Real Estate is so Expensive it's Keeping Out Wealthy Foreign Homebuyers

There was a 36% drop in foreign property purchases from April 2023 to March 2024, the lowest since 2009.

In total, foreign buyers spent $42 billion on US homes last year, down 21% from the previous year. High mortgage rates and a strong US dollar are major deterrents.

Reduced foreign demand might lower home prices, benefiting local buyers. However, local economies reliant on foreign investment might suffer.

Some markets remain attractive. Florida, Texas, California, Arizona, and Georgia still see foreign interest. Canadians, Chinese, Mexicans, Indians, and Colombians are the top international buyers.

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US Industrial Output Surges

In June, US industrial production rose for the second consecutive month. The output increased by 0.6%, following a 0.9% rise in May.

This marks the largest back-to-back gains since late 2021. Utilities saw a 2.8% jump. Factory output grew by 0.4%, driven mainly by the auto industry. Mining increased by 0.3%.

Capacity utilization rates reached their highest since September 2023, advancing to 78.8%. Industrial output also rose at an annual rate of 4.3% for the second quarter.

Analysts believe the slump in manufacturing that began in early 2022 is now over.

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NASA Cancels VIPER Mission

NASA axed its VIPER moon rover program. Originally slated for a 2024 launch, VIPER aimed to seek lunar ice around the moon's south pole.

Budget concerns and supply chain delays drove the decision, with over $450 million already spent.

The agency plans to repurpose VIPER's scientific instruments for future missions. This move follows a budget cut of $1 billion to NASA's 2025 science programs.

Despite the setback, NASA believes other lunar vehicles can achieve VIPER's objectives.

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Chip Stocks Plummet Amid US-China Trade Tension

Chip stocks lost over $500 billion in value after reports of tighter US export restrictions to China.

The Biden administration considers imposing the foreign direct product rule (FDPR). This rule would restrict foreign products using any American technology.

Donald Trump's remarks about Taiwan paying the US for its defense continued the sell-off.

Taiwan Semiconductor (TSMC) shares dropped 8%. ASML Holding saw a 13% drop despite beating profit estimates. Nvidia alone lost $200 billion in market capitalization.

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