What’s the Cost of Mortgage-Rate Buydowns and Other Incentives to Homebuilders? Lennar Discloses the Numbers by Wolf Richter • Jul 4, 2024 • 4 Comments And they’re big. That assumes their hedges don’t blow up, but that’s precisely what hit D.R. Horton.
New Vehicle Sales, Q2: EVs Surge YoY, Except Tesla. Stellantis Drops to #6 for First Time, behind Honda. GM & Ford ICE Vehicles Dip YoY, but their EVs Spike. Prices Drop by Wolf Richter • Jul 3, 2024 • 59 Comments The CDK cyberattack wreaked havoc on processing and reporting deliveries by nearly 15,000 dealers.
It Gets Still Messier with CRE Loans, Bottom Not in Sight: CMBS Delinquencies for Office, Retail, Lodging Lead the Parade by Wolf Richter • Jul 2, 2024 • 78 Comments So let’s extend and pretend, please? But industrial still in pristine condition, multifamily limping along.
Inflation Saga Far from Over: Services CPI in the Euro Area Refuses to Slow for 8th Month in a Row by Wolf Richter • Jul 2, 2024 • 60 Comments Lagarde frets over surging labor costs feeding into services inflation.
Another of Our Imploded Stocks Ends in Bankruptcy: Chicken Soup for the Soul Entertainment, 2 Years after its Infamous Redbox Acquisition by Wolf Richter • Jul 1, 2024 • 61 Comments Don’t buy anything from a PE firm after Consensual Hallucination runs out?
Is High-Inflation Finally Behind Us? Is Canada Housing in a Bear Market? What’s Behind the Yen’s Plunge? Will the CDK Chaos Hit June Auto Sales? And More… by Wolf Richter • Jul 1, 2024 • 34 Comments Wolf Richter on “This Week in Money.”
Status of US Dollar as Global Reserve Currency: Central Banks Diversify from USD-Assets to Other Currencies and to Gold by Wolf Richter • Jun 29, 2024 • 131 Comments Long, slow erosion of the US dollar’s dominance. China’s renminbi keeps losing ground, many other currencies gain, as does gold.
Our Drunken Sailors Leaving the Party? Nah, Not Yet: Incomes, Transfer Receipts, Spending, Saving, and Inflation by Wolf Richter • Jun 28, 2024 • 126 Comments After getting whacked by inflation, incomes have now outrun inflation for the 17th month in a row.
Fed’s Wait-and-See on Rate Cuts Makes Sense amid Whiplash Data: Still Worst 6-Month “Core” PCE Inflation since mid-2023 but Freak Plunge in Durable Goods by Wolf Richter • Jun 28, 2024 • 65 Comments Housing inflation was hot and accelerated in May, amid crazy whiplash-data in other services.
Corporate Profits by Major Industry, Q1 Update: “Greedflation” Hits Ceiling in Some Industries but Still Thrives in Others? by Wolf Richter • Jun 27, 2024 • 46 Comments The huge spike in profits during the high-inflation years backtracked in some industries but got even hotter in others.
Demand for Homes Drops to (Near) Record Low as Inventory Rises. Now Come the “Stabilizing Home Prices”: NAR by Wolf Richter • Jun 27, 2024 • 87 Comments “The market is at an interesting point with rising inventory and lower demand”: National Association of Realtors
Yen Drops to 161 against USD. -34% since 2020, -53% since 2012. Currency Collapse Comes to Mind. Bank of Japan Finally Gets Nervous about its Crazed Monetary Policies by Wolf Richter • Jun 26, 2024 • 94 Comments A collapsed yen is not good for Japan, which has had a trade deficit for years. And it contributed to energy price shocks.
The Most Splendid Housing Bubbles in America, June 2024 Update. San Francisco, Seattle, Phoenix, Portland, Denver, Dallas, Las Vegas still below 2022 Peak by Wolf Richter • Jun 25, 2024 • 202 Comments New Highs: Boston, New York, Miami, Los Angeles, San Diego, Washington DC, Chicago… Rate-Cut Mania subsides, price growth begins to slow.
Inflation in Canada Throws Another Curveball: Core CPI Spikes Month-to-Month by Most since 2022 by Wolf Richter • Jun 25, 2024 • 32 Comments It was obviously “unexpected.” But the Bank of Canada has been leery of this sort of mess showing up.
Ford F-150 Falls off Cliff in Q1 Registrations, Toyota RAV4 Leaps to #1, Tesla Model Y Gains Share, Still #2 Bestseller in the US by Wolf Richter • Jun 24, 2024 • 100 Comments Car and truck bestseller rankings in the US got stirred and shaken in Q1 2024.
Largest Auto Dealers Begin to Warn about Impact of Ransomware Attack Crippling Dealer Software Provider CDK by Wolf Richter • Jun 24, 2024 • 89 Comments “As the incident is ongoing, the full scope, nature and impact of the incident is not yet known”: AutoNation today.
Who Holds the Recklessly Ballooning US National Debt of $34.7 Trillion? by Wolf Richter • Jun 23, 2024 • 169 Comments All of these Treasury securities have been sold. So here are the holders.
Home Sales Sag Further, Hit by Mortgage Rates. Price Cuts & Active Listings Surge. Median Price Skewed by Surge in High-End Sales by Wolf Richter • Jun 21, 2024 • 217 Comments Sales in the mid- and lower range swoon as many people who need a mortgage seem to be waiting for lower rates.
Global Steel Production Update: China’s Property Crisis & Manufacturing Slowdown Trigger China’s Worst Ever 3-Year Drop of Steel Production, after Years of Blistering Growth by Wolf Richter • Jun 20, 2024 • 64 Comments US production of crude steel edged down further. Nucor Steel moved up to #15 globally. US Steel, #24, gets acquired by #4, Nippon Steel.
The Foreign Holders of the Ballooning US Debt: They’re Buying, But Don’t Keep Up by Wolf Richter • Jun 19, 2024 • 120 Comments As China dumps Treasury securities, the Euro Area, Canada, and financial centers load up with immense appetite.