Office CMBS Delinquency Rate Re-Spikes to 10.6%, to Worst Levels of the Financial Crisis Meltdown

by Wolf Richter • May 31, 2025 • 24 Comments

It’s the older office towers that get in trouble amid a flight to quality.

How Financial Services, a Market Plunge in April, and a Historic Cliff-Dive by Recreation Services Messed with PCE Inflation Today. But a Snap-Back Cometh

by Wolf Richter • May 30, 2025 • 43 Comments

Outside of two heroes that pushed down the overall indices, there isn’t anything benign about this PCE inflation data.

US Government Interest Payments to Tax Receipts, Average Interest Rate on the Debt, and Debt-to-GDP Ratio in Q1 2025

by Wolf Richter • May 29, 2025 • 89 Comments

Update on an ugly situation.

Pending Home Sales Plunge in All Regions, Inventories Surge. In the West & South, Collapsed Sales Meet Spiking Inventories

by Wolf Richter • May 29, 2025 • 62 Comments

Adios, “spring selling season.”

How the ECB’s Mark-to-Market of its Gold Holdings to €1 Trillion and €3.1 Trillion in QT Affect its Balance Sheet

by Wolf Richter • May 28, 2025 • 43 Comments

Under QT, the ECB shed €3.1 trillion in bonds and loans. Separately, it wrote up its gold assets by €409 billion, or by 68%, to reflect soaring gold prices.

Durable Goods Orders Made Ugly Headlines, but the 3-Month Average, which Irons Out Aircraft Orders, Rose to a Record

by Wolf Richter • May 27, 2025 • 18 Comments

And the backlog of unfilled orders remained at record high.

The 10 Big Cities with the Biggest Price Declines of Single-Family Homes from their Peaks through April: -7% to -21%

by Wolf Richter • May 26, 2025 • 70 Comments

Austin, Oakland, New Orleans, San Francisco, Washington D.C., Phoenix, Portland, Denver, Fort Worth, San Antonio.

30-Year & 20-Year Treasury Yields Back over 5%, 10-Year over 4.5%, Yield Curve Steepens at Long End, Mortgage Rates Back over 7%

by Wolf Richter • May 24, 2025 • 149 Comments

Will the bond market eventually wake up and scare the bejesus out of Congress? Is it already rubbing its eyes?

Inventory of New Houses for Sale at 500,000, Most since 2007, Driven by the South & West. Prices Zigzag Lower, Sales Rise

by Wolf Richter • May 23, 2025 • 34 Comments

As homebuilders got aggressive with mortgage-rate buydowns, incentives & lower prices, sales held up, unlike sales of existing homes, which collapsed.

Spring Selling Season Fizzles, Worst April for Home Sales since 2009, Supply Surges to Highest since 2016, YoY Price Gains Fade

by Wolf Richter • May 22, 2025 • 121 Comments

Epic demand destruction has ensued after prices spiked by 50% in three years. And now supply is piling up.

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

by Wolf Richter • May 21, 2025 • 94 Comments

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.

Credit Card Delinquencies, Balances, Debt-to-Income, and Credit Limits in Q1 2025: Our Drunken Sailors & their Credit Cards

by Wolf Richter • May 20, 2025 • 82 Comments

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

Japan’s 30-Year and 40-Year Bonds Crater, Yields Spike, Huge Mess Coming Home to Roost. Yen Carry Trade at Risk

by Wolf Richter • May 20, 2025 • 115 Comments

The BOJ’s QT, inflation that’s higher than in the US, an atrocious fiscal mess, a devalued yen, it all comes together.

THANK YOU 💖 for Your Wonderful Support of WOLF STREET!!! And if You Missed it, a Reminder: Please Donate

by Wolf Richter • May 19, 2025 • 17 Comments

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

The Most Splendid Housing Bubbles in America, April 2025: The Price Drops & Gains in 33 of the Largest Housing Markets

by Wolf Richter • May 18, 2025 • 82 Comments

National year-over-year price gain shrinks to 0.7%. Now 18 of 33 metros have YoY price drops: San Diego, Austin, Tampa, Miami, San Francisco, San Antonio, Dallas, Phoenix, Orlando, Atlanta, Denver, Raleigh, Houston, Birmingham…

Foreign Investors Loaded Up on Treasury Securities in March Despite all the Turmoil in the Media

by Wolf Richter • May 17, 2025 • 72 Comments

And in April, their purchases of long-term securities at Treasury auctions increased.

Moody’s Cuts US Government Credit Rating due to Deficits & Debt, Blames “Successive US Administrations and Congress”

by Wolf Richter • May 16, 2025 • 164 Comments

US government kisses its last triple-A credit rating goodbye. Downgrade to “junk” would have been more appropriate?

Auto-Loan Balances, Debt-to-Income Ratio, Serious Delinquencies for Subprime & Prime in Q1 2025: Our Drunken Sailors and their Auto Loans

by Wolf Richter • May 16, 2025 • 19 Comments

Something rare occurred: Auto loan balances fell despite highest new & used vehicle sales in years. More people paid cash to dodge interest rates?

The Most Splendid Housing Bubbles in Canada, April 2025: Single-Family & Condo Prices Drop to Multi-Year Lows, Driven by Toronto

by Wolf Richter • May 15, 2025 • 24 Comments

But some metros hit all-time highs. By Metro: Toronto, Vancouver, Victoria, Calgary, Ottawa, Montreal, Halifax, Edmonton, Quebec City, Winnipeg.

Beyond the Squiggles in Retail Sales

by Wolf Richter • May 15, 2025 • 31 Comments

Our Drunken Sailors may be in a crappy mood, but that doesn’t stop them.