How Much Are Rents Going Up? See How Prices Have Changed In Your Area.
Rental prices nationwide have cooled off, with smaller year-over-year increases, as new housing construction finally hits the market.
However, costs remain high in many areas, straining renters’ budgets, especially in the Sun Belt and Northeast regions. The Biden administration has proposed capping rent increases, but the broader market slowdown’s longevity is uncertain. Read Full Article
The Share Of Young Adults Living At Home Continues To Rise
More young adults are finding themselves nestled back in the family home, with a whopping 17% of 25-35-year-olds now living with their parents – a drastic increase from just 7% in 1970. This phenomenon is driven by the skyrocketing costs of housing, forcing many to roost at home well into their thirties, despite stories of children eager to flee the nest.
The trend is widespread across the country and impacts both college-educated and non-college individuals. As the financial challenges of adulthood mount, the traditional path of independence is becoming increasingly elusive for this generation. Read Full Article.
The Cities Where 20-Somethings Are Still Getting Hired
Southern cities like Raleigh, Austin, and Atlanta are emerging as top destinations for 20-somethings seeking entry-level jobs with good salaries and affordable living, offering a combination of brisk hiring, cost-of-living-adjusted wages, and a concentration of industries like technology, healthcare, and finance.
In contrast, cities like Salt Lake City, Seattle, and Portland are lagging behind due to slower hiring rates and lower wages when factoring in the cost of living, as employers scale back white-collar hiring and invest more in artificial intelligence.
Young professionals are drawn to the energy, social offerings, and more affordable cost of living in these Southern cities, with hubs like Charlotte and Austin becoming magnets for recent graduates looking to thrive rather than just survive. Read Full Article.
Lenders Turn Up The Foreclosure Heat On CRE
Despite warnings of a looming commercial real estate (CRE) crisis, smaller banks have largely avoided major issues. They tend to focus on suburban office and local business properties that have held up better than the troubled big-city office market. While some banks are reducing CRE exposure, they are not lending as much, creating an opportunity for private credit providers to step in with more expensive financing. Read Full Article.
Lenders Turn Up The Foreclosure Heat On CRE
Lenders are tightening their grip on the commercial real estate (CRE) market as borrowers struggle to meet their obligations, leading to a surge in foreclosure activity. Analysts have been closely monitoring the status of CRE loans, including CMBS, bank loans, and properties in special servicing, revealing a concerning trend of delinquencies.
Banks have been accused of “extend and pretend” practices, with estimates suggesting that 40% of CRE loans maturing this year are actually from 2023, and banks are reserving five times more than normal for their CRE portfolios.
The real impact is being felt on the ground, as lenders are increasingly taking back properties, either due to borrowers walking away or through the foreclosure process. This escalating foreclosure activity in the CRE market is a clear sign of the financial strain faced by both borrowers and lenders, with potential ripple effects across the broader economy. Read Full Article.