Dismiss these warnings at your peril.
Will it happen today? Tomorrow? In the next year? Next 3? No one knows for sure. But we are feeling increasingly extended in world markets (and not just in stock markets).
Yet there is deep value driving some of the economy too. There is no doubt about that.
That the EU types have been rebuffed with Brexit and Trump are positives – despite what you’ve heard –
I’m not dissing San Francisco here. I’m not even dissing San Francisco hipsters. (Who are way more fun that the Brooklyn type in my experience.) I actually like the city quite a lot. But I don’t have to pay taxes or deal with the regs (and people like below) there either.
I will also say that San Francisco is the only place I’ve ever been followed into a restaurant by a homeless person who demanded that I buy her a piece of pizza.
Real estate people never seem to learn. Especially it seems in Miami.
Didn’t we JUST do this a few years ago?
In the last real estate bust Miami was a bellwether. I watched the market closely along with California and New York in those years. This all seems very very familiar. And it should be noted also that auto loan default rates (generally) are rising.
What do you think happens if rates finally tick up solidly?
I like solar power. Who doesn’t? We have a giant nuclear reactor in the sky and we should make better use of it for energy purchases. However the “policy makers” in Washington continue to screw up the solar equation.
Much of this is driven by crony zoning policy.
Notice that there are no cars on the roads.
So lots of people are asking WHY? Here’s a big reason why. This video is from back in 2014, but it’s worth another view.
Oh this is a great sign.
It does sound like the parameters around these new interest only loans are pretty conservative, 20% down, 720 FICO score, etc. But take it as a bellwether. Watch to see if more of this stuff comes on the market, with less stringent guidelines. Caution, always caution when it comes to housing, which is a highly government manipulated market.
If you’ve got a 50 million dollar house in London, New York, or Monaco things are looking pretty good for you. Of course they were already probably looking pretty good. Funny how that works. It’s nice to have access to the Fed window.
Of course many of us in the real estate sub-tiers continue to see little or no growth in the price of our homes, Indeed, adjusted for inflation many people continue to lose money year over year.
Stan Humphries – the author of the attached article – and I agree that home ownership often is not such a good deal. For many it is a downright terrible investment. More people are awakening to this fact, and that is a good thing.
But we differ on why it is such a bad deal for some.
This is what much of northern Virginia looks like. It’s not pretty.
Where I live they are building houses again. The neighborhood beside me should have been built 5 years ago but finally the bulldozers are in motion again. But don’t call it a recovery. There is no vibrance in the market. Just a subset of people escaping places like California with solid state jobs at the University.
But even here there is concern. 2 years ago the builders began again,
This is the Speaker of the Assembly in New York state. And $6 million is not chump change. It will be interesting to see how far this scandal spreads given that presumably nearly everything done in the New York state legislature had to go through Silver somehow.
Boy is it good to have a spouse in the Senate. Even better if one is in the commercial real estate business like Richard Blum, Diane Feinstien’s husband, is.
Seems Mr. Blum’s company CBRE just happens to be the sole real estate agent for a batch of now defunct post offices Congress has authorized the sale of. As we reported before many of these old post offices sit on prime real estate.