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Wishing all those impacted by the deadly floods in West Virginia well. These floods should alert all to the risks of flooding in areas besides the obvious coastal regions of the country. Homes located in valleys and along rivers are often equally at risk of flooding. Elevation - everywhere - helps.
 
Brooklyn is about to get verrrrrrry chic.....Hermes just signed TWO leases in Williamsburg, Brooklyn, one pop-up and another permanent! WOW!
 
Some areas of the US are seeing dramatic home price cuts.....even as high as 20%!.....some house price drops mirror what we are seeing in oil: after dramatic price surges, often dramatic corrections follow. Oil is down 22% in a month.....but had jumped over 42% in the past 6 months! The forces of markets often apply to everything!
 
Panasonic will build a $4 billion electric-vehicle battery factory in De Soto, Kan., the latest move in the EV industry’s race to ramp up capacity.....in the US!
 
Rents rose in June in the US at the fastest pace since 1986, helping to propel overall inflation to a fresh 4-decade high. Housing represents about 40% of CPI. The combination of under-building, buyers switching to renting as rates rise and many homes in the hands of investors is brutal!
 
These are the SIX drivers of inflation:
1.  The Ukraine-Russia war.
2.  The Fed printed too much money and kept rates too low, too long.
3.  Bad global energy policies that, while seeking green alternatives for good reasons, did not have great transition plans in place and are too reliant on thuggish countries for supply.
4.  Extreme and inefficient government spending/stimulus related to COVID that started in 2020. Trillions.
5.  Supply-chain driven issues related to COVID lockdowns/restarting/under-estimating. And under-building (housing is about 40% of CPI).
6.  Competition declines have given some excessive pricing power.....and allowed some greed, 'because-you-can' pricing.
Inflation has soared globally, we are not alone.  7.7% in Canada, 9.1% in the UK, 7% in India, 7.66% in Thailand, 7.6% in Germany,10.2% in Spain..... We should expect another big rate hike in the coming weeks. 58% of Americans think we are in a recession already. 
 
In light of last week's tragic shooting in Highland Park, COMPASS Chicago Agent, Lissa Bulis, is on a mission to create 500 "HP Strong Appreciation Kits." In partnership with Families Helping Families Chicagoland, these appreciation kits will go to the many volunteers, therapists and counselors who jumped into action during this difficult time. If you wish to support Lissa's cause, click here to donate. It only takes $5 to provide one HP Strong T-Shirt for a kit. Together, we can show how much #CompassCares!
 
Pending US home sales dipped by 16% year-over-year in June following a 12% drop in May and a 9% dip in April. June marked the 10th straight month of year-on-year declines in pending sales......after an insanely busy 24 months.  The Fed artificially suppressed interest rates and bought billions of dollars in mortgage-backed securities. Now the central bank has pricked the bubble by pushing rates up. (Seeking Alpha)

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