It’s like a dam broke. And now higher interest rates and mortgage rates for much longer, with lower asset prices, as the Everything Bubble gets repriced. So now the media suddenly focuses on this big problem I’ve been screaming about for many months: Inflation has shifted from energy and from goods tangled up in […]
https://pricklypear.news/wp-content/uploads/inflation-4.jpg339509Wolf Richterhttps://pricklypear.news/wp-content/uploads/logo_2023.pngWolf Richter2022-09-26 02:00:582022-12-15 09:05:39This Inflation Will Be Tough to Get under Control
Long-term stagnation turns into a sharp decline. Over the four weeks through September 9, gasoline consumption dropped by 11.7% from the same four-week period in 2019, to 8.56 million barrels per day on average, below the same periods in 2020 and 2021, according to EIA data today. The EIA measures gasoline consumption in terms of […]
#Phoenix builder: “The positive is there’s light at the end of the tunnel for improving build cycle times. The negative is there won’t be customers on the other side of said tunnel.” We’ve seen the data from the Census Bureau about the downturn in the market for new houses: surging inventories – 11 months’ supply […]
https://pricklypear.news/wp-content/uploads/phxhome.jpg339509Wolf Richterhttps://pricklypear.news/wp-content/uploads/logo_2023.pngWolf Richter2022-09-11 06:45:472022-12-15 09:05:40Boots-on-the-Ground Observations by 21 Home Builders about the Housing Market They’re Facing
Editors’ Note: The author’s warning and advice at the end of this article are so important. The economic problems plaguing much of the world are related to Democrat and Biden administration governance in many areas of public policy and economic management. The Inflation Reduction Act (misnamed – it is the Green New Deal Slush Fund Act), environmental […]
https://pricklypear.news/wp-content/uploads/pastfuture.jpg339509Neland Nobelhttps://pricklypear.news/wp-content/uploads/logo_2023.pngNeland Nobel2022-09-10 02:00:352022-12-15 09:02:44It Is Still a Dilemma for Investors
Interesting stuff happening in the labor market, suddenly. Employers added 315,000 workers to their payrolls in August, and 1.13 million over the past three months – solid growth. Households reported that the number of working people in regular jobs or self-employed jumped by 442,000 in August, after having been essentially flat for months. There […]
https://pricklypear.news/wp-content/uploads/daytrader.jpg339509Wolf Richterhttps://pricklypear.news/wp-content/uploads/logo_2023.pngWolf Richter2022-09-07 02:02:102022-12-15 09:05:40Stock Selloff, Collapse of Cryptos, Meme Stocks & SPAC/IPO Zombies Bringing Day Traders Back into the Labor Force?
The Case-Shiller index, which lags reality on the ground by 4-6 months, is starting to pick up the price drops in Seattle, San Francisco, San Diego, Los Angeles, Denver, and Portland. The housing market is going through some navel-gazing, as many buyers evaporated at current prices and mortgage rates. They’re still out there, but […]
https://pricklypear.news/wp-content/uploads/sinking-1.jpg340468Wolf Richterhttps://pricklypear.news/wp-content/uploads/logo_2023.pngWolf Richter2022-09-05 02:00:542022-12-15 09:05:41The Most Splendid Housing Bubbles in America, August Update: First Price Drops Appear, All in the West
Sales Plunge to Lockdown Levels, Active Listings Surge, Prices Begin to Dip as Price Reductions Spike, Investors Pull Back Buyers moseyed away from sky-high prices but are still there, just a lot lower, while many sellers hang on to illusions. Inventory and supply of previously-owned homes of all types – single-family houses, condos, co-ops, and […]
https://pricklypear.news/wp-content/uploads/iStock-537534375-scaled.jpg17072560Wolf Richterhttps://pricklypear.news/wp-content/uploads/logo_2023.pngWolf Richter2022-08-22 02:00:422022-12-15 09:05:41All Signs Point to a Housing Recession
Biggest investors in single-family houses: “We need to be patient and allow the market to reset.” We’re now getting all kinds of commentary from housing industry insiders and big institutional investors in single-family houses. They’re talking about this during their earnings calls. American Homes 4 Rent is one of them. The company was founded […]
https://pricklypear.news/wp-content/uploads/house4sale.jpg339509Wolf Richterhttps://pricklypear.news/wp-content/uploads/logo_2023.pngWolf Richter2022-08-14 02:00:572022-12-15 09:05:41Housing Bubble Getting Ready to Pop: The Big Boys Leave, Waiting for Reset
Homebuilder stocks have been wobbling lower all year, now down between 24% and 40%. Homebuilders have struggled for well over a year with supply and labor shortages and ridiculously spiking costs. In addition, this year, the new holy-moly mortgage rates added to the woes, and unsold inventories surged to levels not seen since 2008, as […]
That’s what’s different this time: Stuff blows up because of leverage and cascades through the crypto space because everything’s interconnected. Crypto lender and broker Voyager Digital, which also took deposits and offered yield products with huge interest rates of up to 12%, said in a series of tweets today that it is, “actively pursuing […]
This Inflation Will Be Tough to Get under Control
/in Economy, Featured, Personal Finance, Politics/by Wolf RichterIt’s like a dam broke. And now higher interest rates and mortgage rates for much longer, with lower asset prices, as the Everything Bubble gets repriced. So now the media suddenly focuses on this big problem I’ve been screaming about for many months: Inflation has shifted from energy and from goods tangled up in […]
Gasoline Demand Destruction Accelerates Despite Plunge in Prices: Consumption Drops to August 1997 Level
/in Economy, Featured, Personal Finance/by Wolf RichterLong-term stagnation turns into a sharp decline. Over the four weeks through September 9, gasoline consumption dropped by 11.7% from the same four-week period in 2019, to 8.56 million barrels per day on average, below the same periods in 2020 and 2021, according to EIA data today. The EIA measures gasoline consumption in terms of […]
Boots-on-the-Ground Observations by 21 Home Builders about the Housing Market They’re Facing
/in Arizona News, Economy, Featured, Personal Finance/by Wolf Richter#Phoenix builder: “The positive is there’s light at the end of the tunnel for improving build cycle times. The negative is there won’t be customers on the other side of said tunnel.” We’ve seen the data from the Census Bureau about the downturn in the market for new houses: surging inventories – 11 months’ supply […]
It Is Still a Dilemma for Investors
/in Economy, Environment, Featured, Liberty, Midterms 2022, National Security, Personal Finance, Politics/by Neland NobelEditors’ Note: The author’s warning and advice at the end of this article are so important. The economic problems plaguing much of the world are related to Democrat and Biden administration governance in many areas of public policy and economic management. The Inflation Reduction Act (misnamed – it is the Green New Deal Slush Fund Act), environmental […]
Stock Selloff, Collapse of Cryptos, Meme Stocks & SPAC/IPO Zombies Bringing Day Traders Back into the Labor Force?
/in Economy, Featured, Personal Finance/by Wolf RichterInteresting stuff happening in the labor market, suddenly. Employers added 315,000 workers to their payrolls in August, and 1.13 million over the past three months – solid growth. Households reported that the number of working people in regular jobs or self-employed jumped by 442,000 in August, after having been essentially flat for months. There […]
The Most Splendid Housing Bubbles in America, August Update: First Price Drops Appear, All in the West
/in Economy, Featured, Personal Finance/by Wolf RichterThe Case-Shiller index, which lags reality on the ground by 4-6 months, is starting to pick up the price drops in Seattle, San Francisco, San Diego, Los Angeles, Denver, and Portland. The housing market is going through some navel-gazing, as many buyers evaporated at current prices and mortgage rates. They’re still out there, but […]
All Signs Point to a Housing Recession
/in Economy, Featured, Personal Finance/by Wolf RichterSales Plunge to Lockdown Levels, Active Listings Surge, Prices Begin to Dip as Price Reductions Spike, Investors Pull Back Buyers moseyed away from sky-high prices but are still there, just a lot lower, while many sellers hang on to illusions. Inventory and supply of previously-owned homes of all types – single-family houses, condos, co-ops, and […]
Housing Bubble Getting Ready to Pop: The Big Boys Leave, Waiting for Reset
/in Economy, Featured, Personal Finance/by Wolf RichterBiggest investors in single-family houses: “We need to be patient and allow the market to reset.” We’re now getting all kinds of commentary from housing industry insiders and big institutional investors in single-family houses. They’re talking about this during their earnings calls. American Homes 4 Rent is one of them. The company was founded […]
Housing Bubble Getting Ready to Pop: Traffic of Prospective Buyers of New Houses Plunges, Homebuilders Cut Prices, Sentiment Dives
/in Economy, Featured, Personal Finance, Politics/by Wolf RichterHomebuilder stocks have been wobbling lower all year, now down between 24% and 40%. Homebuilders have struggled for well over a year with supply and labor shortages and ridiculously spiking costs. In addition, this year, the new holy-moly mortgage rates added to the woes, and unsold inventories surged to levels not seen since 2008, as […]
Leverage & Interconnectedness Are Blowing Up Crypto & DeFi
/in Culture War, Economy, Featured, Personal Finance/by Wolf RichterThat’s what’s different this time: Stuff blows up because of leverage and cascades through the crypto space because everything’s interconnected. Crypto lender and broker Voyager Digital, which also took deposits and offered yield products with huge interest rates of up to 12%, said in a series of tweets today that it is, “actively pursuing […]