Unusual Whales

The IRS is launching an initiative to crack down on 1,600 millionaires and 75 large businesses including hedge funds that it says owe hundreds of millions of dollars in back taxes

The IRS is launching an initiative to crack down on 1,600 millionaires and 75 large businesses including hedge funds that it says owe hundreds of millions of dollars in back taxes. IRS Commissioner Daniel Werfel said that with a boost in federal funding and the help of artificial intelligence

ChatGPT traffic has decreased again for third month in a row

ChatGPT traffic has decreased again for third month in a row, per Reuters. In August, OpenAI's ChatGPT, the highly popular AI chatbot launched in November, saw its monthly website visits decline for the third consecutive month, although there are indications that this decline may be stabilizing, as reported

More than 60,000 realtors have exited the sector over the last six months

More than 60,000 realtors have exited the sector over the last six months, per Reventure Consulting. The number of realtors reached an all-time high of 1.6 million in the US in October, per BI. Additionally, there are now two real-estate agents for every home for sale, per BI.

The Mortgage Bankers Association index of home-purchase applications decreased 2.1% to 141.9, the lowest level since April 1995

The Mortgage Bankers Association index of home-purchase applications decreased 2.1% to 141.9, the lowest level since April 1995, per  Bloomberg. US existing home sales fell 17% over the last year, the 23rd consecutive year-over-year decline, per Charlie Bilello. That's the longest down streak since 2007-2009. The

China is no longer set to eclipse the US as the world’s biggest economy soon

China is no longer set to eclipse the US as the world’s biggest economy soon, and Bloomberg expects this to happen briefly until mid-2040s, and then fall back behind the US, per Bloomberg. Recently, China has taken steps to boost investor confidence in its economy, including cutting a tax

US home prices are set to increase more than 6% in the next year, per Zillow

US home prices are set to increase more than 6% in the next year, per Zillow. US existing home sales fell 17% over the last year, the 23rd consecutive year-over-year decline, per Charlie Bilello. That's the longest down streak since 2007-2009. The median sales price of a home

It would take some combination of up to a 28% decline in home prices, a more than 4% reduction in 30-year mortgage rates, or up to a 60% growth in median household incomes to bring home affordability back to its 25-year average

It would take some combination of up to a 28% decline in home prices, a more than 4% reduction in 30-year mortgage rates, or up to a 60% growth in median household incomes to bring home affordability back to its 25-year average, per Black Knight. The average American buyer faces

LVMH has suggested luxury spending is suddenly slowing in the US

LVMH has suggested luxury spending is suddenly slowing in the U.S, per CNBC. In the second quarter, LVMH observed a 1% decline in its U.S. sales compared to the same period the previous year. This underwhelming performance in the U.S. market followed a recent announcement from Richemont,

Ukraine has received a $1 billion aid package from the US

Ukraine has received a $1 billion aid package from the US. The impending aid package, which encompasses $175 million allocated for weaponry, brings the total U.S. security support to more than $43.2 billion since the initiation of Russia's extensive invasion of its former Soviet neighbor. According

Americans are defaulting on their credit cards and auto loans at levels not seen since the financial crisis

Americans are defaulting on their credit cards and auto loans at levels not seen since the financial crisis. Increasing numbers of Americans are encountering difficulties in meeting their credit card and auto loan payments, which serves as another indicator of growing financial strain on consumers. According to a report by

The housing market is stuck, per BI: Americans can't afford homes, investors aren't buying property, and economists see little relief ahead

The housing market is stuck, per BI: Americans can't afford homes, investors aren't buying property, and economists see little relief ahead. The average American buyer faces one of the most unaffordable housing markets, where first-time buyers would need to earn as much as $90,000 in

Every single jobs report in 2023 has been revised down

Every single jobs report in 2023 has been revised down, per Peter Tarr. Unemployment rate unexpectedly rose to 3.8% in August as payrolls increased by 187,000 Health care showed the biggest gain by sector, adding 71,000. Other leaders were leisure and hospitality, social assistance, and construction. Average

New York City has begun enforcing a 2022 law that restricts short-term rentals like Airbnb, $ABNB

New York City has begun enforcing a 2022 law that restricts short-term rentals like Airbnb, $ABNB. This action is anticipated to result in the removal of numerous listings from these platforms. It marks the latest and potentially the most significant development in the ongoing dispute between major cities and home-sharing

70% of college seniors with student debt say looming repayments will impact their career plans

70% of college seniors with student debt say looming repayments will impact their career plans, per CNBC. Meanwhile, Federal student loan bills return in October. But a growing chorus of borrowers say they simply can’t, or won't pay, per Bloomberg. In July, U.S. President Joe Biden

Two-thirds of 50 major private builders in China are defaulters

Two-thirds of 50 major private builders in China are defaulters, per Bloomberg. Per Bloomberg: Out of the nation’s top 50 private-sector developers by dollar bond issuance, 34 have already suffered delinquencies on offshore debt, according to Bloomberg-compiled data as of Sept. 1. Chinese junk dollar bonds, dominated by developers,

The average cost of a home in Canada is $754,700 CAD

The average cost of a home in Canada is $754,700 CAD, per DollarWise. Meanwhile, Canada's housing starting constructions are not keeping pace with record immigration, per Bloomberg. Canada's housing supply is failing to keep up with the rapid growth of its population. Multiple sources, including

Senator McConnell’s brain scans found no stroke, seizures after second freeze

Senator McConnell’s brain scans found no stroke, seizures after second freeze, per CNBC. He was cleared by his physician to continue his work. In July, during a weekly Republican leadership news conference, Senate Minority Leader Mitch McConnell experienced a sudden pause in his speech, freezing momentarily before falling silent

United Airlines, $UAL, has issued a nationwide ground stop for all flights due to a computer issue

United Airlines, $UAL, has issued a nationwide ground stop for all flights due to a computer issue, according to the FAA. "We have identified a fix for the technology issue and flights have resumed. We’re working with impacted customers to help them reach their destinations as soon as

Most of OnlyFans' profits has ended up in the owner's, Leonid Radvinsky's, pocket

Most of OnlyFans' profits has ended up in the owner's, Leonid Radvinsky's, pocket, per Bloomberg. In May, The CEO of OnlyFans has described how the platform grew to over 3 million content creators after a huge 40% surge in 2022 alone. Ami Gan, who joined

Poland cuts tax for first-time homebuyers and raises it for those buying multiple properties

Poland cuts tax for first-time homebuyers and raises it for those buying multiple properties The tax relief, which went into force at the end of August, applies to all first-time buyers on the secondary market – meaning properties that are being resold, rather than newly built ones – and not only those

Americans are hitting the casinos at an all time record level

Americans are hitting the casinos at an all time record level. Per BI: "The Nevada Gaming Control Board said the state's casino industry generated a record $1.4 billion in revenue in July, representing a year-over-year increase of about 7%. The return of international travel is also

Florida is the number 1 state bringing in and keeping the young and rich, per SmartAsset

Florida is the number 1 state bringing in and keeping the young and rich, per SmartAsset. Meanwhile, North Carolina ranked number 1 in America's top state for business for 2023, per CNBC. North Carolina also boasts the third best Economy with solid growth, stable state finances and a

62% of adults under age 35 say they drink alcohol, per Gallup

62% of adults under age 35 say they drink alcohol, per Gallup. This is down from 72% two decades ago. Meanwhile, The U.S. Health and Human Services Department has suggested a reclassification of marijuana to a lower-risk drug category, a move that could potentially ease restrictions on the cannabis

US existing home sales fell 17% over the last year, the 23rd consecutive year-over-year decline

US existing home sales fell 17% over the last year, the 23rd consecutive year-over-year decline, per Charlie Bilello. That's the longest down streak since 2007-2009. The median sales price of a home in the US is now 560% of the median household income, per Gangespost. Meanwhile, A recent

Every developer in Montreal, Canada opted to pay a fine instead of building affordable housing, totalling $24.5 million

Every developer in Montreal, Canada opted to pay a fine instead of building affordable housing, totalling $24.5 million. Canadian real estate prices vs income have hit an all time high difference. See more: https://twitter.com/unusual_whales/status/1667955102743957505 Meanwhile, the Bank of Canada shared its findings regarding