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Tag Archives: Real Estate

Is China’s Debt Crackdown Hitting California’s Commercial Real Estate Bubble?

By Wolf Richter, a San Francisco based executive, entrepreneur, start up specialist, and author, with extensive international work experience. Originally published at Wolf Street Oceanwide Plaza – a three-tower condominium, hotel, and retail complex expected to cost over $1 billion – is one of the largest real estate projects in downtown Los Angeles. It was scheduled to be completed in 2019. The owner and developer, Oceanwide Holdings, is a Chinese conglomerate that is also currently building...

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Kamala Harris Tells Big Lie: That 2012 Mortgage Settlement Was a Good Deal for Homeowners

The Big Whopper season is already upon us, in the form of presidential aspirants telling egregious lies about their track records. The Wall Street Journal tonight covers a section from Kamala Harris’ new book, in which she touts what a great deal she got for California homeowners in the so-called Federal-49 state National Mortgage Settlement in 2012. The officials who played meaningful roles in the mortgage settlement negotiation should be run out of public life, rather than failing upwards,...

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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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