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BofA Data Finds the Surge in Housing Costs Varies by Metropolitan Area, with the Sun Belt Significantly Outpacing the West and Northeast

BofA Data Finds the Surge in Housing Costs Varies by Metropolitan Area, with the Sun Belt Significantly Outpacing the West and Northeast
PR Newswire
NEW YORK, March 27, 2023

Median Rent Payment Growth in Sun Belt Cities, such as Phoenix and Tampa, …

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BofA Data Finds the Surge in Housing Costs Varies by Metropolitan Area, with the Sun Belt Significantly Outpacing the West and Northeast

PR Newswire

Median Rent Payment Growth in Sun Belt Cities, such as Phoenix and Tampa, Outpaced Western and Northeastern Cities by more than 20 percentage points

NEW YORK, March 27, 2023 /PRNewswire/ -- Bank of America Institute released new analysis today which examines the increase in housing costs across the United States. BofA internal data shows that median rent payments were up 8% year-over-year (YoY) and median mortgage payments were up 7% YoY for BofA customers in February, but there are meaningful variations by geography. Metropolitan areas in the Sun Belt like Phoenix and Tampa saw rent costs increase by as much as a staggering 26% and 23% YoY respectively, both of which are at a record high pace despite the Fed action aimed at taming price increases. Cities outside of the Sun Belt, like San Francisco, saw more muted growth, as low as 2.5% YoY. Mortgage payments saw a similar regional divide, with metropolitan areas like Tampa, Orlando and Atlanta seeing the biggest rise, while Chicago, Washington, D.C. and Boston see only modest gains.


Median rent
payment growth

Median mortgage
payment growth

Phoenix

26 %

10 %

Tampa

23 %

15 %

Orlando

23 %

13 %

Charlotte

21 %

10 %

Austin

21 %

14 %

Atlanta

20 %

13 %

Dallas

18 %

12 %

Miami

16 %

15 %

New York

9 %

9 %

Boston

8 %

8 %

Seattle

7 %

12 %

Chicago

7 %

7 %

Los Angeles

6 %

9 %

San Francisco

2.5 %

10 %

Source: Bank of America Internal Data. Data represents
%YoY six-month moving average as of Feb. 2023

Economists at the Institute offer four possible reasons for the regional divide:

  1. Domestic migration trends between states since the beginning of the pandemic saw people moving to Arizona, Florida and Texas, while leaving California and Illinois
  2. Sun Belt markets offer more affordable housing, even after the surge in home prices and rents
  3. Job creation in the Sun Belt markets outpaced other markets and exceeded the national average since the start of the pandemic
  4. The creation of higher-paid jobs such as those in technology and finance, which saw higher growth in the Sun Belt, puts upward pressure on the local housing market

"People across the Unites States continue to feel the squeeze from higher housing costs but the impact is uneven between regions," said Anna Zhou, economist for Bank of America Institute. "Ultimately, population and employment growth are two main factors driving a region's housing market, and this may be why we are seeing an over 20% YoY increase in rents in many Sun Belt cities."

Read the full analysis and methodology

About Bank of America Institute

Bank of America Institute is dedicated to uncovering powerful insights that move business and society forward. Established in 2022, the Institute is a think tank that draws on data and analyses from across the bank and the world to provide timely and original perspectives on the economy, Environmental, Social and Governance (ESG), and global transformation. The Institute leverages the depth and breadth of the bank's proprietary data, from 67 million consumer and small business clients, 56 million verified digital users, $4.2T in total payments in 2022 and $1.4T in consumer and wealth management deposits. From this robust data set, the Institute provides a unique perspective on the health of the economy. It also elevates thought leadership from throughout the bank that addresses long-term trends and shares these findings with the general public.

Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.  The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 56 million verified digital users.  Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services.  The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

Reporters may contact:

Melissa Anchan, Bank of America     
Phone: 1.646.532.9241 
melissa.anchan@bofa.com

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SOURCE Bank of America Corporation

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Analyst revamps MicroStrategy stock price target after Bitcoin buy

Here’s what could happen to MicroStrategy shares next.

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How does Michael Saylor feel about bitcoin? We'll let him tell you in his own words.

"Bitcoin is a swarm of cyberhornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy," the executive chairman and co-founder of MicroStrategy  (MSTR)  once said.

Too subtle? Still not sure how the former CEO of the software intelligence company feels about the world's largest cryptocurrency? 

Maybe this will help.

"Bitcoin is a bank in cyberspace, run by incorruptible software, offering a global, affordable, simple and secure savings account to billions of people that don't have the option or desire to run their own hedge fund," Saylor said.

Okay, so the guy really likes bitcoin. And on March 19, the first day of spring, MicroStrategy took a bigger bite out of bitcoin when the company said it had bought 9,245 bitcoins for $623 million between March 11 and March 18.

MicroStrategy said it a completed a $603.75 million convertible debt offering — its second in a week — to raise money to buy bitcoin.

The company now holds about $13.5 billion of bitcoin, which adds up to more than 1% of the 21 million bitcoin that will ever exist, according to CoinDesk.

An analyst adjusts his price target for MicroStrategy

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Committed to developing bitcoin network

MicroStrategy said in a regulatory filing that it had paid roughly $7.53 billion for its bitcoin stash, an average of $35,160 per coin.

The company's stock fell on Tuesday, while bitcoin posted its biggest single-day loss since November 2022. MicroStrategy was off slightly to $1,416 at last check on Wednesday and bitcoin was up 2.3% to $63.607.

Related: Analyst unveils Nvidia stock price 'line in the sand'

Phong Le, MicroStrategy’s president and CEO, told analysts during the company’s Feb. 6 fourth-quarter-earnings call that "we remain highly committed to our bitcoin strategy with a long-term focus.."

"We consider MicroStrategy to be the world's first bitcoin development company," he said. "We are a publicly traded operating company committed to the continued development of the bitcoin network through activities in the financial markets, advocacy, and technology innovation."

MicroStrategy earned $4.96 a share in the quarter, beating the FactSet consensus of a loss of 64 cents, and light years beyond the year-ago loss of $21.93 a share.

Revenue totaled $124.5 million, compared with FactSet's call for $133 million and the year-earlier tally of $132.6 million.

During the call, Saylor told analysts that "2024 is the year of birth of bitcoin as an institutional-grade asset class."

MicroStrategy, he said, completed the first 15 years of the bitcoin life cycle, back when it was largely unregulated and misunderstood. 

"The next 15 years, I would expect, will be a regulated, institutional, high-growth period of bitcoin, very, very different in many ways from the last 15 years," Saylor said.

Crypto's dark days

"Bitcoin itself is performing well for a number of reasons, but one reason is because it represents the digital transformation of capital," he added.

Of course, life with bitcoin wasn't always sunshine and roses. 

More Wall Street Analysts:

We take you back now to those less-than-thrilling days yesteryear, when covid-19 was on the rampage and the price of bitcoin fell 30% from March 8 to March 12 2020.

By the end of 2021, bitcoin had fallen nearly 30%. And 2023 saw the cryptocurrency sector wracked with bankruptcy and scandal, with the likes of FTX CEO Sam Bankman-Fried being convicted of fraud, conspiracy, and money laundering. 

SBF, as he has been known, is scheduled to be sentenced in Manhattan federal court on March 28. He faces a long stretch.

But bitcoin rose about 160% in 2023 and hit a record $73,750 on March 14.

Saylor recently said that his high hopes for bitcoin this year stemmed largely from the U.S. Securities and Exchange Commission approving spot bitcoin ETFs and the upcoming bitcoin halving, where when bitcoin's mining reward is split in half.

MicroStrategy is the first bitcoin development company, Saylor told analysts, but perhaps not for long. 

"We've published our playbook, and we're showing other companies how to do it," he said.

TD Cowen analyst Lance Vitanza cited MicroStrategy's latest bitcoin acquisition when he adjusted his price target for the company's shares on March 20.

The analyst cut the investment firm's price target on MicroStrategy to $1,450 from $1,560 and affirmed an outperform rating on the shares. 

He says the shares remain an attractive vehicle for investors looking to gain bitcoin exposure.

Related: Veteran fund manager picks favorite stocks for 2024

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FoxO6-mediated ApoC3 upregulation promotes hepatic steatosis and hyperlipidemia in aged rats fed a high-fat diet

“This discovery unveils a potential novel molecular target for therapeutic strategies against hepatic steatosis during the aging process […]” Credit:…

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“This discovery unveils a potential novel molecular target for therapeutic strategies against hepatic steatosis during the aging process […]”

Credit: 2024 Kim et al.

“This discovery unveils a potential novel molecular target for therapeutic strategies against hepatic steatosis during the aging process […]”

BUFFALO, NY- March 20, 2024 – A new research paper was published in Aging (listed by MEDLINE/PubMed as “Aging (Albany NY)” and “Aging-US” by Web of Science) Volume 16, Issue 5, entitled, “FoxO6-mediated ApoC3 upregulation promotes hepatic steatosis and hyperlipidemia in aged rats fed a high-fat diet.”

FoxO6, an identified factor, induces hyperlipidemia and hepatic steatosis during aging by activating hepatic lipoprotein secretion and lipogenesis leading to increased ApoC3 concentrations in the bloodstream. However, the intricate mechanisms underlying hepatic steatosis induced by elevated FoxO6 under hyperglycemic conditions remain intricate and require further elucidation.

In this new study, researchers Dae Hyun Kim, Seulah Lee, Sang Gyun Noh, Jaewon Lee, and Hae Young Chung from Pusan National University aimed to delineate the regulatory pathway involving ApoC3 controlled by FoxO6 and its resultant functional impacts.

“[…] we employed a spectrum of models including liver cell cultures, aged rats subjected to HFD, transgenic mice overexpressing FoxO6 (FoxO6-Tg), and FoxO6 knockout mice (FoxO6-KO).”

Their findings indicate that FoxO6 triggered ApoC3-driven lipid accumulation in the livers of aged rats on an HFD and in FoxO6-Tg, consequently leading to hepatic steatosis and hyperglycemia. Conversely, the absence of FoxO6 attenuated the expression of genes involved in lipogenesis, resulting in diminished hepatic lipid accumulation and mitigated hyperlipidemia in murine models. Additionally, the upregulation of FoxO6 due to elevated glucose levels led to increased ApoC3 expression, consequently instigating cellular triglyceride mediated lipid accumulation. The transcriptional activation of FoxO6 induced by both the HFD and high glucose levels resulted in hepatic steatosis by upregulating ApoC3 and genes associated with gluconeogenesis in aged rats and liver cell cultures.

“Our conclusions indicate that the upregulation of ApoC3 by FoxO6 promotes the development of hyperlipidemia, hyperglycemia, and hepatic steatosis in vivo, and in vitro. Taken together, our findings underscore the significance of FoxO6 in driving hyperlipidemia and hepatic steatosis specifically under hyperglycemic states by enhancing the expression of ApoC3 in aged rats.”
 

Read the full paper: DOI: https://doi.org/10.18632/aging.205610 

Corresponding Author: Hae Young Chung

Corresponding Email: hyjung@pusan.ac.kr 

Keywords: HFD-feeding, aging, forkhead transcription factor O6, ApoC3, lipid accumulation, hepatic steatosis

Click here to sign up for free Altmetric alerts about this article.

 

About Aging:

Aging publishes research papers in all fields of aging research including but not limited, aging from yeast to mammals, cellular senescence, age-related diseases such as cancer and Alzheimer’s diseases and their prevention and treatment, anti-aging strategies and drug development and especially the role of signal transduction pathways such as mTOR in aging and potential approaches to modulate these signaling pathways to extend lifespan. The journal aims to promote treatment of age-related diseases by slowing down aging, validation of anti-aging drugs by treating age-related diseases, prevention of cancer by inhibiting aging. Cancer and COVID-19 are age-related diseases.

Aging is indexed by PubMed/Medline (abbreviated as “Aging (Albany NY)”), PubMed Central, Web of Science: Science Citation Index Expanded (abbreviated as “Aging‐US” and listed in the Cell Biology and Geriatrics & Gerontology categories), Scopus (abbreviated as “Aging” and listed in the Cell Biology and Aging categories), Biological Abstracts, BIOSIS Previews, EMBASE, META (Chan Zuckerberg Initiative) (2018-2022), and Dimensions (Digital Science).

Please visit our website at www.Aging-US.com​​ and connect with us:

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Click here to subscribe to Aging publication updates.

For media inquiries, please contact media@impactjournals.com.

 

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ARPA-H appoints Etta Pisano to lead its Advancing Clinical Trials Readiness Initiative

The Advanced Research Projects Agency for Health (ARPA-H) has appointed Etta D. Pisano, MD, FACR, senior portfolio lead, to build the agency’s clinical…

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The Advanced Research Projects Agency for Health (ARPA-H) has appointed Etta D. Pisano, MD, FACR, senior portfolio lead, to build the agency’s clinical trial portfolio and lead the ARPA-H Advancing Clinical Trials Readiness Initiative under ARPA-H Resilient Systems Mission Office Director Jennifer Roberts.

Credit: N/A

The Advanced Research Projects Agency for Health (ARPA-H) has appointed Etta D. Pisano, MD, FACR, senior portfolio lead, to build the agency’s clinical trial portfolio and lead the ARPA-H Advancing Clinical Trials Readiness Initiative under ARPA-H Resilient Systems Mission Office Director Jennifer Roberts.

The first radiologist to be appointed to such a role, Dr. Pisano is an internationally recognized expert in women’s health, breast cancer research, and the use of artificial intelligence in medical imaging applications.

“I am honored to be working for ARPA-H to identify and promote research that can improve healthcare quality, efficacy and delivery, and to improve patient care and access to clinical trials for all Americans, including women, rural residents, and the underserved,” said Dr. Pisano.

Dr. Pisano will continue to serve as study chair of the large-scale Tomosynthesis Mammographic Imaging Screening Trial (TMIST) for the ECOG-ACRIN Cancer Research Group (ECOG-ACRIN). TMIST is led by ECOG-ACRIN with funding from the National Cancer Institute, part of the National Institutes of Health. She will also continue to serve as the American College of Radiology® (ACR®) Chief Research Officer (CRO). Dr. Pisano previously served as the principal investigator of the landmark Digital Mammographic Imaging Screening Trial (DMIST).

The TMIST breast cancer screening study is among the fastest growing National Cancer Institute (NCI) trials of the COVID-19 era. Under Dr. Pisano’s leadership, TMIST is assembling one of the most diverse cancer screening trial populations ever. Approximately 21% of TMIST U.S. participants are Black—more than double the average rate for Black participation in NCI-funded clinical trials (9%).

With ARPA-H, Dr. Pisano will work to build underserved and minority participation in clinical trials—including identifying and onboarding rural facilities and those outside of large academic medical centers—such as emerging retail healthcare sites. 

These duties are also very consistent with the missions of ECOG-ACRIN and ACR, which include promoting the exploration and identification of next-generation technologies that can benefit patients and providers.

“This is a great opportunity for Etta, and I’m excited about the impact she will make on our approach to clinical trials,” said Mitchell D. Schnall, MD, PhD, group co-chair of ECOG-ACRIN.

About ECOG-ACRIN

The ECOG-ACRIN Cancer Research Group (ECOG-ACRIN) is an expansive membership-based scientific organization that designs and conducts cancer research involving adults who have or are at risk of developing cancer. The Group comprises nearly 1400 member institutions and 21,000 research professionals in the United States and around the world. ECOG-ACRIN is known for advancing precision medicine and biomarker research through its leadership of major national clinical trials integrating cutting-edge genomic approaches. Member researchers and advocates collaborate across more than 40 scientific committees to design studies spanning the cancer care spectrum, from early detection to management of advanced disease. ECOG-ACRIN is funded primarily by the National Cancer Institute, part of the National Institutes of Health. Visit ecog-acrin.org, and follow us on X @eaonc, Facebook, LinkedIn, and Instagram.

Media Contact: Diane Dragaud, Director of Communications, communications@ecog-acrin.org.


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