Happy Tuesday, N2K reader!

You wanna buy a cheese pun? I got plenty right here, just like these stolen Casio watches…

So, you remember the cheese puns that used to open this newsletter? Suffice to say, they were divisive. Now, thanks to a thing called “dynamic content options,” I can offer you the option to see cheese puns again, if you’re one of the thousands who got in touch bemoaning their departure six months ago. All you need to do is answer “true” on this survey, and submit it. If you never want to see cheese puns in this newsletter again, don’t click that link, don’t fill out the survey, don’t submit it¹ . Just keep reading and pretend this conversation never happened. Mmmkay? Thank you.

This week’s world-famous news haiku competition™ is about how Waymo is under federal investigation after a driverless car hit a child near a school. It’s a heavy topic (thankfully, the child survived), but I believe that you, yes, you, dear reader, can craft a worthy haiku on the subject that will bring moral and spiritual clarity to the moment, just as you do each and every week. So: Send me your entry — to our spiffy new email address, haiku at cheddar dot com — by noon ET Thursday, for consideration by your Cheddar peers!

And now for something completely different.

Matt Davis — Need2Know Chedditor

News You Need2Know

What’s the stock market up to, eh?

$SPX ( ▲ 0.54% )   $DJI ( ▲ 1.05% )   $NDX ( ▲ 0.56% )

Companies mentioned in today’s newsletter

$REDFIN ( 0.0% )   $GOOGL ( ▲ 1.68% )   $DIS ( ▼ 7.4% )   $BCS ( ▲ 2.84% )  

The housing market seems to be favoring buyers

After years of cutthroat competition and skyrocketing prices, the tides are shifting in the U.S. housing market. Homebuyers are now enjoying discounts and negotiation leverage not seen since 2019, with 62% of buyers purchasing homes for less than the original listing price last year, according to a new analysis from real estate brokerage Redfin.

Homes that sold below their listing price in 2025 averaged an 8% discount — marking the largest price cuts since 2012. The 8% discount is equivalent to $36,000 on a $400,000 home, the “average” in the U.S. if you’re buying in an area where the prices aren’t insane.

Additionally, buyers are securing other concessions, such as help with closing costs or mortgage rate buy-downs, reflecting a clear turn toward a buyer-friendly market. “When there is this gap between what sellers expect and what buyers can afford, it’s the buyers that end up negotiating that lower price,” said Daryl “All’s” Fairweather, Redfin’s chief economist, speaking to the Wall Street Journal.

The shift follows a period of low demand, spurred by high mortgage rates and elevated prices. In December, the market saw a record gap of over 600,000 more sellers than buyers. Yet for those able to purchase, the abundance of supply and reduced competition is an advantage. Jason “Fly Me to the“ Moon, a real estate agent in Indiana, noted, “There’s definitely sellers who are willing to negotiate way more now than they were the last couple of years.”

This buyer’s market is particularly strong in Southern states like Florida and Texas, where booming new-home construction has increased inventory. In Florida metro areas such as Miami and Fort Lauderdale, over 85% of homes sold below listing price in 2025, providing relief for selective buyers like Jon and Hannah Vokal. The couple, who began house hunting in 2024, recently closed on a home in Austin for 4% below the asking price. “The general lowering of buyer demand has made the market a good bit more favorable,” Jon told the Journal. “This is the best environment that I think I’ve been in as a buyer so far.”

Trump to slash India tariffs after Modi ‘agrees’ to stop buying Russian oil

President Donald Trump has reduced U.S. tariffs on Indian goods from 25% to 18% following Prime Minister Narendra Modi’s agreement to halt purchases of Russian oil, which Trump previously criticized as funding Moscow’s war in Ukraine. Reporters learned of the news after Trump wrote about it on Truth Social, the social media network he owns:

The move ends months of trade tensions that saw punitive 25% tariffs imposed last August, pushing total duties to 50%, one of the highest in the world. Modi celebrated the announcement on X, the social media network owned by Elon Musk:

The trade deal also includes commitments from India to reduce “Tariffs and Non-Tariff Barriers” on U.S. goods to zero. However, analysts are skeptical of Trump’s claims that India will adopt a $500 billion “Buy American” policy. “Total bilateral trade was $212 billion in 2024, so it’s unlikely they’ll achieve that figure,” said Pratik “Take” Dattani, founder of Bridge India, talking to the Financial Times.

What’s it like to paint for the movies?

This is the latest in a series of guest posts on the Business of Movies by Grant Keller.

Isabella Watling is a London-based artist who paints portraits in the tradition of Van Dyck, Veláquez and Sargent. She got entangled with Hollywood when Rian Johnson commissioned her to paint portraits of characters like Benoit Blanc and his co-stars for the credits of “Wake Up Dead Man,” the third entry in the “Knives Out” series. So we interviewed her!

Song of the Day: Labyrinth, ’Debris’