Syz the moment

The US housing market is having its historical moment. Indeed, Real home prices in the US are currently almost 10% MORE expensive than they were in 2008. In fact, real home prices are now 80% ABOVE the 130-year historical average, according to Reventure. This means that even on an inflation adjusted basis, home prices have never been more expensive. Meanwhile, housing supply is 40% below the historical average. All while mortgage demand is at its lowest since 1994 and the median homebuyer now has a $3000/month payment. Source: The Kobeissi Letter, Reventure

But November turns out to instead be among one of the greatest months in stock market history. Source: J-C Parets

They jave updated our highly appreciated infographic explaining the complex payments layer between consumers and merchants. It illustrates how and where key players such as $V, $MA, $FISV, $ADYEN, $AMZN, and $PYPL fit in. Source: Quartr

Since 11/84, Jean-Michel Basquiat has been generating higher annualized return than apple... Source: Chartr

Food for Thought

Unrealized losses on investment securities held by US banks hit $684 billion in Q3, according to the FDIC. This marks a 22.5% jump compared to unrealized losses seen last year. The jump was primarily driven by rising mortgages rates reducing the value of mortgage-backed securities held by banks. Despite these challenges, the FDIC states that banks remain "well capitalized." This comes as usage of the Fed's emergency funding facility for banks hit another record high of $114 billion. Source: The Kobeissi Letter

Source: TME, Bloomberg

Germany’s unemployment rate unexpectedly rose to 5.9% in November, the highest level in 2.5 years. Joblessness increased by 22k. Source: Bloomberg, HolgerZ