Defaulted Crossgates Mall CMBS Loans Sold at 69% Below 2012 Appraised Value of the Mall by Wolf Richter • Aug 18, 2023 • 112 Comments CRE debt keeps on giving. Retail CMBS have been a bloodbath for years. Thankfully, banks largely not on the hook.
San Francisco House Prices Plunged Faster (-29%) in 16 Months of Housing Bust 2 than in the First 16 Months of Housing Bust 1 by Wolf Richter • Aug 17, 2023 • 140 Comments But the Bay Area cannot keep up with the spectacular collapse of prices during Housing Bust 1. That had been a doozie.
Ten-Year Treasury Yield Hits 15-Year High, Market Wades out of Denial, Sees “Higher-for-Longer,” Tsunami of Issuance, QT by Wolf Richter • Aug 16, 2023 • 205 Comments “Higher for longer be damned”: consumers and businesses.
UK Services Inflation Spikes to 40-Year High. A Global Phenomenon: All Heck Has Broken Loose in Services by Wolf Richter • Aug 16, 2023 • 56 Comments But motor fuel prices plunge, and inflation in durable goods and food cools – same as everywhere.
The Most Splendid Housing Bubbles in Canada: After a Rocking & Rolling BoC-Pause Season, the First Price Drops Reappear by Wolf Richter • Aug 15, 2023 • 100 Comments Short-term yields spiked, and mortgage rates with them: First results of the Bank of Canada’s unpause on the housing market.
Drunken Sailors Partying Hard: Retail Sales Jump despite Cooling Inflation in Goods that Retailers Sell by Wolf Richter • Aug 15, 2023 • 128 Comments They partied most at Restaurants & Bars, and at ecommerce retailers. If I hear one more time consumers are “tapped out,” I’m going to scream.
What Consumers Earn in Interest Income vs. What they Pay in Interest Expense by Wolf Richter • Aug 14, 2023 • 174 Comments One reason why the drunken sailors are in no mood to slow down. Lots of them make a lot more money on T-bills, CDs, money-market funds. Others pay more.
Freight Recessions Crush Teetering Trucking Companies. This Time, Yellow. And the Freight Recession Continues by Wolf Richter • Aug 14, 2023 • 59 Comments Prolonging the downturn of for-hire truckers is the growth of private fleets, such as Walmart’s and Amazon’s which eat into their share.
Consumer Foreclosures, Bankruptcies, Delinquencies, and Collections: Checking on the Hangover of our Drunken Sailors by Wolf Richter • Aug 12, 2023 • 153 Comments Not much of a hangover yet. Going to see more of these frying-pan charts
Full Commercialization of Robotaxis Arrives in San Francisco by Wolf Richter • Aug 11, 2023 • 278 Comments Not everyone is happy.
