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DID YOU KNOW?

Sagaponack in the Hamptons' is just 4.56 square miles in size yet it is the priciest zipcode in all of New York State!    And of course COMPASS agent Yorgos Tsibiridis has a beautiful 8,500sf listing on 1.85 acres in the area, featured this weekend in the WALL STREET JOURNAL.    
 
THE HEADLINE:  Foreclosures SOAR!!!  The number of foreclosure starts — which is when the first public foreclosure notice happens — is up 219% since the start of the year, according to real estate data analytics firm ATTOM Data Solutions’ midyear 2022 U.S. foreclosure market report. What’s more, the number of properties that had foreclosure filings (this number includes foreclosure starts) is up 153% from the same time period in 2021. The number of foreclosure starts, California topped the list, followed by Florida, Tennessee, Illinois and Ohio. 
THE REALITY: These levels - while up sharply - are still below 2019 levels. Foreclosure activity is returning to normal levels after being artificially depressed by pandemic-induced payment relief programs and extended foreclosure moratoriums. In a historical context, foreclosures are still very low. (MARKETWATCH)
 
Home price gains are cooling fast, as demand wanes and supply builds. The annual rate of price appreciation fell two percentage points from 19.3% to 17.3%. Price gains are still otherwise strong because of an imbalance between supply and demand. The housing market has had a severe shortage for years.
 
The US has a new BILLIONAIRE....a lottery winner in Illinois. COMPASS Illinois agents get ready with your listings! ๐Ÿ˜‰
 
“Carried interest” allows profits accrued by investment managers to be taxed at a lower rate than ordinary income. While currently those investments need to be held for a minimum of 3 years to be eligible for the lower tax rate, under the new legislation being proposed that will be extended to a minimum of 5 years. 

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