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Swedish Housing Bubble Pops As Stockholm Apartment Prices Crash Most Since June 2009

Even though Sweden’s property bubble is not the longest running (that accolade goes to Australia at 55 years), it is probably the world’s biggest with prices up roughly 6-fold since starting its meteoric rise in 1995. Of course, as we noted last month when the SEB’s housing price indicator, which measures the difference between those […]


The Running Of The Japan Bears

Authored by Nick Schmitz via Verdad Capital We’ve done a National Geographic–style deep dive into the world of the Japan bears, reading the scare stories about demographic decline, old people dying alone, underrepresentation of minorities on corporate boards, and other anecdotal “evidence” of stagnant economic prospects. We tried to find the best examples of Japan bearishness: […]


DiMartino Booth Warns Pressure On US Households Is Intensifying

Authored by Danielle DiMartino Booth, Behind the rosy economic headlines, consumer stresses have continued to build and are likely to worsen… Is the U.S. economy enjoying a honeymoon, or is this merely a hiatus? Although this isn’t a subject of discussion among most economists, there will be both good and bad associated with three hurricanes […]


David Stockman Exposes “The Illusion Of Growth”

Authored by David Stockman via The Daily Reckoning, The Wall Street Journal published a superb example of hopium recently in a sunny-side-up story entitled “U. S. Manufacturing Rides Rising Tide, Buoyed by Global Growth, Optimism.” Indeed, this lazy cheerleading excuse for journalism captured the sum and substance of why the punters keep buying the dips […]


Is There A Housing Bubble In Your City?

via MHanson.com, My analysis below highlights how out of scope house prices are from end-user, shelter-buyer, employment & income fundamentals in the most economically important cities. This massive divergence has been driven largely from the things present in all bubbles; unorthodox capital, credit & liquidity driving speculation. Like Bubble 1.0, house prices in the most […]


Greece Plans 30 Billion Euro Debt Swap As It Prepares For The End Of Bailouts

Greece is planning a 30 billion euros debt swap which will convert 20 existing bonds into 5 (or less) new issues in the next few weeks (although the exact timing remains uncertain). The bonds are expected to have similar maturities to the existing notes from 2023-2042. According to Bloomberg, the Greek government is planning an […]


I Know What the Economy Did Last Summer Part 2: The Real Estate Rollover

The following article by David Haggith was published on The Great Recession Blog: In fact, I knew what the economy did last summer before summer even began. Since the beginning of the year, I have been writing that it appeared housing was reaching a new bubblicious peak and that the real estate market was getting ready to roll […]


Stocks, Bonds Sink As Dec Rate-Hike Odds Hit 80% After Worst Jobs Data In Over 7 Years

The utterly useless data gushed forth by The BLS this morning – affected dramatically in all directions by Irma and Harvey – did not worry the algos who sent Dec rate-hike odds soaring (to 80%) and sparked selling in bonds and stocks. December is a done deal on the back of statistically ridiculous data which […]


Existing Home Sales Slump To 1-Year Lows, NAR Says “There’s Simply Not Enough Homes For Sale”

After July's housing sales data horrors, yesterday's permits rebound prompted some hope (despite last week's 9.7% collapse in mortgage applications) but August's existing home sales just crushed that dream, dropping to one-year lows. Following a 1.3% MoM decline in July, August saw existing home sales tumble 1.7% MoM (against expectations of a 0.2% rebound) and […]


Autos Expose Economy’s Fragility As Credit-Compelled Car Sales Continue To Collapse

Authored by Danielle DiMartino Booth via Bloomberg.com,  The revival of the auto industry drove the factory sector out of recession; the flipside doesn’t look promising. Federal Reserve data released last week on July industrial production offered little more than more of the same. Despite post-election optimism for a rebound in activity on the nation’s factory […]


House Price Bubbles 2.0 In Pictures

By Mark Hanson Of M Hanson Advisers Bottom Line: House prices and end-user, shelter-buyer fundamentals have never been further apart in key, economically significant cities. The two charts presented in this note highlight just how diverged house prices have become from end-user, shelter-buyer, employment and income fundamentals in the most populated, economically significant US cities. […]


USA Is Now Twice As Likely To ‘Default’ Than Germany

While the market turmoil (stocks down a few percentage points from all-time record highs) is being pinned on various factors (from North Korea, Trump, & Cohn to terrible retailer earnings and J-Hole anxiety), we suspect the real cause of market uncertainty is starting to peak through – the looming debt ceiling crisis that has now […]


Did the Fed Just Warn the Debt Bubble is Beginning to Burst?

While everyone is focusing on political issues, the NY Fed published a stunning report on the state of the US consumer. According to the NY Fed, the average US household has hit a new record for debt, surpassing the old record set at the peak of the 2007 bubble. Put simply, the average US household […]