Global Luxury Market On The Rise

The world’s affluent population– people worth $5 million or more– grew 19.8% in 2021, and with it grew the luxury housing market, according to Coldwell Banker Global Luxury’s 2022 Global Luxury Market Insights report, titled “The Report.” There are now 3,612,730 affluent individuals worldwide, with a combined wealth of over $75 trillion. Wealth growth in the U.S. rose 24.8% in both population and wealth in 2021, up from 8.1% in 2020. At the same time, luxury single-family home sales– the top 10% of any given market– increased 14.5%, with prices jumping 20.3% from 2020. Attached luxury homes saw a 29.6% increase YOY and a 16.6% increase in prices. “Double-digit wealth and affluent population gains have happened concurrently with a once-in-a-generation…

Morning Roundup (1/6/2022)– Rocket Leadership Changeup, Second Home Demand Remains High

Good Morning! Today is Thursday, January 6. It’s the anniversary of the January 6 riot, and President Biden will speak today on steps to strengthen democracy in the US. A Philadelphia fire left at least thirteen dead and two hospitalized. The CDC recommended Pfizer boosters for children aged twelve and up. And in mortgage and housing news… Check Out The Photos!: These are the most expensive homes in 2022’s hottest housing markets. Second Home Demand Stays High: December demand for vacation homes topped pre-pandemic levels by 77% as affluent Americans continue to take advantage of remote work and low-interest rates. But it’s so hard to get into the game, some people are comparing it to finding their way into an…

Supply Of Affordable Homes Surged In Q3

The supply of affordable homes in the U.S. rose 13% year-over-year (YOY) in Q3, increasing at a record pace of 1.6% YOY, according to a Redfin report. The report suggests the increase in affordable homes is due to forbearance programs ending, forcing many owners of low-cost homes to put them on the market.  As forbearance programs launched in reaction to the Covid-19 pandemic come to a close, many homeowners are putting those houses on the market. More than 450,000 homeowners have exited forbearance plans in the first two weeks of October. “The end of forbearance has forced many lower-income Americans to put their homes up for sale and become renters,” said Redfin Chief Economist Daryl Fairweather.  “This has caused the…