AGP Executive Report
Last update: an hour agoHousing Slowdown: Pending home sales fell 7.3% in September from August and 11.3% year over year, as mortgage rates above 7% squeezed buyers. Yet buyers are gaining negotiating power in many markets; a $2,000 monthly payment budget now buys about $22,000 less home than when rates were lower. Attainable Housing: Traverse City approved a district offering property-tax relief to owners who rent homes below market rates, with 15 certificates available in the first year. Data Center Pushback: A national poll found about two-thirds of Americans oppose building more data centers, adding public resistance to a fast-growing source of development. Office Market: U.S. office vacancy dipped to 17.7% in the third quarter, while tenants absorbed 9.5 million square feet—signs of a gradual, uneven recovery.
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