The national median rent rose for the 16th straight month and reached $1,876 in June, a new high, yet still 29.9% (or $561) lower than monthly starter homeownership costs. That’s due to higher mortgage rates pushing borrowing costs up. (MARKETWATCH)
Between May 2022 and May 2023, CoreLogic predicts U.S. home prices are poised to rise another 5%. That's nationally. Regionally, it'll vary—a lot. Among the 392 regional housing markets it looked at, CoreLogic found 98 markets have a greater than 50% chance of seeing local home prices decline over the next 12 months.
Higher interest rates won’t end skyrocketing energy prices caused by Putin’s war on Ukraine, won’t fix supply chains still reeling from the pandemic, and they won’t break up the corporate monopolies that Fed Chief Jerome Powell admitted in January could be “raising prices because they can.” (WSJ)
Dominic Couzens of the Breitenbach Advisory of COMPASS Hamptons, shared that an Edinburgh-based research team fears plankton, the tiny organisms that sustain life in our seas, has all but been wiped out after spending 2 years collecting water samples from the Atlantic. Plankton is made up of the billions of marine creatures and plants that drift in the currents of oceans and seas. The category covers a huge variety of species, many of them microscopic. However, they are fundamental to life on Earth as they form the bottom rung of the food chain. Plankton is consumed by the krill which are fed on by the fish that, in turn, provide nutrition for terrestrial animals including billions of humans. We may not be able to reverse a warming planet, but we can quite easily stop polluting our seas and waterways with chemicals, plastics, etc.
Congratulations to the Hughes Brown Group of COMPASS Palm Beach for setting a record high sale - $22.5 million - in the coveted neighborhood of Old Palm Golf Club, representing the buyer for 12203 Tillinghast Circle, a beautiful turn-key home on 2+ acres with lake and golf course views, an exquisite outdoor lounge area, summer kitchen, and tennis court.