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Are You Ready For The Price Of Food To More Than Double By The End Of This Decade? / By Michael Snyder / April 18th, 2014

Do you think that the price of food is high now? Just wait. If current trends continue, many of the most common food items that Americans buy will cost more than twice as much by the end of this decade. Global demand for food continues to [...]

Housing Bubble 2.0 Veers Elegantly Toward Housing Bust 2.0 / By Wolf Richter / APRIL 17, 2014 AT 6:10AM

They’re not even trying to blame the weather this time. “Housing affordability is really taking a bite out of the market,” is how Leslie Appleton-Young, chief economist for the CaliforniaAssociation of Realtors explained the March home sales fiasco. “We haven’t seen this issue since [...]

Mirror, mirror on the wall, tell me what two counties are the bubbliest of them all. Orange County and Los Angeles County. Southland homes sales reach 6 year low while median price hits 6 year high. / By Dr. Housing Bubble / 16 Apr, 2014

I always found it fascinating that one of the most toxic mortgage products ever created, the option ARM was pushed heavily by California banking institutions. Places like WaMu, Countrywide Financial, First Fed, and other bygone institutions were heavily into this crack for housing mortgage. The [...]

Rational Economic Behavior – Can This Prove Reliable as a Metric? / By California Lawyer / April 10, 2014 at 12:46 am

Here in California, one is barraged with idiocy, constantly and incessantly. If one steps back from the managed news, and asks critical questions, it even becomes comical, of not enjoyable, to see the simple human condition in its perfect, rational form befuddle the [...]

What does $500,000 buy you in Southern California real estate? A look at Culver City, Pasadena, and Riverside. / Dr. Housing Bubble / 9 Apr, 2014

We have a large readership from California but also many others that simply enjoy peeking into the mania that is SoCal real estate. It must appear to an outsider that all Californians ever think about is buying, selling, and flipping real estate. During certain periods of [...]

California Obamacare Exchange now Sending Voter Ballots Pre-Marked “Democratic” / By Sarah Hurtubise / April 7, 2014

A couple in La Mesa, California received a voter registration card from California’s Obamacare exchange already pre-marked for the Democratic Party.

The couple did not want their identities revealed but told local station 10 News that they received an envelope addressed from Covered California, the state’s [...]

Hot Air Hisses Out Of Housing Bubble 2.0: Even Two Middle-Class Incomes Aren’t Enough Anymore To Buy A Median Home / By Wolf Richter / APRIL 7, 2014 AT 1:36AM

As home prices have soared in cities around the country, sales have cratered. The weather has been blamed, though the weather has been gorgeous in California where sales have crashed too, even in temporary boom town San Francisco. The “lack of inventory” and other [...]

Welcome to Feudalfornia: the golden sarcophagus and the investor. Acceleration to price out masses. / Dr. Housing Bubble / April 6th, 2014

California housing affordability may seem like an oxymoron. Many younger buyers are priced out in many markets across the state. The latest data from the California Association of Realtors (CAR) finds that still only 1 out of 3 families can actually afford to buy a home [...]

Government Debt: Ontario vs. California / Robert P. Murphy / Saturday, April 5th, 2014

Inasmuch as readers of this blog typically follow developments in both the United States and Canada, I thought it might be instructive to share the main results of a new study I co-authored for the Fraser Institute (a free-marketCanadian economic policy think tank). Specifically,the study [...]

California Should Be Embarrassed / Monty Pelerin / APRIL 5, 2014

The old saying that you are known by the company you keep should embarrass California. In such a large state, can they not find qualified representatives?

This email came in from a friend. I haven’t verified it, probably because it seems so plausible. I apologize if [...]

Leaked Recording: Russian Ambassadors Discuss Invasion of Miami & California / By Tim Brown / April 4, 2014

A few days ago, Ben Swann reported on an audio recording of Turkish leaders planning a false flag operation in Syria. In February, Assistant US Secretary of State Victoria Nuland’s phone conversation, regarding the political crisis in Ukraine, was leaked, for which she issued an unrepentant [...]

Scientists Assure Us That The Recent Earthquakes On The Ring Of Fire Are Not Related / By Michael Snyder / April 2nd, 2014

We just had a tsunami-triggering 8.2 earthquake off of Chile’s north coast, a 5.8 earthquake off the coast of Panama, a 5.1 earthquake in southern California, and a dormant volcano in Peru has awakened for the first time in 40 years, but scientists assure us that [...]

Inventory slowly creeps back into the California housing market: Homes for sale in Los Angeles up nearly 18 percent year-over-year and price gains stall. Cash sales still a big part of market. / April 02, 2014

Inventory is finally starting to show up in the California housing market. The main motivator of this growing inventory is the delusional prices being asked by sellers are no longer generating massive amounts of sales from house lusting buyers. In other words, sky high prices have caused many homes to [...]

The Housing Bubble Is Still Raging In These 20 “Buy-To-Rent” Cities, And Burst In These 20 Others / by Tyler Durden / 04/01/2014 23:43 -0400

Earlier today we reported that the nearly two year long scramble by Wall Street asset managers to gobble up distressed and other properties, most often subsidized by the government using various REO-to-Rental funding structures, with the intention of renting them out and in the process generating [...]

Buy-to-Rent is Officially Dead in California / Michael Krieger / March 31, 2014

I’ve chronicled the saga of “buy-to-rent” for well over a year now. From some of its most exuberant phases to its now epic retreat (investment firm property purchases are now down 70% year-to-date).

It seems as if the pullback of private equity and hedge funds from this [...]

Californ-Inflation / By Andrew Hoffman / March 31st, 2014

I’m writing a bit earlier than usual, as it’s still Saturday morning. After a long, but productive week at the Investment U conference, I’m looking forward to returning home this afternoon. Actually, the LPGA Kia Classic is being held at our hotel and I kid you [...]

In California buying is about timing and speculation: Since 2000 the California housing market has experienced more dramatic booms and busts courtesy of speculation, investors, and new financial products. / March 30, 2014

California’s housing market is a boom and bust machine tuned to attract the masses. Timing matters in a state where speculation is rampant. Since 2005 California home owners have received over 2,000,000+ foreclosure notices. Of course this goes into the graveyard of foreclosure information that we seem to forget each [...]

California Lawmaker Accused of Corruption / By California Lawyer / March 27, 2014 at 1:19 am

Does this surprise anyone? Not me, either.

What also does not surprise me is the noteworthy omission as to which party the accused senator belongs to. Look how the story opens:

“SAN FRANCISCO (AP) — A California state senator who authored gun control [...]

Porn prof in hot water after going berserk / By JOE KOVACS / March 24, 2014

Mireille Miller-Young, associate professor at UC, Santa Barbara

A professor of feminist studies who specializes in teaching pornography, queer theory and black film is now facing criminal charges after going berserk at a California pro-life demonstration this month, stealing and destroying an anti-abortion sign and [...]

Can the Weather Explain the Fall of Empires? / Bill Bonner / March 24, 2014

It’s the Sun, After All

Thursday was the first day of spring in the US. But it isn’t springtime here in Argentina, where we’ve just arrived. It’s fall. The leaves have begun to turn yellow and brown in Buenos Aires. The air cools. And at night [...]

Baby boomers value real estate much higher than their offspring: 6 ways traditional buyers are entering high priced markets with the assistance of baby boomer parents. / By Dr. Housing Bubble / March 23, 2014

Baby boomers are one of the largest home owners in California. They are also the largest mortgage holders since Californians love using their properties as a virtual ATMs. As time is moving by we are seeing a clash of generations when it comes to buying [...]

Investor exhaustion with investment properties hits: Blackstone’s acquisition pace has fallen by 70 percent from peak last year. Running the numbers on rentals in high priced markets. / Dr. Housing Bubble / 20 Mar, 2014

Existing home sales had another weak month and the blame continues to be on the notorious polar vortex. On the other hand, California is in a record drought and we are in an endless summer yet sales have hit multi-year lows as well. Could it be [...]

Will we ever see a return to normal inventory in Southern California? Current February sales weakest since 2008 and the lack of baby boomers listing properties. / Dr. Housing Bubble / 18 Mar, 2014

The latest sales figures for Southern Californiashow a market with very little action contrary to all the positive news regarding real estate prices. The latest data for February sales shows the weakest February on record only second to February 2008 when the market was fully imploding. [...]

California Forcing Guns Off the Market / by Jeff Knox / 3:00pm Wednesday, March 12, 2014

California has long been on a sickening, spiral path toward flushing all individual rights down the toilet. Few states have such a powerful and overreaching state government and nowhere is that overreach more apparent than in the state’s gun laws.

Back in 2000, California [...]

Inflation Misses By Most In 6 Months; Core CPI Drops To 10 Year Low / by Tyler Durden / 03/18/2014 08:45 -0400

As long you don’t eat, sleep under a roof, or use energy, things are positive for you as Core CPI dropped to its lowest in 10 years. Overall CPI dropped to 1.1% YoY – missing Bloomberg’s estimate by the most since August. Thanks to the drought [...]

What Will Happen When The ‘Big One’ Hits California? / By Michael Snyder / March 17th, 2014

On Monday, a 4.4 magnitude earthquake threw the city of Los Angeles into a bit of a tizzy. The ground shook, people screamed and news anchors ducked under their desks. But it was just a 4.4 magnitude earthquake. So what would happen if the “Big [...]

Extremely Contagious Pig Virus Has Already Killed More Than 4 Million Hogs In The U.S. / By Michael Snyder / March 16th, 2014

If you eat pork, get ready to pay a lot more for it. A highly contagious pig virusknown as “Porcine Epidemic Diarrhea virus” has now spread to 27 different U.S. states, and it has killed more than 4 million hogs since last May. Smithfield Foods, [...]

The baby boomers forgot about their kids: Do we have any housing bulls in their 20s and 30s, the traditional age of first time buyers in high priced areas? / By Dr. Housing Bubble / March 14, 2014

Baby boomers with their infinite housing lust have largely forgotten about one thing on all those blurry tacos Tuesdays. What about the kids? Many boomers in high priced California cities find themselves house rich but cash poor. The notion that somehow your home valued at [...]

The CA bubble that isn’t from California: Canadians come face to face with the paradox of golden real estate handcuffs and a younger less affluent generation. / By Dr. Housing Bubble / 11 Mar, 2014

I really enjoy Canada. A beautiful country with great cities and fantastic food. Leave it to our neighbors to the north to show us how it is done for a real housing mania. For the first time in history we have experienced coordinated global housing [...]

They Actually Don’t Have A Clue About Employment And Jobs, Not In California / by wolf richter / SATURDAY, MARCH 8, 2014 AT 1:04AM

California is at it again. It released its employment and jobs reports today, in parallel with the national reports released by the Bureau of Labor Statistics. What a doozie.

The national reports indicated that 175,000 jobs had been created around the country [...]