Archive - The Real Signal - Housing + Real Estate + Macro

The Real Signal #160 - Tech and Infrastructure Investment Super Cycle

Plus: Multifamily Supply Wave Has Crested And Families Are Moving Up

Nov 22 •

The Real Signal #159 - How US Fiscal Dominance Affects Ground Up Multifamily

Plus: Tariffs Reduce Inflation And Larger Housing Units Increase Fertility Rates

Nov 15 •

The Real Signal #158 - City of Los Angeles Continues to Shoot Itself In The Foot

Plus: Middle Size Housing Projects At Low Point And Vegas Experiences Income Inequality

Nov 8 •

The Real Signal #157 - Multifamily Construction Pipeline Is Emptying Quickly

Plus: Families Value Bedrooms Most And Texas, Florida….and California Slated For Most Growth

Nov 1 •

October 2025

The Real Signal #156 - Unmet Demand For Larger Bedroom Apartments

Plus: Rental vs. Mortgage Gap Largest In History And Old Media Is Dying, Long Live Substack

Oct 25 •

The Real Signal #155 - New Wave of Capital Formation

Plus: Class C Multifamily Rent Growth And HVAC Shipments Tumble 30%

Oct 18 •

The Real Signal #154 - Multifamily Rents Slide, But Renter Households Increasing

Plus: Datacenter Starts Spending Is Accelerating And Subprime Auto Loan Delinquency Has Doubled

Oct 11 •

The Real Signal # 153 - We Are Post-Peak Multifamily Cap Rates

Plus: Distressed Snapshot - Nowhere Near 2008 And Time To Start Building Nuclear

Oct 4 •

September 2025

The Real Signal # 152 - Strong Case for Multi-Gen Workforce Housing

Plus: BLS Employment Downward Adjustments, Electricity Rates Increasing And Financial Distress Meets Days On Market In The South

Sep 27 •

The Real Signal #151 - Calling The Bottom In Private Equity Liquidity and Ground Up Multi Production

Plus: Changes In Apartment Construction Volumes 2024-25 and Banks Sitting On Massive Unrealized Losses

Sep 20 •

The Real Signal #150 - Build-To-Rent Positive Housing Signal

Plus: PPI Inflation Down And Logistics Volumes Down

Sep 13 •

The Real Signal # 149 - Bullish On Flat Construction Pricing

Plus: Big Spike In LA Multi Permits And No Surprise: Rent Controls Drive Up Rents

Sep 6 •

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