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THIS WEEK

the stock market opened on a positive note on Friday, trying to recover from a jolt caused by a surge in bond yields and a more hawkish tone from Federal Reserve Chair Jerome Powell. This development ended the S&P 500 and Nasdaq’s longest winning streak in two years. Powell, in a speech at the International Monetary Fund, labeled the Fed’s policy as “restrictive” but kept the door open for rate hikes, citing the uncertain inflation outlook.

Looming US Presidential Elections

As we stand one year away from the 2024 elections, the U.S. is stuck in a bit of déjà vu. President Biden, at a dwindling 80, is eyeing another go at the Democratic nomination, but he’s wrestling with concerns about his age, economic management, and the messy business of ongoing conflicts. On the flip side, we have Donald Trump, 77, comfortably leading the Republican charge despite the ongoing drama of his attempts to overturn the 2020 election and a mounting pile of legal troubles.

Biden and Trump are grappling with the big issues of the day – inflation, abortion, and America’s role in the world. Polls are tight, with Quinnipiac University giving Biden a slight edge at 47% against Trump’s 46%. Recent polls from the New York Times and Siena College hint that Trump might have a leg up in crucial swing states.

This potential redo of Biden vs. Trump is more than just an election; it’s a historical event. If it happens, we’re talking about the first major party rematch since the 1950s. If Trump pulls off a win, it would be the first former president to reclaim the White House since Grover Cleveland did it in 1892.

RE Agent Fees Lawsuit

Big changes are afoot in the real estate game after a Missouri federal jury dropped a bomb, declaring the National Association of Realtors and major brokerages guilty of conspiring to keep commissions artificially high resulting in a hefty $1.8 billion in damages. For homebuyers and sellers; this ruling might just trim that colossal $100 billion Americans shell out in real estate commissions each year by around 30%.

So, what’s on the horizon? Well, buyers might enjoy more flexibility, but here’s the twist: if sellers can’t foot the bill for buyers’ agents, those looking for a new abode might need to cough up their agent’s fee. Great for flexibility, maybe not so much for first-time buyers still mastering the art of adulting and savings. Sellers might catch a break, waving goodbye to the obligation of paying the buyer’s agent’s commission just to get their listing on the coveted MLS.

As always there are casualties. Real estate agents might be in for a shakeup, with a potential loss of $30 billion in the industry and around 1.6 million agents facing an uncertain future. On the flip side, startups like Purplebricks and REX, which offered lower or flat fees to sellers and did not promise to pay the buyer’s agent’s commission, might be getting a second lease on life. It’s a legal saga still unfolding, and we’re waiting eagerly to see just how differently we’ll be playing the real estate game in the future.