DID YOU KNOW?
Top Headlines: Delivered by Leonard Steinberg
August 31, 2023
01 Credit card balances for Americans hit a record $1 trillion this year, according to a report from the Federal Reserve Bank of New York. But revolving debt, which mostly includes credit card balances, contracted in June as the US consumer puts the brakes on spending. Credit card interest rates are around 20% these days.... The average credit card debt in the US is approximately $5,733....at 20%, that's $95 in interest per month!
02 Retailers are on track to open 1,000 net new stores in the U.S. this year as retail availability hits record lows, in fresh signs of the sector’s resilience despite turmoil in commercial real estate.
03 Fewer than 5 million people have federal flood insurance. Even in the highest-risk areas, on average 30% of homes have policies.
04 Nearly 10% of U.S. homes were valued at $1 million or more in June, a share close to last summer's all-time high and up from a 12-month low in February.
05 Luxury Home prices in Dubai surged 48.8% in the past year, fueled by an influx of Russian and Asian buyers ....and those simply seeking a tax haven (ZERO income taxes!). Dubai has an excise tax on goods that are harmful to you: 50% on carbonated drinks. 100% on tobacco products and energy drinks. Rents are also up over 22%. Dubai luxury is relatively affordable globally: $1 million buys you a home 6X the size of a home in Monaco and triple the size of one in Singapore. Monaco and Tokyo fared well too with a 26,2% surge while Miami featured on the TOP 10 list with home prices surging 7.5%! Foreign buyers have fueled most of the big gains which can trigger local push-back: In Singapore, since April 2023 foreigners purchasing residential property in have to pay 60% additional buyer’s stamp duty, double the 30% from before. New York luxury home prices dropped 3.9%, and San Francisco recorded an 11.1% drop. Germany’s Frankfurt was at the bottom of the list with a 15.1% dive.