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While the single-family housing market is enjoying solid price appreciation, strong construction activity and suffers from a severe lack of existing inventory, the multifamily market struggles mightily. Financing is increasingly difficult as vacancy rates and insurance premiums rise, rents decline,…

The Friday File: HGTV recently sold the circa-1959 LA house that served as the exterior of the Brady home on the TV series The Brady Bunch for $3.2 million. The home was purchased by HGTV for $3.5 million in 2018.…

When loans go bad, rather than forcing the borrower into bankruptcy, lenders can do what is known as “extend and pretend” and hope that granting the borrower extra time helps the borrower regain solvency. Through 9/20/23 the number of such…

After record for sale housing inventory lows in 2020, 2021, and 2022, 2023 started off weakly. In January through April 2023, for sale inventories were slightly above the record lows set in 2022. However, from May through August inventories set…

Since 1976, there have been 20 government closures. The average duration of the closures is eight days, but the median is just four days as many closures were three days or less. That said, contained within the last four closures…

While mergers and acquisition activity is wildly profitable for investment banks, earning them $13.1 billion in 23H1 fees, an influential 2011 Harvard Business Review article showed roughly 80% of merger and acquisitions failed to create buyer value. However, a recent…

The Friday File: In 2009, Internet Explorer was the browser boss with a 65% market share, it’s now zero. Firefox was at 31% and today it’s at 3%, Apple’s Safari was at 2% and is now holding at 20%, and…

In early 2021 the Fed said inflation was transitory. That turned out to be true only if transitory is defined as two years, a bit long. Similarly, the Fed told us they expected the Fed funds rate to be 0.625%…

Unsurprisingly, the Fed left Fed funds unchanged but signaled a willingness to possibly raise it 25bps in the future, a hawkish pause. However, it doesn’t matter if the Fed raises rates once more, or not. It stretches credulity to think…

From 2/17 through 2/22, the percentage of pending home sales that fell out of contract declined from 13% to 11%, except for 3/20 and 4/20 when it exceeded 16%. From 3/22 through 9/22, as rates quickly rose, the failure rate…