Todd LeVan

🏘🏢🏠🏡📊📈📉

[Todd LeVan @TMLRealtor]

@jordiebarstool Cancel the Bob trade

[Jack 🎃’Brien @JackPhillyRE]

After we first reported last month, Wharton Piers in Pennsport heads to CDR. 620 units across 36 floors over retail are proposed, with two more towers planned for future phases (Img 4). This would add up to *2,000 units* and some gorgeous new trails.

Full story below/in the bio

[Todd LeVan @TMLRealtor]

Supercore PCE has turned negative for the first time since covid. The FED is well behind the rate cut curve.

[The Kobeissi Letter @KobeissiLetter]

Millions of US homeowners will likely never sell their homes:

34% of Americans now say they will never sell a home that they own, according to a Redfin survey.

27% believe they will not sell their home within the next 10 years.

Furthermore, 43% of Baby Boomers claim they will never sell their home, the highest share among all generations.

At the same time, more than a third of Gen X and 28% of Millennial/Gen Z owners think the same.

This comes existing home owners have seen interest rates triple since 2021.

Expect existing home inventory to remain historically low.

[The Kobeissi Letter @KobeissiLetter]

2024 was BRUTAL for homebuyers:

For the first time since 2005, US new home prices became CHEAPER than existing home prices.

In fact, only ~4 million existing homes were sold in 2024, the lowest since 1995.

Here are Apollo's shocking housing market facts into 2025.

(a thread)

[Todd LeVan @TMLRealtor]

@RoaringKitty 🚀

[AlphaFox @alphafox]

I cant believe this is a NEW house.. 😳

[RetiredADA @retiredPhlADA]

As residents continue flocking to the suburbs, Philadelphia lost the most wealth in total income from 2021 to 2022 in Pennsylvania. Philadelphia posted a net loss of $1.48 billion in total income in that two-year period, along with a decrease of 10,057 tax filers.

[The Kobeissi Letter @KobeissiLetter]

How broken is the US housing market?

New US homes are now selling for $3.50 LESS per square foot than the old ones, the widest gap since 2005.

The median price per square foot of an existing home is now $213.20 compared to a median of $209.70 for new homes.

Over the last 6 years, the median price of existing houses has skyrocketed by 70% whereas the new home prices jumped by 50%.

Most recently, home builders have been offering more price cuts than homeowners who are locked into their existing low-rate mortgages.

The average interest rate for outstanding mortgages is ~4% in most states, despite current rates being at ~6.5%.

When old is more expensive than new, you know something is wrong.

[Lance Lambert @NewsLambert]

$100,000 investment in Zillow stock amid the Pandemic Housing Boom frenzy in February 2021 would be worth just $25,484 today

Redfin: HOLD MY BEER

$100,000 investment in Redfin stock amid the Pandemic Housing Boom frenzy in February 2021 would be worth just $8,220 today

[Vlad @VladTheInflator]

The federal reserve did this

[unusual_whales @unusual_whales]

New Jersey experienced the highest rate of foreclosures last month, with about one in every 1,939 homes receiving a foreclosure notice — more than double the national average, per ATTOM.

[Lance Lambert @NewsLambert]

Share of current mortgage borrowers with an interest rate at or below 5.00%:

77% - Silent Gen

79% - Baby boomers

80% - Gen X

80% - Millennials

52% - Gen Z

My latest for @ResidentialClub: https://t.co/RlcYFzijub

[Vlad @VladTheInflator]

US Pending Home sales hit LOWEST LEVEL on record dating back to 2001.

Worse than during the worst periods of the GFC

[Todd LeVan @TMLRealtor]

🤦‍♂️

[The White House 46 Archived @WhiteHouse46]

President Biden is calling on Congress to give middle-class first-time homebuyers a $10,000 tax credit to help lower their monthly mortgage costs.

[The Kobeissi Letter @KobeissiLetter]

BREAKING: The median US home sale price hits a new record high of $433,558 in April 2024.

The median sale price increased 6.2% year-over-year due to a lack of new listings, according to Redfin.

On the other hand, the total number of houses available for sale sits at a 4-year high but largely due to many homes being overpriced.

Meanwhile, the median household income in the US was $75,000 in 2023.

This means the median home price is now 6x LARGER than the median household income.

Truly remarkable.

[The Kobeissi Letter @KobeissiLetter]

This is absolutely wild:

The effective interest rate on mortgages outstanding is 3.8%, effectively HALF of current mortgages rate of 7.5%.

This is why the vast majority of homeowners have a financial disincentive to move.

Currently, ~90% of borrowers pay interest rates below 6% and ~80% have rates under 5%.

More than 20% US homeowners carry mortgage rates under 3%.

Meanwhile, new home prices are on track to drop below existing home prices for the first time since 2005 as the latter supply is historically low.

What's happening here?

[zerohedge @zerohedge]

US Housing Starts Collapsed In March - Biggest Drop Since COVID Lockdowns https://t.co/5LpA8cfmpH

[Todd LeVan @TMLRealtor]

This should come as no surprise to anyone who has been paying attention.

[unusual_whales @unusual_whales]

BREAKING: Renting is now cheaper than owning in all of America’s 50 biggest metro areas, per MW.