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The Weed Man - Episode 160
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Podcast Episode 160 In this episode today, Rohan and David discussed the following: The podcast, celebrating its four-year anniversary, continues to provide insights on real estate and other topics, sharing weekly updates and personal favorites.
- Market Update: Recent economic events have created turbulence in the financial markets
- Jobs Report: July saw only 114,000 new jobs, missing the expected 175,000, and the unemployment rate rose to 4.3%. This was the lowest job growth since December 2020.
- Stock Market Reaction: The Dow Jones fell over 1,100 points on August 5th, spurred by mixed signals including Buffett’s sale of Apple stock and negative earnings reports from major companies.
- Federal Reserve: There was speculation about an emergency rate cut due to market turmoil, though the Fed did not act. Historical instances of emergency rate cuts include 1998 (Long-Term Capital Management crisis), 2001 (tech bubble), and March 2020 (pandemic).
- Japanese Market Impact: Japan’s interest rate adjustments and subsequent market drop contributed to global market instability.
- Real Estate Insights: Interest Rates**: The 30-year fixed-rate mortgage dropped to 6.47%, a 15-month low, benefiting home buyers.
- Deutsche Bank: Selling $1 billion in commercial real estate loans to clean up its balance sheet, reflecting ongoing struggles in the office space sector.
- Sam Zell’s Legacy: Equity Commonwealth, founded by the late Sam Zell, is liquidating its assets due to the challenging office market environment.
- Arbor REIT: Reported significant loan delinquencies and a drop in stock price. They are dealing with a high percentage of troubled loans and a federal investigation into their practices.
- Apartment Market: Slight improvements are noted in the apartment market with reduced vacancies and slowing rent declines.
- Cannabis Regulation: New York City has shut down 750 illegal cannabis stores, seized $41 million in products, and imposed fines. The city is tightening enforcement to regulate the cannabis market better.
- Olympics: The Olympics have captivated viewers, with notable performances and increased ratings compared to recent Games. The 2028 LA Olympics are generating excitement, though some events will be held outside of LA.
- Rohan enjoyed watching the Olympics with their kids and finds it fascinating how different athletes’ speeds compare to their own.
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