🏠 What's The Value Of American Homes?

Good morning. US stock futures were flat in Friday morning trading as investors looked to regain ground from this week’s sell-off.

📉 US home values set to clear $50 trillion

📝 Our report: The total value of U.S. homes is on the verge of hitting a whopping $50 trillion. That’s according to a new report from Redfin, which shows that housing has added $3.1 trillion in value over the past year, bringing its total value to $49.6 trillion. That’s a 6.6% rise in total value compared to June 2023 and 120% higher than in June 2014.

 🔑 Key points:

• New construction has contributed heavily to the year-over-year rise, with the total number of homes increasing by about 800,000..

• “The value of America’s housing market will likely cross the $50 trillion threshold in the next 12 months as there are not enough homes being listed to push prices down,” Redfin economics research lead Chen Zhao said in a statement.

• The number of markets that have reached $1 trillion in value has doubled since midyear 2023 as Anaheim, California; Chicago; Phoenix; and Washington, D.C. all crossed the mark. New York, Los Angeles, Atlanta and Boston were already there.

💡 So what: As U.S. home values approach $50 trillion, it signals several significant trends for the economy. On the positive side, rising home values typically boost homeowner wealth, contributing to consumer confidence and spending, which are crucial drivers of economic growth. However, this surge also highlights affordability challenges, particularly for first-time buyers, as higher prices can exacerbate inequality and limit access to homeownership. Moreover, the inflated market could pose risks if economic conditions change, potentially leading to market corrections or increased financial instability. Overall, while the milestone reflects a robust housing market, it also underscores underlying economic disparities and potential vulnerabilities.

Friday - No Major Economic News

📈 Marc Cuban shares his 10 rules to get rich!

🛟 Follow these 10 steps if you’ve just been laid off

😏 Got a bad boss? Here’s how you can deal with them!

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💰 Embattled crypto exchange ordered to pay billions to customers

WHAT: A U.S. court has ordered the bankrupt crypto exchange FTX to fork over $12.7 billion in relief to its customers, according to a statement from the Commodity Futures Trading Commission (CFTC). The repayment order implements a settlement between the CFTC and the bankrupt crypto exchange, which has committed to a bankruptcy liquidation that will repay customers whose deposits were locked during its late 2022 collapse.

WHY: FTX has used its bankruptcy to reach settlements with U.S. regulators and former business partners and to sell assets that had been purchased with misappropriated customer funds, including real estate and investments in crypto and other tech companies.

🤖 UK probes Amazon-Anthropic tie up

WHAT: The U.K.’s antitrust regulator has launched a formal investigation into Amazon's cozy $4 billion partnership with AI startup Anthropic, following concerns about their competitive relationship. The news comes after the Competition and Markets Authority (CMA) revealed it was launching an invitation to comment into Google's own ties with Anthropic, after the internet giant first invested a reported $300 million last year followed by a further $2 billion.

WHY: The AI startup goldrush has spurred Big Tech to pursue a multi-pronged approach to ensure they don't miss out on any of the action. However, there are growing concerns that they are adopting a "quasi-merger" approach to M&A where they seek control over younger innovators through strategic investments or hiring startup founders and technical talent -- anything to avoid the regulatory scrutiny that would come with a full-fledged acquisition.

📺 Media conglomerate under investigation over Formula 1

WHAT: Liberty Media, the owner of Formula One Group, has confirmed it's in the hot seat with the US Justice Department for allegedly blocking Andretti Global's entry into the Formula 1 World Championship. Among F1’s claims related to the rejection were that it did not believe Andretti would be a competitive team; that the Andretti name does not bring the value to the series that Michael Andretti believes it would; and that getting on the grid in the next two years would be a challenge Andretti has never faced before.

WHY: In May, six U.S. senators called on the Justice Department to look into the rejection, saying that there were concerns that Formula 1 was acting on behalf individual teams and other “key stakeholders,” including foreign automakers, and that could be a violation of antitrust laws.

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