Another Office Tower Goes Bust: Blackstone Walks from Manhattan Tower it Bought for $605 Million. CMBS Holders to Eat Remaining Losses by Wolf Richter • Mar 22, 2022 • 150 Comments Older office towers are besieged. Working-from-home and hybrid-work aren’t helping. The losses are huge.
Ultimate No-Growth Industry: Electricity Generation in 2021 Rose to, Well, 2007 Levels, Eagerly Awaits Demand from EVs by Wolf Richter • Mar 22, 2022 • 113 Comments But the mix of how power was generated changed dramatically over the years.
Mayhem in the Treasury Market as Powell Adds 50-Basis-Point Rate Hikes (Plural) to Menu, QT “As Soon As” May by Wolf Richter • Mar 21, 2022 • 289 Comments 10-Year yield hits 2.31%, 30-year fixed mortgage rate hits 4.66%. And why the funny kangaroo-shaped yield curve says nothing about the economy.
Next Shoe Drops on Office Markets: State & Local Governments Dump Office Space amid Working-from-Home/Hybrid Model by Wolf Richter • Mar 20, 2022 • 161 Comments Office vacancy rates are already huge, foreclosures of office towers are piling up, and office attendance is still very low, everywhere.
Mortgage Rates Spike, Home Sales Drop for 7th Month, and Suddenly Here Come the New Listings by Wolf Richter • Mar 18, 2022 • 357 Comments But it doesn’t yet reflect the recent spike in mortgage rates to 4.5%.
The Most Splendid Housing Bubbles in Canada, March Update, amid Jumping Yields, Bank of Canada’s Rate Hike and QT by Wolf Richter • Mar 17, 2022 • 98 Comments Mad scramble to lock in rising mortgage rates? A few markets went raging-mania hog-wild. Others not so much. In two, prices dipped again.
How the Vehicle Production Nightmare Upended Everything and Why Automakers & Dealers Don’t Want the Old Ways Back by Wolf Richter • Mar 17, 2022 • 114 Comments But There’s No Shortage of Used Vehicles.
Gazillion Miles Behind the Curve, the Fed Gets Hawkish: More Rate Hikes, “Faster and Much Sooner” Quantitative Tightening by Wolf Richter • Mar 16, 2022 • 261 Comments The strong economy and labor market can “handle tighter monetary policy.”
Americans Make Huge Efforts to Keep up with Raging Prices by Wolf Richter • Mar 16, 2022 • 138 Comments Retail sales amid record worst inflation in durable goods and red-hot inflation in nondurable goods.
Rents for Single-Family Houses and Apartments Blow Out across the US: This Crazy-Hot Rent Inflation is a National Fiasco by Wolf Richter • Mar 15, 2022 • 229 Comments And it has nothing to do with supply chains. Dear Fed, go have a look at the fruits of your labor.