As you read the below keep in mind that this is as of May, then think about where mortgage rates, inflation, and disposable income have gone since then. And people are surprised that August Existing Home Sales came in below the market consensus…
I see it as more support for the Portfolio’s decision to exit our position in Builders FirstSource ($BLDR) earlier this month.
The Atlanta Fed calculates that as of May, a household would need income of $124,674 a year to afford a median-priced home … that is 45% more than the median household makes@WSJpic.twitter.com/eJEgxBCqNx
With 30 years of cross-industry experience, Chris Versace brings his thematic investing lens to TheStreet Pro Portfolio (formerly Action Alerts PLUS) each day as lead portfolio manager. His daily insights, analysis, and recommendations provide the foundation for TheStreet's Pro Portfolio.
Versace began his career in equity research before founding Versace Management in 2005. He joined TheStreet team in 2011 as a Real Money contributor before becoming portfolio manager of Action Alerts PLUS in 2021. He holds an MBA from Fordham Gabelli School of Business and has co-authored a book called “Cocktail Investing - Distilling Everyday Noise into Clear Investing Signals for Better Returns.”
With a passion for teaching others about investing, Versace spent 9 years as an Assistant Professor of Finance at NJCU School of Business. When he’s not contributing to TheStreet’s premium services, he can be found speaking at industry conferences or at a Bruce Springsteen concert (he’s seen him 50 times and counting!).
