Market Performance: Nasdaq 100 and S&P 500 fell 2.94% and 1.39% respectively, weighed down by chip stocks. However, the Dow Jones hit a new record high for the second consecutive day.

Housing Market Strength: June housing starts beat expectations at 1.353 million, up 3% month-over-month. Building permits also exceeded forecasts at 1.446 million, a 3.4% monthly increase.

Economic Slowdown: The Federal Reserve's Beige Book reported slight to modest growth in most districts, with declining activity in some areas. Consumer spending remained flat, while auto sales and loan demand decreased.

Global Market Outlook: U.S. futures were down Wednesday morning, while Asian markets traded mixed. European markets opened lower as investors await the ECB's interest rate decision.

Despite a 3% monthly uptick, overall housing starts in June 2024 lagged 4.4% behind last year's pace, highlighting persistent challenges in the industry.

A tale of two markets: Single-family home construction shows resilience with a 5.4% annual increase, while multifamily starts plummeted 23.4% year-over-year, reflecting a cooling apartment market.

Silver lining for buyers: Housing completions surged, bringing new single-family home inventory to its highest level since 2008, potentially offering some relief in a tight market.

Regional disparities emerge: The Northeast and Midwest saw significant monthly increases in housing starts, while the South and West experienced declines, underscoring the importance of local market factors.

Proposed 5% rent cap: Biden calls for legislation to limit annual rent increases to 5% for large corporate landlords, covering about half the U.S. rental market.

Federal land for housing: The plan includes freeing up federal land in Nevada to build up to 15,000 new affordable housing units, echoing a similar proposal from Trump.

Mixed reactions: While some affordable housing advocates cautiously praise the rent cap idea, industry groups warn it could discourage new construction and worsen the housing shortage.

Election implications: Housing affordability emerges as a key issue in swing states, with both Biden and Trump putting forward proposals to address the crisis.

Pompano Beach: This beachside gem, just 40 miles north of Miami, is undergoing a renaissance with luxury developments and city revitalization projects. Enjoy a beach town lifestyle at a fraction of the cost of neighboring Fort Lauderdale and Boca Raton.

Fort Myers: Once known as a retiree haven, this vibrant city now attracts a diverse, younger crowd with its outdoor recreation, dining scene, and cultural attractions. With ample land for development, Fort Myers offers great potential for long-term real estate investment.

North Bay Village: This trio of islands north of Miami Beach is the ultimate insider's secret. Offering the Miami lifestyle at 30-40% less cost, it's poised for transformation with new zoning laws attracting top developers and creating exciting opportunities for condo buyers.

Bonus perks: All three cities benefit from Florida's lack of state income tax, proximity to major amenities, and the undeniable allure of coastal living. Whether you're relocating for work or planning for retirement, these affordable havens deserve a spot on your Florida house-hunting shortlist.