MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 7/10/2023 – 7/17/2023

Did You Know?

In the coming years, the US deficit is expected to average close to 6% of GDP — well above its historic norm, and a full six times the average in other developed economies. Though public debt is at historic highs — more than 100% of GDP across the developed world — it is stabilising in Europe but rising relentlessly in the US. With interest rates rising rapidly at the same time, the interest paid on public debt is increasing — and doing so much faster in the US. Within 10 years, US government interest payments will exceed spending on defence and on social programmes such as Medicaid.

Weather-related disasters pushed more than 3.3 million American adults out of their homes in 2022, census data shows. Of those, at least 1.2 million people were out of their homes for at a month or longer; more than half a million of them never returned. (NY TIMES)

469,500 residents moved out of Florida in 2022, 433,402 residents left California and 287,249 residents moved from New York. HOWEVER ….Florida had a net GAIN of over 205,000 new residents while California had a small net loss of 9,421.  New York gained just 2,908 net.

Algae Bloom Season is upon us: lakes around the US are susceptible. These outbreaks are triggered by several factors, including warm temperatures and excess nutrients from agricultural and urban runoff. Toxic algae outbreaks happen in Oregon, Florida and other states across the country. Because the algae thrives in warm temperatures, summer is the time to be aware of outbreaks in our communities. The algae releases harmful toxins in the water as it grows. It can be toxic if consumed, causes skin and respiratory irritation, and can be fatal to dogs that swim in or drink the water. Reducing polluting components that run off into lakes and rivers can help. The more water runoff is absorbed into the ground the better.

Courtesy of Stephen Lascher, Wells Fargo