88m3
Fast Money & Foreign Objects
I only have NYC as a real reference point which is way different than most places but I think he may be spot on. I shared a link I think it was yesterday about an impending HELOC bubble from bloomberg. Locally I've started to see some relatively serious pullback on prices here and there as well(15-20%). There's barely anything on the market and hasn't been for years. Some of the demand is real but a lot of it is investors, hedge funds and banks just holding or renting when the loans start getting called in it will be ugly.
nail hammer head from him here
"selling multi-million dollar trophy properties to those from abroad with briefcases of cash that until this year bought a lot relative to the ‘weak’ US dollar; 20-something Silicon-kids paying $2,000/sq ft for a house they could buy 20 miles away for $500; large, institutional private equity firms buying 10s of thousands of single-family houses for rental purposes — sight unseens using computer programs — thinking a 3% yield is acceptable long-term and somehow, someday economies of scale will emerge; or individual / “family-style” speculators committing lending fraud at a pace that rivals 2006 chasing their share of the “easy money” in Real Estate, are needed to prove to me that Bubble 2.0 is not just a monster, greater in intensity and energy than Bubble 1.0, but will end the very same way…”
http://mhanson.com/archives/1788
I just want my f'ing Brownstone already
Insha'Allah I'm picking up a beautiful Craftsman for dirt cheap this summer though
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buying real estate at retail right now
.
. Woulda been the icing on the cake
@ vxx.