The Daily Valet. - 2/23/23, Thursday
✔️ Home Sales Bottom Out
Thursday, February 23rd Edition
By Cory Ohlendorf, Valet. Editor
I certainly wouldn’t mind permanent three-day weekends.
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Today’s Big Story
Home Sales Bottom Out
Downturn Wipes $2.3 Trillion In Value As Experts Predict Prices Could Still Tumble Another 10%
Home buyers might finally be calling the shots in 2023. Because housing inventory while still low, has started to climb up again. You see, for 124 consecutive months—spanning the bottom of the housing crash in February 2012 through the top of the Pandemic Housing Boom in June 2022—U.S. home prices only grew stronger. But that streak, of course, came to an abrupt end last year as the Fed's inflation-fight set off a correction in home prices.After peaking at $47.7 trillion in June, the total value of U.S. homes declined by $2.3 trillion, or 4.9%, in the second half of 2022, according to real estate brokerage Redfin. That's the largest drop in percentage terms since the 2008 housing crisis.Bloomberg reports that homebuyers, already facing record-high prices, took an additional hit from mortgage rates that more than doubled last year. With less competition in the market, the median U.S. home sale price was $383,249 last month, down from a peak of $433,133 in May.“The current sales activity is even lower than the lockdown month in April 2020,” one economist at the National Association of Realtors told USA Today. “Home sales are bottoming out.” He added that buyers are beginning to have better negotiating power. “Homes sitting on the market for more than 60 days can be purchased for around 10% less than the original list price.”Among the 29 major real estate forecasters, six firms think national home prices will either rise or remain flat in 2023. Meanwhile, 23 major real estate forecasters think national home prices will fall further this year. But let's be clear: While there's certainly a home price correction rolling through many markets nationwide, most homeowners are still up big-time since the pandemic's onset. The Redfin researchers said in the report that most homeowners will still reap big rewards from the Pandemic Housing Boom. “The total value of U.S. homes remains roughly $13 trillion higher than it was in February 2020, the month before the coronavirus was declared a pandemic.”
FYI:
Properties typically remained on the market for 33 days in January, up from 26 days in December and 19 days in January 2022.
Massive Winter Storm Hits
The National Weather Service has issued winter storm, blizzard and high-wind advisories
Almost all of the country is experiencing some form of wild winter weather this week. A huge storm that will stretch from coast to coast had at least 75 million people in the U.S. under winter weather alerts Wednesday night.The extreme weather on tap will feature record-breaking cold in the West along with heavy snow (we're talking snow in Los Angeles county!), facing off against record heat in the East. Meanwhile, heavy snow and strong winds that developed over the Northern Rockies on Tuesday pushed east across the Northern Plains and Upper Midwest on Wednesday. Over a foot of snow is forecast from South Dakota through parts of Minnesota, Wisconsin and Michigan.And I hope you're not planning on traveling in the next 72 hours. So far, more than 7,600 flights were delayed and canceled at airports across the country. And several airlines are handing out weather waivers in anticipation of further scheduling issues.
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Will 4-Day Work Weeks Stick?
Most firms from pilot program are now saying that they won’t go back
It just keeps coming up, doesn't it? The concept of a perma-long weekend with no reduction in pay. It's so attractive in theory that we as a society refuse to let it go. Not that we should ... keep fighting the good fight.Dozens of companies in the U.K. took part in the world's largest trial of the four-day workweek. And a majority of supervisors and employees liked it so much they've decided to keep the arrangement. In fact, 15% of the employees who participated said “no amount of money” would convince them to go back to working five days a week.And the idea appears to be gaining momentum—at least in some circles. A Ernst & Young study surveyed more than 500 U.S. C-suite and business leaders across a range of industries, and found 40% have either started using a four-day workweek or are in the process of implementing one. But another study out of New Zealand found that after moving to a four-day workweek, work intensified—as did pressure around performance management. And some experts have noted that employees already can have a hard time disconnecting, so they question whether a four-day week will help.
Meanwhile:
There are also questions of equality. Some have noted the idea is most dominant in tech and white collar work.
Disney Turns 100
And they’re celebrating in a big, big way
In case you didn't hear during the Super Bowl, Disney is celebrating a milestone centennial anniversary this year. America's preeminent animation company—purveyors of good times, whole fun and a slew of super heroes and space dramas—has been around for 100 years.The modern entertainment factory is a far cry from the small animation company Walt Disney and his brother Roy founded in 1923. One hundred years ago, the two brothers took a train from their hometown in Missouri to Los Angeles, where—like every modern mogul today—they worked out of a garage before launching the studio. And it wasn't always easy. According to Polygon, every decade has seen a different Disney and the company has weathered some pretty ugly near-implosions.If you want to dive into it, “Disney100: The Exhibition” just opened in Philadelphia. The immersive exhibit features more than 250 costumes, props and original artworks—from the earliest sketches of Mickey Mouse to wardrobe from Black Panther. There are ride vehicles from the theme parks and even an uncanny talking hologram of Walt Disney himself.
FYI:
Wayne Allwine, the actor who gave Mickey Mouse his voice for more than 30 years, was married to Russi Taylor, the actress who voiced Minnie.
In Other News
The attacks appear to be triggered by the Wednesday morning raid in Nablus.
Driving an EV in 2023 Is Both Great and Terrible. Here’s Why.
Have you heard about ...
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Shopping
What We’re Buying
A Heavy-Weight T-Shirt
A T-shirt isn't just a T-shirt. You know this. There are all kinds of things you can do to make them stand out. For instance, this one, from Muji, has become something of a menswear insider favorite because of it's heavy cotton construction and old school details. Leave it to a Japanese brand to get all the details just right. The natural color has a perfect old school feel and the fit is boxy without being overly baggy. There's also a gusset at the collar and ribbed hems on the sleeve. It's kind of like a really lightweight short-sleeve sweatshirt. Perfect for layering now and sporting solo come spring.
Get It:
Heavy-weight gusseted T-shirt, $19.90 by Muji
Morning Motto
Peel back the layers to find the good stuff.
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