Market Update 01.26.23

01  Influencer Marketing is now a $24 billion business and is being used daily in the real estate sphere...maybe it could be called FOMO marketing? If a REAL Housewife loves that house then surely I should too?  (Ny Times)

02  The average rate for a 30-year mortgage dropped to 6.15% last week, the lowest in 18 weeks..... (CNBC)

03  While retail sales in general have been falling, and the stock market was down by 20% in 2022, spending on luxury goods and experiences actually grew by roughly the same amount. 2022’s boom in the $1.5 trillion market was driven almost entirely by Gen Z and Y, who dominated the personal goods market (including luxury clothing, bags, jewellery, etc).  BAIN expects the spending of Gen Z and even the younger Generation Alpha is set to grow three times faster than other generations through 2030. So much for youthful worries about the materialism of their predecessors! (FT)

04  11% of retirees who left their home state relocated to Florida in 2021. Rounding out the top 5 were Pennsylvania (10% of American retirees), North Carolina (10%) and South Carolina (9.4%). 


05  Builders are offering 'discounted mortgages' to move inventory: In California, Pacific Point Communities is offering a 4-bedroom home at a mortgage rate “as low as 2.75%. In Texas, Pulte Homes is offering a 30-year fixed-rate mortgage at 4.25% for single-family homes from 3-5 bedrooms. And in various parts of the country, K. Hovanian is offering a fixed-rate mortgage at 4.99%.

 

 

06  48% of the TOP US 25 cities with the oldest population are in Florida.  19% of Florida's population is over 65, compared to 15% of the US population as a whole. In 2021, the vast majority of the US's wealth (78.1%) belonged to older generations: baby boomers own a whopping 52.2% of the country's wealth. The silent generation owns 15.2%.(PEW)