Author: Agggregated News

SAN JOSE — A real estate company has scuttled a proposal to build a big office building at a prime San Jose site and has now pivoted to a plan for housing — even as it seeks to sell the property. The flurry of activity, along with the switch to housing, is a reminder of the weak state of the Bay Area office market and the shift to residential projects. 335 South Winchester Boulevard in west San Jose, a restaurant site, shown within the outline. Boundaries are approximate.The potential development…

Rate-Cut Mania died, mortgage rates re-jumped to 7.5% today, but here’s what home prices did during Rate-Cut Mania. By Wolf Richter for WOLF STREET. The brief and now bygone era of Rate-Cut Mania. Today’s S&P CoreLogic Case-Shiller Home Price Index, dubbed “February,” is a three-month moving average of home prices whose sales were entered into public records in December, January, and February. Today’s data therefore reflects Rate-Cut Mania that lasted from the beginning of November until February 13, when the Consumer Price Index showed with brutal frankness that inflation was rearing its ugly head…