MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 6/2/2025 – 6/9/2025

Did You Know?

* Here is a press release from Sotheby’s Real Estate:NEW YORK, June 6, 2025 /PRNewswire/ — Sotheby’s International Realty is proud to share that it has once again secured its position as the real estate brand with the most agents represented on the 2025 RealTrends Verified + The Thousand Individuals by Sales Volume list, further solidifying its reputation as the premier brand of choice for top-tier luxury agents. FACTCHECK: In total Sotheby’s had 64 agents and teams on the lists. But…. COMPASS had over 100 on the individual list alone….well over 100 in the small teams….and I could go on…. 🤔

* Today in 1923 American cash-carrying company Brink’s unveiled the first armored security vans….today cyber security is an even bigger security issue.

“Jerome Powell has done more damage to the middle class and to housing in this country than any other single Fed or any decision that has ever been made out of Washington, D.C.,” 

– Grant Cardone, mega-social-media-real-estate-super-star, who also says buying a house is one of the worst investments you can make….”in the history of mankind”….yet buys real estate to rent to those not buying homes…..and maybe – just maybe – would like lower borrowing costs to boost his profits? Beware of those providing online advice that maybe – just maybe – are designed to service their aspirations, not yours? It is true higher rates are the #1 issue preventing lots of transactions, and that the FED kept rates too low for too long, but…..

* Nearly half of the world’s 500 richest individuals tracked by the Bloomberg Billionaires Index are age 70 and older, collectively holding $4.72 trillion in assets. This money will soon transfer to younger generations and charities. Charitable organizations are expected to receive $18 trillion by 2048 as part of the massive generational wealth transfer. (BLOOMBERG)

Mortgage Rate Updates:

The average rate on a 30-year fixed mortgage backed by Freddie Mac fell by 4 bps from the previous week to 6.89 percent as of June 5th, 2025, easing from its highest level in nearly four months. The decline mirrored lower yields on long-dated Treasuries as evidence of a weaker labor market and the ISM Services PMI unexpectedly falling into contraction territory last month drove investors to price in rate cuts by the Federal Reserve. “The average mortgage rate decreased this week, which is welcome news to potential homebuyers who also are seeing inventory improve and house price growth slow,” said Sam Khater, Freddie Mac’s chief economist.

Source: Freddie Mac