Used vehicle auction prices have bounced for the third month after last year’s decline. Causing More Trouble for the “Core” CPI

Retail supplies of used cars and trucks declined for the second month in a row. Dealers increase prices to replenish their inventory. By wolf richter For wolf street, More trouble is brewing beneath the surface for inflation. Wholesale prices for used vehicles at auction rose 4.3% in January to February, seasonally adjusted, the largest month-to-month … Read more

The recent housing hype and hoopla has already backfired: Mortgage applications to buy a home have fallen to a 28-year low

The “pending sales jump” (still -24% year-over-year) was like January. It’s still a frozen housing market. By wolf richter For wolf street, Funny how it works with hype-and-hoopla shows. The hype about the housing market getting up in January – this Needed Pick up in January, and many more, because this is the beginning of … Read more

Coolest housing bubbles in America, February update: Phoenix, Portland, Las Vegas, San Francisco, Seattle, Denver, San Diego now seeing biggest price drops

Even in Miami and Tampa, prices have declined for the 5th month in a row. By wolf richter For wolf street, Just for a preview, Housing Bubble 2 in Seattle: Not under pressure from the unemployment crisis, housing bubble 2 continues to deflate Far from it: Labor market still historically tight with highest wage growth … Read more

Mortgage rates nearly 7% for spring selling season: Prices of existing homes fall 13% from peak to lowest sales since 2010

The market is still frozen, with potential sellers sitting on vacant properties, hoping this too shall pass. Cash buyers, investors, second home buyers and retreats. By wolf richter For wolf street, Spring sales season begins with 7% mortgage rates? In terms of closed sales, December and January generally mark the low-point of the year for … Read more

Why the Fed Could Let the Housing Bust Rip: Mortgages, HELOCs, Delinquencies, Foreclosures, and Who’s on the Hook

Mostly taxpayers, not banks. By wolf richter For wolf street, Mortgage balances jumped as home prices rose in recent years, requiring more debt to finance the same home, and so mortgage balances in Q4 grew 2.2% or $253 billion from the previous quarter, and 9% or $1 trillion has increased. From a year ago, even … Read more

San Francisco Bay Area Housing Market Crashes, Prices Plunge 35% From Crazy Peak: Where Does the Demand Come From?

In the first 10 months of Housing Bust 2 (now), median prices fell much faster than in the first 10 months of Housing Bust 1 (2007–11). By wolf richter For wolf street, Better be halfway through a good spring sales season that has supposedly already started in San Francisco and Silicon Valley, because it’s getting … Read more