Consumers might have to wait two to three years for their perceptions of inflation to normalize, as highlighted by Fed’s Daly, leaving many still wincing at higher prices. Meanwhile, falling home prices are causing significant distress, particularly in ten states where mortgage balances now exceed property values.
➡️ Episode 252 of The Higher Standard podcast dives into the alarming drop in US mortgage applications, which saw a 17% decrease—the largest since April 2020—along with potential benefits for homeowners in certain cities as interest rates tumble. The discussion also covers the anxiety surrounding credit card debt among Americans and JPMorgan’s new strategy to attract affluent clients with enticing branch experiences. Wrapping up, Chris, Saied and Haroon tackle why so many companies are firing Gen-Z employees, emphasizing a disconnect between workplace expectations and work ethic in today’s job market.
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Here’s when consumers might finally stop wincing at higher prices, according to Fed’s Daly (MarketWatch)
Falling home prices are hitting homeowners in these 10 states the hardest — with up to 10% of mortgage balancesnow topping their property values (Business Insider)
JUST IN: US mortgage applications have dropped by 17.0% over the last week, the most since April 2020 (X / The Kobeissi Letter)
22 cities where homebuyers and owners will benefit most as interest rates tumble (Apple News)
The Most Splendid Housing Bubbles in America: Sept Update: Prices Drop in 26 of 28 Big Metros, even San Diego, Los Angeles (Wolf Street)
Americans are really anxious about their credit card debt (The Street)
'Signature bites' and free umbrellas: Inside JPMorgan’s plan to lure more rich people to its branches (Yahoo Finance)
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