Australia’s Monumental Housing Bubble——–In the Grip of Insanity
Perverse Incentives We haven’t written about Australia’s residential real estate bubble for some time (readers may want to check out last year’s post “Australia’s Bubble Trouble”, which contains...
View ArticleIf There Were Truly Growth, Home Builders Would Be Very Busy
There is one part missing from the narrative sketched out in home resales being subjected to monetary imbalance. It is a compelling explanation for what we find as the most striking aspect of existing...
View ArticleHome Builders Are Not Very Busy
There is undoubtedly serious stratification in the housing market, as higher end homes have no trouble selling at greater and greater price points. That, in turn, has left those owing homes in the...
View ArticleHousing’s Pseudo Recovery
There has always been something off about the housing rebound from the depths of the crash. It was, of course, aided in good part by various QE’s that had the effect of skewing marginal benefits of the...
View ArticlePeople Are Not As Stupid As Wall Street Economists Think——-The US Economy...
Economists will not remove themselves from seeing the economy as it “should be” rather than take it for what it is (and what that actually means). They have latched their narrative to the idea that it...
View ArticleWeak Construction As Another Data Point For The Shaken Consumers of Global...
Total construction spending was essentially flat year-over-year in July 2016. Public construction at both the state and local and also the federal government levels declined more than 3% Y/Y. Excluding...
View ArticleEarnings And Valuations Update; Still Nowhere Near Good
At the end of July with a majority of the 500 companies included in the S&P 500 index having reported their earnings, the tabulated EPS (as reported) was figured around $24.09. That was already...
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Free Market Under Attack In San Francisco……Again
Expanding the Regulatory State with the “Anti Airbnb Measure” The best thing one can say about “Proposition F” is that it will be up to voters to decide on its adoption. However, it actually...
View ArticleComing To A Balance Sheet Near You—-$2 Trillion In Debt Camouflaged As...
Some of America’s best-known companies—names such as AT&T Inc., CVS Health Corp. and Delta Air Lines Inc. —likely will soon have to effectively boost the debt they report on their balance sheets by...
View ArticleThanks For The Cheap Mortgages, Fed—-First Time Buyers At Lowest Level In 3...
The share of U.S. homes sold to first-time buyers this year declined to its lowest level in almost three decades, raising concerns that young people are being left out of an otherwise strong...
View ArticleAnother Bubble Bursting—-Ultra Luxury London Home Prices Tumble 12%
In mid-September, when we looked at the Australian housing market, we said that in the aftermath of Beijing's crack down on capital controls following its August currency devaluation, that "new Chinese...
View ArticleFive Black Swans For 2016
On the political front, Portugal’s Socialists, led by Antonio Costa, formed an alliance with the Left Bloc and the Communists on the way to overthrowing the Passos Coelho government and presaging a...
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