Ranked: The 10 Worst U.S. States to Retire In

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Job openings fall to 2021 low link

• U.S. job openings dropped to 7.67 million in July, the lowest since January 2021, signaling a potential cooling in the labor market. This marks a decline of 237,000 from June's revised figure.

• Layoffs increased in July, reaching 1.76 million, the highest level since March 2023. This rise in layoffs suggests growing caution among employers.

• Economists had expected higher job openings, and the labor market weakness will be closely monitored with Friday's employment report. The Federal Reserve’s interest rate hikes may be impacting job growth more than anticipated.

Mortgage rates hold steady at lowest point in over a year link

• The 30-year mortgage rate stayed at 6.35%, the lowest since May 2023, helped by a drop in 10-year Treasury yields below 3.9%. Lower inflation and higher unemployment could prompt the Fed to cut rates soon.

• Buyers are seeing an advantage as the rate drop allows them to afford more expensive homes within the same budget. This has caused an uptick in inventory, as sellers are now more inclined to list properties they secured at lower rates.

• Pending home sales have hit their lowest point since the start of the COVID-19 pandemic. However, the rate shift is expected to breathe new life into the housing market as autumn approaches.

Shelter inflation will continue to slow into 2025 link

• Shelter inflation is expected to slow significantly into 2025 due to moderating rent growth and housing price stabilization. Major cities like New York and San Francisco are already seeing this trend unfold.

• Rising interest rates have slowed housing demand, leading to fewer price increases across many markets. This could give buyers more negotiating power moving forward.

• Rent growth has already decreased from last year’s high of 10% to under 5% in 2024. Cities like Austin and Denver have seen some of the sharpest declines in rent inflation.

Zumper’s National Rent Report for August ’24 link

• Median rent for one-bedroom apartments rose to $1,534, a 1.6% increase. For two-bedroom apartments, the median rent hit $1,915, a 2.7% rise.

• Despite record-breaking new supply, vacancy rates have remained steady this year. This is largely due to strong renter retention and sustained demand across U.S. markets.

• The national rent index continues to grow, reflecting the robust demand for rental properties. The top 100 metro areas show similar trends, indicating a healthy rental market.

Banks have cut lending to homebuilders by 10% link

• Banks have reduced loans to homebuilders by 10% as economic uncertainty mounts. This tightening of credit could impact new home construction, potentially exacerbating housing shortages in key markets.

• Rising interest rates are contributing to the decline in lending, discouraging banks from extending credit. Builders may face higher borrowing costs, which could slow down projects in cities like Phoenix and Atlanta.

• Some builders are turning to private lenders to fill the gap, but these loans often come with higher rates. This shift may increase costs for developers and homebuyers in regions like the Sun Belt.

List of Proptech Startups That Just Got Funded: Part 1

• Carbyon, a Dutch carbon capture co, raised a €15.3M A round from Siemens.

• Valon, a tech-enabled resi mortgage servicer, raised a $69.7M round.

• Unlock, a home equity platform, raised a $30M B round led by D2. (with an additional $250M capital commitment from D2)

• Re-Leased, a New Zealand-based CRE PMS, raised a $12.5M round led by Movac.

(Part 2 continued in the Pro Member section below)

Ranked: The 10 Worst U.S. States to Retire In

Condo Inventory is Rising in these Major Metros

These counties have the greatest risk of a housing downturn

How Gen Z outpaces past generations in the homeownership race

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List of Proptech Startups That Just Got Funded: Part 2

Charted: The Average American’s Financial Portfolio by Account Type

In 2020, this place was valued at about $1.6M and now…

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