Biggest Landlords Pile into “Build-to-Rent” Single-Family Houses, but Sell Older Houses into this Overpriced Market by Wolf Richter • Apr 24, 2024 • 100 Comments American Homes 4 Rent and Invitation Homes sold over 3,000 older single-family houses in 2023.
How It’ll Take Years to Clean Up the Office CRE Mess, with Losses Spread Far and Wide by Wolf Richter • Apr 24, 2024 • 80 Comments The Manhattan office tower Blackstone had bought for $605 million in 2014 and walked away from 2 years ago finally changed hands for $200 million, which paves the way for a complex new beginning.
Prices of New Houses v. Existing Houses: Why New-House Sales Held Up as Existing-House Sales Plunged by Wolf Richter • Apr 23, 2024 • 83 Comments Here’s why: New house prices -18% from peak, back to Nov 2021, further sweetened by mortgage-rate buydowns.
Brick-and-Mortar Meltdown Fells Express. Simon Property & Brookfield, to Avert Vacant Stores and Bad Leases at their Malls, to Buy the Brands and 435 Stores out of Bankruptcy by Wolf Richter • Apr 22, 2024 • 99 Comments This Has Been Years in the Making.
Nvidia, Supermicro Make Huge Mess of AI-Semiconductor Mania, Netflix Plunges, Big Tech Follows by Wolf Richter • Apr 19, 2024 • 214 Comments Nasdaq fell 2.05%, back to where it had been in September 2021. We have some new WTF Charts of the Year.
Fed’s Liabilities and QT: as ON RRPs Plunge toward Zero, Operating Losses Begin to Decline by Wolf Richter • Apr 19, 2024 • 88 Comments After ON RRPs go to zero, reserves will decline, further reducing the Fed’s interest expenses and losses. But it’s not straightforward.
Home Sales Clobbered by Mortgage Rates. New Listings & Active Listings Surge. Most Price Reductions for any March in Years by Wolf Richter • Apr 18, 2024 • 159 Comments Price reductions of existing homes jump to 31.7% of active listings, highest since 2017.
Mortgage Rates over 7% and Heading Higher, Housing Market Still Frozen, Lots of Buyers on Strike as Prices Still Too High by Wolf Richter • Apr 17, 2024 • 180 Comments All that makes sense, but why are there still any cash-out refis when people could take cash out via HELOCs, without losing a 3% mortgage?
Yen Drops to 155 against USD. Currency Collapse at Work, -32% against USD since 2021, -50% since 2012 by Wolf Richter • Apr 16, 2024 • 180 Comments Turns out, collapse of the currency is the price Japan is now paying for years of crazed monetary policies.
Our Drunken Sailors Binge despite Higher Interest Rates, and the Fed Watches them Nervously by Wolf Richter • Apr 15, 2024 • 174 Comments Retail sales by major segment: huge winners (on top: ecommerce and general merchandise retailers), and some big losers.
