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French Housing “In Total Meltdown”, “Current Figures Are Disastrous” / by Tyler Durden / 07/30/2014 13:20

If Venezuela is the case study of a country in the late stages of transition into a socialist utopia, then France is the clear runner up. The most recent case in point, aside from the already sliding French economy, whose recent contraction can be best seen be [...]

What happens when investors pullback form the housing market? Cash sales volume down 21 percent in California year-over-year. Sales volume remains incredibly low as inventory builds up. / Dr. Housing Bubble / 28 Jul, 2014

Big investors have been a critical component to the housing market going back to 2008. Over the last few years, we have seen the smalltime ragtag mom and pop investor creep back into the market trying to make money on flips. Of course as [...]

Jury Anger Displayed – The Public is Awake / By California Lawyer / July 24, 2014 at 10:53 am

As a follow-up to some earlier posts, this post brings into view the public perception component of the housing crisis, in real time, in a definitive, compelling manner.

Last week, in a quiet, bucolic part of this [...]

What Drives Miami’s Condo Bubble 2? Foreigners Buyers / by Wolf Richter / July 24, 2014

Housing is local. Housing bubbles are local too. And the subsequent busts are local as well. Different dynamics are at work in each city that is finding itself in a housing bubble currently – and there are quite a few of them. Because I [...]

The drought of young California home buyers: Unaffordable housing reigns supreme as first time home buyers squeezed out of market. Of 7,000,000 completed foreclosures since 2005, 1 million occurred in California. / Dr. Housing Bubble / 23 Jul, 2014

It is safe to say that the momentum of 2013 has fizzled out in the housing market. Sales are down and prices are reaching a plateau. Part of this has come from the slowdown of investors purchasing homes in the state. An interesting [...]

No Economic Decline in Washington – EVER / By Martin Armstrong / July 23, 2014

Housing in Washington never collapsed because it is supported by your tax dollars. Good or bad, the money flows to Washington. The very same hotel chain charges $200 in Philadelphia, $300 in New York City and $400 in Washington. It ain’t for the tourist. It’s [...]

Great Graphic: US Housing Market–Another Look / by Marc Chandler / July 23, 2014

These Great Graphics on the US housing market are from the Wall Street Journal’s Real Time Economics blog, where Nick Timiraos posted data from the National Association of Realtors.

In the first half of 2014, existing home sales are about 5% below the H1 [...]

The Downward Spiral In Housing Begins… / David Kranzler / July 22, 2014

Mortgage applications continue to plummet. Housing starts take a big drop in June. The increase in the homebuilder sentiment index is deceptive. Homebuilder stocks are negatively diverging from the S&P 500.

With middle class household income after inflation declining and the first-time homebuyer cohort over-leveraged [...]

What a Storm Surge of Hot Money Does To San Francisco / by Wolf Richter / July 22, 2014

The median home price in my beloved and crazy San Francisco – that’s for a no-view two-bedroom apartment in an older building in a so-so area – after rising 13.3% from a year ago, hit an ultra-cool, slick $1,000,000.

It made a [...]

The inflection point has arrived in Southern California real estate: Investors make up smallest percentage of buyers in three years. Inventory continues to grow. / Dr. Housing Bubble / 21 Jul, 2014

As it turns out, investor buying does have a massive impact on local real estate. Big money is slowly starting to pull away from the real estate market. We are seeing this in dramatic fashion in Arizona and Nevada. It is also happening [...]

Canada’s Magnificent Housing Bubble at Risk, Fitch Says / by Wolf Richter / July 16, 2014

Ratings agency Fitch, which is in the business of slapping high-grade ratings on iffy bonds so that they can be sold to conservative pension funds around the world, and which is not in the business of considering entire asset classes overvalued, nevertheless considers [...]

Did the Other Shoe Just Drop? Big Banks Hit with Monster $250 Billion Lawsuit in Housing Crisis / by Ellen Brown / July 16, 2014

For years, homeowners have been battling Wall Street in an attempt to recover some portion of their massive losses from the housing Ponzi scheme. But progress has been slow, as they have been outgunned and out-spent by the banking titans.

In June, however, the banks may [...]

Is Canada Next? (A Very Ugly Chart) / by Wolf Richter / July 15, 2014

While the US has been struggling for five years with a recovery that has been so crummy that “recovery” often shows up in quotation marks, Canada has been rolling in good times. Its economy has been powered by a housing bubble beyond even [...]

Red Capitalism’s Porous Veins: Why Beijing’s Rulers Struggle With The Deluge Of Flight Capital / By David Stockman / July 15, 2014

The Wall Street Journal carried a story yesterday indicating that China’s major banks have halted an experimental program, sanctioned by the country’s central bank, that helped citizens transfer large sums overseas. Among other places, this huge tide of flight capital ended-up in affluent west [...]

Record number of real estate purchases go to foreign buyers: Canadians target Las Vegas, Detroit Los Angeles, and Florida in General. Chinese targeting Los Angeles, San Francisco, Irvine, Las Vegas, Detroit, and Florida as well. / Dr. Housing Bubble / 14 Jul, 2014

Investor buying continues to be a major player in the current housing market. Over the last two weeks I’ve had the chance to drive down neighborhoods were international money is flooding in. It does give off reminders of when Japanese buyers were purchasing [...]

Is Canada Next? (In One Very Ugly Chart) / by Wolf Richter / July 15, 2014

While the US has been struggling for five years with a recovery that has been so crummy that “recovery” often shows up in quotation marks, Canada has been rolling in good times. Its economy has been powered by a housing bubble beyond even [...]

China’s “Secret Money Laundering” Story Goes Mainstream; Is Promptly Censored / by Tyler Durden on 07/14/2014 22:27

Last week, Zero Hedge first reported on this side of the Pacific, some very troubling news: the biggest offshore buyer of luxury US real estate, that would be Chinese money laundering oligarchs and other member of the upper class, may be locked out of any [...]

Phoenix Housing Market Hit By Unprecedented Plunge In Demand / by Tyler Durden on 07/14/2014 15:50

The Phoenix housing market has a special place in the heart of housing bubble watchers: together with Las Vegas and various California MSAs, this is the place where the last housing bubble was born and subsequently died a gruesome death which nearly brought down [...]

Foreign Buyers Splurge On US Homes, Drive up Prices / by Wolf Richter / July 11, 2014

There’s magic in the housing market. Especially at the upper end, and especially in California’s coastal areas, such as San Francisco and Silicon Valley, where prices have become ludicrous.

We already understand that the median price of single family homes has been [...]

Mortgage Bankers: ‘Unsustainable Housing Bubble Is Inflating’ / by Wolf Richter / July 10, 2014

Observations about a housing bubble being once again inflated in many areas in the US have transitioned from bloggers throwing around unpleasant party-pooper data to mortgage bankers.

In a survey conducted by the Professional Risk Managers’ International Association for FICO – the same company after which [...]

Barack Obama: “Don’t Get Cynical, Get Hopey” / by Tyler Durden on 07/10/2014 18:13

Today, Obama did more of what he has been born to do: preach from a teleprompter, this time at theParamount Theater in Austin. Here are the choice excerpts from the speech transcript. They hardly need commentary:

* * *

Sometimes people [...]

Did China Just Crush The US Housing Market? / by Tyler Durden on 07/10/2014 14:50

A few days ago we finally closed the door on any argument who the marginal buyer in the US luxury housing segment was – the answer: Chinese oligarchs, scrambling to launder their “hot” domestic money abroad (as we predicted first two years ago) and now that [...]

“Unsustainable Real Estate Bubble Is Inflating,” Mortgage Bankers tell FICO / by Wolf Richter / July 10, 2014

Observations about a housing bubble being once again inflated in many areas in the US have transitioned from bloggers throwing around unpleasant party-pooper data to mortgage bankers.

In a survey conducted by the Professional Risk Managers’ International Association for FICO – [...]

The SoCal market is not as hot as you think it is: Inventory at 2 year highs for Los Angeles and Pasadena. Inventory for Irvine at 3 year highs. / By Dr. Housing Bubble / 9 Jul, 2014

As we dig deeper into the summer selling season it is becoming more apparent that this summer is going to be a dud for Southern California. FromCompton and Inglewoodto San Marino and Arcadiathe insanity has reached another apex. Inventory is growing, price gains [...]

China’s Colonization Of America’s Luxury Real Estate Market In One Chart / by Tyler Durden / 07/08/2014 11:26

As we first reported two years ago, one of the primary reasons, if not the main one (there is also the Fed to thank) why the US housing market, and specifically its ultra-luxury segment, has experienced a recovery in the past two years even [...]

Krugman’s Bathtub Economics / by David Stockman / July 7, 2014

Where can I find affordable homes in SoCal? Let us go house shopping in Compton and Inglewood. Welcome back Real Homes of Genius. / Dr. Housing Bubble / 4 Jul, 2014

SoCal housing is a blender of crazy aspirations, delusional thinking, poor quality building, and a market built around incredible hype. A boom and bust machine. When we show homes in San Marino, Pasadena, and Arcadia people begin to realize what they are up against. [...]

Chinese Developers Offer Home-Buyback Guarantees As Komatsu Warns Construction Is Slumping / by Tyler Durden on 07/02/2014 20:39

You know it’s bad when… Property developers in two of China’s weakest housing markets are offering to buy back homes in the future above the purchase price in a desperate effort to boost sales as demand slumps. As one analyst understatedly notes, “obviously they’re relatively cash-thirsty,” but [...]

California’s dwindling middle class: California is gaining more renter households, a drop in homeownership, and housing affordability continues to be a problem. / By Dr. Housing Bubble / 2 Jul, 2014

The housing wealth effect is in full motion. There are many people in the market that see the rise in home equity and are now out buying bigger ticket items and also, upgrading their homes. You also have the flipper brigade being [...]

How Wall Street Manipulates The Buy-To-Rent Housing Racket / By Wolf Richter / JULY 2, 2014 AT 12:26AM

Private equity firms are the ultimate smart money on Wall Street; they know how to wring out the last dime from their own clients, such as pension funds and rich individuals, through hidden fees, obscure expenses, elaborate expense shifting, lackadaisical disclosure, and [...]