Market Update | SEPT 22
Jon Granston | September 22, 2023
Jon Granston | September 22, 2023
Top Headlines: Delivered by Leonard Steinberg
September 22, 2023
01 Invitation Homes , which owns about 83,000 houses, has been selling properties that have appreciated to the point that they are yielding less than 4% and putting the proceeds in the bank, where the cash is earning more than 5%.
(WSJ)
(Bloomberg)
03 Top economists from the largest U.S. banks expect higher borrowing costs to slow gross domestic product to 1.2% in 2024 from this year’s estimated 2%. They are also more optimistic that the Federal Reserve can achieve a “soft landing” and slow inflation without triggering a recession. 8 months ago, those same economists predicted that growth would flatline in 2023 and bring the U.S. closer to a recession.
(Barrons)
04 Singapore’s home sales fell last month to the lowest since January as demand slowed amid a lack of big launches. Purchases of new private apartments dropped to 394 units in August, figures from the Urban Redevelopment Authority. That’s down 72% from the previous month, when transactions climbed to a more than one-year high of 1,412 on the back of several major launches. Extremes are often followed by extremes.
(Bloomberg)