“The number of apartment listings in New York’s most expensive borough has tripled from last year, the highest figure for vacancies in recent history. Asking rents in Manhattan, Brooklyn and Queens have imploded. Yet the renters are staying away,” reports Bloomberg.
I encourage you to read the full story. For those of us who live in the real world, who have not had our perspectives violated and cracked by the national media’s surreal and skewed bubble, none of this is anything other than what intelligent people expected. So while the numbers are not surprising, it is still quite an experience to read them.
Read about this and more in the Note & Real Estate News section below.
Cheers, 𝐵𝒾𝓁𝓁
W. J. Mencarow
President, The Paper Source, Inc.
Note & Real Estate News
Riots, Lockdowns Implode Rental Markets in Democrat-Run Cities
In 30 core cities, the average rental price has plummeted by an average of more than five percent, while rents in the suburban areas around those cities are up a half-point. This is not due to some big swing in a riot-prone Chicago, Seattle, or Portland skewing everyone else. In 27 of these 30 cities, “suburban rents are outpacing city rents.”
Are Low Mortgage Rates to Blame for High Home Prices?
Double-digit price increases for homes are not exactly what most people in real estate predicted to occur in a recession. But could low mortgage rates be partially to blame?
The pandemic has not dampened home appreciation. In fact, high buyer demand is prompting home prices to surge. In the third quarter, the average home sale generated a gain of $85,000, up from $66,000 a year ago, according to data from real estate research firm ATTOM Data Solutions.
