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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 lofty regions
Housing “affordability” just took another huge hit. This is incredible. Below is from a friend in a family of four with two healthy adults and two  healthy, grammar-school aged children. The adults and children have two separate health insurance policies for financial reasons. This typical family just received notice of a 40% premium spike, or$587


HANSON: 6-YEAR REFI-BOOM ON DECK? As a long-time, humble observer and student of the markets, particularly credit, which rules the world, I have paid close attention to a factor I dubbed the “REFI CAPITAL CONVEYOR BELT“. In short, banks and lenders churning hundreds of billions in refi’s each quarter (to the Govt vis’ a vis
Bottom Line:  As mortgage demand plunges on the back of historical unaffordability and lender margins have rarely been worse, lenders continue to ease credit just like during the 2003 to 2006 Fed tightening cycle. The new Fannie quarterly lender survey came out today. It was bleak for lender volume and margins. Easing credit standards is

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