Market Movers

  • JPMorgan buys First Republic, after regulators seize beleaguered bank. The purchase and assumption agreement will see the FDIC contribute an estimated $13 billion from its deposit insurance fund to sweeten the deal, which was hammered out late Sunday and early Monday after several banks submitted last-minute bids.
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  • Year-over-year rent growth continues to decelerate. The CoreLogic measure is up 5.0% YoY in February, down from 5.7% in January, and down from a peak of 13.9% in April 2022.The Zillow measure is up 6.0% YoY in March, down from 6.3% YoY in February, and down from a peak of 16.9% YoY in February 2022. It is likely that we will see a year-over-year decline in asking rents sometime in 2023.

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