Donald Trump · Iran · Goldman Sachs · Fortune Technology
Kelly suggests several factors have contributed to the “haunting” of the sector, writes Fortune’s Nick Lichtenberg
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But contrary to popular opinion that the property market is facing a supply problem, Kelly believes the ghoul in the data lies in demand.
Key facts
- With an average household of about 2.5 people, he writes, that “implies a demographic need for 320,000 new housing units per year,” compared with roughly 1 million per year in the first two decades
- There are ghosts in the housing market, writes David Kelly, the chief global strategist at J.P. Morgan Asset Management
- But with President Donald Trump potentially losing some of his political firepower, analysts are wondering what this means for action in the Middle East
- Meanwhile, UBS’s Paul Donovan wrote: “The U.S. midterm elections hang over markets to some extent
Summary
If you care about a corner office, Apollo isn’t for you. There are ghosts in the housing market, writes David Kelly, the chief global strategist at J.P. Morgan Asset Management. Kelly suggests several factors have contributed to the “haunting” of the sector, writes Fortune’s Nick Lichtenberg, such as more than a decade of too-easy money, tariffs, immigration policies that raise the cost of building homes while limiting the number of people who need them, and a Fed whose rate swings hit housing harder than almost anything else. As the U.S. heads to the voting booths this week, most polls forecast that the Democrats will take control of Congress.