Marrying two datasets from the Census Bureau and the National Association of Realtors.
This reveals that the median $403,800 sales price of new homes was lower than the $422,400 median price of existing homes nationally as of July. The reason? There’s simply way too many newly completed homes. As of July, the inventory of unsold new homes on the market would take more than nine months to clear, the highest level in 15 years excluding the pandemic, compared to the 4.6-month supply of existing homes. To attract buyers and trim their overflowing inventories, homebuilders are adding discounts to new home deals, like mortgage rate “buydowns” of about 5% on average — even if it hurts their margins. In fact, a record 38% of builders said they cut home prices in July, per the National Association of Home Builders. Source: Quartr
US electricity bills are soaring as datacenters sap more power
Source: MacroEdge @MacroEdgeRes
Foreign central banks now officially hold more gold than US Treasuries — for the first time since 1996.
We might be witnessing one of the most significant global rebalancing we've experienced in recent history, in my view. Source: Tavi Costa, Crescat Capital, Bloomberg
Japan’s top trade negotiator Ryosei Akazawa canceled a trip to the United States on Thursday over issues related to the U.S.-Japan trade deal.
In a statement, Japan’s Chief Cabinet Secretary Yoshimasa Hayashi said that his trip would have involved the discussion of U.S. tariff measures. “However, during the coordination with the US, because it became apparent that certain points required further technical discussion, the trip was cancelled, and it was decided that discussions will continue at the administrative level,” Hayashi told reporters. Japanese media outlet Kyodo News said it has not been decided whether he will reschedule the trip, while Reuters said Akazawa could head to Washington as early next week after the outstanding issues are resolved, citing an anonymous government source. Hayashi said Tokyo will urge the U.S. to amend its presidential order on reciprocal tariffs as soon as possible, and ask Washington to issue a presidential order to lower tariffs on automobiles and auto parts. Source. CNBC
Bloomberg title: "Nvidia sales growth decelerates from eye-poping levels".
True, but I still find remarkable Nvidia is able to see +56% YoY growth when the quarterly revenues amount to $46.7B. That's crazy.
There are 3 sure things in life: 1) death; 2) taxes and; 3) printing money...
Source: Charlie Bilello
Bitcoin is dying
Source: Bitcoin Magazine @BitcoinMagazine, blockchain.com
Time to say goodbye to Uber jobs?
Source: Michel A.Arouet
