Market Update | JULY 05

DID YOU KNOW?

Top Headlines: Delivered by Leonard Steinberg

July 05, 2023

01  According to the 2021 American Community 1-Year Estimates, the value of homes was $7.63 for every $1 of household income in California in 2021 compared to $3.55 per $1 in Texas. The median value of a home in California was 2.7 times higher than in Texas in 2021. (USA TODAY)

03  It may seem like a good approach to see the positive in every situation, but you should be cautious that you’re not spewing “toxic gratitude” to yourself and others...... toxic gratitude is when you’re implementing self-gaslighting. (CNBC)

04  Transitory LUXE-flation? The Bloomberg luxury watch resale index is down 19% in a year and about 1% during the previous 30 days, showing that prices for the most in-demand used luxury watches are still falling, albeit at a slower pace than in August and September last year. Prices peaked in early 2022 after a massive surge from 2020-2022.. Yes, even the luxury resale watch market is rebalancing. (BLOOMBERG)

05  The banking industry spent $72 billion on interest expense in the first quarter of 2023, more than their average quarterly profits. Banks are being compelled to pay bigger interest rates on savings.... brokered deposits - a type of investment that attracts individual investors because the deposits typically offer higher interest rates, usually large-denomination and are often sold by a bank to a deposit broker, who then divides the deposit into smaller pieces for sale to their customers - jumped 15% to $808 billion in the first quarter from the end of 2022 at the 84 lenders. (BLOOMBERG)