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It’s Time to Ditch the Consumer Price Index (CPI)

charleshughsmith.blogspot.com / By Charles Hugh Smith / APRIL 16, 2014

So why does the government maintain such a transparently inaccurate and misleading metric? For three reasons. That the official rate of inflation doesn’t reflect reality is obvious to anyone paying college tuition and healthcare out of pocket. The debate over the accuracy of the official [...]

Housing Bubble 2.0 Veers Elegantly Toward Housing Bust 2.0

testosteronepit.com / 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.

doctorhousingbubble.com / 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 [...]

The “Housing Recovery” Is Complete: Bank Of America Mortgage Originations Tumble To Record Low

zerohedge.com / by Tyler Durden / 04/16/2014 10:11 -0400

Not much to add here that we haven’t already said before about the state of demand for housing by the ordinary American.

READ MORE

Housing Starts, Permits Miss As Rental Euphoria Fizzles

zerohedge.com / by Tyler Durden / 04/16/2014 08:51 -0400

While both the Housing Starts and Permits data reported moments ago disappointed – and sorry, you can’t blame it on weather this time – with both sets of data missing expectations (Starts 946K, Exp. 970K up from a revised 920K; Permits 990K, Exp. 1010K down from [...]

Real Estate According to PIMCO

acting-man.com / By Ramsey Su / April 16, 2014

Real Estate According to PIMCO

A friend sent me this PIMCO article recently, titled “How to Make Housing Safe for Private Capital“.

This is a very “insightful” article about how the sub-prime bubble was allowed to happen and how it will happen again. Here, Douglas [...]

March CPI Higher Than Expected, Driven By 16.4% Annual Spike In Utilities, Increase In Shelter Index

zerohedge.com / by Tyler Durden / 04/15/2014 08:47 -0400

Following the hotter than expected PPI data, it was the turn of CPI to come in stronger than consensus had hoped for, and sure enough, moments ago the BLS reported that March consumer inflation printed higher than the expected 0.1%, coming at 0.2% for both headline [...]

And in Recovery News Shanghai New Home Sales Slide 28.7%

johngaltfla.com / By John Galt / April 14, 2014 19:45 ET

Okay, well, most of the girls are cute and the food is good. However the housing market in their leading “capitalist” community, well, uh, sucks now. From the Shanghai Daily this morning Chinese local time:

Shanghai new home sales slide 28.7%

By Cherry Cao [...]

JPMorgan Earnings Drop 18.5%; Slowdown in Housing the Real Killer; Start of Mean Reversion in Earnings?

globaleconomicanalysis / By Mike “Mish” Shedlock / April 11, 2014 12:29 PM

Stocks have been soaring mostly on investor sentiment. That sentiment was partially based on the belief earnings would continue to rise quarter after quarter, year after year. Investors also believe the Fed has their back. But what if the earnings thesis is not [...]

What’s Wrong With This “Housing Recovery” Picture?

zerohedge.com / by Tyler Durden / 04/11/2014 08:51 -0400

We asked this question a quarter ago following the quarterly results by Wells Fargo – America’s biggest mortgage lender – but we never got an appropriate answer. So now that the data has been updated for the latest Wells mortgage origination and application numbers, we ask [...]

The Top’s In! La Quinta And Ditech Are Back

testosteronepit.com / By David Stockman / April 8, 2014 at 1:38PM

David Stockman, Budget Director under President Reagan and author of the bestseller, The Great Deformation: The Corruption of Capitalism in America. This article originally appeared on David Stockman’s Contra Corner.

This Wall Street Journal headline surely speaks of a market top:

U.S. IPO Market [...]

Why you should fear inflation: The CPI understates the true nature of inflation. BLS only allocates less than 2 percent to tuition in CPI. Missing big on the biggest expense in housing.

mybudget360.com / April 7, 2014

Some people believe that inflation is simply a part of the normal economy like seeing the sunrise every day. Over time prices will rise on everything, or so the argument goes. I’m not sure if most dig into the question any deeper and question the nature of prices rising. If [...]

Mortgage Originations Plunge To Lowest On Record

zerohedge.com / by Tyler Durden / 04/07/2014 10:45 -0400

New mortgage originations fell over 23% month-over-month and a stunning 47% year-to-date according to Black Knight (formerly LPS). As they show in their detailed presentation, with a 65% year-over-year drop,new mortgage originations are at their lowest since their records began and what is perhaps more concerning [...]

Hot Air Hisses Out Of Housing Bubble 2.0: Even Two Middle-Class Incomes Aren’t Enough Anymore To Buy A Median Home

testosteronepit.com / 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.

doctorhousingbubble.com / 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 [...]

Vince Cable Sums Up The UK Housing Bubble In 5 Words

zerohedge.com / By Tyler Durden / 04/04/2014 15:23 -0400

“Worse than before the crash,” is the glaring headline from the UK’s Independent, and Business Secretary Vince Cable warns, most families are “nowhere near” able to afford homes at average prices. As we have noted before, the UK is increasingly a divided nation (London and everyone [...]

Millennials Mired in “Wealth Gap” as Older Americans Gain; Housing Crash Continues to Overshadow Young Families’ Balance Sheets

globaleconomicanalysis.blogspot.com / By Mike “Mish” Shedlock / April 04, 2014 12:52 PM

Thanks to Fed printing presses coupled with an extreme case of irrational exuberance, those over 40 years old have recovered losses from the great financial collapse.

However, Millennials Remain Mired in Wealth Gap, as Others Recover.

For households headed by someone 40 years [...]

The Fed Goes Hunting For “Asset Price Bubbles”

zerohedge.com / by Tyler Durden / 04/02/2014 11:32 -0400

As the world’s investors wait anxiously for the next piece of bad news from Japan, China, Europe, or US as a signal to buy, buy, buy on the back of a renewed “stimulus” of freshly printed money that has comforted them for 5 years, it seems [...]

Daily Pfennig: Interest rate expectations in firm control

caseyresearch.com / By Chuck Butler / March 28, 2014 8:01am

In This Issue.

* Another housing disappointment… * Waiting for the March jobs report… * Brazil and South Africa going higher… * Norway to hold…

And, Now, Today’s Pfennig For Your Thoughts!

Interest rate expectations in firm control…

Good day.and welcome to Friday morning. It’s [...]

Forex Trading Alert: U.S. Dollar Remains Steady

sunshineprofits.com / MARCH 25, 2014, 3:25 PM

Earlier today, the U.S. currency moved higher after the Conference Board showed that its index of consumer confidence climbed to 82.3 in March (the highest level since January 2008). Despite this positive data, the greenback reversed after the Commerce Department reported that new home sales fell by 3.3% [...]

Daily Pfennig: US consumer confidence soars

caseyresearch.com / By Chuck Butler / March 26, 2014 8:31am

In This Issue.

* Housing continues to show moderation… * Confidence at a six year high… * Brazil’s credit rating… * Trying to talk the euro lower…

And, Now, Today’s Pfennig For Your Thoughts!

US consumer confidence soars…

Good day.and welcome to Wednesday morning. As [...]

Furious Chinese Demand Money Back As Housing Bubble Pops

zerohedge.com / by Tyler Durden / 03/24/2014 09:24 -0400

Hell hath no fury like a woman scorned or, it seems, like a Chinese real estate speculator who is losing money. After four years of talking (and not doing much) about cooling the hot-money speculation that is the Chinese real-estate bubble (mirroring the US equity market [...]

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.

doctorhousingbubble.com / 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 [...]

Stick A Fork In The “Housing Recovery” (Spoiler Alert: Blame Record Student Debt)

zerohedge.com / by Tyler Durden / 03/20/2014 10:49 -0400

The chart below from Bank of America – showing the progression of first-time US homebuyers in recent months – should scare everyone who still believes that there is some sort of “housing recovery” in the US.

What this chart tells us is that an increasingly greater [...]

Existing Home Sales Lowest In 19 Months, Cheapest Home Sales Tumble 18%; Weather, Student Loans Blamed

zerohedge.com / by Tyler Durden / 03/20/2014 10:26 -0400

Another month, another confirmation that the so-called housing recovery is sputtering on its last breath and is being held up entirely by the higher end segment, which however is also coming to an end now that wealthy Chinese have started liquidating their ultra luxury housing. In [...]

China’s Housing Problem In One Chart

zerohedge.com / by Tyler Durden / 03/19/2014 11:02 -0400

The one problem with every Ponzi scheme is that it must constantly grow, in both demand and supplyterms, for the mass delusion to continue. The other problem, of course, is that every Ponzi scheme always comes to an end…. which may have just happened in China [...]

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.

doctorhousingbubble.com / 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. [...]

Housing Starts Drop For Third Month In A Row; Single-Family Permits Drop To Lowest In A Year, Rental Permits Soar

zerohedge.com / by Tyler Durden / 03/18/2014 08:57 -0400

If there is one main theme in the just released February housing starts and permits data, it is that while total starts continued declining, missing expectations of a 910K print, instead dropping from an upward revised 910K to 907K, the third month in a row of [...]

Freddie and Fannie Reform – Disaster Awaits

www.acting-man.com / March 17, 2014 / By Ramsey Su

No Opportunity Necessary, No Experience Needed

Freddie and Fannie are back in the limelight. This time, the plan is coming from Senate Banking Committee leaders Tim Johnson (D., S.D) and Mike Crapo (R., Idaho).

Here are the bios of Johnson and Crapo, two lawyers with not [...]

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?

doctorhousingbubble.com / 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 [...]