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Office-to-residential conversions are growing, but are minuscule because not many towers are suitable for conversion.

The magnitude and speed of the ratio’s 2-year spike is unprecedented in modern US history. It does not look good.

Core services inflation is the biggie, and it’s going the wrong way. The Fed is already talking down the pace of rate cuts.

Bring on the supply. Homebuilders may need to do some serious price cutting to move their inventory.

“The roughly linear increase in specific power” of ICE vehicles over the past 50 years “does not appear to be slowing”: EPA.

Will foreign investors buy the Recklessly Ballooning US Debt? Increasingly crucial question. But yield solves demand problems.

Subprime is always in trouble, and now, after the reckless-subprime lending era, more so. Prime is in pristine shape. Car-Mart joins our Imploded Stocks.

Toronto single-family prices -19% from peak, back to Oct. 2021. In Montreal, Quebec City, Edmonton, and Winnipeg, prices near all-time highs.

HELOC balances surged, mortgages not so much, and incomes grew a lot faster than housing debt.

But goods prices are relatively tame. Energy prices plunge.