Oh Deary, Condo Prices Already Dropped by 12% to 30% in these 28 Bigger Markets by Wolf Richter • Dec 20, 2025 • 21 Comments Across the US, after a mindboggling Condo Bubble, from Manhattan (-19%) to Oakland (-29%), from Cape Coral (-30%) to Seattle (-14%).
Single-Family Home Prices Barely up YoY, Condo Prices Fall, Highest Supply for Nov in Years, Sales at Housing Bust Levels by Wolf Richter • Dec 19, 2025 • 92 Comments The beginning of the 4th year of demand destruction in the resale market after the price explosion from mid-2020 to mid-2022.
Today’s Doctored CPI Inflation Release is like a Bad Joke, but Very Serious (though it Suits the Administration’s Narrative) by Wolf Richter • Dec 18, 2025 • 266 Comments No CPI data for October, partially made-up CPI data for November, and now 3 months’ of doctored OER data which weighs 26% of overall CPI.
Lennar Further Cuts Average Sales Price of New Homes, to Lowest since 2017, -25% from Peak: That’s what this Housing Market Needs by Wolf Richter • Dec 17, 2025 • 61 Comments Lower prices & lots of new supply. Deliveries & backlog rose. Profit margins, profits, & shares plunged.
The Most Splendid Housing Bubbles in America: Price Drops & Gains in 33 Large Expensive Metros in November 2025 by Wolf Richter • Dec 16, 2025 • 46 Comments Every housing market dances to its own dynamics.
The Fed Should Look at Private-Sector Jobs Growth and Not Get Distracted by the Massive Federal Government Job Cuts by Wolf Richter • Dec 16, 2025 • 88 Comments Federal government slashed 172,000 jobs in 3 months, Private Sector gained 225,000, the most since May.
Treasury Yield Curve Steepens Sharply, Yields from 2 Years to 30 Years Have Risen as the Fed Cut Three Times this Year by Wolf Richter • Dec 15, 2025 • 92 Comments The bond market faces the duo of Inflation and Supply.
US Government Sold $602 Billion of Treasuries this Week, 10-Year Treasury Yield Bounces Back to 4.20%, 30-Year Yield to 4.86%, Highest since Sep 4, after Fed Cuts by Wolf Richter • Dec 12, 2025 • 95 Comments All of it to fund the ballooning debt that hit $38.4 Trillion. Shift to T-bill issuance has begun.
Layoffs Show No Signs of a Weakening Labor Market by Wolf Richter • Dec 11, 2025 • 47 Comments If the labor market is weakening, it’s on the job-creation side of the equation, maybe in part due to AI.
Why the Fed’s “Reserve Management Purchases” Are Not QE by Wolf Richter • Dec 11, 2025 • 54 Comments The Fed reverts to pre-2009 balance sheet management where the balance sheet grows with or less than the economy.
This Fed Meeting Must Have Been an Epic Circus by Wolf Richter • Dec 10, 2025 • 164 Comments Amid 3 dissenters in both directions, FOMC cuts by 25 basis points. “Dot Plot” sees 1 cut next year, 3 members see 1 hike. Reserve management purchases of T-bills begins.
CEO of ICE on Making Mortgages “Portable” & “Assumable” in the Era of MBS, and on AI at ICE and its Impact on Hiring by Wolf Richter • Dec 10, 2025 • 36 Comments “I look at our own behavior, which is we’re kind of slow walking some of that kind of hiring now because we’re using these tools.”
Job Openings Jump by 443,000 in 2 Months: Labor Market Retightens, Fed Faces Scenario of Solid Job Market and Accelerating Inflation by Wolf Richter • Dec 9, 2025 • 63 Comments 7.67 million job openings, highest since May, 2nd highest all year, and up from a year ago.
In Edgy Bond Market, 30-Year Treasury Yield Hits 3-Month High, 10-Year Yield Hits 1-Month High, Mortgage Rates Jump by Wolf Richter • Dec 8, 2025 • 79 Comments The expected rate cut gets complicated: A dovish Fed amid rising inflation can spook the bond market.
The Fed Will Talk a lot about “Reserve Balances” and “Reserve Management Purchases” at its FOMC Meetings by Wolf Richter • Dec 8, 2025 • 59 Comments What Are They? And why now?
THANK YOU 💖 for Your Wonderful Support of WOLF STREET!!! And if You Missed the Fall Reminder: Please Donate by Wolf Richter • Dec 6, 2025 • 11 Comments Your support keeps Wolf Street open to all, not hidden behind a paywall, to reach the largest audience possible.
NAR Says Typical First-Time Homebuyer Age Was 40 in 2025, up from 33 in 2021. But Is this Accurate? by Wolf Richter • Dec 5, 2025 • 65 Comments A narrative gets debunked. The affordability crisis remains.
CMBS: “Commercial Mortgage BS” by John McNellis • Dec 5, 2025 • 36 Comments “We should have learned our lesson and sworn off CMBS forever”: McNellis, commercial real estate developer.
Fed Balance Sheet QT: -$37 Billion in November, -$2.43 Trillion from Peak, to $6.54 Trillion by Wolf Richter • Dec 4, 2025 • 61 Comments Standing Repo Facility at zero, after doing its job calming the repo market at month-end. QT ended on December 1, but in November, QT continued.
Low-Fire Low-Hire Job Market, after Massive Overhiring by Big Tech & Others in 2021 & 2022 by Wolf Richter • Dec 4, 2025 • 61 Comments But today’s initial unemployment insurance claims were a doozie that’ll reverse next week.
