· Single-family rent growth as measured by CoreLogic is now up just 5% year over year as of February, down from an increase of 5.7% in January.· Commercial bank assets have shrunk by $90 billion since the beginning of February and deposits have fallen off a cliff as depositor’s money is being moved to money market funds on Wall Street.
· Additionally bank lending is tightening quickly which means fewer business and personal loans are being approved which is another sign of a coming recession.
· On Thursday is the first reading on 1st quarter GDP.
· Friday is the Fed’s favorite inflation report, the PCE.
· According to Kelly Blue Book the average car payment is now $800 which has doubled in the last 3 years. Car payments are increasing rapidly thanks to the Fed’s rate increases and soaring car prices. An $800 car payment reduces a homebuyer’s buying power by $133k!!!