The world is still abuzz with the reports out yesterday from Elliman, Halstead, and Corcoran showing significant price appreciation and all around robust numbers for the 4th Q.. Today's real news came in the form of the weakest unemployment report in 4 years. Private payrolls actually dropped in December and the unemployment rate jumped 3/10ths of a percent. This weak number will only reinforce, if not speed up the trends which have strengthened Manhattan's real estate market- the cheap dollar and low rates. Such a report will likely accelerate the fed's dropping of the fed funds rate, which should (finally) result in lower mortgage rates. Look for fed to reduce the funds rate by 3/4 point over the first quarter. Of course, such moves will also drag the dollar lower vs. foreign currencies and in turn drive even more foreign buyer to Manhattan.
Jobless Rate Jumps (CBS Marketwatch)
Other news of the day:
Noho Development Reaches For Classy Status (The Real Deal)
Robert A.M. Stern To Design 60 Stories At 99 Church (Curbed)
Bloomberg Will Limit Parking Perk (NY Times)