for the week ending November 10, 2023

THE ECONOMY

    • This week’s Fed member speakers tried to cool expectations for rate cuts and affirm their resolve to bring down inflation.
    • The segment of U.S. households with $1 million to $5 million in investable assets has jumped almost 60% over the past 16 years.
    • New unemployment claims were down last week. Layoffs remained low even as the still-strong job market showed some signs of cooling.
    • This week’s Fed member speakers tried to cool expectations for rate cuts and affirm their resolve to bring down inflation.

    HOUSING NEWS

    • Mortgage application volume climbed 2.5% last week as rates fell. Purchase apps rose 3% for the week, and refi apps were up 2%.
    • Inventory was up 0.7% for the week to 567K single-family homes listed for sale. Even in a tight market, 39% of those homes have had a price cut.
    • Of new homes completed last year, 19% had a garage that could hold 3 or more cars. Two-car garages were in 66% of new homes.

    THE LAST WORD

    “When I was young, I observed that nine out of every ten things I did were failures. So I did ten times more work.”
    George Bernard Shaw