Bubble Trouble Is On Its Way… Again
The Charlotte Observer reports from North Carolina. “If you’re planning to buy a home in Charlotte these days, you might find yourself writing the seller more than just an offer. With low housing supplies igniting bidding wars here and elsewhere, real estate agents say potential buyers are turning to an increasingly popular tactic: writing personal letters to sellers. Some buyers even slip family photos into the letters – to turn up the emotional dial. ‘Your house is very special and we would be honored to call it home…’ reads a letter one seller wrote to a Charlotte couple who put their home on the market this year. ‘We love the beautifully updated kitchen, the tasteful colors on the walls, the spacious rooms, the amazing patio and backyard and the lovely wood floors.’”
“Often it’s real estate agents who suggest the letters, as they scramble to compete in a market where sellers hold the cards. Home construction isn’t keeping pace with demand, and available land in popular areas is in short supply. It’s a problem in high-growth cities nationwide: ‘We just don’t have enough homes,’ said Lawrence Yun, chief economist for the National Association of Realtors.”
The Mail Tribune in Oregon. “Local home buyers have hit the brakes in recent months, perhaps waiting for more appealing opportunities down the road. There were 19.5 percent fewer existing home sales during the three-month period ending July 31 than the same time in 2015, according to figures compiled by Southern Oregon Multiple Listing Service. That meant for every five existing residential property deals in Jackson County a year ago there were four this year, even as the median sales price rose 4.5 percent to $246,675 from $236,000 in 2015.”
“A shortage of housing stock in the right price range will inevitably take its toll, said Matthew Gardner, chief economist for Windermere Services in Seattle. ‘What we’re seeing is buyer’s fatigue,’ said Gardner, and we’re not alone. ‘The trend lines I’m seeing from 11 different states is the same,’ he said. ‘Whether it’s Denver, Fort Collins or Jackson, Wyo., we’re seeing a lack of inventory. From a buyer’s perspective, with price escalation, it leads to a fear of, ‘How much am I going to spend?’ They’re tired of chasing every house that becomes available at a moment’s notice, hoping it won’t be sold before they get there.’”
“‘There’s not a lot of activity in the really high price ranges,’ said Colin Mullane, of Full Circle Real Estate in Ashland and spokesman for Rogue Valley Association of Realtors. ‘The stuff that’s priced reasonably sells quickly,’ he said. ‘Other places that aren’t priced right sit there while people go through a bunch of times. Buyers become experts after visiting 20 houses. I wouldn’t say they’re being picky, but they’re not going to overpay for a property. We have much more sophisticated buyers now, just because they can afford $400,000 doesn’t mean they will pay that much; they made that mistake 10 years ago.’”
WTOP in Washington, DC. “Residential sales in the District are brisk and prices continue to climb modestly, but the high-end of the market is starting to stumble. Real estate firm Redfin says Washington is one of the worst-performing markets for luxury real estate right now, at least based on pricing. The average sale price in the top 5 percent of the market is just shy of $2.3 million, down 4.1 percent from a year ago.”
“‘There’s a lot of global instability right now, with increasing security concerns in Western Europe, tensions rising with Russia and a Chinese economic slowdown,’ says Dan Galloway, a Redfin agent in D.C. ‘But we’re also tied intricately to the health of the federal government, and I think there’s a lot of unease with how the election is going to shake out this year.’”
The News Press in Florida. “Think of it as a soft landing rather than a crash, and you’ll be good to go — that’s the state of Southwest Florida real estate as Market Watch experts Randy Thibaut, Stan Stouder and Denny Grimes call it through 2016. The price of new homes has hit a wall in many sub-markets — not ideal for builders and developers. But it’s good news for buyers who can expect incentives offered on new homes this summer.”
“By mid-year 2016, only one multi-family residential development order was in play, compared with five the same time last year. This could signal the market is doing what it does best: correcting itself after the recent robust boom in multi-housing.”
“A strange thing occurred last week as I was teaching a class to about 50 local real estate agents. I asked them, ‘How many feel the market is still going up?’ No one raised their hand. Three months ago half the agents would have lifted a hand, and six months ago, every hand would have been in the air, maybe even mine. Perception is meeting reality as the real estate market shifts from a growth rate so steep it would make Chuck Yeager drool, to something resembling a Kmart pony ride.”
“Collier prices on the other hand were supersonic leading into the first of the year, even as sales slowed. Either Naples is one of the most unique markets in the country, or bubble trouble is on its way… again.”
“Looking forward, Lake O problems notwithstanding, we have not lost our luster. Luckily, we don’t have a demand problem; people still want to live here. The threat, other than the instability in the world, is that the U.S. real estate market is also shifting. You’re not reading about it yet, because national perception has not met reality. But it will. This will not change the ‘want to’ in homebuyers’ minds, but it will change the ‘can I’ in their wallets.”
“The other factor in a slowing market is the lack of urgency buyers are showing. In the past, if they found a home that was close to meeting their needs, they would have an offer submitted, accepted and measured for drapes before happy hour that night. Today, we’re lucky to get a yawn from a buyer, even if the home meets 90 percent of what the buyer wants. This will continue as the national market shifts. The fix is easy. Sellers will have to go back to wooing buyers again.”
‘as Market Watch experts Randy Thibaut, Stan Stouder and Denny Grimes call it’
The way they co-wrote this article makes it too hard to attribute to each contributor. Readers will have to sort it out.
The Oregon article mentions Californians, and says there’s hardly anything under $400k. Is that a lot of money in Oregon?
The Charlotte Observer is a hoot too. At the end one guy says ‘forget about your sob stories, show me the money!’
under $400k. Is that a lot of money in Oregon ??
Answer is pretty much yes in the southern part of the state although some area’s are pricier than others such as Bend, Ashland maybe…
$400k builds 8000sq ft anywhere in the country.
You mean in your hometown of Buffalo, NY.
Try it in La Jolla.
In every area of every state in the country.
Your dreams of an 8000 sf basement headquarters will never be realized. Nor will you ever own a cheeto machine.
Construction costs are around 350/sqft in most of the SF Bay Area because of various factors including but not limited to local codes and ordinances, need for structural engineering, permit prorcesses amd environmental impact reports and hearings, NIMBY delays, and market prefetences for fully Dwell-ified finishes. That does nothing to rationalize currently insane prices, but good luck building any below hundred thousand dollar apartments.
Nonsense.
When was the last time you put together a bid estimate or actually built something anywhere?
That would be August 2016. Bear in mind that minimum wage in San Francisco is currently $13/hour as a transitional step toward rising to $15/hour and no skilled workers can be had for anything like minimum wage.
When was the last time you actually were involved in getting a permit approved in California? My last was in 2008 and it was such a clusterfuck that the developer backed off and left the expensive permit on the table.
“Developer”? LOL.
We have multiple projects in various stages out of 3 offices in CA. Plans and $500 check and the permit issued the same day.
As one of the many voices in your head, I also want to chime in that we have a moon base populated by clones of Elvis.
I doubt S Oregon wages can pay for all these 400k houses. We used to ask, will it be as bad as years ago? With these nosebleed prices I don’t see how we avert a blow out in foreclosures. One factor is we have a multi-decade low in ownership percentages. Before we had the high. Before we didn’t have 20% (or whatever the number is) of the mortgages underwater going in. Incomes were higher even in 2000 or 2009.
We didn’t have an apartment bubble in 2006. And Greenspan actually raised rates, arguably popping the bubble, before the main part of the crash. There was room to cut, not much room now.
I’ll beat a dead horse again Ben, and throw in my two cents about fully amortized PITI. In the 2006 bubble, people took out I/O etc mortgages, and effectively *never* paid what they should have. The foreclosure was automatic, even if nothing went wrong.
Those loans don’t exist anymore. So even at these nosebleed prices, *somebody* is ponying up the real payment. If they couldn’t pay, they would never have been approved. In order to blow out foreclosures, something has to go wrong, like job losses and divorces. So no, i don’t think it will be as bad.
A distinction without a difference Donk.
Borrowing inflated amounts for a rapidly depreciating asset with zero skin in the game while rents are half the monthly cost is far more dangerous.
Now factor in the Chinese and rates at record lows.
“So even at these nosebleed prices, *somebody* is ponying up the real payment.”
You mean the bff’s who used their incomes to help the FB qualify for the loan? You know, those new group loan scams?
The vast majority of foreclosures were/are prime loans. End of story.
No Ben, that is not the end of the story. We had this discussion a long time ago.
Prime refers to a FICO score. It does NOT indiciate to whether the loan required full PITI on Day 1. Back in 2006, I could have had a $100K job and an 850 FICO, the very definition of Prime. But if I bought an $800K house using an I/O loan with a three-year grace period, then I am probably going to foreclose during Year 4. THOSE are the “primes” who defaulted — highly paid idiots on an ego trip, basically. Who are the Primes who are defaulting now? HARPs and HELOCs? Still relics of the pre-2009.
Incorrect Donk.
All prime mortgages were fully amortizing.
“Prime refers to a FICO score. It does NOT indiciate to whether the loan required full PITI on Day 1.”
Your definition of prime only makes sense in a world where government-sourced and -guaranteed lending is the only game in town. If a loan is privately funded without a government guarantee, the lender has to worry about getting his money back. In this case, other factors besides the FICO score become important.
For instance, no matter how good the borrower’s credit, if he uses a low-rate, low-downpayment loan to overload his household balance sheet with a home he can’t afford, the loan is subprime with respect to default risk, regardless of how stellar the FICO score or whether some ad hoc rule-of-thumb rating system grades the borrower as a ‘prime’ lending risk.
I am surprised you don’t get it. This is not rocket science.
“Your definition of prime only makes sense in a world where government-sourced and -guaranteed lending is the only game in town. ”
Doesn’t the government end up owning over 80% of mortgages?
“There was room to cut, not much room now.”
Similar to the Japanese situation from 1990 and beyond. No room to cut makes a harder landing in the next housing bust seem a more likely prospect.
Try not to catch yourself a falling knife.
Good gosh, the Charlotte letter-writing article is almost painful to read. HGTV-style gushing. Emotional blackmail such as children in the back yard. TMI such as fertility treatments.
And I never thought of this: “Letters that include photos and descriptions that identify a buyer’s race, religion, sex or other details could also lead to legal troubles for sellers…Such letters could open up a seller to allegations they violated the federal Fair Housing Act, if a buyer feels they’ve been discriminated against.”
That’s not like the Observer. They did some of the best reporting on the bubble in 2005.
Those stories are flat out lies- NAR propaganda.
When you start to see this, look out:
‘Other significant factors are competition from new construction and rising prices’
I’ve found it before in this part of Florida: new houses costing less than existing houses.
“new houses costing less than existing houses.”
Seeing this today in the San Diego area. We’ve got overpriced turkeys for sale that still need like $100k in work and brand new houses are selling for less, but still overpriced too, in my opinion.
“‘There’s a lot of global instability right now, with increasing security concerns in Western Europe, tensions rising with Russia and a Chinese economic slowdown,’ says Dan Galloway, a Redfin agent in D.C. ‘But we’re also tied intricately to the health of the federal government, and I think there’s a lot of unease with how the election is going to shake out this year.’”
Why is a Redfin Agent giving me a National Security briefing? Stick with picking out the cookies for the open houses my man.
It’s akin to a shoeshine boy giving you stock market advice.
‘Often it’s real estate agents who suggest the letters, as they scramble to compete in a market where sellers hold the cards. Home construction isn’t keeping pace with demand, and available land in popular areas is in short supply. It’s a problem in high-growth cities nationwide: ‘We just don’t have enough homes,’ said Lawrence Yun’
Yeah, and they are supply and demand experts too, even though the builders have said flat out there isn’t enough demand. Scramble, holds the cards, it’s a shortage and it’s nationwide!!
Urgency and shortage are the oldest snake oil tactics in the book.
Urgency and shortage are the oldest snake oil tactics in the book.
Amen!!!
But the shoeshine boy has a skill…
St. Vincent
Pretty good movie
Bill Murray - Shelter from the Storm - YouTube
https://www.youtube.com/watch?v=r9aN5_GNsMk - 397k -
18 million excess empty and defaulted housing units in the US and “there is a shortage of housing.
Right.
Two all-beef patties, special sauce, lettuce, cheese, pickles, onions – on a sesame seed bun.
https://www.youtube.com/watch?v=Ug75diEyiA0 - 300k -
getting you to overpay for stuff is the goal.
‘How many feel the market is still going up?’ No one raised their hand. Three months ago half the agents would have lifted a hand, and six months ago, every hand would have been in the air, maybe even mine. Perception is meeting reality as the real estate market shifts from a growth rate so steep it would make Chuck Yeager drool, to something resembling a Kmart pony ride’
‘What we’re seeing is buyer’s fatigue’…and we’re not alone. ‘The trend lines I’m seeing from 11 different states is the same,’ he said. ‘Whether it’s Denver, Fort Collins or Jackson, Wyo., we’re seeing a lack of inventory. From a buyer’s perspective, with price escalation, it leads to a fear of, ‘How much am I going to spend?’
‘a growth rate so steep it would make Chuck Yeager drool’
The article mentions 36 months of “significant” appreciation. Do you suppose some people paid too much?
‘Collier prices on the other hand were supersonic leading into the first of the year, even as sales slowed. Either Naples is one of the most unique markets in the country, or bubble trouble is on its way… again’
I don’t want to pick on these guys, but I’ve been reading these same fellows for years and they are one big kool-aid stand in that area. They got nothing but real estate and old people going for them. Supersonic? Do you not remember what happened before? You guys were the national poster child for foreclosures until the avalanche in Las Vegas took the lead.
Denver = Debtver. It’s all fake, borrowed prosperity.
And in case you forgot, median household incomes are less than $60,000.
For Colorado it’s 60K.
For Metro Denver it’s almost 70K.
http://www.metrodenver.org/do-business/demographics/income/
Yeah, loanowners in Debtver are 17% more arrogant and 17% louder crowing about the alleged wisdom of their borrowed “wealth” LOLZ.
Depletion of the water supply and forced water rationing is bullish, no?
http://www.zerohedge.com/news/2016-08-06/las-vegas-water-rationing-looms-amid-structural-drought-us-southwest
But…but…average savings of $2500!
http://www.breitbart.com/big-government/2016/08/05/insurance-giants-cancel-obamacare-expansion-plans-premiums-skyrocket/
“Lack of transparency is a huge political advantage,” Gruber said. “And basically, call it the stupidity of the American voter or whatever, but basically that was really, really critical for the thing to pass.”
Democrats Loved Jonathan Gruber Before They Forgot Who He Was
BY: David Rutz
November 14, 2014 3:43 pm
In the wake of unearthed controversial remarks by Obamacare architect Jonathan Gruber, including his mocking the “stupidity of the American voter” in helping the law get passed, Democrats are trying to distance themselves from Gruber, saying he’s not a central authority figure on the legislation.
It’s not so long ago, though, that many prominent liberals cited Gruber as a “respected economist” whose studies and conclusions were central to proving Obamacare would be successful. The Obama administration paid him nearly $400,000 for technical advice on drafting it, according to CBS.
Sen. Harry Reid (D., Nev.) said in 2009 Gruber’s defense of the Affordable Care Act was high praise, indeed, according to PJ Media.
“CBO’s experts aren’t the first to recognize these benefits,” Reid said. “Massachusetts Institute of Technology’s Jonathan Gruber, who is one of the most respected economists in the world, said in today’s Washington Post, ‘Here’s a bill that reduces the deficit, covers 30 million people and has the promise of lowering premiums in the long run.’ Pretty good statement.”
Sen. Max Baucus (D., Mont.) also took care to name Gruber on the floor of the U.S. Senate in 2009.
“In addition to the Congressional Budget Office, I might say that MIT’s John Gruber has also done a study on our premiums and what does he conclude—he concludes, using Congressional Budget Office data, that the Senate bill could mean that people purchasing individual insurance would save every year $200 for single coverage and $500 for family coverage in 2009.”
Then-Speaker of the House and current House Minority Leader Nancy Pelosi (D., Calif.) praised Gruber in 2009 as well before saying this week that she didn’t know him and that he didn’t write the bill.
“I don’t know if you have seen Jonathan Gruber of MIT’s analysis of what the comparison is to the status quo versus what will happen in our bill for those who seek insurance within the exchange,” she said in 2009. “Our bill takes down those costs, even some now, and much less preventing the upward spiral.”
The Daily Caller reported that Neera Tanden, head of the liberal Center for American Progress and former adviser to Health and Human Services Secretary Kathleen Sebelius, wrote that Gruber was not an “architect” of the Obamacare legislation this week. However, she said in 2012 that she called often for his advice regarding health care reform in Massachusetts during a 2012 CAP panel discussion on Romneycare and Obamacare:
While Tanden sought to downplay Gruber’s role in crafting Obamacare in her Journal op-ed, she indicated at an event held at the Center for American Progress on July 31, 2012 that the economist was essential to helping craft the law.
“I remember many a call to Jonathan Gruber about his expertise in Massachusetts as we were formulating the plan,” said Tanden, who worked on Obama’s health care team as an adviser to Kathleen Sebelius, the former secretary of Health and Human Services.
“A very important point to make Massachusetts was the framework for the president’s plan,” said Tanden.
“The fact that Massachusetts existed was critical to the passage of the Affordable Care Act,” she said later in the panel.
“Not only did we call in Jon Gruber for his advice regularly, but we looked very much at the results [of the Massachusetts plan.]”
Stealing jobs from Americans:
Melania was never, it appears, illegally present in the country. She did not slip across any border that will be sealed if her husband gets to build his wall. She walked in, head held high. But if she came in with the intention of working, and had only that tourist visa, she could be charged with visa fraud. And that is a big no-no if your husband is accusing lots of other people of being murderers, rapists and terrorists.
Her ex-agent swears that he obtained an H1-B for Melania before she ever modeled for money, and that she was just “confused” when she made those statements about going in and out of the country to “stay legal.”
But until we see the paperwork, which is as readily available as Trump’s tax returns, there will be a cloud over Melania Trump.
Donald Trump lives in your empty skull rent free.
All work and no play makes Jack repeat himself endlessly.
And yours too it seems.
now you just stop it!! or I will stop posting the truth about Donnie Darko’s wife!
big story gonna break soon….
Melania needs some Twerking lessons from Malia.
Malia Obama Stage Dance And Twerk at the Lollapalooza Concert …
https://www.youtube.com/watch?v=jugMCzm9NuI - 400k - Cached - Similar pages
5 days ago .Melania
This is a housing site - please spread your pro Hillary drivel elsewhere.
Hillary is a warmonger.
Hilary must hate her- hitlery , untouched for 20 years=bitter
DOW 50000?
Proposed new word in English lexicon:
trumpish
Please define.
The orange thingy that resides in some people’s skull rent free?
Trumpish
To be so stupid or bad at something that other idiots like you more.
He spoke to the crowd in a Trumpish manner. Little did he know his audience members were educated and as a result were unimpressed.
by Hyden of Wylie July 26, 2016
Sitting on the fence in DC waiting out the Election. If Trump gets it, the federal gravy train for this area will end. I hope.
It’s the opposite. With Trump we will see a significant increase in fiscal stimulus. DC will be even bigger.
Yes, Trump wants bigger military, a wall, deportations…. all of this is more spending and more gov.
know your party
Amazing how people dont get it.
How so? I know he wants to build up the military, there are a lot paper pusher jobs paying 100k+ in DC metro that could easily be eliminated. One can just switch jobs ..
One *CAN’T* just switch jobs. Also, why would all the money be concentrated in DC? He’s a frugal guy - don’t think he would tolerate the Bush/Obama federal waste.
Maybe you should try to research it. See if you can find any evidence that he intends to eliminate the total number of employed by the federal government.
I thought Bambi was shot by a drunk hunter.
Wow - hostile. I am against Hillery but would never resort to those words against her supporters.
Bye HBB
“Wow - hostile.”
Only when he is seated behind his keyboard in the safety of his home. In the real world I am sure he would run from an aggressive 5th grader who had been sent to the principals office.
CalifoH20 is just another kindhearted liberal showing his true colors.
That’s funny. CalifoH20 is a big Trump hater.
C-Ya!
Trump wants bigger military, a wall, deportations…. all of this is more spending and more gov.
Ben Jones this article was just published today:
https://theintercept.com/2016/08/06/accusing-wikileaks-bias-beside-point/
And I’ll reiterate a previous post that the last binary construct remaining is freedom vs. authoritarianism.
‘The world’s best cyber army doesn’t belong to Russia’
‘There is a strange irony in this. Russia, if it is actually involved in the hacking of the computers of the Democratic National Committee, could be attempting to influence a U.S. election by leaking to the American public the falsehoods of its leaders. This is a tactic Washington used against the Soviet Union and other countries during the Cold War.’
‘Today, the United States has morphed from a Cold War, and in some cases a hot war, into a cyberwar, with computer coding replacing bullets and bombs. Yet the American public manages to be “shocked, shocked” that a foreign country would attempt to conduct cyberespionage on the United States.’
‘NSA operations have, for example, recently delved into elections in Mexico, targeting its last presidential campaign. According to a top-secret PowerPoint presentation leaked by former NSA contract employee Edward Snowden, the operation involved a “surge effort against one of Mexico’s leading presidential candidates, Enrique Peña Nieto, and nine of his close associates.” Peña won that election and is now Mexico’s president.’
‘The NSA identified Peña’s cellphone and those of his associates using advanced software that can filter out specific phones from the swarm around the candidate. These lines were then targeted. The technology, one NSA analyst noted, “might find a needle in a haystack.” The analyst described it as “a repeatable and efficient” process.’
‘And it is about to grow considerably bigger, now that the NSA cyberspies have merged with the cyberwarriors of U.S. Cyber Command, which controls its own Cyber Army, Cyber Navy, Cyber Air Force and Cyber Marine Corps, all armed with state-of-the-art cyberweapons. In charge of it all is a four-star admiral, Michael S. Rogers.’
‘Now under construction inside NSA’s secret city, Cyber Command’s new $3.2- billion headquarters is to include 14 buildings, 11 parking garages and an enormous cyberbrain — a 600,000-square-foot, $896.5-million supercomputer facility that will eat up an enormous amount of power, about 60 megawatts. This is enough electricity to power a city of more than 40,000 homes.’
‘In 2014, for a cover story in Wired and a PBS documentary, I spent three days in Moscow with Snowden, whose last NSA job was as a contract cyberwarrior. I was also granted rare access to his archive of documents. “Cyber Command itself has always been branded in a sort of misleading way from its very inception,” Snowden told me. “It’s an attack agency. … It’s all about computer-network attack and computer-network exploitation at Cyber Command.”
‘The idea is to turn the Internet from a worldwide web of information into a global battlefield for war. “The next major conflict will start in cyberspace,” says one of the secret NSA documents. One key phrase within Cyber Command documents is “Information Dominance.”
‘The Cyber Navy, for example, calls itself the Information Dominance Corps. The Cyber Army is providing frontline troops with the option of requesting “cyberfire support” from Cyber Command, in much the same way it requests air and artillery support. And the Cyber Air Force is pledged to “dominate cyberspace” just as “today we dominate air and space.”
‘While Cyber Command executes attacks, the National Security Agency seems more interested in tracking virtually everyone connected to the Internet, according to the documents.’
‘One top-secret operation, code-named TreasureMap, is designed to have a “capability for building a near real-time interactive map of the global Internet. … Any device, anywhere, all the time.” Another operation, codenamed Turbine, involves secretly placing “millions of implants” — malware — in computer systems worldwide for either spying or cyberattacks.’
‘Yet, even as the U.S. government continues building robust eavesdropping and attack systems, it looks like there has been far less focus on security at home. One benefit of the cyber-theft of the Democratic National Committee emails might be that it helps open a public dialogue about the dangerous potential of cyberwarfare. This is long overdue. The possible security problems for the U.S. presidential election in November are already being discussed.’
‘Now under construction inside NSA’s secret city, Cyber Command’s new $3.2- billion headquarters is to include 14 buildings, 11 parking garages and an enormous cyberbrain — a 600,000-square-foot, $896.5-million supercomputer facility that will eat up an enormous amount of power, about 60 megawatts. This is enough electricity to power a city of more than 40,000 homes.’
Seems like all of that power consumption could generate lots of greenhouse gas emissions (think global warming).
the last binary construct remaining is freedom vs. authoritarianism
Yup.
Boca Raton, FL Housing Prices Dive 6%YoY As Housing Correction Expands
http://www.zillow.com/boca-raton-fl/home-values/
You need to give in to the printing press and buy overpriced stocks and homes. Fighting it will remain futile.
San Diego, CA Housing Prices Plunge 10%YoY As Crime Surges Across State
http://www.zillow.com/san-diego-ca-92109/home-values/
More positive economic news. Nothing accelerates the economy and creates jobs like falling prices to dramatically lower and more affordable levels.
“Oil Prices Plummet Amid Continued Oversupply With No End In Sight”
https://www.theguardian.com/business/2016/aug/06/oil-prices-plummet-oversupply-global-markets
you folks need to buy overpriced assets to support the wealth effect!
So long Lola!
Who got the hook?
https://www.youtube.com/watch?v=i8DRen60X10 - 434k -
San Francisco, CA Housing Prices Plunge 12% YoY As Housing Recession Expands In California
http://www.zillow.com/san-francisco-ca-94121/home-values/
“‘There’s a lot of global instability right now, with increasing security concerns in Western Europe, tensions rising with Russia”
Thot that we good for business, for MIC.
Manipulation: The Phony Job Recovery | Mises Wire
https://mises.org/blog/manipulation-phony-job-recovery - 70k - Cached - Similar pages
1 day ago .