Americans gained more than $63 trillion dollars in wealth from the first quarter of 2020 through the second quarter of 2025, according to the Federal Reserve. Real-estate wealth rose more than 61% during that span, while wealth from stocks and mutual funds went up 127%.
BX Senior Housing
Real-estate giant Blackstone is liquidating a major investment gone wrong: a $1.8 billion wager on senior housing that has saddled the firm with more than $600 million in losses. It is shaping up to be one of the New York firm’s worst investments in recent years. The firm also said its losses were part of a $33.5 billion fund that otherwise had strong performance, nearly doubling investors’ capital.
Job Cuts
Year to date, employers have announced 1,099,500 job cuts, up 65% from the first ten months of last year.
Data Centers
Recent federal data put domestic Data Center development at $41 billion in annual investment, but estimated roughly 72% of all server-farm capacity sat in just 1% of counties as of July.
Top Earners
The top 10% of earners accounted for 49.2% of national spending in the second quarter of 2025, a record high, with their spending up 4.4% year-over-year.
Adjustable Rate Mortgages
About 10% of purchase-mortgage applications were for ARMs in the week ended Oct. 3, the highest rate since 2023. In early 2021, when mortgage rates were near historic lows, less than 3% of purchase applications were for ARMs.
Related Data Center
Developer Related Companies has agreed to build a more than $7 billion data-center, one of the largest deals yet for this burgeoning real estate class that powers AI. Related’s 250-acre campus in Saline Township, Mich., is the fourth new site announced as part of a $300-billion contract signed between Oracle and OpenAI, which the ChatGPT maker says is part of its larger Stargate project designed to build trillions of dollars worth of new computing capacity.
JPMorgan PE Token
JPMorgan Chase said that it tokenized a private-equity fund on its blockchain platform, an offering that is available to the wealthy clients served by its private bank. The move comes ahead of JPMorgan’s broader rollout next year of its fund tokenization platform, Kinexys Fund Flow. Tokenization lets the bank offer clients a digital representation of the ownership of an asset that lives on a blockchain ledger.
Shutdown on Hotels
The American Hotel and Lodging Association (AHLA) estimates that the government shutdown costs the economy $31 million in lost activity that would have been generated by hotel stays. As of last week, the AHLA estimated that the hotel industry had already lost $650 million in business.
Apartment Rents
National rent prices edged slightly higher for part of this year, buoyed by price rises in the Northeast and Midwest where new supply has been limited. But last month, national average rent fell 0.3% from August, the steepest September drop in more than 15 years.