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This Week's Mortgage + Media Update with JohnB
John Birke
January 22, 2024
January 22nd, 2023
Last Week:
We had a couple unexpected plot twists, another that was totally expected, an unwanted greed report, and 2 even more unwanted warnings.
Listings are on the up, good for inventory
Sales were on the down, which we know and hope to fix
Jobs are still strong, not sure how to feel there
It turns out corporate greed is what’s driving our inflation chaos
And 2 Fed frienemies are telling us to be more patient than we’d like
Plus, Zuck is stepping up Meta’s AI game, and the results could be mind-blowing 🤯🤯
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, now let’s get to it!
The Mortgage Part
Check out this week’s video 📽👇
🏡 Listings are up: Both active inventory and new listings are higher as housing markets starts to heat up early
😭 Sales were down: A solemn reminder of the year we left as we finish 2023 with just over 4 million sales, the worst year in almost 3 decades
👷♀️ Jobs: Lowest weekly jobless claims in almost a year and a half as job market continues to stay strong, but is that a good thing?
💲 Let’s go to the mall: Retail sales were much stronger than we thought after a huge holiday season, beating expectations by 50%. But will there be a debty catch?
💳 Corporate Greed: Recent report shows that 50% of current inflation is caused by companies keeping prices high to increase profits
📉 Rate Race: Fed's Bostic doubles down on rate cut predictions; don't expect relief until the fall!
⚠ Proceed with caution: Waller aligns with conservative rate cut expectations, saying we need to be hesitant about cutting rates too early
% Mortgage Rates: Bumped up to highest levels in a month as Fed speeches cool the market’s rate drop excitement
🔍 Coming this week: Some economic indicators, home sales, and the highly-anticipated PCE
The Media Part
🎉 Zuck is pushing Meta’s AI capabilities, and the potential is insane!
In a strategic pivot, Meta, the parent company of Facebook, is embracing artificial intelligence (AI) as the driving force behind its future endeavors. While the metaverse remains on their radar, AI has taken center stage, promising to revolutionize our daily interactions.
Meta's blueprint for the year ahead includes a substantial boost in AI projects. This surge in investment will usher in a new era of AI elements across Meta's expansive platform ecosystem.
Mark Zuckerberg, Meta's CEO, provides a glimpse into their AI roadmap. He envisions generative AI permeating our everyday lives. The recent introduction of AI assistants in products like Ray Ban Stories is just the first step in this grand vision.
Not stopping at software advancements, Meta is doubling down on hardware investments, constructing an extensive tech infrastructure that may outsize competitors. The ultimate goal? The creation of Automated General Intelligence (AGI), where AI systems evolve from mere responders to independent thinkers, enriching user experiences.
While fears of AI domination persist, most AI developers view it as an improbable scenario. Instead, Meta's vision hinges on enhancing creative capacities through AI interactions. Picture creating entire virtual reality environments with a simple voice command.
Zuckerberg also anticipates a future filled with AI-driven virtual worlds and AI characters coexisting with real individuals. A new platform will empower users to craft and share their AI characters within Meta's social apps.
However, as automation increasingly infiltrates social media, distinguishing human from AI interactions may become a daunting challenge. Meta's AI journey promises transformative potential, but the lines between reality and artificial intelligence are beginning to blur.
What are your thoughts? Are you excited about this use of the biggest tech in history, or are you going to start building your Doomsday shelter now?
Well that’s it for the best (and likely only) Mortgage AND Media Newsletter out there. This week let’s walk in the sunshine of some of this upbeat data and put those fears of rate-waiting and AI-overlording on the back burner for now.
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
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