Calculated Risk

FEBRUARY 27, 2025

In the December Case-Shiller house price index released this week, the seasonally adjusted National Index (SA), was reported as being 77% above the bubble peak in 2006. Today, in the Calculated Risk Real Estate Newsletter: Inflation Adjusted House Prices 1.0% Below 2022 Peak Excerpt: It has been over 18 years since the housing bubble peak.

Numbers 162

Numbers 162

Calculated Risk

FEBRUARY 13, 2025

Look at the difference in credit scores in the recent period compared to the during the bubble years (2003 through 2006). Recently there have been almost no originations for borrowers with credit scores below 620, and few below 660. A significant majority of recent originations have been to borrowers with credit score above 760.

147

147

Calculated Risk

NOVEMBER 1, 2022

This graph shows light vehicle sales since 2006 from the BEA (blue) and Wards Auto's estimate for October (red). Wards Auto estimates sales of 14.90 million SAAR in October 2022 (Seasonally Adjusted Annual Rate), up 10.4% from the September sales rate, and up 12.7% from October 2021. Click on graph for larger image.

Sales 357

Sales 357

Calculated Risk

JANUARY 3, 2025

This graph shows light vehicle sales since 2006 from the BEA (blue) and Wards' estimate for December (red). Click on graph for larger image. Sales in December (16.80 million SAAR) were up 1.8% from November, and up 5.5% from December 2023. Sales in December were above the consensus forecast.

Sales 182

Sales Retail Government 182

The Big Picture

JULY 17, 2022

Visualizing the Coming Shift in Global Economic Power (2006-2036p). Source: Visual Capitalist. I never know what to make of these grand extrapolations but submitted for your approval… The post Coming Shift in Global Economic Power? appeared first on The Big Picture.

Economics 290

Economics 290

Calculated Risk

JUNE 2, 2023

This graph shows light vehicle sales since 2006 from the BEA (blue) and BEA's estimate for May (red). The BEA estimates sales of 15.05 million SAAR in May 2023 (Seasonally Adjusted Annual Rate), down 6.5% from the April sales rate, and up 19.6% from May 2022. Click on graph for larger image.

Sales 360

Sales Marketing Marketing 360

Calculated Risk

FEBRUARY 8, 2023

The sharp decline in 2006 was due to the so-called "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005". (a Non-business bankruptcy filings fell 6.3 percent, to 374,240, compared with 399,269 in the previous year. Click on graph for larger image.

345

345

Calculated Risk

SEPTEMBER 4, 2024

This graph shows light vehicle sales since 2006 from the BEA (blue) and Wards' estimate for Augus (red). Calendar-year 2024 sales through August totaled 10.5 million units, 2.2% above like-2023’s 10.3 Click on graph for larger image. Sales in August (15.13 million SAAR) were down 4.3% from July, and down 1.1% from August 2023. million.

Sales 287

Sales 287

Calculated Risk

OCTOBER 11, 2022

Here is the expanded series from the MBA of mortgage credit availability that includes the bubble years (2004 - 2006). Look at that huge increase in mortgage credit availability back in the 2004 - 2006 period (remember “fog a mirror, get a loan”, NINJA loans: No Income, No Job or Assets?).

Sales 260

Sales Assets 260

Calculated Risk

OCTOBER 3, 2023

This graph shows light vehicle sales since 2006 from the BEA (blue) and Wards Auto's estimate for September (red). Hard to say exactly how much but sales could have been slightly stronger in September if not for some lost inventory caused by production cuts related to plant shutdowns from UAW strikes at Ford, General Motors and Stellantis.

Sales 338

Sales Marketing Marketing 338

Wealth Management

OCTOBER 20, 2022

Cerberus Capital Management paid $350 million in 2006 for struggling Albertsons stores as a real estate play. In the years since, the private equity firm has added to its stake, bulked up through acquisitions and (repeatedly) tried to part with the U.S.

Management 257

Management 257

Calculated Risk

SEPTEMBER 6, 2022

The higher cost of homeownership has clearly eroded affordability, as inflation-adjusted monthly mortgage expenses are now even higher than they were at their former peak in 2006.” emphasis added

Marketing 362

Marketing Marketing 362

Calculated Risk

JANUARY 10, 2024

The second table shows the change in construction and manufacturing payrolls starting in 2006. Job growth slowed in 2023 but was still historically strong.

Economy 298

Economy Manufacturing Economics Sales 298

Calculated Risk

JANUARY 17, 2023

Way back in 2006 I disagreed with some analysts on the outlook for the Inland Empire in California. I wrote : As the housing bubble unwinds, housing related employment will fall; and fall dramatically in areas like the Inland Empire. The more an area is dependent on housing, the larger the negative impact on the local economy will be.

Economy 339

Economy Numbers 339

Calculated Risk

AUGUST 31, 2022

In the Case-Shiller release yesterday, the seasonally adjusted National Index (SA), was reported as being 66% above the bubble peak in 2006. above the bubble peak in early 2006. However, in real terms, the National index (SA) is about 16% above the bubble peak (and historically there has been an upward slope to real house prices).

246

246

Calculated Risk

JANUARY 26, 2024

The sharp decline in 2006 was due to the so-called "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005". Despite the recent increases, the newest totals remain far lower than in December 2010, when filings peaked at just less than 1.6 Click on graph for larger image.

Economy 331

Economy 331

Calculated Risk

SEPTEMBER 30, 2022

In the Case-Shiller release Tuesday, the seasonally adjusted National Index (SA), was reported as being 65% above the bubble peak in 2006. above the bubble peak in early 2006. However, in real terms, the National index (SA) is about 15% above the bubble peak (and historically there has been an upward slope to real house prices).

246

246

Calculated Risk

AUGUST 1, 2024

In the May Case-Shiller house price index released on Tuesday, the seasonally adjusted National Index (SA), was reported as being 73% above the bubble peak in 2006. Today, in the Calculated Risk Real Estate Newsletter: Inflation Adjusted House Prices 1.9% Below 2022 Peak Excerpt: It has been 18 years since the bubble peak.

297

297

Calculated Risk

SEPTEMBER 12, 2022

In Q2 2022, mortgage debt increased $263 billion, the most since 2006. Today, in the Real Estate Newsletter: Mortgage Equity Withdrawal Still Strong in Q2 Excerpt: Here is the quarterly increase in mortgage debt from the Federal Reserve’s Financial Accounts of the United States - Z.1

Sales 277

Sales Accounting 277

Calculated Risk

JULY 27, 2022

In the Case-Shiller release yesterday, the seasonally adjusted National Index (SA), was reported as being 65% above the bubble peak in 2006. above the bubble peak in early 2006.In However, in real terms, the National index (SA) is about 16% above the bubble peak (and historically there has been an upward slope to real house prices).

246

246

Calculated Risk

OCTOBER 27, 2022

In the Case-Shiller release Tuesday, the seasonally adjusted National Index (SA), was reported as being 64% above the bubble peak in 2006. below the recent peak in early 2006. Today, in the Calculated Risk Real Estate Newsletter: Inflation Adjusted House Prices 2.3% Below Peak Excerpt: It has been over 16 years since the bubble peak.

237

237

Calculated Risk

FEBRUARY 25, 2025

The longest such streak occurred for over 12-years, notching 153 consecutive all-time highs from July 1993 to March 2006. After accounting for seasonal adjustments, our National Index pushed forward to achieve a 19th consecutive all-time high, Luke continued. emphasis added Click on graph for larger image.

Accounting 147

Accounting Economy Assets Marketing 147

Calculated Risk

AUGUST 30, 2023

In the June Case-Shiller house price index released yesterday, the seasonally adjusted National Index (SA), was reported as being 65% above the bubble peak in 2006. Today, in the Calculated Risk Real Estate Newsletter: Inflation Adjusted House Prices 3.9% Below Peak; Price-to-rent index is 7.6%

292

292

Calculated Risk

NOVEMBER 8, 2023

However, the increase in inventory in late 2005 (see red arrow on graph below) helped me call the top for house prices in 2006. Starting in January 2005, I was very bearish on housing , but I wasn’t sure when the market would turn. Speculative bubbles can go on and on.

Marketing 291

Marketing Marketing 291

Calculated Risk

SEPTEMBER 26, 2024

In the July Case-Shiller house price index on Tuesday, the seasonally adjusted National Index (SA), was reported as being 74% above the bubble peak in 2006. Today, in the Calculated Risk Real Estate Newsletter: Inflation Adjusted House Prices 1.5% Below 2022 Peak Excerpt: It has been over 18 years since the bubble peak.

Numbers 278

Numbers 278

The Big Picture

OCTOBER 18, 2022

The four largest drops occurred during distinct periods of economic distress: 1990 (recession), 2006-09 (GFC), 2020 (pandemic/recession), and today (FOMC 300 bp rate hike). This brings us to the chart: The one above shows the traffic of prospective buyers looking at a new home (2014- 2022); the one below goes back to the 1980s.

Budgeting 363

Budgeting Economy Taxes Numbers 363

Calculated Risk

SEPTEMBER 2, 2022

This graph shows light vehicle sales since 2006 from the BEA (blue) and Wards Auto's estimate for August (red). Wards Auto estimates sales of 13.18 million SAAR in August 2022 (Seasonally Adjusted Annual Rate), down 1.1% from the July sales rate, and up 0.7% from August 2021. Click on graph for larger image.

Sales 246

Sales 246

Calculated Risk

OCTOBER 3, 2022

This graph shows light vehicle sales since 2006 from the BEA (blue) and Wards Auto's estimate for September (red). Wards Auto estimates sales of 13.49 million SAAR in September 2022 (Seasonally Adjusted Annual Rate), up 2.3% from the August sales rate, and up 9.8% from September 2021. Click on graph for larger image.

Sales 246

Sales 246

Calculated Risk

DECEMBER 1, 2022

This graph shows light vehicle sales since 2006 from the BEA (blue) and Wards Auto's estimate for November (red). Wards Auto estimates sales of 14.14 million SAAR in November 2022 (Seasonally Adjusted Annual Rate), down 5.1% from the October sales rate, and up 7.9% from November 2021. Click on graph for larger image.

Sales 246

Sales 246

Calculated Risk

MARCH 27, 2024

In the January Case-Shiller house price index released yesterday, the seasonally adjusted National Index (SA), was reported as being 71% above the bubble peak in 2006. Today, in the Calculated Risk Real Estate Newsletter: Inflation Adjusted House Prices 2.4% Below Peak Excerpt: It has been over 17 years since the bubble peak.

269

269

Calculated Risk

AUGUST 2, 2022

This graph shows light vehicle sales since 2006 from the BEA (blue) and Wards Auto's estimate for July (red). Wards Auto estimates sales of 13.35 million SAAR in July 2022 (Seasonally Adjusted Annual Rate), up 2.7% from the June sales rate, and down 9.0% from July 2021. Click on graph for larger image.

Sales 243

Sales 243

Calculated Risk

FEBRUARY 1, 2023

This graph shows light vehicle sales since 2006 from the BEA (blue) and Wards Auto's estimate for January (red). Wards Auto estimates sales of 15.74 million SAAR in January 2023 (Seasonally Adjusted Annual Rate), up 17.6% from the December sales rate, and up 4.2% from January 2022. Click on graph for larger image.

Sales 246

Sales 246

Calculated Risk

JANUARY 4, 2023

This graph shows light vehicle sales since 2006 from the BEA (blue) and Wards Auto's estimate for December (red). Wards Auto estimates sales of 13.31 million SAAR in December 2022 (Seasonally Adjusted Annual Rate), down 5.9% from the November sales rate, and up 4.7% from December 2021. Click on graph for larger image.

Sales 246

Sales 246

Calculated Risk

APRIL 3, 2023

This graph shows light vehicle sales since 2006 from the BEA (blue) and Wards Auto's estimate for March (red). Wards Auto estimates sales of 14.82 million SAAR in March 2023 (Seasonally Adjusted Annual Rate), essentially unchanged from the February sales rate, and up 9.3% from March 2022. Click on graph for larger image.

Sales 246

Sales 246

Calculated Risk

AUGUST 2, 2024

This graph shows light vehicle sales since 2006 from the BEA (blue) and BEA's estimate for July (red). The BEA released their estimate of light vehicle sales for July this morning. Click on graph for larger image. Sales in July (15.82 million SAAR) were up 4.2% from June, and down 0.8% from July 2023. million.

Sales 195

Sales 195

Calculated Risk

DECEMBER 1, 2023

In the September Case-Shiller house price index released this week, the seasonally adjusted National Index (SA), was reported as being 69% above the bubble peak in 2006. Today, in the Calculated Risk Real Estate Newsletter: Inflation Adjusted House Prices 3.0% Below Peak; Price-to-rent index is 6.9%

292

292

Calculated Risk

MAY 2, 2023

This graph shows light vehicle sales since 2006 from the BEA (blue) and Wards Auto's estimate for April (red). Wards Auto estimates sales of 15.91 million SAAR in April 2023 (Seasonally Adjusted Annual Rate), up 7.4% from the March sales rate, and up 11.4% from April 2022. Click on graph for larger image.

Sales 246

Sales Marketing Marketing 246