What I'm Reading Fire Sale? Zillow is looking to unload 7,000 homes for $2.8 billion after royally screwing up their iBuying strategy and substantially overpaying for acquisitions. They are listing the homes at a loss. The news came after Zillow announced that they would be taking a pause from buying...
October 4th – No Takers
What I'm Reading No Takers: Spurred on by the Biden Administration, the Port of Long Beach began offering a pilot program offering 24-hour container operations over two weeks ago. To date, not a single trucker has taken advantage of it. The reason? Burdensome requirements (of course). Wall Street Journal On...
September 1st – Spread Out
What I'm Reading Spread Out: In a substantial shift from the past decade, more Americans now say that they prefer a community with big houses even if local amenities are farther away. Part of this is due to Millennial household formation and part is due to the pandemic. However, the...
August 26th – On the Docket
What I'm Reading On the Docket: The Supreme Court could rule on the new CDC eviction ban as early as September. A majority of justices have questioned the constitutionality of the previous extension. However, the current iteration was crafted to address some of these concerns. Globe Street Topping Out? New...
August 25th – Back to the Future
What I'm Reading Back to the Future: With investors craving yield, Wall Street firms are once again diving into the private-label mortgage market, originating and packaging loans outside of the GSE framework. Despite the recent surge in volume, private level securitizations still make up a mere 4% of the market. ...
August 4th – Help Wanted
What I'm Reading Help Wanted: Booming demand for warehouse space, bolstered by the record 423.7 million square feet of industrial property under completion this quarter, could lead to significant labor shortages in the near term. A new report from Newmark estimates that more than 280,000 additional warehouse workers will be...
July 28th – Sitting it Out
What I'm Reading Sitting it Out: Foreign purchases of U.S. residential real estate were down 27% in the year ended in March, a new low since the end of the Great Recession. As insane as the housing market has been, the boom has taken place with little foreign interest compared...
July 21st – Legal Remedy
What I'm Reading Roll the Dice: Escalating material prices have made it challenging for contractors and manufacturers to bid on jobs, with owners sometime finding themselves paying out of pocket to cover overruns. Wall Street Journal Opt Out: Some workers are beginning to look for legal remedies that allow them...
July 16th – Dispersion
What I'm Reading Dispersion: Relocation buyers are fundamentally changing the housing landscape across the country. When higher income individuals and families from the coasts move into more affordable areas, they are able to outbid locals when housing is scarce. The result is a shift to more expensive housing costs. Affordability...
July 9th – Cause and Effect
Charts of the Day Home prices are now around 35% higher than they were at the peak of the housing bubble. http:// At the same time, average 30-year mortgage rates have fallen from around 6.75% in 2006 to just under 3%. http:// Additionally, real disposable personal income is up by...