MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 2/11/2025 – 2/17/2025
Let’s see what the market’s doing this week in the Riverdale area of the Bronx.
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Did You Know?
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* The US Treasury Secretary has suggested focusing less on the central bank and more on bringing down the key rate set by financial markets: the yield on the 10-year Treasury note…..A benchmark for rates on everything from mortgages to corporate bonds, the 10-year yield shifts with market and economic forces largely beyond the control of the White House. Yields on Treasuries fall when their prices rise, so any effort to lower them would either need to reduce government borrowing—thereby decreasing the supply of bonds—or make U.S. debt more appealing to investors. This could be achieved by reducing government spending. Some believe that by increasing the supply of oil and gas energy prices would drop and help power non inflationary growth. But will the oil+gas industry produce more to get paid less for what they produce? (WSJ)
* Around 62% of solar adopters in California since 2010 have been high-income households making more than $100,000 per year. Only 10.4% of solar adopters had household incomes below $50,000 in 2022.
* In seven major US cities, you’d need to earn more than 4X the federal minimum wage of $7.25 to afford the fair market rent without spending more than 30% of your income on housing or working a second job. They are Austin, Atlanta, Nashville, Charlotte, Dallas, Raleigh and Philadelphia. While New York City and San Francisco have the highest rents, this is mostly offset by higher wages. (CLEVER)
* About 58 million options changed hands daily on average in January, a monthly record in data going back to 1973 as markets show increasing signs of irrational, speculative activity that may be over-valuing areas of the economy. Meme stocks, sports gambling and even prediction markets are thriving…..all akin to a form of gambling. (WSJ)
* Federal agencies manage 640 million acres, 28% of U.S. land, collectively worth around $1.8 trillion. (WSJ)
Mortgage Rate Updates:
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The average rate on a 30-year fixed mortgage backed by Freddie Mac eased to 6.87% as of February 13th, declining for the fourth consecutive week from the eight month high of 7.04%. “The 30-year fixed-rate mortgage continued to inch down this week, reaching its lowest level thus far in 2025. Recent mortgage rate stability is benefitting potential buyers, as purchase demand is stronger than this time last year. This is an indication that a thaw in buyer activity could be on the horizon,” said Sam Khater, Freddie Mac’s Chief Economist.
Source: Freddie Mac