Monthly Archives: October 2025

US Treasury Debt Hits $38 Trillion after Spiking by $1 Trillion in 2.5 Months and by $1.8 Trillion since the Debt Ceiling

by Wolf Richter • Oct 22, 2025 • 99 Comments

But debt and interest expense don’t exist in a vacuum.

Falling Mortgage Rates further Reduce Demand in the Housing Market (Not so Paradoxically)

by Wolf Richter • Oct 22, 2025 • 38 Comments

Waiting for even lower mortgage rates comes on top of all the big issues that crush demand in the housing market.

The 23 Bigger Cities where Condo Prices Dropped by 12% to 28% through September

by Wolf Richter • Oct 21, 2025 • 53 Comments

The Condo Bust is spreading, after the most extraordinary Condo Bubble maybe ever.

Repo Market Brushfires Doused by Banks’ Use of the Fed’s Standing Repo Facility (SRF)

by Wolf Richter • Oct 20, 2025 • 76 Comments

The new & improved SRF begins to serve its purpose of allowing the Fed to push QT as far as possible without blowing anything up, unlike last time.

The 15 Bigger Cities with the Biggest Price Declines of Single-Family Homes (-10% to -24%) through September

by Wolf Richter • Oct 19, 2025 • 42 Comments

Oakland, Austin, Cape Coral, New Orleans, San Francisco, Birmingham, Fort Myers, Washington DC, Sarasota, Denver, Hayward, Portland, Phoenix, Naples, St. Petersburg.

AI-Powered Tricolor and its Mushroom Cloud of Fraud Allegations Are a Sign Greedy Lenders Closed their Eyes for Years, Not a Sign Consumers Are “Cracking” or Whatever

by Wolf Richter • Oct 17, 2025 • 60 Comments

American consumers are doing OK on their auto loans.

The Most Splendid Housing Bubbles in America: Price Drops & Gains in 33 Large Expensive Metros in September 2025

by Wolf Richter • Oct 16, 2025 • 63 Comments

Prices fell YoY in 22: Tampa, Austin, Miami, San Diego, Los Angeles, San Jose, San Francisco, Dallas, San Antonio, Houston, Phoenix, Orlando, Atlanta, Denver, Raleigh, Seattle… Rose in Chicago, Boston, New York, Philadelphia…

Stock Market Leverage Blows Out

by Wolf Richter • Oct 15, 2025 • 173 Comments

Everyone is talking about the AI bubble – proclaiming it or denying it – but this is what it looks like from the leverage point of view.

Home Buyers’ Strike Drags on Relentlessly, Despite Lower Mortgage Rates

by Wolf Richter • Oct 15, 2025 • 41 Comments

So mortgage rates are not the problem; they’re at the low end of the pre-QE historical range. Those exploded prices are.

Powell on the End of QT (“We’re Not so Far Away but There’s a Ways to Go”), Shifting Assets to T-Bills, and Selling MBS

by Wolf Richter • Oct 14, 2025 • 82 Comments

Bonus: His doomsday scenario if Congress forces the Fed to stop paying interest to banks on their reserve balances.

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