Morning Brew Daily Home Sales Have Never Been Slower & No One Wants to be an Accountant
Oct 17, 2023
Home sales hit an all-time low as soaring mortgage rates and high prices discourage buyers. LinkedIn faces more layoffs, reflecting a broader trend in the tech sector. The appeal of accounting careers dwindles, with shifts towards greener industries and automation. Robots might soon craft your salads at Sweetgreen, showcasing the rise in automation. And exciting new sports like flag football and cricket are set for the next Olympics, sparking discussions on which sports listeners would love to join!
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Housing Market Slowdown
- The US housing market is experiencing a historic slowdown, with the fewest home sales predicted since 2011.
- High mortgage rates and elevated prices create the least affordable environment since 1985.
Economic Ripple Effects of Housing Freeze
- The housing slowdown impacts inflation by increasing rental demand, potentially leading to more interest rate hikes by the Fed.
- This can hurt sectors like construction and home improvement retail.
Affordability Crisis Anecdote
- Neal Freiman observed many people at a sweating event who, despite decent incomes, couldn't afford to buy homes.
- They're stuck renting, highlighting how real the affordability crisis is for potential homebuyers.