MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 5/1/2023 – 5/8/2023

Did You Know?

Online art sales rose a modest 6% in 2022 to $10.8 billion, proving that the internet has become a familiar, trusted part of the market, but also that collectors prefer to buy works of art in real life. Overall, 15.9% of all art sales were online in 2022, down slightly from 16% in 2021. (PENTA)

Jerome Powell, speaking on Wednesday after the 10th FED rate hike. On Friday employment numbers came in far stronger than expected.

Many fear that small businesses will bear the brunt of the localized bank nervousness. In the ‘old days’ a bank runs took a long, long time. When SVB went down about $42 billion was withdrawn in a matter of one day on March 9th….. digitally. The following day $100 billion was scheduled to be withdrawn. Our digital world poses new risks. (And rewards.)

10,000 baby boomers turning 65 every day but that is expected to go up to 12,000 per day in 2024 ….and social security is facing a shortage in funding. So while we argue and fight about all sorts of things that are relatively small in the big picture, soon – very soon – we will have to confront another looming deadline besides the debt ceiling:  the latest projections from the Social Security board of trustees find the program’s combined fund will be depleted in 2034 — one year earlier than was projected in 2022. At that point, just 80% of benefits will be payable. When Social Security started, US life expectancy at birth was about 61 for males and 65 for females. Today that number is approaching 80! If France can raise their retirement age, we can be certain the same will happen here…..or higher taxes. Social Security is the largest source of income for most beneficiaries. For 40% of retirees in 2015, it provided at least 50% of their income, and for 1 in 7 it provided at least 90% of income. Maybe another good reason to own a home for additional retirement funding?

Courtesy of Melora Love, Wells Fargo