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Tag Archives: Real Estate

Wolf Richter: Housing Bubble Trouble in Silicon Valley & San Francisco

By Wolf Richter, a San Francisco based executive, entrepreneur, start up specialist, and author, with extensive international work experience. Originally published at Wolf Street Housing inventory listed for sale in the two counties that make up Silicon Valley – San Mateo County and Santa Clara County – and in the county of San Francisco, surged by 113% in December compared to December last year, to 2,691 active listings, the most for any December since 2013, when the area emerged from...

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Living In The Present

The secret of health for both mind and body is not to mourn for the past, nor to worry about the future, but to live in the present moment wisely and earnestly. Buddha Review It’s that time of year again, time to cast the runes, consult the iChing, shake the Magic Eight Ball and read the tea leaves. What will happen in 2019? Will it be as bad as 2018 when positive returns were hard to come by, as rare as affordable health care or Miami Dolphin playoff games? Will China’s economy...

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Michael Hudson: The Vocabulary of Economic Deception

Originally published at Michael Hudson’s website This is Guns and Butter, October 8, 2018. The aim of classical economics was to tax unearned income, not wages and profits. The tax burden was to fall on the landlord class first and foremost, then on monopolists and bankers. The result was to be a circular flow in which taxes would be paid mainly out of rent and other unearned income. The government would spend this revenue on infrastructure, schools and other productive investment to help...

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Robert Shiller: Worried About Housing Again

This past weekend in the NYTimes, Nobel-laureate economist Robert Shiller sounded the alarm on housing again. For those who don’t know, Shiller called the stock market bubble of the late 1990s and the housing bubble of the following decade. He is famous for his house price index and for his method of stock market appraisal called the “Shiller PE,” which judges price relative to past 10-year average real earnings, even if this latter metric comes from the great market analyst Benjamin Graham....

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Wolf Richter: “Severe Collapse” of Home Prices Might Trigger a “Financial-Institution Crisis” in Australia: OECD Frets about the Banks

Yves here. When I lived in Sydney, in a very nice but not the most tony part of town (Potts Point), housing prices already seemed nuts. I benefitted from the dollar being super strong, but in purchasing power party terms, $A1=$1. A $300 cart of groceries in both countries would be pretty similar. Rentals in Sydney were not terrible due to lots of people owing investment properties and wanting income to cover the carrying cost (that’s how firmly speculation was already built into psychology:...

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REITs: Slightly Better Than Broad U.S. Market, But Still Not Cheap

When I wrote an article on REITs for the Wall Street Journal in early 2017, I used a research report from Research Affiliates in Newport Beach, CA to argue that the asset class was overpriced and poised to deliver 0%-2% or so real returns for the next decade. My article sparked a lot of mail and controversy. One reader reply underneath my article on the WSJ website said “Among equity REITs traded on stock exchanges there has literally never been a 10-year period in the history of REIT...

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Rising Rates Are Killing The Housing Market

Earlier this year, I penned an article entitled “The Coming Collision Of Debt & Rates” which discussed the 10-areas that rising interest rates would impact most directly. Number two on that list was housing: “Rising interest rates slow the housing market as people buy payments, not houses, and rising rates mean higher payments.” The housing recovery is ultimately a story of the “real” employment situation. With roughly a quarter of the home buying cohort unemployed and living at home with...

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Don Quijones: Wall Street Mega-Landlord Blackstone Turns Screw on Spanish Government & Property Market

Jerri-Lynn here.  Blackstone is a major operator in the Spanish property market. This post discusses prospects for  the Spanish government’s plans to enact modest protections for tenants, by reforming rent laws. One proposed reform would extend the minimum length of rental contracts so as to slow the pace of rent increases, and stymie evictions. Which interests will prevail – the needs of tenants, or the demands of private equity? Prospects for tenants look shaky, with investors hreatening to...

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In A Booming Economy, You Buy And Build Houses

We can add realtors to the list of those who are angry with Jay Powell. The housing market continued its perplexing slump in October, according to a broad section of data encompassing everything from construction to sales of existing homes. We have been told since Economics 101 that the central bank is, well, central, therefore it is easy to infer causation from mere correlation. The Fed is “raising rates” but unlike what’s taught in schools the FOMC doesn’t control all that much. Very little...

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Real Estate Investing: Amazon’s Regional Office in Arlington, Virginia

Amazon announced they are opening major new offices in Arlington, Virginia and New York City. Each site will hold 25,000 new Amazon employees at an average salary above $150,000. Getting to that level with take many years, next year under 1,000 employees will be at each site. I lived in Arlington for many years and own rental property there. The Amazon decision is likely to catalyze a much more rapid ascent of the technology sector in the DC area. The DC area has a strong...

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