October 19, 2024

Good morning,

The housing market continues to enjoy rising inventory and easing competition for available homes and pending sales suggest that buyers have begun to take advantage in spite of the typical seasonal slowdown that happens near the start of fall.

The latest reading on inflation for September shows headline CPI dipping to just 2.4% on a year-to-year basis. That is the lowest level since March of 2021 when inflation first ramped up and shows that the economy continues to make progress to the Fed’s 2% target for headline inflation. However, core inflation, which excludes certain volatile categories like food and energy prices, remains stubborn with only incremental progress of late due to high housing costs and ongoing wage growth owing to a strong labor market.

Fortunately, the PCE Index, which is the Fed’s preferred measure of inflation over the CPI, has shown slightly better progress with core CPE growth dipping below 3% for the past 7 months consecutively and September data still to be released. As such, the market consensus now expects two additional 25 basis-point rate cuts in 2024

If you have any questions regarding our local market, please reach out.

Have a great weekend!

Information + Updates

Did You Know?

Retail is strong again, defying the negative consumer sentiment: US retail sales strengthened in September by more than forecast in a broad advance, illustrating resilient consumer spending that continues to power the economy. The value of retail purchases, unadjusted for inflation, increased 0.4% after a 0.1% gain in August. Excluding autos and gasoline stations, sales climbed 0.7%! (Bloomberg)

Did You Know?

There are about 8,000 family offices worldwide.....by 2030 Deloitte estimates this number will soar to 10,720, over 34%.....showcasing how family generational wealth is a BIG growth industry. Preserving and growing this wealth responsibly is the focus, with a mission of not repeating the enormous losses that have happened in the past with unprepared and/or unqualified heirs. (CNBC)

Did You Know?

Total philanthropic financial gifts reached about $770 billion a year worldwide, and around 50% comes from the US. When dollar giving and volunteering are combined, global giving may reach up to $1.3 trillion a year. Another reminder of the generosity of Americans. (CITI)

Did You Know?

The bull market officially turned 2 years old this week, creating over $12 trillion in added wealth to U.S. households. The top 10% of Americans — those with a net worth of over $1.8 million — own 87% of all individually held stocks and mutual funds. The top 10% has gained over $10 trillion in added wealth over the past 2 years and their total wealth now tops $100 trillion — up from $76 trillion before the pandemic.

Did You Know?

The CFO of LVMH says LVMH's brands shouldn’t offer “affordable product” because “the offer in luxury has been the key strength over the years.” adding that LVMH “should stay faithful to what has been the recipe of our success over the years.” ie: making very expensive merchandise - not unlike building more expensive homes - produces much more profit per item that takes a similar amount of time and effort to make.....

Did You Know?

2024 will register the lowest volume of home sales since 1995, due to the combination of higher interest rates, record high prices, weak inventory in many areas and the lock-in effect of low mortgages: the lock-in effect has “prevented” the sale of an estimated 1.33 million homes. (MarketWatch)

Did You Know?

Half (52%) of wealthy Americans do not have the three basic elements of an estate plan, consisting of a will, advanced healthcare directive and durable power of attorney.

Did You Know?

Nearly half (48%) of respondents to a Bank of America survey have not considered hard assets, including real estate, art and collectibles and other tangible assets, in their estate plans.

“Always believe that something wonderful is about to happen.”

― Dr. Sukhraj Dhillon

Just returned from beautiful Cape Cod and New Hampshire where the colors are amazing!…..

Time for Change

Photo credit: Maura Short

The dramatic color change is Fall leaves is mainly due to the changes in daylight and temperature which affects the pigment in leaves.

Here is how it works

1. Chlorophyll Breakdown

2. Carotenoids (pigment that is masked by the Chlorophyll)

3. Anthocyanins (red purple and blue pigment)

4. Tannins (brown pigment)

The combination of these pigments—chlorophyll, carotenoids, anthocyanins, and tannins—creates the rich array of fall colors, and their proportions vary between species and even within individual trees, depending on the weather and environmental conditions.

A Celestial Show

Aurora borealis viewed at Emerald Bay in Lake Tahoe, Calif., Oct. 10, 2024.

Courtesy of Shreenivasan Manievannan

Northern Lights Set Skies Over California Aglow With Color

The northern lights were recently visible in parts of California, setting skies aglow with color and delighting shutterbugs and sky watchers. The celestial show was chronicled on Instagram and was widely called the best display of the aurora in California since a big northern lights spectacle in May.