SoCal Multifamily Sales Pulse - August 21, 2022 - August 27, 2022

• 29 August 2022
• Mike Lembeck

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Here's What's Happening In The Market, Here’s What This Means For You

Recession Watch: It Doesn’t Seem Imminent—But The Housing Market Collapse Deepens As Fed Officials Warn 'Economy Will Slow'.

July sales of newly built homes dropped a much wider than expected 12.6%mm, down nearly 30% year over year. Worse is that supply hit nearly 11 months. 4-6 is considered a healthy market.

Nearly 1 in 5 Apartment Tenants 'Extremely Likely' to Miss a Rent Payment. Grocery, energy, transportation costs take a toll on a large number of consumers. 41% Living Paycheck to Paycheck.

Home prices fell for the first time in 3 years last month – and it was the biggest decline since 2011.

Commercial and Multifamily Borrowing Up 19%. The second quarter’s numbers will likely slow through the second half of 2022.

Get Ready for Highest Construction Cost Increase in Years. At 14.1 percent for 2022, that’s the top mark since data was first tracked in 2007.

Despite Rising Rates, Multifamily Investment Continues Its Wild Tear. High occupancy rates, solid rents, and ongoing supply-demand imbalance continue to lure investors to the asset class.

Federal Reserve Chairman Jerome Powell delivered a stern commitment to halting inflation, warning that he expects the central bank to continue raising interest rates in a way that will cause “some pain” to the U.S. economy.

Repossession surge looming as some new car owners struggle to make payments. “We’re talking, on average, 15,000 repos a day nationwide,” said Mark Zane, owner of a repossession company and president of the Nevada Association of Licensed Repossessors.

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