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People on diabetes and weight loss drugs such as Ozempic and Wegovy should stop taking them before elective surgery to reduce the risk of serious complications, a prominent doctors group said. 
The group has received anecdotal reports from across the U.S. that patients taking the drugs, known as GLP-1s, during general anesthesia may be at increased risk of nausea, vomiting and aspiration.

In this photo illustration, a box of the diabetes drug Ozempic rests on a pharmacy counter on April 17, 2023 in Los Angeles, California. 
Mario Tama | Getty Images

People on diabetes and weight loss drugs such as Novo Nordisk’s Ozempic and Wegovy should stop taking them before having elective surgery to reduce the risk of serious health complications, a prominent group of doctors said. 
The American Society of Anesthesiologists, an organization of more than 53,000 physicians engaged in anesthesiology, released interim guidance with that suggestion late Thursday. 

The guidance aims to help doctors manage patients on those drugs who are scheduled to undergo elective surgeries, which are non-emergency procedures such as kidney stone removal, joint replacement and cosmetic surgery. 
The ASA said the guidance reflects concerns related to delayed stomach emptying, or when food sits in the stomach for longer than usual. That’s one effect of diabetes and weight loss drugs, which mimic a hormone produced in the gut called GLP-1 and ultimately suppress a person’s appetite. 
Delayed stomach emptying may cause patients undergoing anesthesia to experience nausea, vomiting and aspiration, which is when a person accidentally breathes food into their lungs rather than swallowing it, according to the ASA.
That’s why patients are typically required to fast before undergoing anesthesia for procedures. 
The ASA has received anecdotal reports from across the U.S. that patients taking the drugs during general anesthesia and deep sedation may be at increased risk of those “serious” complications, the group’s president, Dr. Michael Champeau, said in the guidance. 

Ozempic and Wegovy are already associated with stomach issues like diarrhea and constipation. But Champeau acknowledged that there is still a lack of scientific data on how exactly anesthesia interacts with those drugs, which are also known as GLP-1s.  
Each day, about 60,000 people nationwide receive general anesthesia, or medication administered for pain relief during surgeries and other procedures. 
It’s unclear how many people take GLP-1 drugs each day, but their popularity skyrocketed over the last year for being weight loss “miracles.” Now, Novo Nordisk’s Ozempic and Wegovy are plagued by nationwide shortages. They also face growing competition from similar treatments like Eli Lilly’s Mounjaro. 
Under the ASA’s guidance, people taking GLP-1 drugs on a daily basis should skip treatment on the day of elective surgery.
Those taking GLP-1s weekly should stop treatment a week before the scheduled surgery, the group said. 
Prior to surgery, doctors should consider consulting with an endocrinologist for guidance on patients who take GLP-1s for diabetes. 
The group also said doctors should consider delaying a patient’s procedure if that person experiences nausea, vomiting or abdominal bloating or pain on the day of their scheduled procedure. 
If a patient has none of those symptoms but did not stop using GLP-1s before the surgery, doctors should consider using ultrasound to check if they have a “full stomach.” More

Box office analysts predict Disney and Lucasfilm’s “Indiana Jones and the Dial of Destiny” will capture between $60 million and $65 million during its first three days in theaters.
The film had a lofty production budget of nearly $300 million, making a strong box office showing important for the studio.
“Dial of Destiny” has mixed to positive reviews, with critics saying the film doesn’t quite capture the thrill of earlier adventures.

Harrison Ford returns as Indiana Jones in “Indiana Jones and the Dial of Destiny.”

It’s Harrison Ford’s final bow as the boulder-dodging, whip-wielding, Nazi-punching Indiana Jones.
On Friday, “Indiana Jones and the Dial of Destiny” arrives in theaters, marking the fifth and likely final chapter in the Lucasfilm movie franchise.

Disney spared no expense in bringing the film to the big screen, starting with a nearly $300 million production budget. Factor in marketing costs, which are typically equal to half the production budget, and a swanky premiere and after-party at the Cannes Film Festival, and “Dial of Destiny” has quite a hole to dig itself out of.
Box office analysts are predicting the film will capture between $60 million and $65 million during its first three days in theaters and around $90 million for the five-day holiday weekend. That would mark the latest mediocre opening in the summer blockbuster season, following disappointing bows for “The Flash,” “Elemental” and “Transformers: Rise of the Beasts” earlier this month.
It would also fall well short of the $100 million “Indiana Jones and the Kingdom of the Crystal Skull” secured during its first three days in theaters in 2008. Previous Indiana Jones installments, released in the 1980s, saw significantly lower box office openings because tickets were significantly less expensive at that time and the films were released in fewer theaters.
For instance, “Kingdom of the Crystal Skull” was released in more than 4,200 theaters, while 1989’s “The Last Crusade” was released in 2,300 cinemas, according to Comscore data. In 2023, blockbuster features are generally opening in 4,200 locations, with some films, such as Marvel’s “Guardians of the Galaxy: Vol. 3,” opening in as many as 4,450 locations.
“Dial of Destiny” also marks the first time Steven Spielberg hasn’t directed an Indy movie, although the musical score was written by franchise stalwart John Williams. James Mangold, who helmed “Logan” and “Ford v Ferrari,” directed the new one.

The sequel comes 15 years after the “Kingdom of the Crystal Skull,” which ended up with a 77% “Fresh” rating on Rotten Tomatoes but was widely panned by audiences. Despite a solid opening, the fourth Indiana Jones film tallied only $317 million domestically. It did manage to reach $786 million globally, according to data from Comscore.
The lackluster audience response resulted in a pause in future films, including the potential for a spinoff featuring Shia LaBeouf as Indiana Jones’ son Mutt Williams. In 2012, Disney bought Lucasfilm for $4.05 billion, eventually taking the franchise away from its previous studio partner Paramount Pictures. Disney kept the character on ice while it worked on new Star Wars and Willow content — two other franchises that came from Lucasfilm.
Now, in 2023, the fifth installment in the swashbuckling archaeologist’s movie adventures has generated a 67% “Fresh” score as of Friday morning, with critics saying “Dial of Destiny” doesn’t quite capture the thrill of earlier adventures. Still, with Ford donning his iconic hat and whip combo, the film gives audiences a nostalgic rush, according to the critical consensus.
It’s unclear whether that will result in a ton of ticket sales, however.
“The target audience of men over 35, who grew up on the entire series, will need to show up with their families and, perhaps, introduce the iconic character to their little ones who weren’t even around for the previous movie,” said Shawn Robbins, chief analyst at BoxOffice.com. “The franchise has overcome stalled pop culture relevance before, but this time it also has to face that added challenge of winning back viewers who weren’t as keen on ‘Crystal Skull’ as they were for the original films.”
Hollywood has had mixed results with nostalgia plays in recent years. While “Top Gun: Maverick,” “Avatar: The Way of Water” and “Ghostbusters: Afterlife” captured healthy box office sales, others have floundered on the big screen. “Blade Runner 2049,” “Independence Day: Resurgence” and “Terminator Genisys” came up short with old fans and new audiences in North America.
“Dial of Destiny” could benefit from audiences keen to see Ford, who will turn 81 next month, hang up his fedora and potentially even pass off the torch to a new generation.
Even with tepid reviews heading into Friday’s release, Robbins notes that critics and audiences don’t always agree.
“Indiana Jones’ nature as a traditionally less front-loaded franchise compared to the comic book blockbusters we’re used to seeing play with a short fuse also means a sizable portion of its audience could opt to see the film after the initial fan-driven previews and opening day,” he said.
Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal owns Rotten Tomatoes. More

Workers at Boeing aircraft parts supplier Spirit Aerosystems approved a new labor deal on Thursday, setting the stage to resume production at a Wichita, Kansas, facility.
Spirit Aerosystems supplies fuselages for Boeing’s best-selling 737 Max aircraft.
The production pause came as Boeing scrambles to increase production of new aircraft.

An aerial view of the engines and fuselage of an unpainted Boeing 737 MAX airplane parked in storage at King County International Airport-Boeing Field in Seattle, Washington, June 1, 2022.
Lindsey Wasson | Reuters

Workers at Boeing aircraft parts supplier Spirit Aerosystems approved a new labor deal on Thursday, setting the stage to resume production at a Wichita, Kansas, facility after a work stoppage last week.
Spirit Aerosystems, which supplies fuselages for Boeing’s best-selling 737 Max aircraft as well as other parts for Boeing and other manufacturers, halted production last Thursday after workers voted against a new proposed contract and in favor of a strike.

“We continue to monitor the situation as we assess any potential impacts to production and deliveries,” Stan Deal, CEO of Boeing’s commercial airplane unit, said in a note to staff.
The company and the workers’ union, the International Association of Machinists and Aerospace Workers, had reached a new tentative agreement for the 6,000 workers, the union said on Tuesday. Sixty-three percent of the workers approved the new agreement, the union said.
“This agreement addresses our members’ concerns with substantial wage increases, maintaining the CORE healthcare plan benefits that the membership insisted on, and includes no mandatory overtime,” the union said Tuesday when the preliminary deal was reached.
Workers would return on July 5.
The production pause came as Boeing scrambles to increase production of new aircraft. The company went into the strike with an inventory of some fuselages to continue manufacturing. More

Dream on Me’s win is only tentative and could very well be clawed back if Bed Bath & Beyond receives a higher bid at an upcoming auction for all of Buy Buy Baby’s assets.  
Everyday Health Media was selected as a backup bidder. 
Since it declared bankruptcy in late April, Bed Bath & Beyond has been determined to sell its assets at the highest price possible.

“Store Closing” signs at a Buy Buy Baby store in the Brooklyn borough of New York, on Monday, Feb. 6, 2023.
Stephanie Keith | Bloomberg | Getty Images

A little-known baby retailer based in Piscataway, New Jersey, has tentatively won the auction for the intellectual property of Bed Bath & Beyond’s crown jewel Buy Buy Baby, court records filed Thursday say. 
Dream on Me Industries, which sells cribs, strollers and other baby goods through a host of retail partners, won the rights to assets such as Buy Buy Baby’s trademark and domain after an auction Wednesday, according to the records. The price of the winning bid was not disclosed.

Wednesday’s auction was only for Buy Buy Baby’s intellectual property, after its parent company Bed Bath & Beyond decided to split up the sale process in an apparent effort to secure a higher bid price. Another auction for all of Buy Buy Baby’s assets, including its many stores, will be held July 7, the records say. 
Dream on Me’s win is only tentative. If Bed Bath & Beyond receives a higher bid at the upcoming auction, it could lose the rights to Buy Buy Baby’s intellectual property.
Everyday Health Media, a digital media company that produces health and wellness content, was selected as a backup bidder. 
Since it declared bankruptcy in late April, Bed Bath & Beyond has been determined to sell its assets at the highest price possible. The company has repeatedly pushed back several auctions as it worked to secure buyers. 
Interest has centered around Buy Buy Baby, long considered the most valuable part of Bed Bath & Beyond’s business. But the sale process is increasingly uncertain after doubts grew in the days ahead of the auction about the number and size of bids, CNBC previously reported.
The company already offloaded its namesake banner to Overstock.com for $21.5 million. The e-commerce retailer, which plans to change its website name to Bed Bath & Beyond, opted out of acquiring Bed Bath’s stores and inventories. More

Shares of Overstock.com rocketed nearly 20% higher Thursday.
The e-commerce home goods retailer announced it would change its website’s name to Bed Bath & Beyond.
Overstock CEO Jonathan Johnson told CNBC’s “The Exchange” that the Bed Bath & Beyond name better aligns with the company’s products and maintains good brand awareness.

Overstock.com CEO Jonathan Johnson, June 29, 2023.
Scott Mlyn | CNBC

Shares of Overstock.com rocketed nearly 20% higher Thursday, a day after the e-commerce home goods retailer announced it would change its website’s name to Bed Bath & Beyond after buying up the fallen retailer’s intellectual property and digital assets via a bankruptcy auction.
Shares closed the session north of $30 per share, giving Overstock a market valuation of roughly $1.3 billion.

Overstock CEO Jonathan Johnson said the Overstock name reflected the company’s prior liquidation-based model and didn’t align with the type of products it now sells.
“We started out 20-plus years ago as a liquidator and became a general merchandiser. Now we’re a home furnishings and furniture company and there [were] a lot of headwinds with the name Overstock, headwinds with customers who were confused who we were and what we were selling, headwinds with suppliers that didn’t want to necessarily sell if it was associated with liquidation,” Johnson told CNBC’s “The Exchange.”
Bed Bath & Beyond maintains strong brand awareness, Johnson said, despite mismanagement and eventual bankruptcy.
The brands already share overlapping customers, Johnson said, which will help ease the transition.
“We’ll do this transition slowly where the Overstock customer will come to the new website and will recognize it, but so will the Bed Bath & Beyond customer. And then over time, we’ll sunset out the Overstock feel,” he added.

Johnson said shoppers can expect Bed Bath & Beyond’s famed coupons to live on, at least during a transitional period, but noted on a call with analysts earlier Thursday that the company will not offer as many or as deep discounts over the long term.
“One thing that Bed Bath & Beyond customers will realize is that our non-coupon price is really good. And I think people will be very surprised with the deals that Overstock and now Bed Bath & Beyond is able to offer and has been offered,” he said.
The new Bed Bath & Beyond website is set to be relaunched in Canada within the next week, with a subsequent rollout of a website, mobile app and loyalty program in the U.S. expected in the coming weeks.
Overstock shares are up almost 60% so far this year.

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Overstock.com shares surge after announcing website rebrand to Bed Bath & Beyond. More

Bed Bath & Beyond has selected the successful bidders for 109 of its store leases, and Burlington Stores will win the lion’s share.
The off-price giant is slated to take over 50 former Bed Bath & Beyond locations for $13.53 million.
Michael’s, Haverty, Macy’s and Barnes & Noble were among the other winners.

A Burlington and a Bed Bath & Beyond store.
Getty Images

Bed Bath & Beyond locations across America will soon be replaced by Burlington Stores outposts and a range of other businesses, after the failed home goods retailer auctioned off its leases as part of its bankruptcy proceedings, court records show. 
The doomed big-box store selected bidders for 109 of its leases after a Monday auction. Off-price giant Burlington agreed to take over 44 of the locations for $12 million, the largest share of the leases, records filed late Tuesday show. 

Burlington secured six more leases for $1.53 million outside the auction process, bringing the total number of locations to 50 for $13.53 million, records show. 
Many of the locations are considered “top notch,” said Bill Read, executive vice president of commercial real estate firm Retail Specialists. Bed Bath’s lease auction provided retailers in growth mode an opportunity to snag space in prime locations amid a dearth of quality commercial real estate.
“In aggregate, the Bed Bath & Beyond locations were some of the best that I’ve seen become available. They’re usually in large community centers with Target as an anchor and multiple other desirable anchor tenants in the shopping center,” Read told CNBC. 
“These are generally in well-established, mature markets that have a proven track record of generating high sales,” he continued.

Several other retailers snatched up the leases. Here’s a list of the top winners: 

Burlington Coat Factory: 50 leases for a total price of $13.53 million.
Michael’s: Nine leases for $2.55 million.
Haverty: Four leases for $468,334.

The other winners include grocers, premium furniture stores and discounters. Macy’s paid $1.2 million for a lease in ritzy Winter Park, Florida, for a potential Bloomingdale’s location, and Barnes & Noble secured a lease in Concord, North Carolina, for $129,015. 
Landlords apart from those companies won 37 of the leases, the next-largest portion after Burlington. Those landlords can now find their own tenants and potentially get a higher rent price than they’d be able to within the auction process.
The leases are for both Bed Bath & Beyond and Buy Buy Baby locations. Leases for the Buy Buy Baby outposts could be clawed back depending on what happens at an auction for the chain’s assets, Bed Bath & Beyond said in a court filing. 
The leases sold are for stores that range in size from 14,000 square feet all the way to 92,000 square feet. 
Bed Bath & Beyond raked in $24.41 million from the lease auction. A portion of those proceeds will likely go to unpaid rents at the locations and the rest will go to Bed Bath & Beyond to pay the retailer’s many creditors. 
When Bed Bath & Beyond filed for bankruptcy in late April, the retailer had 468 leases to its name, and 153 of them were brought to auction earlier this week, records show. Successful bids went through for only 109 of them.
The retailer had said in court filings that another wave of lease auctions could take place. It is unclear if that process is underway or what will happen to the additional leases that weren’t auctioned off this week. 

Retail bankruptcies and off-price expansion

The influx of available stores comes as vacancy rates for shopping centers fell to 5.6% in the first quarter of this year, the lowest level since commercial real estate firm Cushman & Wakefield began tracking in 2007.
The lack of available retail space can hinder companies looking to expand. But retail bankruptcies can provide a unique opportunity to snatch space they couldn’t otherwise access.
When Burlington reported earnings for the three months that ended April 29, the company noted it planned to open 70 to 80 net new stores in fiscal 2023. It aimed to open even more in the coming years. 
During a call with analysts, CEO Michael O’Sullivan said the company had its eye on “retail bankruptcies.”
“We think these bankruptcies are likely to have a significant impact on the availability of attractive new store locations … we’re confident that these bankruptcies will strengthen our new store pipeline,” said O’Sullivan. 
“We hope in 2024 and 2025, some of the availability that we’re seeing from retail bankruptcies will give us the opportunity to open more,” he added.
Burlington’s decision to buy Bed Bath & Beyond’s leases wasn’t its first foray into bankruptcy-run lease auctions, the chief executive said on the call. 
“We have a very strong real estate team that has a lot of experience dealing with retail bankruptcies. Many of our most successful and productive stores today were once upon a time Circuit City, Toys R Us, Sports Authority, Linens ‘N Things,” said O’Sullivan, rattling off a series of other failed retailers that came before Bed Bath & Beyond. 
“Some of our best stores were created from carved-up Kmart or Sears locations,” he added.
Read, the executive vice president with Retail Specialists, said it’s “no surprise” Burlington was the top bidder for Bed Bath & Beyond’s leases. 
“Burlington is in aggressive growth mode, these are fantastic locations and they’re getting a lot of value for their dollar,” Read said. “Companies like Ross and TJX already have enough stores in their fleet that they didn’t have to be as aggressive in an auction to get new stores, but it’s perfectly reasonable for Burlington to be aggressive to reach their store count desires.”
Read added, “They’re getting reasonable rents, they’re getting great locations, they’re getting great co-tenancy and they’d probably be in a bidding war with other retailers at higher rents for these locations if it was outside of an auction.” More

The Justice Department charged a former Pfizer employee and his friend with illegally trading shares based on non-public trial results on the Covid antiviral pill Paxlovid. 
The Securities and Exchange Commission announced its own insider trading charges against the former employee, Amit Dagar, and his friend, Atul Bhiwapurkar.
Amit Dagar, who helped manage and analyze certain clinical trial data, and Bhiwapurkar sold their Pfizer call options at “significant profits” totaling more than $350,000. 

Resurgence of COVID-19 symptoms in patients treated with the drug Paxlovid appeared far more common than has been reported, doctors found in a study detailed in the New England Journal of Medicine.
Chris Sweda | Chicago Tribune | Tribune News Service | Getty Images

Federal authorities charged a former Pfizer employee and his close friend Thursday with illegally trading shares based on non-public trial results on the pharmaceutical company’s Covid antiviral pill Paxlovid.
The Justice Department and the Securities and Exchange Commission both announced respective insider trading charges against Amit Dagar, Pfizer’s senior statistical programming lead at the time of the trades, and his friend Atul Bhiwapurkar.

Dagar, who helped manage and analyze Paxlovid clinical trial data, and Bhiwapurkar “participated in an insider trading scheme to reap illicit profits from options trading based on inside information” about the then-unreleased Paxlovid results in November 2021, according to the DOJ.
The two individuals bought their Pfizer call options a day before the data was made public. Once the trial results were publicized, Dagar and Bhiwapurkar sold their call options and generated “significant profits” totaling more than $350,000, the DOJ said in a release.
“The charges in this case relate to the personal conduct of a former Pfizer employee in violation of the company’s policies,” a Pfizer spokesperson told CNBC. “Pfizer is cooperating with the government’s investigation.”
Dagar, 44, of Hillsborough, New Jersey, was arrested Thursday morning and charged with four counts of securities fraud, each of which carries a maximum sentence of 20 years in prison, the DOJ said. He was also charged with one count of conspiracy to commit securities fraud, which carries a maximum sentence of five years in prison.
Bhiwapurkar, 45, of Milpitas, California, was also arrested early Thursday and charged with two counts of securities fraud and one count of conspiracy to commit securities fraud, according to the DOJ.

Patrick Smith, an attorney representing Dagar, said his client denies the allegations and “looks forward to defending himself in court.”
Smith also said “nobody at Pfizer ever told” Dagar the results of the Paxlovid trial.
Michael Bachner, an attorney for Bhiwarpukar, said his client denies trading on inside information and based his decisions on publicly available information about the efficacy of the drug.
Bhiwarpukar “intends to vigorously defend against these charges,” according to Bachner.
On Nov. 4, 2021, Dagar learned that a mid-stage Paxlovid trial produced positive results a day before they were scheduled to be made public, the SEC’s complaint alleges. 
The trial found Paxlovid reduced hospitalization or death by 89% compared with placebo in non-hospitalized high-risk adults.
Dagar’s supervisor informed him via chat that the trial “got the outcome” and there would be a “press release tomorrow.” Dagar responded with “oh really” and “kind of exciting,” the complaint alleges.  
Within hours of that exchange, Dagar purchased “short-term, out-of-the-money” Pfizer call options. An out-of-the-money call option allows a person to purchase a stock at a price greater than the current market price.
Prior to that day, Dagar had never used his brokerage account to trade in Pfizer options and had not traded the company’s stock since 2018, the complaint alleges.
Dagar allegedly shared the successful results with Bhiwapurkar, who purchased similar call options in Pfizer and tipped off another friend who was not named in the complaint.
Pfizer’s stock price jumped nearly 11% after the company released the Paxlovid data on Nov. 5, 2021.
Dagar, who purchased $8,380 in Pfizer call options, generated a one-day profit of approximately $214,395, the SEC said. That represents an investment return of approximately 2,458%, according to the agency.
Bhiwapurkar, who purchased $7,400 in call options, generated a one-day profit of approximately $60,300, the SEC said. 
The unnamed individual who Bhiwapurkar tipped, generated a one-day profit of approximately $29,770, according to the charges.
“As alleged in our complaint, Amit Dagar misused his access to confidential clinical trial results to enrich himself and his friend, Atul Bhiwapurkar,” Joseph Sansone, chief of the SEC’s Market Abuse Unit, said in a release.
“Dagar and Bhiwapurkar allegedly leveraged this information by trading out-of-the-money call options to generate massive one-day returns. Thanks to our surveillance, the defendants must now face the consequences of their greed,” he continued. More

In the last week of June, the number of homes for sale fell below year-ago levels for the first time in 59 weeks.
New listings in the last week of June were down 29% from the same week a year ago.
Mortgage rates recently crossed back over 7%.

A house for sale, in escrow, in Laguna Woods, California.
Scott Mlyn | CNBC

Anyone out shopping for a home on the resale market knows the pickings are slim. They’re about to get slimmer. 
The number of homes for sale this month was actually 7% higher than June of last year, according to Realtor.com. But, in just the last week, that comparison went negative, with the number of homes for sale falling below year-ago levels for the first time in 59 weeks.

New listings in the last week of June were down 29% from the same week a year ago. That’s a wider drop than previous weeks.
With mortgage rates surging ever higher, crossing over 7% again on the 30-year fixed Thursday, according to Mortgage News Daily, homeowners have very little incentive to sell their homes. The vast majority of homeowners with mortgages have rates below 4%, with some even below 3%.
An even tighter housing market ahead means home prices are unlikely to cool. Prices peaked last June, after rising over 45% from pre-pandemic levels. They began to fall because mortgage rates had doubled in a matter of months. But prices bottomed in January, according to the latest S&P Case-Shiller home price index, despite still higher interest rates and slower sales.
“The ongoing recovery in home prices is broadly based,” Craig Lazzara, managing director at S&P DJI, said in a release.
Pending sales, which measure signed contracts on existing homes, fell nearly 3% in May from April, according to a report Thursday from the National Association of Realtors.

“Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing,” NAR’s chief economist, Lawrence Yun, said in a release. “The lack of housing inventory continues to prevent housing demand from being fully realized.”
On the flip side, the nation’s homebuilders have been big beneficiaries of the tight market, seeing sales jump 12% in May from April, according to the U.S. Census. Higher mortgage rates have been less of a factor, as builders, some of whom have their own mortgage arms, have been buying down rates for buyers. In May, there were twice as many homes that were sold but hadn’t been started as there were a year ago.
While single-family housing starts are finally increasing, they are still well below historical levels. Builders have also been underbuilding since the great recession, meaning the market was undersupplied well before the recent, pandemic-induced run on housing.
“Bottom line, for all the excitement in the home builders because of the need for more supply, the existing home market is depressed and experiencing a serious case of stagflation with little transactions taking place but at still very high prices,” wrote Peter Boockvar, chief investment officer at Bleakley Financial Group. More