Happy July 4th Weekend!

The Weekly Recap

Good Morning and hope you had a great fourth of July! New York is technically in a ‘buyers market’ as the home shortage is expected to get even worse, the Fed expects the rate of inflation to hit their 2% benchmark next year. Biden has not had a good week following the debate, its estimated over 70 million drivers will hit the road this weekend, and if you have a boatload of money you can buy a majority interest in the NBA Champion Boston Celtics.

If you missed last weeks newsletter you can check that out here - How Much Should You Be Spending on Rent?

Happy July 4th Weekend!

Hope all of you have as many fingers and limbs this morning as you did when you woke up yesterday. Next week we’ll return with the editorial section covering what the buyers market in NYC really means and how the lack of new construction in Manhattan will impact the entire market over the next few years.

Until then, catch up on all the weeks news and market updates below, and stay cool and safe this weekend!

Market Performance

Here are how some other indexes and asset classes have performed as of Wednesday’s opening bell, markets were closed yesterday.

NYC Market Update

Here is a view of new inventory that has come onto the NYC market over the past week as well as newly signed contracts in Manhattan.

Mortgage Rate Update

After three weeks of consecutive rate drops, mortgage rates increased slightly this week just under seven percent. Freddie Mac is expecting rates to moderately decrease in the second half of the year and given additional inventory nationwide, price growth should temper.

News You Can Use

• Powell Welcomes Recent Data but Fed Needs More Confidence to Cut Rates Bloomberg

• Manhattan is Now a ‘Buyer’s Market’ as Real Estate Prices Fall and Inventory Rises CNBC

• New York City Apartment Construction is Grinding to a Halt Bloomberg

• Fed’s Powell Says US on ‘Disinflationary Path’ Reuters

• New Jersey to New York City Commute is Costlier and Worse As Fares Increase Bloomberg

• Top US Banks Hike Dividends After Sailing Through Fed’s Stress Test Reuters

• Home Affordability in US Sinks to Lowest Point Since 2007 Bloomberg

• Why Wall Street Is Still Worried About Regional Banks Yahoo Finance

• US Job Market Shows More Signs of Slowing Bloomberg

• House Democrats Consider Demanding Biden Withdraw from Race Bloomberg

• The Boston Celtics Are Now for Sale Axios

The Deep Insight

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