Econ Rumblings

As Tech Jobs Plunge in San Francisco & Silicon Valley, Housing Reacts: Condo Prices Drop Back to 2015, Single-Family Home Prices Back to 2018

The massive 10-year home-price spike to 2022 was more than the economy could bear and did a lot of damage, including to employment, as we can see.

With the free money gone, the hangover is getting worked off.

Your support is what keeps Wolf Street open to all, without paywall, to reach the largest possible audience.

Who’s on the hook this time? Mostly not the banks, but taxpayers, except for HELOCs.

Nonbank mortgage lenders and loan brokers react quickly to demand, which has collapsed.

Last time, $840 billion got sucked out in 5 months, all from excess cash in ON RRPs. But after $2.26 trillion of QT, ON RRPs are nearly gone.

Your generous support has kept WOLF STREET free and open to all, and not behind a paywall. Thank you!!

Recession talk is swirling densely all over the place, so let’s have a look.

The issue has been tight used-vehicle inventory due to reduced influx of 2021/2022 model years after the new-vehicle shortages at the time.

Active listings in San Diego +70% yoy, Los Angeles +50%, San Jose & Silicon Valley +67%; San Francisco metro +43% (highest April since at least 2016)

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