Silicon Valley real estate asking prices fall 12% from peak

There are more houses for sale in San Mateo County, Santa Clara County and San Francisco County than at any time since 2013; inventory in December was up 113% year-on-year, and asking prices have fallen by 12% since their peak. Read the rest

Canada's housing market is slowly but surely imploding, and Canadians are more exposed than the US was in 2008

After 20 years of unprecedented lows, Canada's central bank is gradually raising rates; this, combined with strict rules on new loans, empty house taxes in overheated cities like Vancouver, and mandatory ownership disclosures (which keep money launderers out of the market) are depressing the Canadian housing market, and the prognosis is not good. Read the rest

Millennials will be able to buy homes soon, thanks to Boomer senescence and mortality

Fannie Mae predicts a "coming exodus of older homeowners" as Boomers die, downsize or enter retirement homes, which will dump a ton of housing stock on the market and crash prices, finally making homes affordable for millenials. Read the rest

What it's like to be a woman reporter on a cryptocurrency cruise where nearly all the other women are sex-workers

Laurie Penny (previously) got sent on the 2018 CoinsBank Blockchain Cruise -- a four-day cruise filled with "starry-eyed techno-utopians and sketchy-ass crypto-grifters" who solved the fact that there almost no women signed up using the "free market": they paid teen sex workers from Ukraine to ship out with them. Read the rest

84% of stocks owned by richest 10% of Americans

Every time Trump reminds you that the stock market has experienced a feverish, tubercular bloom under his presidency, just recall that 84% of stocks are held by 10% of Americans. Read the rest

The world's richest families got MUCH richer, thanks to the stock market

As low interest rates and terrible bond yields have driven more everyday people into the stock market in the hopes of protecting their savings from inflation and building their pensions, the market has surged -- with the richest people on Earth surfing the wave. Read the rest

Canada's legal weed stock-bubble is a re-run of the dotcom bubble

Canada and Uruguay are the only two countries to have legalised the recreational use of marijuana (the Netherlands has laws on the books against it, but they're not enforced); the Canadian Securities Exchange has been transformed into "the cannabis stock exchange," a latter-day NASDAQ filled with hyperinflated stocks in legal weed companies. Read the rest

New Zealand bans most offshore residential real-estate ownership

With today's passage of the Overseas Investment Amendment Bill, the Parliament of New Zealand has banned nonresidents from buying most residential property in the country, in an effort to end the skyrocketing housing expenses (Auckland is one of the world's least-affordable cities) by freezing out overseas speculators, though these account for less than 3% of total real-estate transactions, with the majority coming from China. Read the rest

The UK's largest estate agency is on the verge of bankruptcy

Countrywide is the UK's largest property agents (they own estate agencies like Hamptons International, Bairstow Eves and Bridgfords), with 900 locations and 10,000 employees, and they're selling off shares at fire-sale prices in a desperate bid to raise £140 million to service their massive debts; the sum is 300% of the company's market cap, their shares are down 60% on the news, and the company blames plummeting London prices and Brexit jitters for their misfortunes. Read the rest

California home-buyers are increasingly reliant on parental gifts to afford their down-payments

California's housing bubble has pushed prices so high (the median Californian home sells for double the national average) that, in some cities, 48% of first-time buyers could only afford to purchase their homes because their parents gave them the downpayment. Read the rest

The housing market in America's most expensive cities is imploding

From San Jose to Austin to Portland to Seattle (to name just a few), house prices are slumping, inventories are ballooning, and not-a-Nobel-Prize-winning economist Robert Shiller -- famed for spotting bubbles before they burst -- says "This could be the very beginning of a turning point." Read the rest

As Chinese P2P lending bubble bursts, "investors" mob Chinese sports-stadiums used as temporary processing centers

China has (had) the world's biggest peer-to-peer lending industry, with $190B lent by 4.1m "investors" to 4.3m borrowers across 1,836 services. Read the rest

London luxury housing market bubble bursts: 39% of sales last quarter were to deep discount wholesalers making bulk buys

London's property market continues its implosion, brought on by a combination of tightening capital controls (much of the market exists to help offshore criminals launder their money), Brexit, and a long-overdue correction to a wildly inflated market. Read the rest

Credit bubble a-burstin': wave of bankruptcies sweeps subprime car-lenders

The subprime car-lending industry -- charging exorbitant rates for car-loans to people least suited to afford them, enforced through orwellian technologies, obscuring the risk by spinning the debt into high-risk/high-yield bonds -- is collapsing. Read the rest

The Manhattan property bubble is bursting

Donald Trump's budget sought to punish blue states by removing income tax deductions for mortgage interest on high-ticket real estate; this was enough to prick the Manhattan property bubble, with co-op and condo sales volume dropping 25% year-on-year for Q1/18; the majority of red ink is in the luxury property market, where Q1 prices fell 15% year-on-year. Read the rest

Brexit is deflating the London housing bubble, with prices down 15% in some neighbourhoods

London's housing bubble has appeared unprickable, stabilised by influxes of offshore money from "investors" who saw property in the capital as a safe, easily liquidated bet even after the 2008 crisis when the rest of the UK saw housing prices tumble. Read the rest

Toronto's real estate market is imploding

Toronto is one of the many great world cities that has been rendered nearly unlivable by real-estate speculation, both from onshore investors and offshore ones. Read the rest

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