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Sunday, January 23, 2022

Housing Bubble #2: Ready To Pop?

Submitted by Charles Hugh Smith from Of Two MindsAll debt-fueled speculative bubbles pop, even as cheerleaders claim otherwise. The expansion of Housing Bubble #2 is clearly visible in these two charts of house valuations, courtesy of the St. Louis Federal Reserve database (FRED). The first is the Case-Shiller Index, which as you recall tracks the…

Joel Kotkin: The Middle-Class Will Revolt Against Progressives

The college-trained progressives in Joe Biden’s White House are creating a bipartisan revolt by ordinary, middle-class Americans, says Joel Kotkin, a left-of-center California demographer who has long been critical of Silicon Valley’s political demands. “A specter is haunting America, a great revolt that threatens to dwarf the noxious rebellion led by Trump … a new…

Greenwich Housing Market Just Had Its Best Quarter In A Decade Thanks To The...

Over the past three years, we have routinely chronicled the falling demand for opulent mansions in Greenwich, Conn., a town in Fairfield County which embodies wealth and privilege. In the spring of 2019, we reported that Greenwich's "upscale" market (typically homes in the $10 million-plus range) had seen sales evaporate, leaving prices to tumble 25%.…

Joe Biden Touts Wall Street Support for His Plan to Abolish American Suburbs

Democrat presidential candidate Joe Biden is touting Wall Street’s support for his $640 billion housing plan that would force low-income, multi-family housing developments into America’s suburban communities. During a visit to Kenosha, Wisconsin — where the Black Lives Matter organization and members of Antifa have led riots for weeks — Biden told supporters that Wall…

“Pent-Up Supply” Floods San Francisco Housing Market, Most Since Housing Bust

Authored by Wolf Richter via WolfStreet.com, There is a lot of discussion about the low levels of inventory for sale, as potential sellers have pulled their homes off the market or are not wanting to list their homes at the moment, waiting for the Pandemic to blow over, or waiting for more certainty or whatever;…

Housing Market Outside New York City Booms As City Dwellers Flee 

While observing national housing trends, we have recently found wealthy Americans and anyone else who has the economic mobility are selling real estate in big cities and have fled to rural communities amid fresh concerns of the second coronavirus wave and ongoing social unrest.  We've documented this phenomenon, in several pieces, is happening across several major metropolitan areas: Wealthy…

Biden Campaign Slams Sanders’ Plan to Fund Costly Proposals: ‘Doesn’t Even Begin to Fully...

The Biden campaign on Tuesday took aim at Sen. Bernie Sanders (I-VT) over his recently released fact sheet, which explains how he would fund his multitrillion-dollar proposals, dismissing it as an “incomplete list” that “doesn’t even begin to fully cover the costs.” Sanders on Monday released a fact sheet designed to address critics who have…

Housing Joins The Everything Bubble

Authored by John Rubino via DollarCollapse.com, When people tick off the components of the “everything bubble” they usually omit US housing, for a couple of reasons. First, bubbles don’t normally recur immediately in the same asset class, because memories of past carnage need to fade before investors can be seduced back into irrational optimism. Since…

Homebuilder Confidence Soars to Highest Level in 20 Years

It is a new golden age for American homebuilders. Homebuilder confidence unexpectedly jumped higher in December. The National Association of Home Builders/Wells Fargo Housing Market Index rose 5 points to 76, the highest reading since June 1999. The index was already near its 2019 highs at 70 in November and was expected to remain at that…

Report: California’s Middle-Class Wages Rise by 1 Percent in 40 Years

Middle-class wages in progressive California have risen by 1 percent in the last 40 years, says a study by the establishment California Budget and Policy Center. “Earnings for California’s workers at the low end and middle of the wage scale have generally declined or stagnated for decades,” says the report, titled “California’s Workers Are Increasingly…

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