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The Housing Recovery Continues Apace – Mortgage Apps At 14-Year Low / by Tyler Durden / 08/13/2014 10:00

How much longer can the myth of a housing recovery remain alive in the mainstream media’s narrative? The smoothed average of Mortgage Applications in the US fell to its lowest since September 2000 this week. Mortgage applications have slumped for 9 months… as mortgage rates have [...]

Practiced Obfuscation of Central Banking: Fischer Gives A Speech / By Staff Report / August 12, 2014

US Fed’s Fischer warns of poor growth … The Federal Reserve’s vice-chairman has pointed to weak labour force participation and a soft US housing recovery as two reasons for disappointing global growth, saying this could be a long-term phenomenon. Stanley Fischer’s comments reflected continuing concern about [...]

Alarming Failure of French Economy; Expect Serious Tremors in September / Mike “Mish” Shedlock / August 11, 2014

Les Echo discusses the Alarming Failure of French Economy.

GDP for the second quarter will be released Thursday, and it does not look good. Industrial production declined in the second quarter, foreshadowing very low GDP growth. It’s a moment of truth for the [...]

As “Housing Recovery” Fizzles A New Scheme Emerges: Boost FICO Scores By Changing The Definition / by Tyler Durden / 08/08/2014 11:18

Now that the the fourth dead cat bounce in US housing since the Lehman crisis is rapidly fading, and laundered Chinese “hot money” transfers into US luxury real estate no longer provides a firm base to the ultra-luxury segment, the US government is scrambling to find [...]

Another Analyst Explains Why Housing Is In Trouble / David Kranzler / August 7, 2014

This guy explains why the decline in foreclosures and distressed sales is a big negative for the housing market. While counter-intuitive, his explanation is clear – crystal clear:

In summary, the halting of foreclosures and short sales due to can-kicking — and to [...]

Housing Insanity Japanese Style: Record Number of Vacant Homes in Japan, Abe Wants to Stimulate Home Building / Mike “Mish” Shedlock / August 06, 2014

Thanks to a rapidly aging population, record numbers of Japanese homes sit vacant according to the July 30, 2014 Asian Review report Vacant Homes in Japan Reach Record as Outlying Population Shrinks.

A record 13.5% of all homes in Japan were unoccupied as [...]

More Economic Madness in Japan

“Sloshed as I am…” – Shinzo Abe devises housing policy after the third bottle of Sake (Photo credit: Yuya Shino / Reuters) / Pater Tenebrarum / August 6, 2014

Same Old, Only More Of It

We sometimes try to imagine how Shinzo Abe and his cadre of economic planners are coming [...]

China Services PMI Lowest Since 2005 as Housing Slumps; Manufacturing Expands / Mike “Mish” Shedlock / August 5, 2014

An interesting divergence is underway in China with manufacturing in expansion while the service sector is at the lowest reading since November 2005 according to HSBC China Composite PMI

HSBC China Composite PMI™ data (which covers both manufacturing and services) signalled a third [...]

So you think you can flip? Proliferation of house flipping and rehab shows highlight a resurgence for big bucks in real estate and a general amnesia of recent financial history. / Dr. Housing Bubble / August 2nd, 2014

It is amazing to see the resurgence of housing flipping and rehab centered shows on cable TV. The shows glamorize the lifestyle of flipping forgetting how many people got burned in the previous downturn. Of course, many of the juicy flips already went to [...]

Suddenly, Wall Street Is Bailing On Housing / by Tyler Durden on 08/01/2014 21:35

Among this week’s most notable moves was the decompression of high-yield credit spreads to near 9 month wides (and continued outflows). What went notably-under-reported by the mainstream media, however, was an even bigger selloff in US mortgage bonds. While JPMorgan is unable to see [...]

Renter nation: The 2000s are highlighting a big shift from home ownership to renting. The number of single family homes now used as rentals is at a record high. / Dr. Housing Bubble / 30 Jul, 2014

There has been a very strong trend of shifting from homeownership to renting over the last decade. This is a dramatic reversal from the peak reached in the 2000s where homeownership reached a historical apex. Sure, this was brought on by making up income, [...]

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 [...]