Japanese builders have announced or closed acquisitions of 23 U.S. single-family home builders since 2020, more than double the number from 2013 to 2019. That doesn’t include the multifamily developers and construction-supply companies they have also bought. By some estimates, Japanese builders are now set to own about 6% of the U.S. home-construction market.
Unemployment Rate
The monthly breakeven rate - the number of new jobs needed to keep the unemployment rate stable - was much higher in the 1970s at 185,000 jobs, as women and baby boomers poured into the labor force. It dropped to just 50,000 in late 2020 during the pandemic. This year, slower immigration means the breakeven pace could fall to nearly zero, requiring less than 10,000 new jobs per month in 2026.
HOA Fees
Homeowners association and condo fees are significantly increasing, adding to mounting costs that are driving buyers out of the housing market. Median monthly condo fees rose 29% from 2019 to $420 in 2025, while single-family HOA fees rose 26% to $63 last year.
KC World Cup
The Kansas City metro area, with about 2.2 million residents, is the smallest of the 16 cities hosting the World Cup. Over the past 15 years, the region has poured $650 million into building world-class training facilities and stadiums in an effort to become America’s soccer capital. The city had a budget of $165 million for the World Cup tournament.
Private Credit Allocation
Of the about $6 trillion in invested assets held by life and annuity companies, nearly $1 trillion is now in private-credit investments.
Distressed Office
Investors purchased 204 distressed office buildings nationwide last year, up from 133 sales in 2024. Sales of these properties, which were auctioned out of bankruptcies or sold through foreclosures and lender seizure, came to $5.2 billion. In the first two months of this year, sales volume of distressed offices was $808 million, up 24.5% from the same period last year.
Funds Flow
In March, more than $6 billion flowed out of high-yield bond funds. By contrast, almost $19 billion flowed into higher-rated, investment-grade bond funds.
Residential Listings
About 2.2% of rental listings on Zillow in November had previously been listed for sale. That’s the highest level since late 2022 when mortgage rates surged above 7%.
Corporate Deals
Global corporate deals valued at $10 billion or more reached 22 transactions so far this year, a quarterly record. The total value of all deals so far this year jumped 29% year over year, but the overall number of transactions fell 17% due to slower smaller-deal activity.
Sector Performance
Ten of the S&P 500’s 11 sectors were down 8.3% on average in March, with the energy sector being the lone exception.