Housing collapse NOT coming soon

Don’t trust the conventional wisdom just because it’s conventional.

Not long ago, everybody knew that it was best to wait before buying a house.

After all, with the Fed’s interest rate increases, housing prices would soon collapse.

We were also nearing a recession, which would bring prices down.

But it’s not working out that way.

Now, the number of homes for sale is actually below the number of homes for sale a year ago. That’s the first time this reversal has happened in 59 weeks.

Was that the window to buy a house? That’s not much to speak of.

Loans are going to grow more expensive as interest rates continue to increase – and the Fed left the door open for another rate increase this year.

(At least one).

We’ll see some new inflation data today that will guide the Fed’s decision.

Still, no matter what happens, in the economy of the future, it appears that the real assets so popular in the past are only going to grow more important.

Real estate, gold, oil – these tangible goods are what lasts if the tech bubble goes up in smoke.

Keep Moving,

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WORD ON THE STREET

Affirmative Action Gone As Supreme Court Rules

Admissions Policies For Harvard And UNC Ruled Unconstitutional – “Eliminating racial discrimination means eliminating all of it,” Chief Justice John Roberts wrote in the majority opinion banning the use of race in college admissions. The justices ruled 6-3 to scrap affirmative action. However, the Court left open a loophole allowing colleges to consider race as part of an applicant’s experience.
Just Missed It – Nike (NKE) fell short of Wall Street estimates on profits, with earnings per share falling just shy of estimates. Revenue was slightly higher than expected, but gross margins were down.

Nike was down more than 4% in after-hours trading

Boeing Supplier Ends Strike – Workers at Spirit Aerosystems, which supplies Boeing with fuselages for the Boeing 737 Max aircraft, have accepted a deal which ends a strike. Workers will return to production on July 5.
Buffett Buys More Occidental Petroleum – Berkshire Hathaway is buying more Occidental Petroleum (OXY). The stock was up more than 1.8% yesterday. A filing late Wednesday showed that it now owns more than 25% of the company. (Don’t miss this special report on the earthquake shaping the industry – and why investors like Buffett aren’t giving up on oil.)

HOT SPOTS: What’s Going on in Geopolitics

Chinese Manufacturing Declines For Third Month – So much for China leading the world towards another Roaring Twenties. Factory activity declined for the third straight month. Chinese leadership maintains it will still hit its annual growth target of 5%.
Wagner Out Of The War – Yevgeny Prigozhin, head of the Wagner Group, refused to sign contracts putting his mercenaries under Russia’s conventional military command. Thus, their war is over. The move could cost Russia some of its most experienced light infantry.
German Inflation Spikes – Here we go again. Germany recorded year-over-year inflation of 6.4% for June. It’s the first increase since February. In May, it was just 6.1%. Food prices were up 13.7%.

Bank collapses, corporate bankruptcies and more.

Silicon Valley is being gutted and completely reshaped.

Learn how one trigger could be the key to witnessing hundreds of triple digit wins in the aftermath of The Tech Reckoning

CUTTING EDGE: What‘s Happening In Tech

DoorDash Offers An Hourly Wage – Good news for workers as DoorDash is going to offer an hourly minimum rate. The intent is to prod delivery drivers into accepting more deliveries rather than only accepting those with larger payoffs.
Pokemon GO (To Unemployment) – The Pokemon Go maker Niantic has laid off 230 employees – the second round in two years. The first round cost 90 jobs. The company is also canceling several game projects, including a game based on the Marvel universe.
WHO May Label Aspartame A Carcinogen – On July 14, the World Health Organization is expected to update its risk assessment exercise on aspartame, a common sweetener used in numerous products, including Diet Coke. The International Sweeteners Association responded forcefully to reports that the organization may label aspartame a carcinogen. “Aspartame is one of the most thoroughly researched ingredients in history,” it said, “with over 90 food safety agencies across the globe declaring it safe.”

No sugar, no calories, but maybe cancer?

As companies struggle to maintain profits, we’re getting squeezed by inflation and “shrinkflation.” It’s an annoyance for some, but others are struggling to feed their families.

Notice meals aren’t quite as filling as they used to be? It’s not just your imagination. Dr. Brian Jones breaks down the sneaky tactic companies are using to save money at your expense – and what it signifies for the larger economy.

THE INFLATION DIET – PAY MORE, EAT LESS

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Housing collapse NOT coming soon

WORD ON THE STREET

Affirmative Action Gone As Supreme Court Rules

Just Missed It – Nike (NKE) fell short of Wall Street estimates on profits, with earnings per share falling just shy of estimates. Revenue was slightly higher than expected, but gross margins were down.

Boeing Supplier Ends Strike – Workers at Spirit Aerosystems, which supplies Boeing with fuselages for the Boeing 737 Max aircraft, have accepted a deal which ends a strike. Workers will return to production on July 5.

HOT SPOTS: What’s Going on in Geopolitics

Wagner Out Of The War – Yevgeny Prigozhin, head of the Wagner Group, refused to sign contracts putting his mercenaries under Russia’s conventional military command. Thus, their war is over. The move could cost Russia some of its most experienced light infantry.

German Inflation Spikes – Here we go again. Germany recorded year-over-year inflation of 6.4% for June. It’s the first increase since February. In May, it was just 6.1%. Food prices were up 13.7%.

Bank collapses, corporate bankruptcies and more.

CUTTING EDGE: What‘s Happening In Tech

Pokemon GO (To Unemployment) – The Pokemon Go maker Niantic has laid off 230 employees – the second round in two years. The first round cost 90 jobs. The company is also canceling several game projects, including a game based on the Marvel universe.

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