Market Update | Sept 13

DID YOU KNOW?

Top Headlines: Delivered by Leonard Steinberg

September 13, 2023

01 Goldman Sachs now predicts a 15% chance of a recession, down from 20%. Bank of America and JPMorgan also lowered recession calls.

(CNBC)

02 After dipping on a year-over-year basis for 5 consecutive months—the longest run of declines in 11 years—U.S. home prices in many areas actually rose in July. Is this a blip or the end of the house-price recession? Prices are still down on a year-over-year basis in 14 of the country’s 50 biggest markets.

(WSJ)

03 WeWork is seeking to renegotiate nearly all of its leases around the world. It has 777 locations in 39 countries, with long-term lease obligations of more than $13bn, most of which come due in or after 2028.

(FT)

04 The IRS has its eyes on approximately 1,600 millionaires who owe at least $250,000 apiece in tax debt. All together, they owe hundreds of millions of dollars. In July the IRS already collected $38 million in back taxes from 175 millionaire taxpayers. Some estimates put US tax-dodging as high as $1 trillion. PS: If everyone paid what they owed legally - including cash and crypto tax dodgers - the rest of us could pay lower tax rates perhaps? HORRORS!

(Marketwatch)

05 As the baby boomers age, it’s becoming more common for people to remain employed into their 70s and 80s, some by necessity and most by choice.

(BARRONS)

06 A total of 31,877 U.S. homes had foreclosure filings (default notices, scheduled auctions or bank repossessions) in July 2023. Maryland had the highest foreclosure rate of any state in July, at one foreclosure filing for every 2,071 housing units.

(ATTOM Data Solutions)