Five interesting things that Hodges Capital research analysts discovered this week...
#1 TIME TO HEAD TO THE ELECTION POLLS: A new NBC News Poll found 70% of all registered voters expressing high interest in the election – either a “9” or a “10” on a 10-point scale – the highest percentage ever in the survey for a midterm election at this point. By party, however, 78% of Republicans have high interest in the midterms, compared with 69% of Democrats.
#2 RECREATIONAL SPORTS PARTICIPATION CONTINUES TO GROW: According to the Sports and Fitness Industry Association, between 2020 and 2022, participation rose in golf by +25%, tennis by +28%, skateboarding by +32%, and pickleball by +39%.
#3 RENT IS TRICKLING DOWN: Through the third quarter, national rents declined by $7 or 0.4% from $1,641 to $1,634, and national vacancy jumped 30 basis points, settling at 5.4% at the end of September.
#4 U.S. MORTGAGE INTEREST RATES JUMP TO 7.16%: The average contract rate on a 30-year fixed-rate mortgage rose by 22 basis points to 7.16% for the week ended Oct. 21, while the MBA's Market Composite Index, a measure of mortgage loan application volume, fell 1.7% from a week earlier. This is the highest rate since 2001. Mortgage application activity is at its slowest pace since 1997.
#5 METAVERSE CONTINUES TO GROW: Citibank estimates that the metaverse could be worth $13 trillion by 2030 and have up to 5 billion users.
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