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You Know It’s The New Normal When… / by Tyler Durden on 07/24/2014 21:43

The housing market is once again rapidly cooling off, as the fourth dead cat bounce of the artificial, centrally-planned “recovery” of the last 5 years takes hold (nowhere more visibly than in Phoenix whose “Housing market has been hit an unprecedented plunge in demand“) but [...]

Existing Home Sales: The Headlines Have Hope But Actual Data Needs Help / David Kranzler / July 24, 2014

Note: New home sales for June were reported today. They essentially show a collapse, dropping 20% from May to June. I am working on the analysis now.

The amount and degree of propaganda spewing forth out of Wall Street and DC staggers the mind. Anyone who read [...]

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 [...]

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 [...]

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 [...]

Why Housing Will Crash Again–But For Different Reasons Than Last Time / CHARLES HUGH SMITH / TUESDAY, JULY 08, 2014

Institutionalizing the speculative excesses that inflated the previous housing bubble has fed magical thinking and fostered illusions of phantom wealth and security. The global housing market has been dominated by magical thinking for the past 15 years. The magical thinking can be boiled down to [...]

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 [...]

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 [...]

Guess Who Is Propping Up The US Housing Market / by Tyler Durden / 06/23/2014 10:26

A month ago we showed a chart that, in our humble opinion, summarized all that is wrong with the US housing market. The chart in question showed the April breakdown of existing home sales on a Y/Y basis by pricing bucket.

Needless to say, [...]

China Beige Book, HSBC Manufacturing PMI Paint Diametrically Opposing Pictures Of China’s Economy / by Tyler Durden / 06/22/2014 22:07 -0400

S&P 500 futures are jumping exuberantly as Japan and China PMIs print above expectations and back in expansion territory (Japan best in 3 months, China best in 7 months). This is China’s best 2-month PMI rise since Oct 2010 (which makes perfect sense amid [...]

Housing Hit The Wall Of Wall Street In May / Wolf Richter / JUNE 17, 2014 AT 1:48AM

It always starts with a toxic mix. Last fall when sales that had been predicted to continue their miraculous ascent were suddenly swooning, soothsayers dealt with it by developing a whole plethora of excuses. At each new disappointment, they dragged out new excuses. [...]

Great Graphic: US Housing Market / Marc Chandler / June 14, 2014

These two Great Graphics caught our attention. The first one shows that the average size of American homes has steadily increased. It was posted on CNN by Les Christie, who drew from Census Department figures. Over the past decade alone, the average house size increased by 11% [...]

The economic war on the young: young Americans are being priced out of the housing market, pushed into student debt, and many see no growth in wealth. / by mybudget360 / June 13, 2014

The job market continues to be depressed for young Americans. As graduation season comes to an end, many are going to start getting letters in the mail from their friendly student debt service organization. Other recent graduates continue to live at home facing a failure [...]

Debt Rattle Jun 1 2014: The Illusionary Economy Revives The Home ATM / Raúl Ilargi Meijer / June 1, 2014

In a recent article, the Wall Street Journal uncovers a big problem in the US housing market, albeit, curiously, without necessarily identifying it as a problem. It would be nice if Americans could trust their once most trusted media to give them the best [...]

Lower Mortgage Rates Unlikely to Boost the Housing Market / SOBER LOOK / 05/30/2014

Housing in the U.S. continues to lag the nation’s overall economic expansion. Today’s pending home sales report was quite disappointing (see chart), with month-over-month growth of 0.4% vs. the expectations of 1%. While the “post-winter” recovery has taken place across much of the U.S. economy (see chart), [...]

You are too broke to own a home in America! The typical American household making $50,000 a year cannot afford to purchase the typical $200,000 median priced home without straining their budget. / mybudget360 / May 28, 2014

People continue to scratch their heads as to why regular home buyers in America are unable to enter the housing market. Prices are up but this is mostly because of investor money that is obsessed with chasing yield in a low yield environment orchestrated by the Federal Reserve. [...]

Britain’s Zombie Marginal Democracy to Deliver Labour General Election 70 Seat Majority? / By: Nadeem_Walayat / May 25, 2014 – 02:20 PM GMT

The housing market is booming and the economy within a matter of months will have recouped the whole of the loss of the last Labour governments catastrophic drop in GDP of over 7%, the worst since the 1930′s Great Depression. But [...]

The Housing Market Will Heal? / by Karl Denninger / 2014-05-23 07:04

This morning the pump monkeys are out again, trying to disabuse the mounting evidence that there has been no recovery in housing — nor is there likely to be any time soon.

The reason is simple – the premise for “home appreciation” wasn’t [...]

What does $600,000 buy you in Southern California real estate? A look at Pasadena, Arcadia, and Torrance. Some boomers cashing in their housing lottery ticket. / By Dr. Housing Bubble / May 23, 2014

We have an astute audience that reaches beyond the confines of the 405 and 10 freeways. I know it is hard for some readers to see beyond PCH but it is true, the U.S. is an expansive and far reaching country. It is [...]

Debt Rattle May 21 2014: Drowning in the American Dream

Toni Frissell Fashion model in dolphin tank, Marineland, Florida 1939 / by Raúl Ilargi Meijer / May 21, 2014

According to a new Zillow report, 40% of all US mortgage holders can’t afford to sell their homes. That is 20 million Americans homeowners, 10 million who are downright underwater and another 10 million [...]

Great Graphic: UK Housing Market Problem? / By Marc Chandler / May 20, 2014

Bank of Governor Carney suggested that the UK housing market poses the greatest threat to the economic recovery. This Great Graphic, tweeted by Neil Hudson, using ONS data, suggests otherwise. It shows the evolution of house prices (3-month average) relative to the 2007/2008 peak for eleven [...]

The Housing Market Is D O A / By David Kranzler / May 21, 2014

Mortgage purchase applications were down again week to week for the week ending May 16: Purchase applications drop 3%

They were down 12% year over year.

Purchase apps have been negative week to week for 3 of the last 4 weeks.

Lest we forget, which is [...]

Mark Carney: If There is a Bubble, It’s Not Our Fault / Pater Tenebrarum / May 20, 2014

Advance Exoneration of the BoE

BoE governor Mark Carney, who has already left one of the biggest housing bubble’s in modern history in his wake in Canada, is evidently aware that he has a similar problem in the UK as well. There are two aspects [...]

Housing Starts, Permits See Big Rebound / TIM IACONO / 05/16/2014

The U.S. housing market received some rare good news this morning as the Commerce Department reported(.pdf) that housing starts and permits for new construction both exceeded analysts’ estimates by wide margins, though the gains were due largely to multi-family home construction as activity for single-family homes was [...]

Subprime 2.0: 125% LTV Loans Are Coming Back / by Tyler Durden on 05/15/2014 13:29 -0400

Yesterday we mocked China for being desperate enough to push its tumbling housing market (which directly and indirectly accounts for some 80% of Chinese GDP per SocGen estimates) no matter the cost, that at least 20 developers were offering the kinds of mortgages that resulted in [...]

UK Housing Market Bubble Warnings Mainstream Media Mania / By: Nadeem_Walayat / May 11, 2014 – 02:51 AM GMT

The mainstream media has been busy this past week regurgitating on a near daily basis warnings of a UK housing market bubble from wide range of academic economics institutions despite the fact that the said institutions never saw the housing bull [...]

Bizarro Housing Bubble Spills Over Into “Overbid Madness”, $10 Million “Flips” In 24 Hours / by Tyler Durden on 05/10/2014 16:59

While the housing bubble for anything but the ultra luxury segment has long since popped with $1.1 trillion of student loans playing a significant role in the burst, (as explained in “Stick A Fork In The “Housing Recovery“), as can be seen in the chart below which [...]

Cash buyers reach record level of all home purchases at over 42 percent: 80 percent of all sales over past year in Irvine went to buyers from China? / May 9, 2014

So you still want to make the argument that cash buying is a small portion of the market? The latest sales data shows that cash buyers made up a record 42.7 percent of all sales in the first quarter of 2014. The latest National Association of Realtors report shows all [...]

Thank You, Dr. Yellen—For That $1 Million Jumbo Mortgage At 100% Financing / by David Stockman • May 9, 2014

The Fed was forced to note in its last meeting release that the housing market has hits some head winds. Well it might have. March new home sales were down by 13% and existing home sales by 8%. But an even more troublesome [...]

Humiliated On Its Q1 GDP Prediction, Goldman Doubles Down, Boosts Q2 Forecast To 3.9% / by Tyler Durden / 05/09/2014 08:18 -0400

Goldman, it would appear, are desperate to not be forced to admit they are wrong once again. On the heels of their dramatic and humiliating swing from expectations of a +3.0% Q1 GDP growth rate at the start of the year to a current [...]