TheStreet's Conway Gittens brings the latest business headlines from the New York Stock Exchange as markets close for trading on Friday, June 14.
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Full video transcript below:
CONWAY GITTENS: I'm Conway Gittens reporting from the New York Stock Exchange. This is what we are seeing today on TheStreet.
Investors entered the weekend thoughtful after a week filled with record high stock prices, softer-than-expected inflation data and a Federal Reserve that is preparing for at least one interest rate cut later this year.
Meanwhile, the University of Michigan consumer confidence index for early June saw a deterioration due to inflation concerns. Wall Street will get a more important update for consumers on Tuesday with the release of May retail sales figures.
The gloomy consumer mood can also be attributed to rising housing costs, and there is now a list of cities that have been deemed “incredibly unaffordable.”
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According to Demographia International's annual Housing Affordability Report, California has the dubious distinction of being the state with the most American cities where home prices are exorbitant. San Jose, Los Angeles, San Francisco and San Diego are on the list. Honolulu completes the top 10 American cities.
The report blames “escalating land costs. As land was rationed in an effort to curb urban sprawl, excess demand over supply drove up prices.”
To determine which cities are “impossibly unaffordable,” the authors constructed an affordability index based on a city's median home price divided by median gross household income.
That will be enough for your daily report. From the New York Stock Exchange, I'm Conway Gittens of TheStreet.
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