What I’m Reading
Scaling Back: As prices climb on restaurant menus and grocery-store shelves, some packaged-food makers see more Americans making meals at home to save money, while restaurant operators are changing their offerings to cope with increasingly price conscious consumers. Wall Street Journal
Taking a Toll: Higher mortgage rates are working their way through the system, increasing housing costs, slowing transactions in once-hot markets and sometimes even leading to price cuts. New York Times
Robbery: A court upheld a 2020 California law requiring property owners to pay one month’s rent to legally evicted tenants. San Francisco Chronicle The effort to ensure that nothing ever gets built here again continues, unabated.
On the Move: Amazon is subletting some of their oversupply of warehouses. However, they are still buying land for future expansion in places like the Inland Empire. Globe Street
Bullwhip: Nearly 70% of RV dealers said demand had slowed noticeably since April, according to a spring survey by Truist. At the same time, dealer inventories are beginning to build as manufacturers work through their order backlog. (h/t Scott Ramser) Wall Street Journal Dealer overflow storage is about to become a thing again. I wrote back in late 2020 that 2023 would be a great time to buy a boat or RV and stand by that prediction.
Chart of the Day
The breadth of the US housing rally is without precedent.
Source: The Daily Shot
WTF
Whistle While You Work: A 72-year-old, who heard a “hissing’” noise, has been diagnosed as the first person in the world with a “whistling scrotum,” according to the alarming new study published in the American Journal of Case Reports. NY Post
Road Test: A man who was arrested for smashing car windows on a dealership lot claimed that he wanted “to see if it had bullet-proof windows” because Florida. Alachua Chronicle
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
Visit us at RanchHarbor.com