The Most Splendid Housing Bubbles in America, May Update: Mania at the Eve of Holy-Moly Mortgage Rates by Wolf Richter • May 31, 2022 • 282 Comments Purchased in a panic when mortgage rates averaged 3.2% to 4.2%, just before the majestic spike.
EV SPACs Warn about Running Out of Cash: The Beginning of the End for the Craziest Stock Bubble Ever by Wolf Richter • May 30, 2022 • 173 Comments Electric Last Mile said it might only make it “into June.” So far in this cycle, 25 SPACs have warned they might not make it, including 6 EV SPACs.
THE WOLF STREET REPORT: Tech Bust Takes Next Step: Layoffs & Hiring Freezes by Wolf Richter • May 29, 2022 • 179 Comments Dotcom Bust 2 has begun. Only bigger.
Time to Put Down the Shovel? So Far this Year, We’ve Dropped Three Projects due to Breathtaking Construction Cost Estimates by John McNellis • May 28, 2022 • 117 Comments His number came in 100% more than the cost of our last store, and the deal no longer penciled out.
Powered by (Formerly) Huge Gains from Real Estate, Stocks, Cryptos, as “Real” Incomes Lag? “Real” Consumer Spending Rises, Spending on Services Jumps by Wolf Richter • May 27, 2022 • 129 Comments You can see why some retailer stocks are not liking the shift from goods back to services.
Demand Destruction Hits Gasoline (But Only a Little) as Prices Spike in Historic Leap Just for Summer Driving Season by Wolf Richter • May 26, 2022 • 139 Comments I see gasoline prices rising further despite this modest short-term & long-term demand destruction.
If Buffett Still Owns Snowflake Tonight, His Gain of $1.9 Billion at the High is Now a Loss of $37 Million by Wolf Richter • May 25, 2022 • 94 Comments Snowflake reported earnings again, which these IPO companies should be prohibited from doing because it just kills the stock.
US Natural Gas Futures Spiked to Highest since 2008, Tripled in a Year: Why We Kissed that Dirt-Cheap Natural Gas Goodbye by Wolf Richter • May 25, 2022 • 151 Comments The boom in natural gas exports creates massive demand on US production and connects US prices to the rest of the world.
Housing Bubble Getting Ready to Pop: Unsold Inventory of New Houses Spikes by Most Ever, to Highest since 2008, with 9 Months’ Supply, Sales Collapse at Prices below $400k by Wolf Richter • May 24, 2022 • 343 Comments Stocks of homebuilders swoon amid worst inflation in construction costs, shortages, and spiking mortgage rates that take buyers out of the market.
Snap Walks Back Already Lowered Guidance from Month Ago, Shares -30% Afterhours, -81% from High, Below IPO Price by Wolf Richter • May 23, 2022 • 111 Comments “The macroeconomic environment has deteriorated further and faster than anticipated.” Kathoomph. And Zoom gives up most of its knee-jerk mini-jump afterhours.
