NewsPour11.26.23
| Real Estate News Headlines Office Building Stocks Up Big Who is Buying Farmland? Interest Rates Fall, Housing Demand Rises Office Building Stocks Up Big Shares of battered down office landlords had their biggest one-day rally in three years last week, after inflation data came in lower than anticipated and expectations rose that the Federal Reserve was done raising interest rates. Shares of office real-estate investment trusts soared an average of 11.5% on Nov. 14, according to real-estate analytics firm Green Street. Some of the most prominent office landlords did even better. SL Green Realty, the largest office-building owner in New York, was up 17.4%. Vornado Realty Trust shares soared 15.5% that day. REITs overall outperformed the broader market because owners of all property types tend to be more highly leveraged than other companies and benefit more when rates fall. But office REIT shares, by far, outperformed the rest, in part because their shares have fallen the furthest. News story on YouTube video here. Who is Buying Farmland? |
| News story on YouTube video here. Interest Rates Fall, Housing Demand Rises US mortgage rates dropped sharply, capping the biggest four-week slide in nearly a year and spurring a fresh round of applications to purchase homes. The contract rate on a 30-year fixed mortgage tumbled 20 basis points to 7.41% last week, data from the Mortgage Bankers Association showed Wednesday. The index of home-purchase applications increased 3.9% in the week ended Nov. 17, the most since June. Since reaching a 23-year high of nearly 8% in mid-October, mortgage rates have plunged nearly half a percentage point. The effective rate, which includes fees and compound interest, dropped to still-elevated 7.59%. News story on YouTube video here. |