MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 2/17/2025 – 2/24/2025

Did You Know?

* Connecticut has no natural-gas reserves or production (The US is the world’s biggest natural gas producer)) and the state’s consumers pay some of the highest prices for energy in the US. The governor is pushing for the repeal of the JONES ACT, a law of 1920 officially known as the Merchant Marine Act of 1920, that blocks foreign-flagged ships from transporting goods between U.S. ports. If we are serious about bringing costs down for consumers this should be repealed ASAP. (WSJ)

* England alone had more than 700,000 “vacant dwellings” in October 2024. The character of their vacancy is hugely varied, as is the viability of these properties, either in quality or location. Around 37%  are empty long-term. In the fourth quarter of 2024, 10.2% of housing units in the US were vacant. The rental vacancy rate in the fourth quarter of 2024 was 6.9%. (FT)

* February is Black History Month and this is a quote from American abolitionist Harriet Tubman that I simply love:

“Every great dream begins with a dreamer. Always remember, you have within you the strength, the patience, and the passion to reach for the stars to change the world.”

* In 2023, just 4.5 million people aged 1 or above in the US moved to another state, remarkably similar to the 4.4 million people who moved in 1948, when the overall population was less than half it is today. In both 2023 and 1948, an overwhelming majority of people didn’t move at all. In 2023, 92% of the US population stayed where they lived, admittedly a record high. In 1948, the equivalent figure was 80%. Even then, only 3% of the population moved to another state. (BLOOMBERG)

“I’ve arrived at my own conclusion about mobility: If or when we humans move, it is often really just to find a place where we can stay.” – Shawn Donnan

* Podcasts have massive audiences and influence, akin to popular TV and radio shows of the past: The Joe Rogan Experience was knocked from its top spot by The MeidasTouch Podcast, outpacing Rogan by downloads and views last month, according to Podscribe, ranking second with 48.6 million downloads and views compared to 56 million of The Meidas Touch. Compare this to the New York Times with a mere 11.4 million subscribers, up 7% in the past few months….

Mortgage Rate Updates:

The average rate on a 30-year fixed mortgage backed by Freddie Mac eased to 6.85% as of February 20th, marking its fifth consecutive weekly decline from an eight-month high of 7.04%. This decrease mirrored the drop in long-dated Treasury yields, driven by markets’ reaction to the Federal Reserve’s minutes, which suggested a potential pause in asset sales and an end to quantitative tightening, along with reduced supply of longer-term securities. “Mortgage rates decreased slightly this week. The 30-year fixed-rate mortgage has stayed just under 7% for five consecutive weeks and in that time has fluctuated less than 20 basis points. This stability continues to bode well for potential buyers and sellers as the spring homebuying season approaches,” said Sam Khater, Freddie Mac’s Chief Economist.

Source: Freddie Mac