2022 October 21
Wells Fargo Bank and JP Morgan Chase began the news week with a predictable warning about revenue from purchase mortgage originations.
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Wells Fargo Bank and JP Morgan Chase began the news week with a predictable warning about revenue from purchase mortgage originations.
The U.S. equities markets are prowling lows below the troughs early in the Covid-19 pandemic began. Monday of this week, the NASDAQ dropped to its July 2020 level after five straight days of losses.
From Nouriel Roubini, the usual trumpeting of his correct predictions with a dour forecast of a hard and long landing for the stock and bond markets and the economy as soon as the end of 2022.
Although Einstein was concerned in 1946 with the thinking by humans about the creation and use of atomic weapons for which he urged $200,000 in research funding, his advocacy for new thinking is far more generally applicable.
In an obituary for the “starter home”, the New York Times reported on the scarcity of single-family homes priced under $300,000.
Equities took a beating. The Dow closed at its lowest level in almost two years. The NASDAQ was off more than 5% to close at a level last seen in March 2020. The S&P 500 was off 4.7%.
The National Association of Realtors released its existing-home sales data for August 2022. The small decline in sales from July was overshadowed by a 19.9% decline in sales compared to August 2021.
Following National Association of Realtor August 2022 data showing existing home sales down 0.4% from July to August and a whopping 19.9% from August 2021 to August 2022, lumber prices slid by over seven percent to a price not seen since a year ago.
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