Compared to May 2019, sales were down the most in the West (-32%) and Northeast (-31%), less so in the South (-15%) and Midwest (-17%).

But each market dances to a different drummer, and declines have been far bigger in many markets.

Inflation is the bane of the bond market. And it is now demanding multiple rate hikes, starting late this year.

We’re looking for culprits.

Some industries hired, others cut jobs: we zoom out with charts by major industry categories.

Rotating from mania to mania?

It could break the stock market. But it’ll stimulate the economy. Just don’t expect inflation to cool on its own.

But mortgage rates are not high historically, and “real” mortgage rates, amid resurging inflation, are relatively low.

But this dynamic makes it harder for young people to find a job.

Amid improved automation and efficiencies, production rises, but employment doesn’t, or only a little.

The Fed is behind the curve, the bond market is saying, and it’s going to hike belatedly starting later this year, whether it wants to or not.

But if they pop: There are only so many trillions that can vanish from portfolios before it triggers a recession.

Trend reversal started a year ago. Services inflation stuck at high rate for a year. Now prices of food, energy, computers & software (inflationary AI boom), and gold jewelry (gold price spike) all surged.

The stock has a history of collapsing by 50% to 98% after every spike, regularly falling below its Dotcom Bubble high. But this time is different?

Plus, in another 44 bigger cities, condo prices dropped by 7% to 14% so far, as the mindboggling Condo Bubble comes unglued.

There's no indication the bond market is better now in figuring future inflation; its expectation of 2.4% annual CPI over 10 years seems woefully low.

San Francisco & Portland came off the list. Fort Worth & Aurora (CO) come on the list.

The free-money hangover is getting worked off.

Ugly trifecta that spooks the bond market. To soothe bond yields and mortgage rates, the Fed needs to hike, not “look through” inflation.

Several subprime-specialized dealer-lender chains collapsed, and shares of America's Auto Mart imploded. Subprime lending is not for the squeamish. But it’s only a small part of auto finance.

Ground beef, steak, chicken, fruit & veggies, coffee, dairy, eggs, other foods, and total.

Home prices fell year-over-year in 25 of the 33 big expensive cities in April, a bunch set multi-year lows, led by Oakland & Austin, down by 26% from 2022. Two set new highs.

The Fed is “behind the curve,” and the bond market is getting very nervous.

Mortgage balances barely ticked up, but HELOCs soared.

This is a massive amount of inflation that companies are passing on to each other through much of the economy.

Americans and their Debts: Student loans that suddenly have to be repaid again fueled overall delinquency rates.

The Bureau of Labor Statistics finally corrected part of the CPI distortions in September, October, and November.

April was another bad dud for spring selling season as supply continued to pile up.

Nonbank mortgage lenders shed 40% of their jobs this time, and loan brokers 38%. They react to demand, which collapsed.

High gasoline prices tilt operating costs in favor of EVs. But soaring electricity prices eat into that math.