Home Prices Lose Steam

• 3 min read
Home Prices Lose Steam

MARKET MOVERS

  • Home prices are losing steam. June home prices measured by the S&P CoreLogic Case-Shiller 20-city index rose 18.6% from year-ago levels, S&P Dow Jones Indices said Tuesday morning. After seasonal adjustment, prices gained 0.4% month-over-month. The data represents a deceleration from May’s 20.5% year-over-year pace. June’s gains are still well above the historic average.

  • Sony sets up a PlayStation mobile gaming division in a major push beyond consoles. The Japanese gaming giant launched PlayStation Studios Mobile Division on Monday and said it will run independently of the console business. Sony is the latest console maker to make a big step into mobile gaming. Microsoft’s Xbox gaming unit began early moves into mobile. Nintendo has also been focusing a lot of effort on the smaller screen gaming format.

  • Facebook is shutting down its game streaming app after struggling to challenge Amazon’s Twitch. Starting Oct. 28, Facebook Gaming will no longer be available on iOS and Android, while gaming features will continue to be accessible via the main Facebook app. According to Streamlabs, Facebook Gaming accounted for only 7.9% of the market share for the number of hours watched, behind Twitch (76.7%) and YouTube (15.4%). Read more here.

  • The pace of rent increase continues to increase slowly. Rents are still increasing, and we should expect this to continue to spill over into measures of inflation in 2022. The Owners’ Equivalent Rent (OER) was up 5.8% YoY in July, from 5.5% YoY in June - and will likely increase further in the coming months. Analysts believe that rent increases will slow further over the coming months as the pace of household formation slows, and more supply comes onto the market.

  • U.S. job openings rose in July as hiring accelerated. The Labor Department on Tuesday said there were a seasonally adjusted 11.2 million job openings in July, up from the previous month’s upwardly revised 11 million. Job openings have remained elevated and above 10 million since the summer of 2021. The number of times workers quit their jobs edged down to 4.2 million. The jobs market remains strong. Read more here.
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WHAT TO WATCH

  • Apple files trademarks for potential AR goggles name. The filings in the US, UK, EU, Australia, Canada, Saudi Arabia, New Zealand, and other countries are for the names Reality One, Reality Pro, and Reality Processor. Earlier this year, trademark filings for Reality OS were also found to be linked to Apple. The latest filings suggest that the launch of Apple's AR goggles is getting closer. Source(39:17)

  • Fed plans the 2023 launch of a long-anticipated faster payments system. The new system would allow bill payments, paychecks, and other common consumer or business transfers to be available quickly and round-the-clock, a change from an existing system that is closed on weekends and can at times take several days before funds become available. Read more here.

  • Goldman says the US housing downturn has further to go as rates rise. A downturn in the US housing market probably has further to run as buyers shy away and borrowing costs push higher, according to economists at Goldman Sachs Group Inc. Weakening demand is shrinking an imbalance with housing supply and likely means that price growth will slow sharply over coming quarters, economists led by Jan Hatzius said in a research note on Tuesday.

  • Elon Musk cites whistleblower claims in the latest effort to scrap the Twitter deal. The latest filings come after Twitter’s former head of security Peiter “Mudge” Zatko alleged earlier this month “extreme, egregious deficiencies” by the social media company related to privacy, security, and content moderation. Twitter said Musk’s latest termination effort is “invalid and wrongful under” the acquisition agreement. Read more here.

  • A bearish chart pattern is forming in the S&P 500, pointing to even more downside, Bank of America says. According to technical analysis, a head-and-shoulders chart pattern of three peaks — a high middle peak (“head”) bookended by two lower peaks of similar heights (“shoulders”) — is a sign that a bullish trend may be about to end. And a market that breaks the pattern’s “neckline” — could also point to selling ahead. Read more here.
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