DID YOU KNOW?
Top Headlines: Delivered by Leonard Steinberg
February 17, 2023
01 High inflation persisted in January, with the consumer price index (CPI) rising 6.4% from a year ago, even though this is much lower than the 9+% seen last June......and down from 6.5% in December.....oil, gas, natural gas, housing and food costs remain elevated and rising. Egg prices rose dramatically caused by a Bird Flu outbreak, although wholesale prices are already down 50% more recently. Appliance and TV prices dropped notably. (CNBC)
02 Mortgage demand dropped 7.7% as rates trend a bit higher. Re-financing dropped 13% in the week. Purchase applications dropped 43% compared to a year ago. Retail sales rose 3% versus 1.9% estimates.... (CNBC)
Homebuilder confidence in the market for newly built single-family homes in February rose seven points to 42, according to the National Association of Home Builders/Wells Fargo Housing Market Index, the highest reading since September, the largest monthly gain since June 2013. (CNBC)
04 In case you were wondering why Louis Vuitton is so expensive, know that 50% of its goods sold are......profit! LVMH is now re-phrasing their classification from being a LUXURY brand to a CULTURE brand, embracing products, music, media, etc. LVMH is now in hotels, Wines & Spirits, Fashion & Leather Goods, Perfumes & Cosmetics, Watches & Jewelry and Selective Retailing.....the world loves LUXURY!
05 The number of agents registered by the NAR dropped by 100,000 from October 2022 to January 2023: easy, quick-money brokerage days are over. This is the moment for the professionals. The typical US Realtor has 8 years of experience, works 35 hours a week and earned a gross income of $54,300 in 2021, according to a March 2022 survey by NAR. (WSJ)