DID YOU KNOW?
Top Headlines: Delivered by Leonard Steinberg
February 08, 2023
01 Americans have spent down about 35% of the extra savings they accumulated during the pandemic as of mid-January, according to an estimate from Goldman Sachs. By the end of the year, the company forecasts that they will have exhausted roughly 65% of that money. Households amassed $2.7 trillion in extra savings by the end of 2021, according to Moody’s Analytics. This cash helped Americans make it through a period of high inflation last year, but the forces that had acted to boost savings reversed direction as pandemic relief unwound and prices soared. (WSJ)
02 London's swell Mayfair area - home to ultra-expensive real estate - is experiencing strong home sales while the rest of the UK is weakening.
About 92% of high-net-worth Americans actively looked at real estate overseas in 2022, and 67% of those surveyed already own residential property outside the U.S. (Mansion)
04 Don Mullen, a former Goldman Sachs executive who became part of a big bet on the housing market by deep-pocketed financial buyers, says he sees plenty of opportunity ahead. New York's suburbs are still booming, yet suffer from severe lack of inventory in areas. (Bloomberg)
05 The world is currently facing a global copper shortage, fueled by increasingly challenging supply streams in South America and higher demand pressures. Copper is needed in almost all home construction. (CNBC)