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Top Headlines: Delivered by Leonard Steinberg

June 14, 2024

01  Dubai leads the world in $10 million-plus home sales with 105 trading in the first quarter of 2024, about double the #2 city, New York.... a 16,600sf Foster & Partners designed Dubai penthouse recently sold for almost $38 million, a new record. $10m+ sales were down over 11% YOY in the first quarter.

(MANSION)

02  "Be more interested, than interesting"

– John C. Maxwell

03  Indoor shutters can reduce heat loss by up to 25% more than curtains. Outdoor shutters have similar benefits as well as added protection during storms, and added security.

(FT)

04  About 40% of respondents to a February survey of middle class Americans were unable to plan beyond their next paycheck, and 46% didn’t have $500 saved. More than 50% said it’s at least somewhat difficult to manage current levels of debt. The quick rise in interest rates, coupled with high levels of outstanding debt, helps explain the disconnect between economic indicators and how many Americans feel financially. The divide between debt-free households (about one third) who are sheltered from the impact of rising rates and families who are overwhelmed with ballooning loan and credit-card payments was of note.  About 20% had at least $10,000 saved, but 28% had no savings.

(Seven Letter Insight)

05  The average age of U.S. vehicles is now 12.6 years, a 14-month increase since 2014. Passenger cars average 14 years. While older cars emit more, keeping them longer can be greener since manufacturing a new mid-sized car releases 5.6 tonnes of CO2, mostly from steel. Electric vehicles (EVs) emit 8.8 tonnes during production, with 43% from the battery, but they produce only 25% of the annual emissions of a gas car. Pollution costs Americans $2,500 each annually, totaling $820 billion nationally.