallas and Los Angeles for the honor of holding the world’s most-viewed sporting event. The championship match will take place across the Hudson River at New Jersey’s MetLife Stadium. Around 1.5 billion people watch this match every year (around half the people who attended a Taylor Swift concert in 2023?)! And that year will be the culmination of the 400-year Anniversary for New York City: on May 17, 1626, the lease between Peter Minuit and the Indigenous American Tribe was negotiated ushering in the large economic enterprise which boomed between the tribes and the Europeans for the fur trade.
* Do you remember SPAC-mania? A SPAC is a publicly traded corporation with a 2-year life span formed with the sole purpose of effecting a merger, or “combination,” with a privately held business to enable it to go public. SPACs raise money largely from public-equity investors and have the potential to derisk and shorten the IPO process for their target companies, often offering them better terms than a traditional IPO would…..now SPACs are almost extinct….
Mortgage Rate Updates
The average rate on a 30-year fixed mortgage was 6.63% as of February 1st, down from a six-week high of 6.69% in the previous week, in line with the decline in US Treasury yields observed in recent weeks. “Although affordability continues to impact homeownership, the combination of a solid economy, strong demographics and lower mortgage rates are setting the stage for a more robust housing market. Mortgage rates have been stable for nearly two months, but with continued deceleration in inflation, rates are expected to decline further. The economy continues to outperform due to solid job and income growth, while household formation is increasing at rates above pre-pandemic levels. These favorable factors should provide strong fundamental support to the market in the months ahead.”
Source: Freddie Mac
