News
US Mortgage Purchase Applications Fell 12% Over the Past 6 Weeks
US homebuyers' enthusiasm has beeen hit by the spike of mortgage rates as mortgage purchase applications fell 12% over the past six weeks. According to the Mortgage Bankers Association (MBA), for the week ending August 4, 2023, mortgage purchase applications decreased by 2.7% on a seasonally adjusted basis from the previous week (v -3.2% prior). The index dropped for a fourth straight week and was down 12% over the past six weeks. It reached the lowest level since February.
Japan life insurers set to buy more ultralong bonds on BOJ policy shift
TOKYO -- Japan's big life insurance companies are poised to buy more ultra long-term Japanese government bonds, emboldened by the Bank of Japan's move to relax its hold on the high end of the yield curve. Seven out of nine leading life insurers told Nikkei the BOJ's policy adjustment, which allows 10-year JGB yields to rise above 0.5%, is a positive factor for buying ultralong government debt. Life insurers are among the biggest buyers of ultralong bonds, which they use to bring their investments in line with future liabilities, and any move by them is closely watched in the market.
Why Governments Hate Honest Money
The middle class in all developed economies is disappearing through a constant process of erosion of its capacity to climb the social ladder. This is happening in the middle of massive so-called stimulus plans, large entitlement programs, endless deficit spending, and “social” programs. The reality is that those who blame capitalism and free markets for the constant erosion of the middle class should think better of it. Massive money printing and constant financing of larger governments with new currency have nothing to do with capitalism or the free market; it is the imposition of a radical form of statism disguised as an open economy.
Downtown SF office building sells for 66% less than assessed value
A downtown San Francisco office tower has traded hands for far less than its previously assessed value. Sixty Spear St. sold to Presidio Bay Ventures for $40.9 million, the company confirmed Thursday — about 66% less than its most recently assessed property value of $121 million. “We have remained optimistic about the San Francisco office market and saw 60 Spear as a phenomenal opportunity in a prominent downtown location that will attract quality tenants who are seeking a unique product,” K. Cyrus Sanandaji, founder and managing principal of Presidio Bay, said in a statement. “Though we acknowledge the formidable challenges that confront San Francisco, we have already witnessed substantial improvements in these areas and believe that a true urban renaissance is unfolding within the city.”
From Joe
Join me at The Stock Pulse Silver Symposium
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