DID YOU KNOW? Nearly 25% of homebuyers between April and June bought houses priced at $500,000 or more, up from 14% of buyers during the preceding nine months, according to a report from the NAR. Most jobs lost during the pandemic were lower-paid jobs, an audience that usually does not qualify to buy a home. (WSJ)
“The mortgage buyers that we’ve worked with have really unfortunately been cut out of the deal in many cases on the homes that they’ve wanted,” - Jack Sarsen, COMPASS Greenwich, speaking to how in a super-heated market all-cash buyers have had a tremendous advantage over those seeking a mortgage. (WSJ)
DID YOU KNOW? If you wanted to watch three important economic touch-points over the next few weeks, look closely at:
1. The potential for a constitutional crisis around the contested election.
2. The massive spike in COVID cases, hospitalizations and deaths.
3. The Senate. The result could impact the size of a new stimulus bill that appears essential to weather the next few months before a COVID vaccine has been widely distributed.
DID YOU KNOW? Of the 10 largest cities in the USA, Dallas has the most workers returning to the office, around 41%. (Bloomberg)
DID YOU KNOW? There may be a workaround to the $10,000 SALT deduction cap on state and local taxes when it comes to state and local taxes paid by pass-through entities.
DID YOU KNOW? Goldman Sachs is forecasting 5.3% US GDP growth in 2021 versus the wider consensus of 3.8%....mostly due to the vaccine news.