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/logo_2023.png00Wolf 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/logo_2023.png00Wolf 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/logo_2023.png00Wolf 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/logo_2023.png00Wolf 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 […]
QE creates money. QT does the opposite: it destroys money. Total assets on the Fed’s weekly balance sheet as of July 6, released this afternoon, fell by $22 billion from the prior week, and by $74 billion from the peak in April, to $8.89 trillion, the lowest since February 9, as the Fed’s quantitative tightening (QT) […]
https://pricklypear.news/wp-content/uploads/logo_2023.png00Wolf Richterhttps://pricklypear.news/wp-content/uploads/logo_2023.pngWolf Richter2022-07-11 01:58:452022-12-15 09:05:43Fed’s QT Kicks Off: Total Assets Drop by $74 Billion from Peak, New Era Begins
A chart like this is an indictment of Wall Street and the hype-and-hoopla machine that pumped and dumped this stuff on the most gullible retail investors ever. Crypto-trading platform Coinbase hired Goldman Sachs in late 2020 as a financial advisor for its efforts to go public. They decided eventually to go public via a […]
https://pricklypear.news/wp-content/uploads/logo_2023.png00Wolf Richterhttps://pricklypear.news/wp-content/uploads/logo_2023.pngWolf Richter2022-06-30 01:55:282022-12-15 09:05:43Goldman Sachs Cut its Hype-and-Hoopla Creature Coinbase to Sell after it Collapsed 87%, as Crypto “Trading Activity Dries Up”
The June sell-off did a job on them. Manhattan luxury real estate vs. stock market downward spiral in June: In the week through June 19, only 12 sales contracts were signed for condos, co-ops, and townhouses with asking prices of $4 million and above, the worst week since the week of December 28, 2020 […]
https://pricklypear.news/wp-content/uploads/logo_2023.png00Wolf Richterhttps://pricklypear.news/wp-content/uploads/logo_2023.pngWolf Richter2022-06-28 01:50:162022-12-15 09:05:43Stock Market Swoon Pulls Rug Out from under Luxury Home Sales
Margin debt issued warnings starting in early 2021 that the Big S would hit the fan. Folks blew it off. Editors’ Note: Wolf Richter makes a brief point about “securities-based lending” (SBL) that deserves some additional commentary. This has been all the craze at major brokerage houses, which encourage both advisors and clients to […]
Stock Selloff, Collapse of Cryptos, Meme Stocks & SPAC/IPO Zombies Bringing Day Traders Back into the Labor Force?
/in /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 /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 /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 /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 /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 […]
Fed’s QT Kicks Off: Total Assets Drop by $74 Billion from Peak, New Era Begins
/in /by Wolf RichterQE creates money. QT does the opposite: it destroys money. Total assets on the Fed’s weekly balance sheet as of July 6, released this afternoon, fell by $22 billion from the prior week, and by $74 billion from the peak in April, to $8.89 trillion, the lowest since February 9, as the Fed’s quantitative tightening (QT) […]
Goldman Sachs Cut its Hype-and-Hoopla Creature Coinbase to Sell after it Collapsed 87%, as Crypto “Trading Activity Dries Up”
/in /by Wolf RichterA chart like this is an indictment of Wall Street and the hype-and-hoopla machine that pumped and dumped this stuff on the most gullible retail investors ever. Crypto-trading platform Coinbase hired Goldman Sachs in late 2020 as a financial advisor for its efforts to go public. They decided eventually to go public via a […]
Stock Market Swoon Pulls Rug Out from under Luxury Home Sales
/in /by Wolf RichterThe June sell-off did a job on them. Manhattan luxury real estate vs. stock market downward spiral in June: In the week through June 19, only 12 sales contracts were signed for condos, co-ops, and townhouses with asking prices of $4 million and above, the worst week since the week of December 28, 2020 […]
Margin Debt Unwinds Further amid Massacre of High-Flying Stocks and Forced Selling
/in /by Wolf RichterMargin debt issued warnings starting in early 2021 that the Big S would hit the fan. Folks blew it off. Editors’ Note: Wolf Richter makes a brief point about “securities-based lending” (SBL) that deserves some additional commentary. This has been all the craze at major brokerage houses, which encourage both advisors and clients to […]