Wednesday’s business headlines

INDIANAPOLIS (WISH) — Take a look at Wednesday’s business headlines.

Wells Fargo

Wells Fargo was once the largest mortgage lender in the nation, but now it’s reducing its housing business.

The shift will result in a fresh round of layoffs for the bank’s mortgage operations, although the company isn’t saying how many.

The company will now focus on home loans for existing bank and wealth management customers, and borrowers in minority communities.

Used Cars

Used car prices fell to the largest year over year drop ever at nearly 15%.

That’s according to the Manheim used car value index.

In December 2021, used car prices were up 47% year over year. The pre-pandemic levels will likely never return, but all indicators point to reaching equilibrium in the second half of 2023.

Credit Cards

U.S. consumers’ relied more on credit cards in November, with borrowing rising by nearly $28 billion, according to the Federal Reserve.

The monthly increase was driven by higher rates of revolving credit.

Natural Gas

U.S. natural gas output is expected to hit a record high in 2023, and demand is expected to fall. The energy information administration found a warmer than expected winter. So far, it is helping keep natural gas prices in check.