Bidenomics? US Purchase Mortgage Demand Falls -8% From Previous Week (DOWN -21% From Last Year, DOWN -45.3% Under Biden, Refi Demand DOWN -91%, Mortgage Rate UP 128%)

Eggs, bacon and toast. All more expensive under Biden’s economy. And mortgage purchase demand is down -45.3% since Biden was elected and mortgage refinancing demand is down -91% under Biden and mortgage rates are up 128% under Biden’s economy.

Mortgage applications increased 3.0 percent from one week earlier (using seasonally adjusted data), according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 23, 2023. This week’s results include an adjustment for Juneteenth holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 3.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 8 percent compared with the previous week. The seasonally adjusted Purchase Index increased 3 percent from one week earlier. The unadjusted Purchase Index decreased 8 percent compared with the previous week and was 21 percent lower than the same week one year ago.

The Refinance Index increased 3 percent from the previous week and was 32 percent lower than the same week one year ago.

Now for the highly (self) touted Biden economy: Mortgage purchase demand is DOWN DOWN -45.3% under Biden, Refi demand is DOWN -91% under Bidenomics, and mortgage rates are UP 128% under Clueless Joe’s Reign of economic error.

US New Home Sales Spike 20% Year-over-Year (YoY) In May As Fed Pauses Rate Hikes (The Buck Drops Here!)

Well its about time that homebuilder started building again! And maybe it was The Fed rate hike pause (and possible rate cuts in the future.

US new home sales rose 20% in May as The Fed pauses rate hikes.

Fed Funds Futures point to one or two more rate hikes, then down she goes!!!

763k new homes were added in May

Remember, there is still a lot of stimulus (M2) sloshing around the economy. Perhaps we can rename all the infrastructure stimulus that is leaking out into the economy “Buttigieg Bucks.” Or “Buty Bucks!”

Bidenville! Case-Shiller National House Price Index Decreased 0.2% Year-over-Year in April As Liquidity Evaporates (Miami Rises 5.18%, Seattle Down -12.43%, San Francisco Down -11.14%)

Wasting away again in Bidenville!! Looking for my lost national housing market.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a -0.2% annual decrease in April, down from a gain of 0.7% in the previous month. The 10-City Composite showed a decrease of -1.2%, down from the -0.7% decrease in the previous month. The 20-City Composite posted a -1.7% year-over-year loss, down from -1.1% in the previous month.

The winners in April? Miami and … Chicago?

The biggest losers in April? Seattle and San Francisco both suffered YoY losses over -11%.

The US Treasury 10Y-2Y yield curve remains steeply inverted at -97 basis points.

Dallas After (Economic) Midnight! Texas Manufacturing Survey Disappoints For 5th Straight Month Amid “Political Incompetence”(And Massive Corruption)

Dallas after (economic) midnight! Particularly after 5 consecutive months of negative readings.

For the fifth straight month, the Dallas Fed’s Texas Manufacturing Outlook survey disappointed expectations, printing -23.2 vs -21.8 exp) and is negative for a fifth straight month.

Source: Bloomberg

Texas factory activity declined in June, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, fell three points to -4.2, a reading indicative of a slight contraction in output.

Labor market measures suggest weaker employment growth and declining work hours. Price pressures evaporated, while wage pressures remained elevated…

Yes, the Biden Administration may be the most incompetent administration in US history with Congress a close second. And did I mention CORRUPT??

Silverado! US Treasury 10Y-2Y Yield Curve Remains Inverted At -102.7 (244th Straight Days Of Inversion) As Liquidity Evaporates (Silver UP >1%) Bitcoin CASH UP 12% This AM

Silverado! No, not the Chevy full-size pickup truck, but the precious metal Silver is up over 1% this morning!

The US Treasury 10Y-2Y yield curve remains inverted at -102.7 basis points for the 244th straight day as M2 Money YoY (aka, liquidity) evaporates.

Silver is up over 1% this morning.

Bitcoin Cash is up12.39% this morning.

Speaking of Silverado, a fully loaded new 2023 Chevy Silverado 1500 ZR2 costs around $100,000. Thanks Biden and Powell (BiPow?). Try financing that purchase with auto loan rates soaring!

Fed Inferno! US M2 Money-Supply Growth Falls To Depression-Era Levels For Second Month In April (As M2 Money Velocity Remains Near Historic Lows)

It is truly a Fed Inferno!

Money supply growth fell again in April from Jerome Powell And The Fed, plummeting further into negative territory after turning negative in November 2022 for the first time in twenty-eight years. April’s drop continues a steep downward trend from the unprecedented highs experienced during much of the past two years.

Yes, The Fed is printing money like it is going out of style! The war on Covid was similar to other wars fought where the US printed boatloads of money to pay for WWI. WWII, Korea and Vietnam wars. And the war against the middle class (known as The Best Depression). Apparently, The Fed is still waging war against the middle class.

US M2 Money VELOCITY (GDP/M2) is near an all-time low after The Fed went berserk with money printing to combat the Covid economic and school shutdowns.

Then with The Fed’s massive monetary expansion and sudden contraction, we have REAL average weekly earnings growth YoY in negative territory for 25 straight months.

The Walking Dead’s Negan, the poster child for The Federal Reserve.

Weekend Update! Bitcoin UP 61%, Gold UP 18%, US Dollar DOWN -10% Since 9/26/22 (Mortgage Rates Hover Around 7% As 10Y-2Y Yield Curve Inverts To -100 Basis Points)

Well, with Jerome Powell And The Fed tightening monetary policy (about half way there!), we have seen competitors to the US Dollar Bitcoin and Gold have soared since September 26, 2022. Bitcoin is up 61%, Gold is up 18% and the US Dollar is down -10%.

Mortgage rates hover around 7% as the US Treasury 10-2Y curve inverts to over -100 basis points with M2 Money growth crashed and burned.

Cryptos today are down. Bitcoin down -1.17%.

Buying more gold and silver!! And cryptos!

50 Shades Of Joe! Misery Indices All Point To Americans Being Almost Twice As Miserable Under Biden Than Pre-Covid Trump (25 Straight Months Of Negative Weekly Wage Growth)

I could have used 3 shades of Joe, but 50 shades of Joe sounds better!

But the fact remains that Americans are far more miserable under Biden than they were under Trump before the Chinese Wuhan Covid virus was unleashed. 9.03 today (Core CPI YoY + U-3 Unemployment) than it was in February 2020 under Trump (5.86). While not twice as bad, inflation is continues to cause serious problems for America’s middle class and low-wage workers.

Speaking of the middle class and low wage workers, let’s look at the Renter’s Misery index (CPI Owner’s equivalent rent YoY + Unemployment rate). It was 6.78% in February 2020 under Trump and before Covid struck and is now 11.75% under Inflation Joe.

Speaking of misery, how 25 straight months of negative REAL wage growth? Real weekly wage growth went negative in April 2021, just a few months after Biden was installed as President.

Now, there was winners under Biden. Green energy donors, the big banks, big pharma, big tech, but media … essentially any big donors from big entities got massive payoffs. The middle class and low-wage workers? As Jerry Reid once sang, “They got the coal mine and we got the shaft.”

Living La Vida Biden! Fed Emergency Bank Bailout Facility Usage Hits New Record High (Regional Banks Still Suffering From Deposit Outflow) Bitcoin Above $30k, Gold/Silver Rise

The US is Living La Vida Biden (living the Biden life!) Which means you are making millions if you are a political elite, but suffering if you live on Main Street.

And regional banks (not the TBTF national banks) continue to suffer. The Bank Term Funding Program (1 of 2) is skyrocketing as The Fed cranks up rates to fight BidenFedflation (a combination of excessive monetary stimulus by The Fed and Biden’s lousy economic policies) and M2 Money growth crashes.

The regional banking index continues to fall as bank deposits shrink (like me when I used to jump in the Pacific Ocean in Santa Cruz).

Cryptos down this morning. But Bitcoin is above $30,000 … again.

Oil is down this morning but gold and silver are up slightly.

The 10Y-2Y US Treasury yield curve just dipped below -100 basis points (steep inversion) as M2 Money growth crashed and burned.

Living la vida Biden!

Living La Vida Biden! US Existing Home Sales DOWN -23.16% YoY In May As Fed Pauses And Prices Tumble Most Since 2011 (Inventory For Sale STILL Missing In Action)

Like a bad good news, bad news joke, the good news is that US existing home sales ROSE 0.2% in May. The bad news? Existing home sales are DOWN -23.16% on a year-over-year basis.

And the median price of existing home sales fell -3.44% YoY as inventory for sales remains missing in action (like Biden debating Democrat challengers).

We are living la vida Biden.

I propose that Puerto Rican crooner Ricky Martin replace Janet “Transitory” Yellen as US Treasury Secretary.