WORLD PROPERTY CHANNEL™

World Property Markets, World Property Media to Commence Large Funding Rounds Michael Gerrity, the founder of Miami-based World Property Ventures (WPV), announced that WPV's two wholly-owned portfolio companies, World Property Markets and World Property Media, are independently launching large $300 million funding rounds this fall.

Seattle, Orlando and New York Top Labor Day Destinations in 2024 Based on AAA booking data, Seattle is the top destination for Labor Day weekend, showing an increase of nearly 30% from last year when it also ranked first.

U.S. Homebuyer Median Down Payment Hits Record $67,500 Based on a new report by Redfin, the typical down payment for U.S. homebuyers hit a record high of $67,500 in June 2024, up 14.8% from $58,788 a year earlier. This was the 12th consecutive month the median down payment rose year over year.

We (GlobalListings.com and WorldPropertyJournal.com) are both honored to have recently signed our new Member Benefits Partnership Programs with the Las Vegas Realtors Association.

Global Listings, World Property Journal Sign Member Benefits Program with Las Vegas Realtors Association Miami-based Global Listings and The World Property Journal are excited to announce this week a new strategic partnership with the Las Vegas Realtors (LVR) association.

U.S. Home Sales Uptick in July, First Time in 5 Months According to recent data from the National Association of Realtors, existing-home sales saw an improvement in July 2024, halting a four-month streak of declines.

Zombie Foreclosures in U.S. Decline in Q3, Reaching Lowest Levels Since 2021 Based on ATTOM's newly released third-quarter 2024 Vacant Property and Zombie Foreclosure Report, almost 1.4 million (1,357,423) residential properties in the United States are vacant. That figure represents 1.3 percent, or one in 76 homes, across the nation - roughly the same as in the second quart...

New Home Sales in America Jump in July According to new data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes in July 2024 rose 10.6% to a 739,000 seasonally adjusted annual rate from significant upward revisions in June 2024.

Italy's 2024 Tourism Boom, Tax Perks Energizing Local Home Sales According to Kate Everett-Allen, Head of European Residential Research of Knight Frank, consumer interest in Italy is gaining momentum, with a rise in tourist numbers boosting investment returns for holiday accommodations.

U.S. Commercial Mortgage Originations Spike 27 Percent in Q2 Over Q1 The Mortgage Bankers Association's latest Quarterly Survey reports a 3 percent increase in U.S. commercial and multifamily mortgage loan originations in the second quarter of 2024 compared to the same period last year, and a significant 27 percent jump from the first quarter of 2024.

U.S. Builder Confidence Moves Lower in August In August 2024, U.S. builder sentiment declined due to affordability challenges and buyer hesitation caused by high interest rates and elevated home prices.

U.S. Mortgage Rates Dip to Lowest Levels in Over a Year in Mid-August Based on Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.49 percent as of August 15, 2024.

DOJ, NAR Commission Payment Changes Take Effect August Seventeenth The National Association of Realtors is busy now reminding its 1.5 million NAR members, real estate professionals, and consumers that on August 17, important practice changes resulting from NAR's DOJ Settlement Agreement, addressing claims related to broker commissions brought on behalf of home sell...

Phnom Penh's Commercial Office, Retail Markets Face Slowdowns in 2024 In the first half of 2024, Phnom Penh's commercial markets have faced a downturn, as reported by global property consultant CBRE. Both the office and retail sectors experienced declines in rent and occupancy rates in H1 of 2024.

Over 2.6 Million Western U.S. Homes at Risk of Wildfire Damage in 2024 Based on the recently released 2024 CoreLogic Wildfire Risk Report, more than 2.6 million homes across 14 states are at moderate to very high risk of wildfire damage during the 2024 wildfire season, with a total reconstruction cost of $1.3 trillion.

U.S. Foreclosures Jump 15 Percent Month Over Month in July Based on ATTOM's newly released July 2024 U.S. Foreclosure Market Report, there was a total of 31,929 U.S. properties with foreclosure filings - default notices, scheduled auctions or bank repossessions -- up 15 percent from a month ago (June 2024), and up slightly by .2 percent from a year ago.

Opportunity Zone Homes Across America Enjoy Price Gains in Q2 Based on ATTOM's recently released Q2, 2024 Report on Opportunity Zones, the median price for single-family homes and condos increased from Q1 to Q2 2024 in 61% of the analyzed Opportunity Zones. Year-over-year, prices were up in 62% of these zones.

Global Edge Data Center Market to Hit $300 Billion by 2026 Real estate consulting firm JLL predicts a significant increase in data-dependent technologies like the Internet of Things (IoT) and generative artificial intelligence (AI) will drive the need for robust IT infrastructure, particularly in the form of edge data centers.

Orange County, Chicago, Phoenix, and Washington DC Become Trillion Dollar U.S. Housing Markets Redfin reports that the total value of housing has now surpassed $1 trillion in eight U.S. markets. Orange County, Chicago, Phoenix, and Washington D.C. have recently joined Los Angeles, New York, Atlanta, and Boston in this exclusive group. This expansion highlights the significant surge in home pr...

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Los Angeles, San Diego and New York Have Highest Concentrations of Renter Households Based on new data from Redfin, the number of renter households in America grew 1.9% year over year in the second quarter to a record 45.2 million.

People Are Still Moving at Scale From Fire-Prone to Heat and Flood-Prone America According to Redfin, scores of people are moving from parts of America endangered by wildfires to areas endangered by flooding and extreme heat -- even as those dangers become more frequent and intense.

Buyer Agent Commission Rates Declining in Wake of NAR DOJ Settlement in 2024 According to Redfin, the typical U.S. home seller pays a 2.55% commission to the real estate agent hired by their home's buyer. That's down from an average of 2.62% in January 2024.

Miami's Brickell Office Market Hits Record $200 Square Foot Rents in 2024 The Brickell area of downtown Miami's office market has seen rental prices soar to new heights due to intense demand from blue-chip companies based in New York, Chicago, Los Angeles and Latin America seeking premium office locations, surpassing the available supply.

The Future 'Bloomberg of Real Estate' Company Coming to Miami in 2025 Veteran media and technology entrepreneur Michael Gerrity announced this week that Miami will be the future headquarters of his new global real estate information services company startup in 2025 -- WORLD PROPERTY MEDIA.

U.S. Pending Home Sales Rise 5 Percent in June, First Time in 3 Months All four U.S. regions posted monthly gains in transactions. Year-over-year, the Northeast, Midwest and South registered declines, while the West increased.

California Home Sales Dip 3 Percent Annually in June California home sales remained stagnant for the second consecutive month in June 2024, as the 30-year fixed rate mortgage remained above 7 percent throughout most of May, when most of these sales opened escrow.

Macau's Residential Sales Continue to Decline in 2024 Data from DSF indicate that the housing market transaction volume decreased by 12.7% year-over-year in the first half of the year, while 172 presale homes were recorded during the same period.