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A Narrative of The Housing Economy

Thinking About Milton

• 2024 Is Shaping Up To Be The Most Expensive Year For US Disaster Clean-Up
• The Frequency And Intensity Of Natural Disasters Is Ramping Up
• The Cost And Availability Of Insurance Will Have A Profound Impact On Housing

When $20 Million List Price Adjustments Are Easily Made

• A $20 Million Price Adjustment On A LIsting Is Not The Big Deal It Used To Be
• Properties At The High End Are Much Harder To Price
• Listing Discounts and Marketing Times Tend To Be Longer At The High End

Homeownership Is Not A Given And It Can Be Taken

• US Homeownership Rate Is 65.6%, Similar To The Monthly Average Since 1965
• The 5% Surge In US Homeownership During The Housing Bubble Caused A Foreclosure Surge
• New York State Has The Lowest Homeownership Rate While NYC Is Only 30%

Manhattan Cash Share Falling As Mortgage Rates Fall

• The Market Share Of Manhattan Cash Is Falling With Mortgage Rates
• The Higher The Purchase Price, The Higher The Probability Of Cash
• Manhattan September Contracts Surged 18% YOY

Having A Home Next To A Nuclear Power Plant May Become More Common

• Microsoft Purchasing All Electricity Generated At Three Mile Island To Power AI
• Nuclear Accidents At Three Mile Island And Chernobyl Stalled Expansion Of Nuclear Power
• No Apparent Adverse Impact On Local Housing Markets Yet, But More Research Needed.