What I’m Reading
Close to the Nest: In the latest illustration of general mobility decline, a new US Census study found that by age 26 more than two-thirds of young adults in the U.S. lived in the same area where they grew up. 80% had moved less than 100 miles away and 90% resided less than 500 miles away. This finding is consistent with both a substantial uptick in multigenerational living and falling mobility across the US population. AP News
Off Label: Retail stores are reporting stronger sales of off label and non-premium brands as shoppers trade down to relieve cost pressures. Wall Street Journal
Non-Competitive: Redfin’s bidding-war rate dipped below 50% for the first time since the start of the pandemic as the housing market continues to slow. Redfin
Talking Their Book: Blackstone expects that slowing construction in their two primary asset classes – rental housing and industrial – will allow demand to keep outpacing supply, putting upward pressure on rent. Globe Street
Bleeding Out: Census data shows a 6.3% population drop in San Francisco between July 2020 and 2021, the largest in the country. The total income in 2019 of people who had left the city by the time they filed their 2020 returns was about $10.6 billion, which compares to $3.8 billion for those that came to the city. A net loss of whopping almost $6.9 billion. SF Chronicle Obviously this is not sustainable from a city budget/services standpoint.
Chart of the Day
The market is pricing in much steeper inflation declines moving forward.
Source: The Daily Shot
WTF
Volume Discount: A woman arrested on Fentanyl charges told a sheriff’s deputy that she gets a discount on the drug because Florida. Tampa Free Press
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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