What I'm Reading Booming Boomers: Covid-19 kept many older Americans on the sidelines of the recovery in consumer spending as they held back from in-person services like dining and travel despite seeing their wealth increase dramatically. But their spending is picking up as the Omicron wave recedes, and analysts say...
March 22nd – Upward Spiral
What I'm Reading Upward Spiral: Employment is strong and rents are rising quickly. People want to buy homes, in part to protect themselves against rising rents. The obvious answer is to build more homes. However, this is easier said than done thanks in part to a shortage of raw materials...
March 21st – Calm Before the (Next) Storm?
What I'm Reading Calm Before the (Next) Storm? In the first two months of 2022, the queue of ships waiting for Southern California berths fell, velocity of cargo moving through terminals increased and more boxes were unloaded at Southern California docks. However, part of the improvement may be due to...
March 17th – Up, Up and Away
What I'm Reading Up, Up and Away Part I: Demand for single-family rental homes is soaring, pushing prices to record highs, as Americans continue to want larger homes with outdoor spaces per the latest report from CoreLogic. Sunbelt cities like Miami and Phoenix are leading the charge. CNBC Up, Up...
March 16th – On Watch
What I'm Reading On Watch: There is a strong correlation between a dramatic rise in oil prices and recessions. Historically, not every recession is preceded by a 50% rise in oil but every 50% rise in crude has resulted in a recession but not for the reason that you may...
March 14th – Back from the Dead
What I'm Reading Back From the Dead: Congress seems poised to revive the EB-5 visa program with higher minimum investments. The reinstated program will also aim to crack down on gerrymandering of high-unemployment areas into shapes that include more prosperous places, which allowed developers a loophole to use the program...
March 9th – In the Cold
What I'm Reading In the Cold: US real estate investors like Hines and Morgan Stanley have ridden out ruble devaluations, financial crises and the economic sanctions that followed Russia’s 2014 annexation of Crimea to chalk up positive returns on their Russian real estate portfolios. Now they are facing calls to...
March 8th – Buyer’s Remorse?
What I'm Reading Buyer's Remorse? RV sales surged during the pandemic. Some new owners are finding vehicle upkeep to be more than they bargained for. USA Today $6 gasoline is only going to add to the buyer's remorse. This is a perfect illustration of why I've been far more bullish...
March 4th – Seller’s Market
What I'm Reading Sellers Market: A new Reuters poll of property analysts suggests that US house prices would rise 10.3% this year. That was an upgrade from 8.0% in the December poll, suggesting underlying demand for housing is still strong and housing supply is still tight. Reuters Hitting the Wall:...
March 1st – Drop it Like its Hot
What I'm Reading Staying Put: Despite a surge during COVID, US mobility has been falling for decades and the problem is getting worse as affordability issues intensify. When people want to move but can't, it leads to economic stagnation and political polarization. Vox Drop it Like It's Hot: Mortgage rates...