Happy Thanksgiving!

The Weekly Recap

Good morning and happy Black Friday! Hope the after effects of the tryptophan have worn off. Mortgage applications are up 12% MoM while home sales are up a modest 2% over the same timeframe. Trump picked hedge fund manager Scott Bessent to run the treasury. The Fed’s preferred inflation gauge ticked up MoM which prompted the Fed to take a more cautious approach to future rate cuts. US business activity hit its highest levels in over two and a half years. Rent is actually starting to come down in some NYC neighborhoods and Warren Buffet is giving away $1.14 billion of his money.

If you missed last weeks newsletter on What Are the Differences Between a Home Inspection and a Home Appraisal, you can read that through the link.

Happy Thanksgiving!

Happy Thanksgiving to all of you! I’m deeply thankful for your continued readership, thoughtful feedback, trust in me as your go-to source for real estate insights, and the many referrals you’ve shared within your networks. It’s hard to believe this weekly newsletter began nearly two years ago, what an incredible journey it’s been! Next week, this section will dive back into our usual programming, but for now, I hope you enjoy a wonderful and relaxing holiday weekend.

Market Performance

Here are how some other indexes and asset classes have performed as of Wednesday’s opening bell. Markets were closed yesterday and have shortened hours today.

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

Mortgage rates moved lower this week but have remained relatively flat over the last few weeks as the market waits for more clarity on specific economic policies. Buyers have been waiting on the sidelines which is behaviorialy something that always occurs as we approach the holidays. Even with the lower sales activity nationwide, inventory has only modestly improved and remains drastically undersupplied.

News You Can Use

• Fed Officials See Interest Rate Cuts Ahead, but Only Gradually CNBC

• Mortgage Rates Edge Lower Yahoo Finance

• Homebuyer Demand for Mortgages Increases 12% CNBC

• Fed’s Favored Inflation Gauge Picks Back Up, Backs Cautious Approach Bloomberg

• Pending Home Sales Rise 2% MoM CNBC

• Rents Are Actually Falling In These NYC Neighborhoods NY Post

• Donald Trump Picks Scott Bessent for Treasury Secretary Axios

• US Stock and Bond Market Loves Trump’s Pick for Bessent for Treasury CNBC

• What Trump’s Treasury Secretary Has Planned for the Economy Axios

• Scott Bessent Sees a Coming ‘Global Economic Re-Ordering’ Wall Street Journal

• US Business Activity Gauge Hits 31-Month High in November Reuters

• New York Fed Paper Challenges Notion of Discount Window Stigma Reuters

• Buffet Gives $1.14 Billion in Berkshire Shares to Charity Bloomberg

The Deep Insight

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