Weekly News (Feburary 21, 2024)

Mortgage Interest Rates Review

United Mortgage Nation  2/21/2024

Federal Fund Rate: 5.25 -5.50%        Prime Rate: 8.25 – 8.50%  

New Jersey Property Tax hit record

Korea Times   2/21/24 

• NJ Dept of Community Affair reported that average NJ town Property tax is $9,803, which is 3.3% increase from the previous year – the biggest increase rate in 10 years. 
• NJ’s property tax is the highest in U.S. and increases every year which becomes big burden to residents in the state. 
• Among 21 counties, more than 1/3 counties levy more than $10,000. Essex county is highest($13,448) and Bergen county is the 2nd place($12,856). The lowest county is Cumberland county($4,840).

NJ Property tax increase

Korea Times 2/21/24

In New York, Scaffolding Go Up but often Don’t Come Down

뉴욕시 빌딩발판(비계) 철거가 안되…

WSJ  2/20/24 

• More than 8,300 sidewalk sheds enshroud some 360 miles of the city’s sidewalks, according to permit data from the NYC DOB.  Around 300 are more than five years old.
• The buildup is the result of a cocktail of issues. Perhaps the biggest factor, say many officials—including Mayor Eric Adams—are arcane local rules requiring sidewalk sheds for pedestrian protection during construction, demolition and exterior maintenance. The laws stem from the death of a Barnard College student killed by falling masonry in 1979.
• According to city data, roughly 40% of sheds proliferate when a facade inspection— required every five years for buildings higher than six stories—finds unsafe conditions. 

Number of scaffold sheds in NYC

WSJ  2/20/24

Trump brand affected RE value declined

 “트럼프 브랜드“ 오히려 부동산 가치에 악 영향 

Korea Times    2/21/24 

• NYT reported on 18th that Trump brand has influenced to real estate value negatively since his presidency.
• According to City Realty, 7 Trump brand condominium’s unit price ( $/sf) has declined 23% between 2013 – 2023.  Also ATOM Data reported they dropped 17% by applying different analysis. 
• The value of 4 Condos, which removed Trump brand name, increased 9% which exceeded 8% increase of other neighborhood condos. 

6 out of 10 Asians own homes

아시안 10명 중 6명 이상 주택소유    

Korea Daily  2/21/24

•  NAR reported that Asian home owner rate is 63.3% as of 2022.  For last 10 years, Asian home owners increased 6.1% by 1.5M new home owners.   
•  Hispanic owners increased 5.1% to 51.1% and White owners increased 3.1% to 72.3% while African American owners increased 1.6% to 44.11%.    
• 74% of Asians own homes in South Carolina which is the highest, and 74% in Hawaii, 74% in Maryland, 53% in New York, and  66% in New Jersey. 
• 55% of home buyers were new home buyers.      

E-Commerce Warehouses Face Backlash

웨어하우스 건설에 주민 반대 증가 

WSJ   2/21/24 

• Warehouse developers are contending with a headache that is all too familiar to residential builders: not-in-my-backyard community opposition to their projects. More local governments are restricting or even banning new logistics hubs that mushroomed throughout the country to meet the needs of online retailers. 
• “Nimbyism is much more of an issue,” said Seth Martin-dale, senior managing director in CBRE Group,  “People want next-day delivery but they don’t want to see a distribution center next to them.” 
• Local resistance is quashing hopes that industrial conversion projects will help find uses for aging corporate campuses and empty suburban office parks.

Increase on SALT deduction limit was declined again

지방세 공제한도 상향 또 다시 무산    

Korea Times   2/16/24 

• On 14th, the Bill for Increase of SALT deduction limit from $10,000 to $20,000 for couple’s joint report with less than income of $500,000 was declined by 125 yes and 224 no by NJ State Representatives .
• Trump initiated SALT deduction limit to $10,000 in 2017 and will be effective till 2025. 

Musk’s Space X Strengthens Ties to U.S. Security Agencies

스페이스 X, 미 정부기관과 관계 증진 

WSJ   2/21/24 

• SpaceX is deepening its ties with U.S. intelligence and military agencies, winning at least one major classified contract and expanding a secretive company satellite program called Starshield for national-security customers.
• The company operates the world’s biggest fleet, with about 5,400 satellites in operation as of mid-February. Those devices power Starlink, which is marketed for civilian use.
• SpaceX’s ability to quickly build and launch satellites has been on display during Ukraine’s fight against Russia. Since the war’s earliest days, the company’s Starlink satellite network has supported communications for Ukrainian civil society and troops.