What I’m Reading
Cornered: Builders are slamming on the brakes as home sales slow in light of extremely strained affordability. However, demand turns much quicker than supply and today’s stoppage in production will likely sew the seeds of tomorrow’s even more pronounced shortage. New York Times
Pivot: D.R. Horton, the nation’s largest homebuilder, has begun to focus more on growing its rental platform as rising interest rates and inflation shift its housing sales projections. Bisnow Expect to see more of this in the coming months as affordability issues drive more would be buyers towards single family rentals.
Shedding: Companies from tech to finance continue to give back or mothball their office space, a trend that shows little signs of abating. Commercial Observer
Lifeblood: High diesel prices are driving up the cost of everything from groceries, to Amazon orders and furniture. Everything that’s delivered by truck, rail or ship uses diesel. The Associated Press This is the real world illustration of why cancelling pipelines and discouraging production is and always was a stupid idea.
Branching Out: Food delivery companies like Uber Eats and Doordash are expanding their focus on delivering items like groceries and alcohol as a way to counter slowing growth and inflation. Wall Street Journal
Chart of the Day
The manufacturing recession is here.
Source: The Daily Shot
WTF
Invasion: A man was arrested after stealing a truck and driving it to a Space Force base to warm them about “aliens fighting Chinese dragons” because Florida. Fox 35
Speared: A 100 lb sailfish jumped out of the water near a beach, stabbing a 70-year-old woman because Florida. Insider
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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