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What Bubble? Silicon Valley Homes Going For Nearly $2 Million Over Asking Price

If you’re still holding out hope that the following chart is anything but another massive housing bubble in the making then you should probably ignore the disturbing evidence to the contrary that we’re about to present below… Back in 2005/2006, one of the key signs that housing markets across the country were overheating was the […]


Existing Home Sales Drop Year-Over-Year For 2nd Straight Month – First Time Since 2014

Following September's positive housing data rebound, October data is starting well with existing home sales surging 2.0% MoM (better than expected 0.2%) to 5.48mm SAAR, as US existing home sales inventory tumbled 10.4% YoY, to 1.8 months, the lowest since 1999. Sales of previously owned U.S. homes rose to a four-month high, indicating demand was […]


Hedge Fund Homebuyers In The Hamptons Already Have A Plan To Game Trump’s Mortgage Cap

One of the key changes in the House GOP tax bill was to implement a cap on home interest deductions to the first $500,000 worth of mortgage debt and eliminate  interest deductions from second homes.  Of course, given active opposition from some very powerful realtor and homebuilder lobbying groups, it’s unclear whether the changes will […]


Goldman Still Sees 65% Chance Of Tax Reform Passing; Expects Senate To Make These Changes…

After a wave of GOP defections in recent days and waffling on timing, Goldman’s economics team apparently still sees a 65% chance of a tax reform bill being enacted by “early 2018,” but warns that the final bill may look nothing like the one recently proposed by the House. As we pointed out yesterday (see: […]


The Republican Tax Plan Will Crush These Housing Markets

For the past few weeks, Chuck Schumer and Nancy Pelosi have screamed to anyone who would listen that the GOP tax plan is nothing more than a tax break for millionaires and an attack on middle class working families.  But, as the Wall Street Journal points out this morning, America’s millionaire, billionaire, private jet owners […]


John McCain Confirms: Tax Reform Is “DOA In The Senate”

It’s official: The Republican tax reform bill is dead on arrival in the Senate now that John McCain has become the third Republican senator to confirm that he plans to vote against it. What’s worse for the Trump administration, McCain reportedly wants the bill to receive input from both parties – a criticism that he […]


Trump Is About To Crush Home Prices In Counties That Voted For Hillary: Here’s Why

As discussed last Friday, several notable surprises in the proposed GOP tax bill involved real estate, and would have an explicit – and adverse – impact on not only proprietors’ tax bills, but also on future real estate values if the republican tax bill is passed. And, as the following analysis by Barclays suggests, they […]


The Biggest Ponzi In Human History

Authored by Raul Ilargi Meijer via The Automatic Earth blog, Here’s the story in a nutshell: Ultra low interest rates mark a shift away from people’s wealth residing in their savings and pension plans, and into to so-called wealth residing in their homes, which are bought with ever growing levels of debt. When interest rates […]


Average U.S. Home Is Selling After Just 3 Weeks On Market; Fastest Pace In At Least 30 Years

Earlier today Bloomberg shared their thoughts that recent data released by the National Association of Realtors (NAR), namely the fact that homes are sitting on the market for a record low average of just 3 weeks before being scooped up, pointed to a devastating shortage of housing inventory for sale.  Here was Bloomberg’s take: Here’s […]


Trump “Angry” After Learning What State And Local Tax Repeal Really Means

In what may be the final nail in President Trump’s tax reform proposal, months after the White House proposed ending a tax break for people in high-tax states – which would suggest Trump had more than enough time familiarize himself with how it all works –  Trump reportedly “grew angry” when he learned that the […]


“This Is The Craziest Mortgage Scheme I’ve Ever Seen”

Authored by Simon Black via SovereignMan.com, The Great Financial Crisis happened because Wall Street was financing homes for people who couldn’t afford them. Leading up to the GFC, there was a voracious appetite from investors for “AAA”-rated mortgage debt. So lenders would make lots of loans to subprime borrowers and sell them to Wall Street. […]


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 […]


No, Harvey Won’t Help America’s Flagging Housing Market

Authored by Danielle DiMartino Booth via DiMartinoBooth.com, Something is up, or more likely down, with the U.S. housing market. And the reconstruction after Hurricane Harvey may not do much to help. Here's the evidence: The latest take on home-builder sentiment showed that buyer traffic stubbornly remains in negative territory, despite some of the highest readings […]


Pending Home Sales Slump Completes July Triple Whammy For Housing ‘Recovery’

Following a plunge in existing home sales and new home sales, pending home sales slumped in July, dropping 0.8% MoM (missing expectations of a 0.3% rise). This completes the triple whammy of misses and drops for July's housing data…   Bloomberg notes that the decline in contract signings, the fourth in the last five months, […]


Housing Bubble 2.0: Home Equity Loans Soar To Highest Level Since 2008

It seems as though the practice of using one’s home as a personal ATM machine is making a ‘yuge’ comeback of late thanks, at least in part, to the same aggressive lending terms and attractive teaser rates that nearly sank the world economy just under a decade ago.  According the Wall Street Journal and Equifax, […]