Insider Finance - Business - Housing market Ice Age

View in browser

May 24, 2023

Hello, Insiders. Hallam Bullock, an editor on Insider’s audience team, here — and I’ve got some bleak news for anyone looking to jump into the housing market.

If you’re not already a homeowner, then I’m afraid you’re unlikely to become one anytime soon. The housing market has entered a new Ice Age — we’re seeing a lack of available homes, borrowing rates that have hit their highest level in decades, and homeowners who feel locked in by the deals they scored earlier in the pandemic. And the thaw out isn’t coming for years. That’s today’s big story.

In today’s edition:

How the socialite Julie Macklowe convinced people to spend $450 for a single shot of booze.
The signs that ChatGPT was a black swan event.
A ranking of America’s most – and least — reputable brands.

— Hallam Bullock

If this was forwarded to you, sign up here.

THE LATEST

DeSantis, Amazon, & Arnault

Ron DeSantis will announce his 2024 presidential run on Twitter with Elon Musk tonight, NBC first reported. The report said the event would occur at 6 p.m ET. More here.
Amazon employees plan to walk off the job over its return-to-office mandate and layoffs, The Washington Post reported. Read more.
The world's richest person, Bernard Arnault, saw his wealth drop by $11 billion on Tuesday. Arnault's net worth was hit by a market rout in the luxury sector. The full story.

THE BIG STORY

Housing market Ice Age

Arif Qazi / Insider

Brace yourself to hear the brutal truth about the housing market: If you don’t already own a home, you’re going to be screwed for years to come.

The housing market has changed for good — and with the benefit of time-earned wisdom, we can pinpoint the moment it entered a new era: July 2020. Space-starved remote workers amid the pandemic and collapsing mortgage rates helped to drive an all-out housing frenzy that set the stage for our current frozen-in-place market.

The number of homes available to buy has shrunk to a shockingly low level, and those who bought homes before this turning point have watched their wealth skyrocket. Meanwhile, renters have been more burdened than ever before.

READ THE FULL STORY HERE

TOP READS

Luxury whiskey, royal remains, & more

The Macklowe

How Julie Macklowe created a whiskey for the 0.1% When Macklowe’s whiskey debuted in 2021 as the first “luxury American single-malt whiskey,” it was met with some skepticism — with a single shot of the Private Collection costing up to $450. Now, 400 restaurants serve it. Read more.
ChatGPT was a black swan event. ChatGPT has already upended education, training, hiring, and company share prices. We’ve highlighted the signs that it was a “black swan event” — an unforeseen, rare event that looked inevitable in hindsight. The full story.
Buckingham Palace has refused to release the remains of an Ethiopian prince. The prince was buried at Windsor Castle in the 19th century — and his descendants now want his remains returned. But Buckingham Palace said exhuming his remains would disturb the resting place of others. More here.
The Seed 100: The best early-stage investors of 2023. Seed-stage investing is the riskiest but potentially most rewarding venture-capital round. Our annual list identifies top investors with proven track records, including Peter Thiel and Serena Williams. Meet them here.
A teenage traveler was fined for wearing 13 pounds of clothing on a budget airline. Adriana Ocampo tried to avoid paying Jetstar’s baggage fee by adding layer after layer of T-shirts and jackets. But her “travel hack” ended with a $40 fine. Get the full story.
Fake flowers contained a swarm of 630 live insect larvae. US customs officers intercepted a package of plastic flowers at New York’s JFK airport. The USCBP said the creepy crawlies were sent from Kenya and were discovered in the airport’s mail facility. Read more.
The most and least reputable brands. A survey by Axios and Harris Poll found that Patagonia and Costco were among the most reputable brands in America — while The Trump Organization and the now-imploded FTX bottomed out the list. See where other brands landed here.

TAKE A LOOK

Cheapest US cities to live in

Danita Delimont/Shutterstock

US News & World Report released its 2023 ranking of the most affordable places to live in America. Spots in the South and Midwest, including Hickory, North Carolina, and Youngstown, Ohio, top the list. Check out the 15 cheapest US cities to live in.

WATCH THIS

What happens if the US defaults

Insider correspondent Eliza Relman said that if the US defaulted on its debt, it would affect public housing, healthcare, and possibly trigger a global economic catastrophe. Watch the full report.

CAN'T GET ENOUGH?

Keep up with Insider

Get Insider's app and notifications to be the first to find out about the stories you want to know — from tech to business. Download it here.
Become an Insider subscriber to get actionable, high-value news and insights to improve your career, company, and community. Subscribe here.
Want more of Insider in your inbox? Sign up for our newsletters here.

This edition was curated by Hallam Bullock, and edited by Lisa Ryan, Diamond Naga Siu, and J.R. Stacey. Get in touch: insidertoday@insider.com.

Email sent to: you

Manage your email preferences | Unsubscribe | Terms of Service | Privacy Policy

Key phrases

new Ice Age Spacestarved remote workers company share prices rewarding venturecapital round proven track records global economic catastrophe black swan event unforeseen rare event best earlystage investors US customs officers LOOKCheapest US cities The Washington Post The Trump Organization collapsing mortgage rates TOP READSLuxury whiskey socialite Julie Macklowe

Older messages

Wall Street: Banks can’t keep AI talent

Wednesday, May 24, 2023

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Hey there! Dan DeFrancesco in NYC. No, I won't be taking a page out of this Swedish newspaper's book

Burnout at BlackRock

Tuesday, May 23, 2023

Plus: Putin's abandoned fishing villa, and life as a luxury cruise butler. View in browser Subscribe May 23, 2023 Hello, Insiders. Shona Ghosh, UK deputy executive editor, here. Many children born

Wall Street: Jamie Dimon on leadership

Tuesday, May 23, 2023

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Hiya! Dan DeFrancesco in NYC, and I'm feeling pretty self conscious about my wardrobe after reading this

Mysterious Lego Bandit case

Monday, May 22, 2023

Plus: What “Succession” gets right about the superrich, and why job searches suck. View in browser Subscribe May 22, 2023 Hello, Insiders. This is Hallam Bullock, an editor on Insider's audience

Wall Street: The stars of equity research

Monday, May 22, 2023

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Welcome back! Dan DeFrancesco in NYC. I NEED YOUR HELP! Send me questions for a mailbag edition of the

💰 Curb your losses

Monday, June 5, 2023

Your car's gas might get a lot more expensive soon | Airlines are ready to fly, and ticket prices are going with them | TOGETHER WITH Hi Reader, here's what you need to know for June 6th in 3:

Bad day for Binance

Monday, June 5, 2023

Bloomberg Evening Briefing View in browser Bloomberg The US Securities and Exchange Commission accused Binance and its Chief Executive Officer Changpeng Zhao of mishandling customer funds, misleading

💌 Wedding Szn, Grad Gifts, Pride Month

Monday, June 5, 2023

Plus, how to use your money intentionally this summer (and always). ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Inside CNN’s epic fail

Monday, June 5, 2023

Plus: Apple's risky move, and blame the housing market. View in browser Subscribe June 5, 2023 Hello, Insiders! Nicholas Carlson, global editor in chief, here. The Atlantic published a devastating

Wall Street: How to crush your internship

Monday, June 5, 2023

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Welcome back! Dan DeFrancesco in NYC, and I'm fascinated by this first-person perspective from

🚀 Dispatches from Tech Week

Sunday, June 4, 2023

Plus, a Puppy of the Week reunion! ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

🐕 Sick as a dog

Sunday, June 4, 2023

The US added way more jobs than expected | A vet drugmaker got snapped up | TOGETHER WITH Hi Reader, here's what you need to know for June 5th in 3:04 minutes. 🎓 Get schooled in AI investing. Join

Vet bills are rising – what can pet owners do?

Sunday, June 4, 2023

Peace of mind is closer than you think ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Wall Street’s ugly new normal

Sunday, June 4, 2023

Plus: Meet the average US millennial, and AI's coming for the mediocre middle. View in browser Subscribe June 4, 2023 Hi, I'm Matt Turner, the editor in chief of business at Insider. Welcome

The travel hack airlines hate

Saturday, June 3, 2023

Plus: Glamping for $4000 a night, and why Europe tix are so pricey. View in browser Subscribe June 3, 2023 Happy Saturday, Insiders! Our reporters have been digging into a travel trend that you can