MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 8/26/2024 – 9/2/2024
Let’s see what the market’s doing this week in the Riverdale area of the Bronx.
Did You Know?
HAPPY LABOR DAY!
* NEWS CORP-owned REA Group (who also own Move Inc and Realtor.com, as well as FOX, Wall Street Journal, NY POST, etc) is contemplating a takeover offer for U.K. property portal Rightmove – the ‘Zillow of the UK and Europe” – in a bid to create a global digital real estate business. The Australian property business said it saw the potential acquisition as a “transformational opportunity” and cited “clear similarities” between the two firms. REA Group – which owns realestate.com.au – terminated its planned $25 million purchase of Dynamic Methods, a little-known but crucial provider of real estate transaction forms in Australia… after the Australian Competition and Consumer Commission opened an investigation over concerns REA buying Dynamic Methods, and its exclusive contracts with state real estate institutes, could entrench REA’s dominance among real estate agents. This is an interesting interview from 2019. (WSJ)
* The American Booksellers Association founded in 1900 and representing more than 2,500 independent bookstores, saw its membership grow by 11% in 2023 as 291 bookstores opened, including 230 brick-and-mortar stores, 34 pop-ups, 18 online and nine mobile stores. An independent bookstore can fuel the fabric of a town.
Mortgage Rate Updates
The average rate on a 30-year fixed mortgage remained relatively stable at 6.35% as of August 29, marking its lowest level since mid-May 2023, according to Freddie Mac. This decrease aligns with falling long-term Treasury yields amid market expectations of a Federal Reserve rate cut, though the extent remains uncertain due to recent signs of economic resilience. In the same period last year, the rate on a 30-year benchmark mortgage was 7.18%. “Mortgage rates fell again this week due to expectations of a Fed rate cut,” said Sam Khater, Freddie Mac’s Chief Economist. “Rates are expected to continue their decline and while potential homebuyers are watching closely, a rebound in purchase activity remains elusive until further declines are seen.”.
Source: Freddie Mac
