WSJ What’s News: U.S. Spring Home Selling Season Is Off to a Rough Start

Date: April 13, 2026
Host: Alex Osila
Main Focus: Analyzing the slow start of the U.S. spring housing market amid rising oil prices, international conflict, and shaken economic confidence.

Episode Overview

This episode brings together some of the biggest business stories shaping the news cycle, with a particular focus on the sluggish beginning of the traditionally robust U.S. spring home selling season. The hosts also delve into the impact of the U.S. blockade of the Strait of Hormuz on global oil markets, the continuing ripples in finance and technology, and a growing shortage in AI computing power.

Key Discussion Points and Insights

1. U.S. Blockade of the Strait of Hormuz & Oil Market Impact

• Blockade Implementation

  • The U.S. blockade, announced by President Trump, targets ships to and from Iranian ports, not just the Strait itself.
  • Purpose: “The idea would be to create like a quarantine box and then escort those commercial ships that are violating the blockade into a specific region.”
    – Shelby Holliday, 01:49
  • Over 15 U.S. warships, including the USS Abraham Lincoln aircraft carrier, are stationed to enforce the blockade.

• Strategic Risks & Rationale

  • The blockade is intended to pressure Iran amid failed diplomatic talks, aiming to force new negotiations.
  • Risks include Iranian retaliation—possible attacks on U.S. ships, oil tankers, and even neighboring countries’ ports.
  • “There are definitely concerns that the U.S. would have to police the waterway indefinitely. There’s no timeline attached.”
    – Shelby Holliday, 03:43

• Presidential Perspective

  • President Trump’s goal: “Maybe everything. I mean, both of those things, certainly, and more. We can’t let a country blackmail or extort the world because that’s what they’re doing.”
    – President Trump, 04:24

• Oil Market Fallout

  • Brent crude nears $100/barrel as the market reacts.
  • “One might now expect 2 million barrels a day of Iranian oil exports to be taken off the market... it’s such a large amount of oil that in a global market the effects would be felt internationally.”
    – Joe Wallace, 05:17
  • Logistic challenges would persist even if the blockade ended tomorrow: “It would be a logistical nightmare to get all the ships back in the right place and get the oil flowing at pre-war rates.”
    – Joe Wallace, 06:15

2. U.S. Spring Home Selling Season Slumps

• Disappointing March Numbers

  • Existing home sales fell 3.6% in March to 3.98 million (seasonally adjusted annual rate)—the lowest since June 2025.
  • This decline surprised many, as February saw rising sales and mortgage rates dipping below 6%.

• Economic Jitters Behind Homebuyer Reluctance

  • “...even when rates were falling, that just wasn’t enough to actually jumpstart home sales activity. Buyers are kind of still just freaked out about the economy. They’re nervous about the job market.”
    – Nicole Friedman, 08:48

• Potential Fallout from International Conflict

  • April’s data is expected to underscore the war in Iran’s effects, especially as mortgage rates began to rise in March due to geopolitical instability.

• Dramatic Shift in Forecasts

  • NAR dropped its 2026 forecast from a 14% increase to just 4% growth in existing home sales.
  • “They’re looking at what we saw in the first quarter of the year and saying this just isn’t going to be the rebound year that they had hoped for.”
    – Nicole Friedman, 09:16

3. Wall Street and Corporate Updates

• Goldman Sachs Earnings

  • Q1 profit rose 19% on record banking and trading revenue. Despite the strong earnings, the stock slipped nearly 2% on investor concerns about the Middle East conflict’s long-term market impact.
  • CEO David Solomon’s outlook: “We continue to see significant activity on the M&A front… unless the overall environment got much, much worse, I don’t see that slowing based on what we see at the moment. That said, with the conflict in the Middle East, IPO activity slowed a little bit, particularly in March.”
    – David Solomon, 10:54

• Meta Set to Surpass Google in Digital Ads

  • For the first time, Meta is expected to overtake Google as the global leader in digital advertising, boosted by strong performance from video products like Reels.

4. AI Computing Power Shortages

• AI Developers Hit Capacity Ceiling

  • Leading firms like Anthropic and OpenAI are struggling to scale computational resources to meet demand.
  • “Some of these companies… just simply don’t have enough compute to serve everyone who wants to use their products… what that generally means in practice, [is] asking them to pay more.”
    – Robbie Whelan, 11:58

• User Frustrations and Shifts

  • Outages and rationing force users to switch AI models and platforms, slowing anticipated AI advances.

Notable Quotes & Memorable Moments

• "The idea, according to a release by US Central Command, is that the US is going to start stop any ships that are going to or from Iranian ports. So this is not necessarily about the Strait of Hormuz. This is about causing economic pain to Iran…"
  – Shelby Holliday, 01:49

• “We can’t let a country blackmail or extort the world, because that’s what they’re doing.”
  – President Trump, 04:24

• “Even if the Strait of Hormuz were magically to reopen tomorrow, it would be a logistical nightmare to get all the ships back in the right place and get the oil flowing at pre-war rates…”
  – Joe Wallace, 06:15

• “Buyers are kind of still just freaked out about the economy. They’re nervous about the job market.”
  – Nicole Friedman, 08:48

• “We continue to see significant activity on the M&A front… unless the overall environment got much, much worse, I don’t see that slowing based on what we see at the moment.”
  – David Solomon, 10:54

Key Timestamps for Major Segments

• 01:39–05:02 – Deep dive into the U.S. blockade of the Strait of Hormuz and Analyst commentary
• 05:03–06:43 – Oil price impact and long-term market concerns
• 08:13–10:00 – Analysis of the sluggish 2026 spring home selling season with Nicole Friedman
• 10:01–10:54 – Goldman Sachs earnings overview and market impact
• 11:16–12:53 – Meta’s advertising advance and AI computing supply crunch

Summary

The podcast offers a fast, focused look at the business and geopolitical stories rattling markets and influencing day-to-day life in the U.S. The sluggish housing market is the feature story, with in-depth analysis of why even falling mortgage rates haven’t jumpstarted sales. The international context—the U.S. blockade of the Strait of Hormuz and the rapidly reverberating oil shock—links global conflict to domestic economic unease. Strong corporate earnings, shifting tech powerhouses, and the limits of AI innovation round out the episode, revealing a marketplace defined by anxiety and adaptation.