Happy Memorial Day Weekend

The Weekly Recap

Good morning and happy Friday! NYC buyers were unfazed by economic volatility in April, Fed officials will more than likely wait to cut rates until September, Bitcoin hit a new record, new housing construction saw an uptick last month, Fannie Mae/Freddie Mac may be getting sold by the US government and there will be no more pennies! Plus, if you have $55 burning a hole in your pocket you can give it to Equinox to run up and down the vessel in Hudson Yards.

If you missed last weeks newsletter Is the Market Reaction to Tariff Uncertainty Coming to an End?, you can read that through the link.

Happy Memorial Day Weekend!

This section will return next week as we kick off the unofficial start to summer! Watch out for the UV Index, don’t eat too many hotdogs, remember those whose sacrifices make our lives possible and enjoy the long weekend, you deserve it!

Market Performance

Here are how some other indexes and asset classes have performed as of this Mornings opening bell.

NYC Market Update

Here is a view of NYC market activity over the month of April.

Mortgage Rate Update

Mortgage rates inched up this week but continue to be lower YoY. Purchase application activity continues to hold up as more inventory comes onto the market providing buyers with more options that are being priced correctly.

News You Can Use

• NYC Leads the Pack in Post-Pandemic Return to Office NY Post

• The Ultra Wealthy Are Riding Out the Market Chaos in Luxury Real Estate Wall Street Journal

• Fed Officials Signal Rates Likely to Stay on Hold Until At Least September Bloomberg

• US Housing Starts Ticked Up in April Wall Street Journal

• Fannie/Freddie Shares Surge As Trump Again Floats Privatization Bloomberg

• Moody’s Downgrades US Credit Rating Over Rising Debt Fox Business

• NYC’s Wealthiest Are Clamoring to Live Downtown NY Post

• Moody’s Downgrades JPMorgan, Bank of America and Wells Fargo Reuters

• Mortgage Bonds Largely Unscathed After Moody’s Downgrade of US Bloomberg

• Bitcoin Hits New Record High Above $111,000 CNBC

• Tech IPO Market Is Finally Showing Signs of Life CNBC

• World’s Tallest Apartment Building Will Have 154 Floors, And Sky High Prices to Match NY Post

• The US Will Stop Making New Pennies Bloomberg

• Running Up the Vessel Four Times Is the Hottest New Workout Class in NYC NY Post

The Deep Insight

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