CRE in Trouble

Charted: The World’s Best Restaurants in 2024, US Has $17T in Home Equity and 6 more Real Estate Insights

Hey, If you have not received an email in a while, as a reminder you signed up on Zero Flux - A daily newsletter with 5-10 actionable real estate trends.

Unsubscribe below if you would like to stop receiving future emails

A Quote

Simple can be harder than complex: You have to work hard to get your thinking clean to make it simple. But it's worth it in the end because once you get there, you can move mountains.

― Steve Jobs

Latest Rates

Loan Type


Daily Change

Wkly Change

52-Wk Low/High

30 Yr. Fixed





15 Yr. Fixed





30 Yr. FHA





30 Yr. Jumbo










30 Yr. VA





Macro Trends

The U.S. added 272,000 jobs in May, well above expectations of 190,000 link

  • Job gains were widespread, with significant contributions from health care, government, leisure & hospitality, and professional services. This broad-based growth indicates resilience across various sectors.

  • The unemployment rate edged up by 10 bps to 4.0%, while the labor force participation rate slightly decreased to 62.5%. Average hourly earnings surpassed expectations, growing by 4.1% year-over-year.

  • Strong job growth in May suggests the Federal Reserve will likely refrain from lowering interest rates until at least September. This decision aligns with ongoing economic stability and growth.

  • Real estate investment activity is expected to stay subdued before picking up in Q4. Despite this, leasing activity will retain momentum thanks to stronger-than-anticipated hiring trends.

Real Estate Trends

Homeowners sitting on a pile of cash with $17T in home equity: CoreLogic link

(There are now only 1 million homes underwater in the U.S.)

  • The average U.S. homeowner with a mortgage gained $28,000 in equity over the year ending March 2024. California, Massachusetts, and New Jersey saw increases more than double the national average.

  • U.S. home equity surged by $1.5 trillion, bringing total net equity to over $17 trillion at the end of Q1 2024. Mortgaged properties make up 62% of all U.S. residential homes.

  • Higher home prices have lifted 190,000 homeowners out of negative equity, leaving only 1.8% of mortgage holders underwater. This equates to about 1 million homes nationwide.

  • Negative equity decreased by 2.1% in Q1 2024. If home values rose by 5%, 111,000 homes would gain positive equity; a 5% decline would push 153,000 homes underwater.

  • Home equity serves as a financial buffer for mortgage holders facing rising costs like insurance and taxes. Low negative equity rates in Florida and Texas could prevent more homeowners from losing equity amidst price declines.

Enjoy the newsletter? 🙏 Please forward to a friend. It only takes 10 seconds. Writing this one took 2.5 hours. A referral also earns you a 3-month free trial of the pro plan. Just share the link at the end of this email with others.

CRE in Trouble link


Something I found Interesting

Mortgage Rates Can Vary Significantly by State. Here's Why—and Which States Have the Lowest Rates. link

  • Home prices are at an all-time high, and mortgage rates are above 7%, making it tough for buyers. Mortgage-rate quotes can differ by state, sometimes up to 38 basis points.

  • Rates vary significantly by location; for example, Hawaii offers rates as low as 6.49%, while Vermont rates can reach 6.88%. On a $400,000 home with 20% down, this can mean nearly $30,000 more in interest over the loan's lifetime.

  • Borrower credit quality impacts state mortgage rates; higher credit scores lead to better loan terms. Consumers' savviness in shopping around also plays a role, with substantial savings possible.

  • The number and competitiveness of lenders in a market influence rates. More financial institutions competing can result in lower rates.

  • Regulatory differences between states, such as foreclosure processes, affect mortgage rates. Judicial foreclosures take longer, increasing lender risk and leading to higher rates.

One Chart

States Where Homebuyers Could Save More Than $100K by Comparison Shopping for a Mortgage


Pro Member Only Content Below

The Number of U.S. Homes for Sale Is Slowly Returning to Normal: An 'Incredible Trend,'

(This content is restricted to Pro Members only. Upgrade)

America’s 20 Hottest Housing Markets Are So In Demand, They’ve Just Hit a New Record 

(This content is restricted to Pro Members only. Upgrade)

Large Apartments Make a Comeback 

(This content is restricted to Pro Members only. Upgrade)

Off Topic

The World’s Best Restaurants in 2024


It would mean a lot if you could reply and tell me which story you liked the most 🙏. It helps me pick the best trends, but your reply also helps with deliverability + ensures the email lands in your inbox. 🙂

That's all, folks.



P.S - Read past newsletters here

Referral Milestones


Referrals Needed

3 MONTHS FREE on the Pro Plan


30% off FOREVER on the Pro Plan


50% off FOREVER on the Pro Plan


75% off FOREVER on the Pro Plan


100% off FOREVER on the Pro Plan


Want to sponsor the newsletter? Details here

If you are finding value, please consider helping the newsletter by becoming a paying subscriber

A subscription gets you:

✓ More issues per week

✓ Special reports on new housing studies

✓ Exclusive insights that are usually tucked behind paywalls (which I cover the costs for)

✓ Curated Top 10 lists

✓ The latest updates on prop-tech funding rounds

Join the conversation

or to participate.