Housing Bubble Woes: Supply Jumps, Sales Drop, Median Price Skewed Higher by Shift in Mix as Bottom Falls Out below $500k, amid Holy-Moly Mortgage Rates

Jun 24, 2022

California special: Pending sales collapse by 30%, prices begin to “moderate,” San Francisco condo prices decline year-over-year. By Wolf Richter for WOLF STREET. Sales that closed in May of previously-owned single-family houses, condos, co-ops, and townhouses fell by 3.4% from April, based on the seasonally adjusted annual rate of sales, and by 8.6% from a year ago, the National Association of Realtors reported today. Sales of single-family houses alone dropped by 7.7% year-over-year. ...read more

What’s Behind the Collapse of so Many Stocks since Feb 2021?

Jun 24, 2022

This crash beneath the surface showed something had broken, that the magic had died, that hype and hoopla were suddenly unable to carry the day. By Wolf Richter. This is the transcript of my podcast recorded last Sunday, THE WOLF STREET REPORT. Stocks have been in a downward spiral for a while. The SP 500 Index has dropped 23% from its high on January 3rd, the Nasdaq has dropped 33% from its high on November 22. But here is the thing: many, and I mean a whole bunch of the biggest high-flyers ...read more

'Yu-Gi-Oh!' Releases $2,100 USD Commemorative Gold Coin

Jun 24, 2022

1 of 2 2 of 2 Konami Cross Media NY, Inc. has just announced a collaboration between Yu-Gi-Oh! and the U.S.’s largest online precious metals retailer APMEX. The collaboration consists of several precious metal coins in gold and silver taking shape as 1oz “flip coins” or character/monster colorized coins. “This is a great way to commemorate the 25th anniversary of Yu-Gi-Oh!,” said Jennifer Coleman, Vice Pr ...read more

Housing Starts Plunge 14.4 Percent But From a Significant Upward Revision

Jun 24, 2022

Housing starts took a deep dive in May. Some of the sting is lessened by an upward revision, but the slowdown looks ugly. Comment Housing data from commerce department, chart by Mish The Census Department's New Residential Construction reports has the starts, permits, and completions data for May, 2022. Building Permits  Privately‐owned housing units authorized by building permits in May were at a seasonally adjusted ...read more

New Vehicle Inventory, Stuck Near Record Lows, Gets Worse as Buyers Shift from Trucks to Economical Cars, which Vanish

Jun 24, 2022

Average new-vehicle price jumps by $5,000 from year ago, to $45,495. By Wolf Richter for WOLF STREET. Inventories of new vehicles at dealers are still desperately short, even as sales have plunged due to vehicle shortages. That has been a given now for over a year, and it hasn’t gotten better, and depending on who is talking, it might get a little better, or it might get worse, if that’s even possible. The number of new vehicles in inventory on dealer lots remained at 1.13 million at t ...read more

Sellers Have Lost Control of the Housing Market, But What About Rent?

Jun 24, 2022

Pending home sales, mortgage application, and asking prices all say the same thing. But it's rent, not home prices, in the CPI. Mortgage Market Index courtesy of Trading Economics Mortgage Applications at 22-Year Low "The MBA Mortgage Market Index in the United States decreased 6.5% to 288.40 points in the week ended June 3rd 2022. It is the lowest level in 22 years as applications to refinance a home dropped 5.6% and those to purchase a single family home went down ...read more

THE WOLF STREET REPORT: What’s Behind the Collapse of so Many Stocks since Feb 2021?

Jun 24, 2022

Dbosaks says: It’s structured like this. The bank could care less if YOU default as they can get a much more stable and valuable asset: your banks house. Azani says: You’ve been bearish on the market as long I have been reading your site. Hopefully when thinks near a bottom, you’ll start to publish more optimistic stuff. I know the boomer coin (gold) crowd won’t like that, but some of us want to keep making money when the markets turn around and rip back up.. Depth Charge ...read more

Japan Has Economic Choices, Two of Them are Poison

Jun 24, 2022

Japan wants to defend the Yen from sinking further and maintain its interest rate cap too. Good luck with that. Japanese yen chart courtesy of trading economics  Bank of Japan Blows Record $81 Billion Defending It's No Rate Hike Pledge Yesterday I reported Bank of Japan Blows Record $81 Billion Defending It's No Rate Hike Pledge Bank of Japan deploys over 10.94 trillion Yen in an attempt to hold its 10-year interest rate peg to 0.25 percent.  Firepower? Store ...read more