Market Update | OCT 18
Jon Granston | October 18, 2023
Jon Granston | October 18, 2023
Top Headlines: Delivered by Leonard Steinberg
October 18, 2023
01 U.S. insurers paid out $99 billion in claims related to natural disasters in 2022. As a result, premiums rose by an average of 21% from May 2022 to May 2023 - ranging from a low of 10% to 35% - dwarfing the 12% increase during 2021..
(NY TIMES)
(CNBC/BLOOMBERG)
03 33.12% of all sales nationally of single-family homes over $1 million in the second quarter of 2023 were cash deals.
(ATTOM)
04 It is estimated that crypto exchange company Garantex - based in Russia with an outpost in Dubai - has laundered anywhere between $7-30 billion via crypto for oligarchs, thugs and terrorist groups.....with unusually high activity and volume this Summer. Behind all crimes and evil lie enablers? I would expect new/added regulations around crypto....
05 In the suburbs of Portland, Oregon, which lost nearly 3% of its population between 2020 and 2022, rents are up 23% since 2020, compared with about 2% in the center city. Suburban rents have risen much more than most urban centers in the past few years.
06 The number of homes for sale that measure 750-1,750 sf - the range downsizers tend to prefer - dropped 41% since 2019, and prices for these homes are 50% higher than they were before Covid. There were 144,364 in February 2022.....and now inventory is up to 266,802...an almost 85% increase, but still down from a high of over 550,000 in 2016.
(WSJ)