The Cynic: November 26

BUSINESS
This Week’s Business News

Trump Says Xi Will Speed Up Purchases of U.S. Goods

Trump basically told Xi “buy more stuff,” and Xi “more or less” agreed. After their latest call, Trump said China will accelerate and increase purchases of U.S. goods as relations improve.

China has already restarted buying soybeans and eased export curbs. The White House wants the pace to pick up faster — and Trump pushed for exactly that.

Now markets are waiting for actual freight ships, not friendly phone call energy. Everyone’s watching to see if the buying surge actually materializes.

Medicare’s New Drug Prices Deliver Massive Savings

Medicare just did a corporate-level extreme coupon stunt. New negotiated prices for 15 high-cost drugs are expected to cut spending by roughly 36%.

Heavy hitters like Wegovy, Ozempic, Ibrance, and Trelegy all got price trims. Many will see big reductions in 2027, saving Medicare billions annually.

Pharma hates it, seniors love it, and private insurers are taking notes. Once these discounts go public, they tend to ripple through the entire system.

Tesla to Double Austin Robotaxi Fleet in December

Elon’s robotaxis are multiplying like tech bros in a coworking space. Tesla says its Austin fleet will “roughly double” next month.

The service still has humans in the cars — for now. Robotaxis operate in Austin and the Bay Area, but each one still needs a safety driver.

The dream is full autonomy, the reality is “ignore the human behind the wheel.” Musk has big ambitions, but investors are in “believe it when we see it” mode.

Before we jump into today’s Real Estate chaos:

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REAL ESTATE
This Week’s Real Estate News

Buyers Make a Last Push Before the Holidays, Despite High Rates

Buyers are rushing in while mortgage rates just stare back blankly. Purchase applications jumped 8% last week, even though overall mortgage demand barely moved.

Rates aren’t exactly helping. The average 30-year fixed climbed to around 6.4%, the highest in about a month.

So the market is busy, but not enthusiastic. Buyers are squeezing in last-minute offers before everyone disappears for holiday mode.

Manhattan’s Condo Market Sags While Rents Keep Rising

Owning in Manhattan is slowing down, renting is speeding up. Condo demand is cooling as buyers hesitate over high rates and picky pricing.

Renters, meanwhile, are still getting squeezed. Rents continue climbing with tight vacancies and strong demand.

It’s a two-speed market: buyers tap the brakes, renters hit the gas. Investors are increasingly exploring rent-first strategies as sales soften.

Sellers Are Delisting Homes Rather Than Cutting Prices

Sellers have discovered a new pricing strategy: quitting. Nearly 85,000 homes were pulled off the market in September — the highest for that month in eight years.

Most of those listings were stale. The typical delisted home sat around 100 days before the owner gave up.

Homeowners would rather become landlords than lower the price. Many are renting their properties or just waiting for better conditions instead of accepting the dreaded price cut.

FUN
Riddle Me This

I never buy a house, yet I sell them all the time.
When I’m low, lines form; when I’m high, “maybe next time.”
I price tomorrow with numbers you pay today.
What am I?

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ADVICE
This Week’s Business Advice

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