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- Rise of Trillion Dollar Metros, Mortgage Rates Drop to 15 Month Low and FTX's $12 Billion Bill
Rise of Trillion Dollar Metros, Mortgage Rates Drop to 15 Month Low and FTX's $12 Billion Bill
Anna Eisenberg
August 08, 2024
Anna's Daybreak News
Friday, 5:16 AM
August 9, 2024
Good morning news friend! Stay informed with the latest updates, navigating the fast-moving currents of today's events. 📰🌟
Mortgage Rates Drop to 15 Month Low
The average rate for a 30-year fixed mortgage fell to 6.47%, its lowest in over a year. This marks a drop from 6.73% last week and 6.96% one year ago.
The 15-year fixed-rate mortgage also decreased to 5.63%.
The decrease follows a dip in the 10-year Treasury yield. This trend may continue if the Federal Reserve reduces interest rates.
Sam Khater (Freddie Mac’s chief economist) noted this decline could reignite the housing market. However, home sales have been sluggish. June sales marked the slowest pace in nearly three decades.
Source: Read More
The average rate for a 30-year fixed mortgage fell to 6.47%, its lowest in over a year. This marks a drop from 6.73% last week and 6.96% one year ago.
The 15-year fixed-rate mortgage also decreased to 5.63%.
The decrease follows a dip in the 10-year Treasury yield. This trend may continue if the Federal Reserve reduces interest rates.
Sam Khater (Freddie Mac’s chief economist) noted this decline could reignite the housing market. However, home sales have been sluggish. June sales marked the slowest pace in nearly three decades.
Source: Read More
Jobless Claims Fall
The Labor Department reported that 233,000 Americans applied for unemployment benefits, down by 17,000 from the previous week. Better than the forecast of 240,000.
Continued claims remain elevated at 1.88 million, which is the highest level since late 2021.
The July jobs report showed a gain of only 114,000 jobs, raising fears of a recession. Concerns over job cuts surfaced across various sectors, from agriculture to media.
Stocks surged after the report, with the Dow Jones increasing by 0.8%. Treasury yields also climbed above 4%.
Source: Read More
The Labor Department reported that 233,000 Americans applied for unemployment benefits, down by 17,000 from the previous week. Better than the forecast of 240,000.
Continued claims remain elevated at 1.88 million, which is the highest level since late 2021.
The July jobs report showed a gain of only 114,000 jobs, raising fears of a recession. Concerns over job cuts surfaced across various sectors, from agriculture to media.
Stocks surged after the report, with the Dow Jones increasing by 0.8%. Treasury yields also climbed above 4%.
Source: Read More
Do you think the US will be able to avoid a recession? |
FTX and Alameda Ordered to Pay $12.7 Billion
A New York judge ordered FTX and Alameda Research to pay $12.7 billion to creditors.
This order does not impose civil penalties but prohibits both firms from trading digital assets and acting as intermediaries in the market.
After FTX's $30 billion collapse in late 2022, the Commodity Futures Trading Commission accused FTX and Alameda of making false representations about their operations.
Sam Bankman-Fried (founder of both companies) received a 25-year prison sentence after being convicted of multiple counts of fraud and conspiracy.
Source: Read More
A New York judge ordered FTX and Alameda Research to pay $12.7 billion to creditors.
This order does not impose civil penalties but prohibits both firms from trading digital assets and acting as intermediaries in the market.
After FTX's $30 billion collapse in late 2022, the Commodity Futures Trading Commission accused FTX and Alameda of making false representations about their operations.
Sam Bankman-Fried (founder of both companies) received a 25-year prison sentence after being convicted of multiple counts of fraud and conspiracy.
Source: Read More
The Rise of Trillion Dollar Metros
The number of trillion-dollar metropolitan areas has increased from four to eight. New York, Los Angeles, Atlanta, and Boston lead this group, now joined by Anaheim, Chicago, Phoenix, and Washington DC.
San Diego and Seattle may soon join to the trillion-dollar club.
Factors like home values, population, and housing supply drive this growth. The total US housing market value is approaching $50 trillion.
Millennials now own nearly $9 trillion in homes. They are the largest generation in the homebuying market, but baby boomers still hold more wealth.
Source: Read More
The number of trillion-dollar metropolitan areas has increased from four to eight. New York, Los Angeles, Atlanta, and Boston lead this group, now joined by Anaheim, Chicago, Phoenix, and Washington DC.
San Diego and Seattle may soon join to the trillion-dollar club.
Factors like home values, population, and housing supply drive this growth. The total US housing market value is approaching $50 trillion.
Millennials now own nearly $9 trillion in homes. They are the largest generation in the homebuying market, but baby boomers still hold more wealth.
Source: Read More
“If the salesperson is hiding a smile, you paid too much for it”
Baked with love,
Anna Eisenberg ❤️
What did you think of today's edition? |