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Did You Know? 10-12-2022

Did You Know? 10-12-2022

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  • The global economy will expand 2.7% in 2023, down from 3.2% this year and 6% in 2021, according to the latest World Economic Outlook. The new forecast represents a reduction of 0.2 percentage point from its July estimate. The IMF left unchanged its 2023 U.S. growth projection at 1%, but scaled back its 2022 forecast to 1.6%, down from its 2.3% estimate in July, and down significantly from 5.7% in 2021. The current global economic slowdown is expected to wipe out $4 trillion from global growth between now and 2026. (WSJ)

  • While new foreclosure actions rose 15% from July to August, they were still 44% below pre-pandemic levels, (BLACKKNIGHT)

  • These are some of the biggest global risks currently:

    1. Extended (or worse, expanded) conflict in the Russia – Ukraine War.

    2. Continued high inflation.

    3. High interest rates triggering a recession.

    4. Continued energy shortages.

    5. A China banking-fueled real estate bust.

    6. Another large COVID outbreak and lockdowns

    7. Weather-related crises. ………

  • Payments to escrow and title are down sharply. Median mortgage payments and rental payments are up over 8%. After-tax income/wages after tax payments for salaries is up 5.5%. Spending is up 4.5% on credit cards indicating consumers are spending less than they are earning. While down from the torrid spending habits of 2020-21, these numbers are in line with ‘normal’. There is pulling back on housing, furniture, goods, but lots of spending on travel and consumers intend to travel lots over the holidays. Credit card spending outside of the US was up 29%. Credit card spending is a good indicator of discretionary spending. (Bofa)

“Tech always changes the world. It is the thing that has changed everything over 2,000 years.” – Jamie Dimon, CNBC

~By Leonard Steinberg

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Joujou Chawla
Chawla Real Estate Team | DRE# 00890002
M: 510.406.4836

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