Is the US housing market starting to crack?

Home prices dropped in 39 of the top 50 metros in July, the highest number on record in data going back to 2012.

This surpasses the previous record of 38 metros in September 2022, when surging mortgage rates hit the market.

The biggest decline was in West Palm Beach, FL at -2.6%, followed by San Diego, at -2.2%, and Austin, TX, at –1.9%.

Nationwide, home prices fell –0.1% last month, the 3rd consecutive monthly decline.

YoY, price growth slowed to +2.9%, the slowest rate recorded in data going back to 2012.

The cracks in housing are becoming harder to ignore.
(@TheKobeissiLetter)

IRAN, E3 COUNTRIES TO RESUME NUCLEAR TALKS ON TUESDAY - IRAN'S FOREIGN MINISTER STATEMENT
(@WalterBloomberg)

*COLLINS: SEE UPSIDE RISKS TO INFLATION, DOWNSIDE RISKS ON LABOR
(@WalterBloomberg)

FED'S COLLINS: WE CANNOT WAIT FOR ALL OF THE UNCERTAINTY TO BE BEHIND US
(@WalterBloomberg)

INDIA TO MAKE FIGHTER JET ENGINES WITH FRANCE: DEFENSE MINISTER
(@WalterBloomberg)

*TRADERS ADD TO BETS ON FED INTEREST-RATE CUT IN SEPTEMBER
(@WalterBloomberg)

POWELL: FED ABANDONING 2020 FLEXIBLE AVERAGE INFLATION TARGETING FRAMEWORK
(@WalterBloomberg)

*POWELL: TARIFF EFFECTS ON CONSUMER PRICES NOW CLEARLY VISIBLE
(@WalterBloomberg)

SUMMARY OF FED CHAIR POWELL'S SPEECH (8/22/25):

1. Shifting balance of risks "may warrant adjusting policy"

2. Suggests downside risks to employment are rising

3. Labor supply has softened in-line with demand

4. Fed abandoning flexible average inflation targeting framework

5. Can't take stable inflation expectations "for granted"

The Fed is preparing for a September rate cut.
(@TheKobeissiLetter)

*POWELL: SITUATION SUGGESTS DOWNSIDE RISKS TO EMPLOYMENT RISING
(@WalterBloomberg)

🚨 TRADERS RESUME FULLY PRICING IN TWO FED RATE CUTS BY YEAR-END
(@WalterBloomberg)

RUSSELL 2000 INDEX RISES MORE THAN 2%
(@WalterBloomberg)

MARKETS SEE FED CUT IN SEPTEMBER AS POWELL FLAGS RISING RISKS

Powell signaled that the balance of risks is shifting, with downside pressures on employment becoming more evident and tariff-driven price effects feeding into inflation. While stressing that stable inflation expectations cannot be taken for granted, Powell’s comments reinforced bets on a rate cut.

Kalshi data now shows 81% odds of a 25bps cut in September, versus just 11% for no move and 4% for a larger cut.
https://t.co/MTBwgpNhQU
(@WalterBloomberg)

$TSLA - TESLA SHARES UP 4% AFTER POWELL OPENS DOOR TO INTEREST-RATE CUTS
(@WalterBloomberg)

SHARES OF CHIPMAKERS RISE AFTER FED CHAIR POWELL HINTS AT EASING MONETARY POLICY

🔸 NVIDIA UP 1.4%
🔸 INTEL UP 4.3%
🔸 QUALCOMM UP 3.2%
🔸 BROADCOM UP 2.7%
🔸 AMD UP 2%
🔸 MICRON TECHNOLOGY UP 3.7%
(@WalterBloomberg)

TRUMP: WE WILL FIND OUT ABOUT BOLTON
(@WalterBloomberg)

🚨🚨 TRUMP: WILL FIRE FED'S COOK IF SHE DOESN'T RESIGN
(@WalterBloomberg)

TRUMP: DON'T KNOW ABOUT BOLTON HOME RAID
(@WalterBloomberg)

TRUMP: WILL SEE IF PUTIN AND ZELENSKIY WILL WORK TOGETHER
(@WalterBloomberg)

MAJOR U.S. ASSET MANAGERS RISE AFTER POWELL SIGNALS POSSIBLE SEPTEMBER RATE CUT
(@WalterBloomberg)