Weakest May new home sales since 2017.
-42K y/y
Weakest May new home sales since 2017
— MacroEdge (@MacroEdgeRes) June 25, 2025
Existing Home Sales around recessions pic.twitter.com/FuX2BWLfit
— Logan Mohtashami (@LoganMohtashami) June 24, 2025
Real Estate Distress Is Spreading, Just Like In 2008
US commercial real estate credit faces increasing distress, with delinquencies rising and total distress exceeding $116 billion, the highest in over a decade. Factors include higher borrowing costs, work-from-home trends, and looming debt maturities. Analysts warn of a potential “tsunami” of issues, as traditional lenders grapple with unrealized losses and market uncertainty.
Global central banks shift gears but Fed stands firm with highest rates among developed nations
It's been an eventful week for global central banks:
The Swiss National Bank cut its interest rate by 25 basis points to 0%, becoming the first bank to return to zero rates.
The Bank of Japan held its key rate steady at 0.50%, maintaining the highest level since 2008.
The Bank… pic.twitter.com/qpWG7FNX1a
— The Kobeissi Letter (@KobeissiLetter) June 24, 2025