BIG DROP in Consumer Spending

Bank of America has reported a huge slowdown in consumer spending in the USA.

Which is a major 2023 recession warning. This suggests that we could see job losses spike in future months with home prices and stock prices declining.

BIG DROP in Consumer Spending

Consumer spending on Bank of America credit/debit cards declined most in Furniture, Home Improvement, and Luxury Goods. While spending still rose for restaurants. Overall, spending was down -1.2% YoY from last April.

Declining consumer spending is a big problem for the US Economy because 70% of GDP comes from spending. So it means our economy is decline. Also, it is likely that businesses will continue to lay off workers in 2023.

Another company that had a concerning report was Airbnb. Their stock price is down by 15% in the last week because they had a “muted” outlook for travel demand in the rest of 2023. A slowdown in Airbnb bookings would mean that certain housing markets might have issues.

The markets with the biggest drops in occupancy include Miami, Philadelphia, Fort Lauderdale, Austin, San Antonio, and Cape Coral.

Below are a five cities already feeling the effects of the housing decline:

DALLAS, TX: inventory in the Dallas Housing Market has tripled over the last year. While the sky-high property taxes are keeping many would-be homebuyers locked out of the market. I expect DFW home prices to decline by 20-30% over the next several years.

SAN FRANCISCO, CA: home prices in the Bay Area Housing Market are already down 15% YoY. And they could decline further in coming months due to the collapse of the tech sector. Companies such as Meta, Google, and DocuSign are doing big layoffs.

PHOENIX, AZ: Phoenix is a very boom/bust Housing Market. And the bust has started. Prices are already down 10% from peak and could decline another 25% based on how overvalued the prices still are today. Especially at Mortgage Rates north of 6%.

LAS VEGAS, NV: Las Vegas is an economy and housing market based off tourism and and investor demand. Not a great combination for an imminent recession. These risk factors have already caused inventory in Las Vegas to explode while prices are already down 10%. They could go down another 25%.

AUSTIN, TX: what a reversal of fortunes. Just a year ago Austin’s Housing Market was deemed as “untouchable” and the fastest growing in America. Now it’s mired in the first year of what will likely be a multi-year housing downturn that sees prices decline by as much as 40% in total. High property taxes, layoffs, lots of homebuilding – Austin has all the headwinds one would expect for a crashing Housing Market.

BIG DROP in Consumer Spending

#######

• Brokerforyou.com is for SALE

  Just like most major businesses, the easiest way, and the fastest way to expand your business and influence in your particular market is through strategic acquisition. Just look at Google, they are the number one search engine in the world! Google bought Youtube in November 2006 for US$1.65  billion! YouTube now operates as one of Google’s subsidiaries.

  www.brokerforyou.com is for sale and is offered with a very popular San Diego residential real estate channel with 1.16K subscribers and 114 videos!!

  What’s the approximately monthly cost to host a website?  With shared hosting, you’re hosting fee can break down to about 10 to $15 per month. To keep your url registered (that’s your site address), this is usually paid on a five to 10-year basis, which averages out to about just a dollar per month!  Naturally, if you add direct hook-up to a MLS database, that provides lead capturing, this costs can vary greatly from provider-to-provider.

  Interested, call Bob Schwartz (619) 286-5604 for additional information

• #######

  home water leak detector – https://flumewater.com?grsf=w79pta

  

  +++++++++++++

  Great 360 Camera – This is the one that I use not only for real estate but motorcycling & gold prospecting.

  Direct from the manufacturer w/ Free shipping, special bonus accessory & even tax included.

  Click camera photo below for more details and to see actual 360 video & photos taken with this amazing marvel, direct from manufacturer . . .

  

  ++++++++

   

  Great DRONE Value 

  

• DISCLAIMER:

  Some of the links in this description and in our videos may be affiliate links, and pay a small commission if you use them, but never increase the basic cost. I really appreciate the support.The content in my Youtube videos SHALL NOT be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other & may be outdated or inaccurate; it is your responsibility to verify all information. I am a not financial adviser. I only express my opinions based on my experiences. Your experience may be quite different. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. You must conduct your own research. There is NO guarantee of gains or losses on any investments. My produced videos are for entertainment purposes ONLY. DO NOT make buying or selling decisions based on these videos. If you need advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer, financial advisor, or the appropriate professional for the subject you would like help with.