MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 2/3/2025 – 2/10/2025

Did You Know?

* Rent prices have come down because newly built apartments are increasing the supply of units available. With more inventory, some property managers must consider lowering their asking prices to attract tenants. But building permits for rental housing are down notably, so tenants asking for longer leases may not be lucky, and should be wary that rents could start rising again, especially if tarifs rise and labor shortages re-emerge: 31% of US construction labor are immigrants. (CNBC)

* Does your property have a signature scent? Rolls-Royce Scent will use patented technology to subtly release elegant fragrances throughout the vehicle’s interior. However…. some perfumed fragrances – and scented candles – can be toxic and cause health problems. Fragrances can contain thousands of chemicals, including allergens, carcinogens, and endocrine disruptors, so choose carefully…..hmmm…does this mark the end of my Yankee Doodle Pumpkin Spice candle fixation? (DUPONT Registry)

* Tariffs on steel and aluminum appear imminent, as high as 25%.

* The headquarters of the Consumer Financial Protection Board – which amongst other things makes credit cards, mortgages, and other loans easier to understand – was shut down over the weekend, supposedly temporarily. The CFPB also accepts complaints from consumers about issues like credit reporting, debt collection, and mortgage and takes action against financial institutions that violate consumer financial laws. The 1,600-person CFPB is an independent bureau within the Federal Reserve System funded annually around $800 million by the Federal Reserve, which is funded in part by assessments paid by banks. (CNBC)

“More and more, people crave simplicity when they’re on holiday. They’re tired of over-curation and gratuitous opulence. Some seek quiet experiences rooted in nature”. (FT)

* Microplastics are airborne: they can travel thousands of miles. They’re generated by tires, clothing/textiles, garbage, etc and when inhaled have the potential to trigger health issues. If about a third of your life is spent sleeping, being mindful of the air quality in your bedroom is wise. A HEPA air purifier may be a good home accessory…. or closing gift?

* What is the #1 reason the very wealthy fly in private jets at a cost of around $10,000/hour? Time savings. Eric Shmidt (ex-GOOGLE CEO) spent 58 days, 18 hours, and 18 minutes in his in 2024….. a private jet journey from London to Paris produces 6X the carbon emissions per passenger than a commercial flight on the same route and is 12x more harmful per passenger than driving a gasoline-powered car and 180x more harmful than taking the Eurostar train. (CNBC)

Mortgage Rate Updates:

The average rate on a 30-year fixed mortgage backed by Freddie Mac eased to 6.89% as of February 6th, declining for the third consecutive week from the highest level since early May 2024 of 7.04%. The decrease aligned with declining long-dated Treasury yields amid soft economic data, easing trade concerns, and market expectations of further interest rate cuts by the Federal Reserve. “Mortgage rates have been stable over the last month and incoming data suggest the economy remains on firm footing. Even though rates are higher compared to last year, the last two weeks of purchase applications are modestly above what was seen a year ago, indicating some latent demand in the market,” said Sam Khater, Freddie Mac’s Chief Economist.

Source: Freddie Mac