Turning Point: CPI Used Vehicles Jumps for First Time since July “Not Seasonally Adjusted,” Tracks Wholesale Price Surge with Two-Month Lag by Wolf Richter • Apr 13, 2023 • 96 Comments The historic plunge in used vehicle retail prices from utterly absurd highs may have ended already.
CPI for Services Rages, Durable Goods Prices Rise Again after 6 Months of Declines. Food Inflation Backs Off, Energy Plunges by Wolf Richter • Apr 12, 2023 • 193 Comments Housing inflation is peaking at 8%-plus.
Trouble in Multifamily CRE: Two Big Messes, and Investors Are on the Hook, not Banks by Wolf Richter • Apr 11, 2023 • 118 Comments A REIT specializing in CRE loans foreclosed on 3,200 apartments in Houston. CMBS investors hit by default of 62 multifamily buildings in San Francisco.
Banks and Commercial Real Estate Debt, a Deep Dive: Investors and Government on the Hook for the Majority of CRE Debt by Wolf Richter • Apr 10, 2023 • 95 Comments Retail CRE debt has been crappy since 2017, and banks managed without collapsing. Now Office goes to heck. Multifamily, the biggie, is following.
Apple Mac Shipments Plunge 40% in Q1, Out-Plunging with Ease the Other Big PC Makers by Wolf Richter • Apr 10, 2023 • 119 Comments Hangover-time for PC makers after the explosion of demand during the pandemic.
What Are Older Office Towers Worth When They Finally Sell amid Record Vacancy Rates? Not Much. Huge Losses Everywhere by Wolf Richter • Apr 8, 2023 • 160 Comments But foreclosure sales are far worse, including a total wipeout of CMBS investors.
The Fed Isn’t Having a Lot of Luck Cooling this Labor Market by Wolf Richter • Apr 7, 2023 • 215 Comments This is still an astonishingly tight labor market: astonishing because the Fed has hiked rates for a year and not much has changed.
Fed’s Balance Sheet Plunges by $101 Billion in Two Weeks, as QT Continues and Bank Liquidity Support Begins to Unwind by Wolf Richter • Apr 6, 2023 • 114 Comments The dream of a return to QE was fun while it lasted.
Unemployment Insurance Claims Still at Good-Times Levels as Gone-Awry Seasonal Adjustments Get Fixed by Wolf Richter • Apr 6, 2023 • 55 Comments Labor market that’s less tight, where it takes a little longer to find a new job, similar to the Good Times before the pandemic.
New Vehicle Sales in Q1 Jump 11.7%. Inventories Build, But Still Less than Half of 2019. Pent-up Demand at 6 Million Vehicles by Wolf Richter • Apr 5, 2023 • 132 Comments Going to be tough for a recession to gain momentum with this kind of demand-overhang going into it.
