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We're catching up, in the wrong direction 😬
Your Mortgage + Media Newsletter with JohnB
John Birke
July 08, 2024
July 8th, 2024
When we think the economy is just a car and we can just spin the steering wheel real quick
Last week was… a tad disheartening. This around the economy are starting to look the way we’ve already been feeling. Not really the direction we wanted to go
Home prices are cooling,
rents are flat too,
even the city that never sleeps looks tired,
and our jobs are lacking their luster.
Now Jerome wants even more of this less
but even his friends can’t agree on how.
Plus, Insta opens up on how to hack their algorithm
Really quick, if someone forwarded this email to you, don’t settle for being at mooch. Sign up and get it for yourself here 👇
Ok, let’s get to it!
The Mortgage Part
🏡 Home prices cool: Core Logic shows that home price increases have dropped below 5% for the first time in forever as more markets see signs of struggle.
🏢 Rents are flat too: Monthly rent asks have been basically unchanged over the last year as more units have been completed and prices fall under pressure
🏦🏦 Even NY is sleepy: One of the most iconic real estate markets in the world is starting to see price flattening and even drops as inventory rises and homes take longer to sell.
👷♀️ Even jobs are lacking luster: We added fewer jobs than expected and the unemployment rate ticked up as hiring continues to slow
🏛 And the Fed wants even more less: Reserve Chair Jerome Powell says he is weary of announcing and rate cut plans until we see more consistent drops in the inflation rate.
🤼 But not everyone agrees: Even within the Fed there are a lot of differing opinions about price drops, holds, or hikes. And how much the economic cracks are affecting inflation.
% Mortgage Rates: A little relief as rates drop slightly after jobs report, but still over 7% on average
🔍 Coming this week: Credit data will tell us about our spending habits, and the inflation report will tell us how much those habits cost us
The Media Part
Shares are the key to success, and some other science 🤓
Instagram's new algorithm emphasizes shareability, encouraging creators to focus on making content that users want to send to friends. Instagram chief Adam Mosseri highlights that with more users engaging through DMs than feed posts, content that prompts sharing will see increased reach. The platform is supporting this shift by introducing share counts on posts.
A Harvard Business Review study on social media responses to 65,000 articles suggests that content sparking emotional responses, particularly those invoking "high dominance" emotions like inspiration and admiration, tends to be shared more. Conversely, content evoking "low dominance" emotions like fear, though effective for comments, is less likely to be shared. Positive, surprising, and humorous content is particularly share-worthy, enhancing self-presentation and making both the sender and recipient feel good.
Meta, Instagram's parent company, is also moving towards promoting more positive user experiences by reducing the emphasis on political and news content, aiming for a more uplifting engagement. This aligns with its broader goals and the rising importance of Reels.
To succeed on Instagram in 2024, creators should focus on inspiring, interesting, and positive content that encourages sharing, as this aligns with Instagram's algorithmic priorities and the advice of its leadership.
Well that’s it for the best (and likely only) Mortgage AND Media Newsletter out there. This week try to beat the heat, but not so much that you don’t get any work done. Maybe work from home while you binge CNBC waiting for the inflation report and save the breaks for when the sun ain’t blazin’.
And as always, I’m happy to help you and your clients with anything mortgage, marketing, or social media. See you next week and
Thanks for reading!
John Birke | Mortgage Advisor | Content Coach
NMNLS 1150795
Movement Mortgage
9726 Old Bailes Road, Suites 121 & 130, Fort Mill, South Carolina 29707
NC-I-211026, SC-MLO-1150795, AR-128178, MO-1150795, OK-MLO29209 | Movement Mortgage LLC. All rights reserved. NMLS ID #39179 (www.nmlsconsumeraccess.org). Interest rates and products are subject to change without notice and may or may not be available at the time of loan commitment or lock-in. Borrowers must qualify at closing for all benefits. For more licensing information please visit movement.com/legal.
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