The Ledger
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Morris: Austin Home Prices Dropped Over 20% From Peak
“Austin's down more than 20% off of its peak in 2022.”
Morris: Rochester Homes Sell in 11 Days Versus 105 in Asheville
“The typical home in Rochester, New York goes under contract in about 11 days. So you list the typical house in Rochester, 11 days later it's sold. In Asheville, North Carolina, You list the average house, and it sells in about a 105 days.”
Morris: Sun Belt housing inventory is above pre-pandemic levels
“So if you're a value buyer, point your search at the softening Sunbelt metros where inventory is above pre-pandemic levels and builders are cutting deals.”
Morris: Hartford Housing Rose 22% Since 2022 While Austin Fell 28%
“Hartford, Connecticut is up 22% since twenty-twenty-two. You take the exact same time frame, And Austin, Texas is down 28%.”
US median existing home price hit $429K, rising for 35 straight months
“The median existing home price came in at 429,000 dollars, and that's up 1.3% from a year ago. That's the 35th consecutive month of year over year price increases. That is 35 straight months that prices have gone up.”
First-time buyers reached 35% of May sales as affordability index rose to 105.6
“First-time buyers were 35% of May sales, and NARS affordability index is at One oh 5.6. That's up from 97.5 a year ago”
Morris: Austin, Tampa, Miami, Orlando, and Dallas Led 2026 Price Drops
“And the five markets that took the hit the most in 20, 26 so far are Tampa, Austin, Austin leading the pack, Tampa, Miami, Orlando, and Dallas. Those are the five markets that have decelerated the most, that prices have gone down the most.”
Morris: Buyers Have Negotiating Room for First Time Since Pre-Pandemic
“You finally now have selection and negotiating room in most markets, something buyers haven't had since before the pandemic. Right now, sellers are negotiating. Credits, meaning you can ask for money back once you're in escrow. Credits are back. Contingencies,…”
Morris: Waiting to Buy Costs $4,000 Annual Equity at 1% Appreciation
“35 straight months of rising prices means that waiting has a cost. Every year you wait, even at a one percent appreciation rate on the average median home, which is about 430,000 dollars, you're giving up 4000 dollars in equity plus a year of principal pay dow…”
Goldman Sachs Delays Projected Fed Rate Cut to 2027
“Goldman Sachs just pushed its forecast for the next cut all the way out from 2026 to 20 27.”
Morris: $126B in multifamily loans mature in 2026, up 56% year-over-year
“Multi-family loan maturities jumped 56% in twenty-twenty-six versus twenty-twenty-five. A hundred and twenty-six billion in multi-family loans are maturing in twenty-twenty-six.”
Morris: OpenAI Hired the Creator of OpenClaw After a Bidding War
“And in fact, it created a bidding war for this particular gentleman who created it, who has now gone to open AI. So the creator, The former employee of Claude that created Claude bought separately has now been hired by OpenAI.”
Morris: US Struck Over 7,000 Targets in Iran
“The US has struck more than 7000 targets in Iran since it started.”
Morris: Brent crude hit $115 per barrel, highest since 2022
“Brent crude hit a 115 dollars
Per barrel this week.
That is the highest that it's been since 2022.”
Morris: Wall Street abandons 2026 rate cut hopes, starts whispering about hikes
“Before this war, markets were pricing in two rate cuts for 2026, and now Wall Street is pricing in zero cuts this year, and some are starting to whisper about rate hikes.”
Morris: $1.5 trillion in commercial loans face mandatory refinancing by 2026
“Close to one trillion dollars in loans taken out at three to four percent interest rates, Are coming due right now. Combined with 2025, we're looking at one and a half trillion that are forced to have a refinancing event.”
Morris: Los Angeles Average Real Estate Cap Rate Is About 3%
“And again, when I do the statistical analysis, I'm finding a cap rate of about three percent on average for Los Angeles.”
Morris: Knoxville Properties Yield a 6% to 7% Cap Rate
“Somewhere between a six and seven percent cap rate when you do that math. If you do that math in terms of looking at vacancy and also all the other costs associated with owning property. So that's going to give you a six to seven percent cap rate.”
Morris: $130B to $150B in Maturing 2026 Real Estate Debt Is Underwater
“There is a trillion dollars worth of debt that's going to mature in 2026. That's an average number. That's normal. However, a hundred and thirty billion to a hundred and fifty billion of that debt is totally upside down, and that is not average.”
Morris: Knoxville Has One of the Highest US Inbound Migration Rates
“It is showing one of the largest migration rates in the United States for people coming in versus going out.”
Taylor: Only two manufacturers make every brand of skateboard
“If you look at a actual skateboard, there's only two manufacturers that make every single skateboard, but there's a hundred different brands.”
Taylor: Saint Archer Was California's Fastest-Growing Brewery Before MillerCoors Sale
“We were, I think, the fastest growing brewery in California, and then we ended up selling our business in Miller Coors.”
Taylor: Serving as Mayor of Thousand Oaks While Avoiding City Business
“And then now I don't do business in my city, but I'm the mayor of Thousand Oaks.”
Kuno: Americans Over 70 Take an Average of 20 Medications
“Interestingly in the U S here, when you're over the age of 70, you have about 20 medications.”
Morris: Curing prostate cancer would lower all-cause mortality by 1%
“Curing prostate cancer would lower all cause mortality by one percent.”
Dr. Jonas Kuno: Cryotherapy Effectively Treats Autoimmune and Inflammatory Disorders
“Anti-inflammatory treatments, essentially for not just for athletes, but also for the general population for all sorts of things originally for rheumatoid arthritis. That's what it was developed for. Sports injuries, certainly, and any inflammatory disorder, a…”
Kuno: 95% of human melatonin is produced in mitochondria
“95% of melatonin is made in our mitochondria, and it's an anti-inflammatory.”
Morris: Invitation Homes and American Homes for Rent Own ~145k Homes Combined
“Invitation Homes owns Roughly about 85,000 homes and American homes for rent owns about 60,000, some say 61, 62,000 homes.”
Morris: Investors Owning 100+ Properties Control About 2% of US Housing Stock
“In real numbers, what we're looking at is investors that own a hundred homes or more control about two percent of the total housing stock. And that's according to CNBC that Quoted John Burns research.”
Morris: Institutional Investors Owning 1,000+ Properties Hold Under 0.5% of US Housing
“If you dial it down to a thousand homes, those are more institutional players and those institutional players hold Less than about a half a percent of the total stock of American houses.”
Kahlo: Experienced developers can borrow 100% of renovation costs with 10% down
“So a good developer, what they would do here, an experienced one, they will put down 10% of the purchase price, maybe 15, but at this, at these prices, they will let you get away with 10% of the purchase price, and you're borrowing a hundred percent of the ren…”
Muller: Amazon and Paramount Cut Hundreds of Marketing Employees Post-Strike
“They fired, Amazon fired 800 people, Paramount fired 700, all the marketing teams.”
Morris: Caruso will reopen Palisades Village in December
“Caruso is going to open the village back up in December.”
Johnson: AirDNA estimates gross revenue by scraping blocked calendar dates
“What you have to know about how these tools estimate income is they're basically scraping
The prices from existing Airbnbs. And so let's say that you have an Airbnb with Monday, Tuesday, Wednesday open, right? At 300 dollars a night. And then the next day the …”
Stepp: 20x Gross Multiplier Deals Are No Longer Happening
“There's no more 20 times gross deals happening. There's certainly not. I'm shocked. I'm shocked. How low even the most prime locations are going on the gross rent multiplier level, cap rate level.”
Stepp: Austin multifamily market became oversaturated, causing high vacancy
“Austin's a hip town that everybody was like, oh my god, you have to buy in Austin. And yes, it's cheaper than United, I mean, in Los Angeles, but it's, but it got oversaturated with too much product. And then you can't rent your units, you have high vacancies,…”
Stepp: Investors Can Easily Buy 5-Cap Properties in Los Angeles
“If you're in this market, you can buy a five cap. Easily.”
Bailey: $27 Billion Invested into San Francisco Over Past Year
“In the last 12 months, twenty-seven billion dollars has gone into San Francisco.”
Bailey: San Francisco $20M+ Home Sales Reached All-Time High
“They've had more homes sell over twenty million in the last year than ever.”
O'Neill: Major California Cities Have Passed Expedited Infill Housing Ordinances
“Most major cities like San Diego, San Francisco, San Jose, they also have similar ordinances for this as well.”
Only a few global representatives have retail access to Kehinde Wiley artworks
“It's only a couple of reps around the world that have direct access and that sell them at retail.”
Raffae: Palmdale houses cost $400k and rent for $2.5k–$3k
“So you could still buy a house for 400,000. And you could rent it for between 2500 to 3000 dollars.”
Romanesco: French property loans offer lower rates and 15-year terms
“Interest rates are much lower their 15 year term instead of 30, which is nice. So the great thing, yeah, the great thing about investing in France is that you know, you pay off Your loan's much more quickly.”
Lane: Abilene, Texas Was AirDNA's Top Investment Market This Year
“Our top market this year ended up being Abilene, Texas.”
AirDNA licenses MLS data to calculate yields for every US home for sale
“We license MLS data to then be able to run that calculation for every single home available for sale in the US.”
Lane: All San Diego short-term rental lottery applicants received permits
“San Diego did that, where they said we're okay with one percent of our housing stock being allocated towards short terminals. They had a lottery for hosts to then get one of those permits and they held this lottery and there wasn't even the, and everyone got a…”