The US economy's GDP shrank 0.9% in the second quarter after falling 1.6% in the first quarter.....two quarters in a row usually implies we are in a recession, yet some say with close to peak employment, healthy consumer finances, this is more of a rebalancing than a recession? If it is a recession, then we've done rather well so far all things considered! Over the past 5 years, US GDP grew 2.3% in 2017, 2.9% in 2018, 2.3% in 2019, shrank 3.4% in 2020 due to the pandemic, and grew 5.7% in 2021 as the economy roared back to life playing catch-up....which averages about 2% per year.
Demand for apartment rentals is anticipated to be so high by 2035 that the U.S. will need to build a total of 4.3 million more apartments by then, according to a study commissioned by the National Apartment Association (NAA) and the National Multifamily Housing Council (NMHC).
Bill Gates’ clean tech investment fund, Breakthrough Energy Ventures, is leading a $20 million investment round in an air conditioning startup, Blue Frontier whose air conditioner uses a salt solution as a liquid desiccant to do both the cooling and dehumidification work that is done by refrigerants in conventional air conditioner units. That’s key because refrigerants are bad for the environment and also the salt solution can be a store of energy, which evens out peak energy demand in the hottest days of summer. (cnbc)
The bond market and, by implication, mortgage rates, hate nothing more than high inflation because when inflation is running hot, it limits demand for bonds which, in turn, forces the interest rate payable on bonds to rise and this pushes mortgage rates higher. Over the past weeks, rates have actually been dropping which is certainly counterintuitive given where inflation is today. And the only reason for this may be that bond traders think that inflation might be topping out......as inflation starts to slow this could push bond prices higher, and yields will start to — if not drop — then certainly pause — and that will allow mortgage rates to hold at, or close to their current levels for the time being. Thanks Cindy Gorsica from Team JK, COMPASS Fort Lauderdale! (INMAN)
COMPASS California's Aaron Kirman and Weston Littlefield just listed what may be the most expensive house on the Newport Coast, possibly the most expensive in Orange County.
The Fed rose rates but......the market wasn't simply already expecting a 0.75% rate hike. It was a 100% foregone conclusion. Some thought a 1.00% rate hike was coming, but Fed speakers themselves had already dismissed the idea 2 weeks ago. Powell said that the Fed Funds Rate was now at neutral levels and the pace of rate hikes may need to slow down in response to economic strain. While he did specify that the shift would depend on data, it was nonetheless notable for being the first time in 2022 that the Fed explicitly discussed the light at the end of the rate hike tunnel.
As labor shortages plague many companies, at the Hyatt Regency Boston Cambridge, two robots navigate the banquet space and guest room corridors by scanning QR codes that have been installed around the building. A robot, which doesn’t have to unplug and replug its power cord as it moves or respond to guest requests, can vacuum a floor in 45 minutes compared with the 90 minutes that it takes human housekeepers.
COMPASS agent Brian Linder - who also happens to be an accomplished architect - and Rick Grahn have created a website - THE VALUE OF ARCHITECTURE - that focuses on architecturally significant listings and intelligence......brilliant! https://thevalueofarchitecture.com/
The 6AMERS achievement and accountability group is accepting new applicants for the month of August (first zoom call is Tuesday, August 2nd). Make a commitment to yourself to work at becoming 1% better each day and focusing on making yourself happier and healthier by waking up early. Visit the6amers.com and follow 6AMERs on Instagram to learn more. Ready to Join the 6AMERS? Click HERE to apply today!