| ZERO FLUX | 28 SEP 2026 / 5 MIN |
| | TODAY'S MAIN SIGNALS | | 1 | Many homeowners do not have enough insurance to rebuild after a disaster. | | 2 | Builders are cutting prices, but first-time buyers remain scarce. | | 3 | Self-storage rents are falling faster, and oversupply could keep them down for years. |
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| | RATES | 30-YR FIXED 7.43% CHANGE FROM PRIOR IN BIPS 1D -2 1W +23 1M +68 1Y +104 | 10-YR UST 5.230% CHANGE FROM PRIOR IN BIPS 1D +5 1W +27 1M +50 1Y +103 | SOFR 3.88% CHANGE FROM PRIOR IN BIPS 1D +1 1W +3 1M +22 1Y -25 |
| | | | Many homeowners are underinsured. How large is the gap? | | - | An analysis of 74,000 California fire claims found that more than 70% of insured homeowners were underinsured, with an average coverage gap of roughly 20%. Many may be unable to rebuild fully after a major loss. | | - | Replacement costs rose 45% from 2020 to 2023. Before renewing, homeowners should review rebuilding limits, disaster exclusions and coverage caps. |
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| | | Which metros are still adding the most jobs as growth slows? | | - | New York, NY, led major metros with 50,300 jobs added over the year through August, followed by Houston, TX, and Los Angeles, CA. New York's gain fell from 85,300 in July. | | - | Job growth slowed across the leaders. The top 10 added 59,100 fewer jobs than in July, and seven posted weaker annual gains. |
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| | THE AI LAYER | AI + REAL ESTATE |
| | How retail developers are using AI to make project decisions | LINK | | -Retail developers are using AI to review acquisition documents and test development scenarios. NewMark Merrill cut document review from about eight hours to under one while keeping people responsible for checking assumptions. | | Brookfield is buying into an AI data-center platform. What is it building? | LINK | | -Brookfield made a minority investment in AREP, which is developing more than 32 million square feet of U.S. hyperscale data centers; Brookfield will provide power, infrastructure and capital support for AI development. | | TOOLS TO KNOW | | REBA AI-powered analytics platform helping multifamily operators unify property data, forecast performance, benchmark portfolios, and optimize rents. |
| | REBA, a multifamily data and analytics platform, received funding in a round led by PSG. | | Buildots, an Israeli construction technology company, raised $130 million, with O.G. Venture leading the round. | | Rize, a Saudi rent-now-pay-later platform, raised $50 million, with Jadwa Investment leading the round. | | Branch, a backup-power company for commercial buildings, raised $33 million in Series B funding, with Piva leading the round. | | BRKZ, a Saudi construction-materials marketplace, raised $31 million, with Wa’ed leading the round. | | Adaptive, an AI accounting platform for construction companies, raised $30 million in Series B funding, with Tidemark leading the round. |
| | | | Where are builders discounting most, and who is still buying? | | - | Texas builders discounted most often. Only 18% of new homes sold at or above asking, while Celina, TX, had the highest below-asking share among the 25 markets at 92%. | | - | Repeat owners are keeping the market moving. More than 90% of buyers already owned a home, and 45% had stayed there for at least a decade. |
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| | | Where are industrial construction costs rising fastest? | | - | Small-warehouse construction costs rose fastest in New Jersey, up $18 per square foot. Salt Lake City, UT, followed at $15, then Miami, FL, at $12. | | - | The industrial construction pipeline reached 389 million square feet, its highest level since early 2024. More projects could increase competition for materials and skilled labor. |
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