Analysts expected Case-Shiller Home Price growth to continue its modest deceleration in August (the latest available data in this heavily lagged and smoothed data set), but the result was a doozy: the 20-City Composite index tumbled 0.44% MoM, far below the 0.20% expected increase, and a sharp decline from the downward revised 0.19% increase in July; more importantly, this was the first sequential drop in home prices tracked by Case-Shiller since March 2012, or ten and a half years.
Last November, housing consultancy firm Zillow lobbed the first warning shot that the housing bubble had burst, when it shocked markets by firing 25% of its workforce, and announcing it had scrapped its robo-flipping program after losing hundreds of millions by allowing robots to buy and sell homes.
Privately‐owned housing starts in May were at a seasonally adjusted annual rate of 1,549,000. This is 14.4 percent below the revised April estimate of 1,810,000 and is 3.5 percent below the May 2021 rate of 1,605,000. Single‐family housing starts in May were at a rate of 1,051,000; this is 9.2 percent below the revised April figure of 1,157,000. The May rate for units in buildings with five units or more was 469,000.
Traders who play in the futures markets are familiar with the phrase, “Wash, rinse, repeat”. It describes how pros routinely relieve amateurs of their wealth in the Wall Street casinos.
But the same thing happens on Main Street … it’s just MUCH slower … and it’s easier for newbies to win because the action is too boring for real sharks.
Old dudes like us have fond memories of beer-belly laughing out loud at the hysterical antics of Peter Sellers’ Inspector Clouseau in the original Pink Panther movies. If you’ve never seen them, check them out. Two of the best are Return of the Pink Panther (1975) and Revenge of the Pink Panther (1978). Clouseau is …
Our latest show was recorded with you in mind – it’s a special one, unlike anything we’ve ever shared before! It takes place while cruising the open seas during our 15th annual Summit at Sea™. You get to be a fly on the wall during an organic, non-scripted conversation with three of the world’s smartest …