Just over 2 weeks ago, we charted about how the combination of higher borrowing costs and still-elevated home prices had created one of the least affordable housing markets in modern history for would-be buyers.
However, data out this week from the NAR revealed that some of the air is coming out of the market, as existing home prices fell 0.2% in Feb 2023 (vs. Feb 2022), breaking an 11-year-streak of continuous annual increases.
Interestingly, the number of homes sold jumped some 14.5% in February. That suggests there is demand from those waiting on the sidelines, standing by for any favorable fluctuations in the mortgage market, where interest rates still hover around 7%. As Fortune put it, the real winners of the pandemic may be the home-buyers who managed to lock in a mortgage rate around 2%.
Hours after President Donald Trump dismissed a report regarding a deal to restore traffic through the Strait of Hormuz, the US and Iran exchanged fresh strikes early on Thursday.
Despite an ongoing ceasefire as the countries hold talks to end the conflict, the US carried out new strikes inside Iran, The Guardian reports, prompting a retaliatory attack from Iran on a US airbase in Kuwait.
After just shy of 60 years in OPEC, its membership even predating its status as a nation-state, the United Arab Emirates yesterday announced its shocking departure from the oil production group, effective May 1, as the knock-on effects of the Iran war continue to play out across the Middle East and the energy landscape.
For context, the UAE produces the third-highest amount of oil in the group, per April data and OPEC’s latest set of annual statistics.
According to the cartel’s 2025 Annual Statistical Bulletin, the OPEC group was collectively exporting some 19 million barrels of crude oil a day last year, with the United Arab Emirates accounting for some 14% of that daily output.
UAExit means UAExit
The nation, whose energy minister told Reuters yesterday that the decision was taken “after a careful look at current and future policies related to level of production” and wasn’t made following discussions with any other country, made up a healthy share of the group’s total confirmed crude oil reserves, as well.
Sherwood News
Of the 12 nations in the core group, which was founded by just five oil superpowers back in September 1960, only two (Iraq and Saudi Arabia) exported more barrels of crude oil daily, pumping out 3.36 million and 6.05 million barrels, respectively, each day to nations around the world.
For its part, the UAE said it will “continue its responsible role by gradually and thoughtfully increasing production, in line with demand and market conditions,” per the official state news agency. Clearly, the nation now wants a little more control of just how much oil it can pump around the world, with the UAE having to eat a large proportion of lost revenues due to its healthy abundance and OPEC restrictions.
According to the cartel’s 2025 Annual Statistical Bulletin, the OPEC group was collectively exporting some 19 million barrels of crude oil a day last year, with the United Arab Emirates accounting for some 14% of that daily output.
UAExit means UAExit
The nation, whose energy minister told Reuters yesterday that the decision was taken “after a careful look at current and future policies related to level of production” and wasn’t made following discussions with any other country, made up a healthy share of the group’s total confirmed crude oil reserves, as well.
Sherwood News
Of the 12 nations in the core group, which was founded by just five oil superpowers back in September 1960, only two (Iraq and Saudi Arabia) exported more barrels of crude oil daily, pumping out 3.36 million and 6.05 million barrels, respectively, each day to nations around the world.
For its part, the UAE said it will “continue its responsible role by gradually and thoughtfully increasing production, in line with demand and market conditions,” per the official state news agency. Clearly, the nation now wants a little more control of just how much oil it can pump around the world, with the UAE having to eat a large proportion of lost revenues due to its healthy abundance and OPEC restrictions.
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