Silver as an investment

Category Archives: Vacant Homes

How Vancouver Is Being Sold To The Chinese: The Illegal Dark Side Behind The Real Estate Bubble

One month ago, when describing the latest in an endless series of Vancouver real estate horror stories, in this case an abandoned, rotting home (which is currently listed for a modest $7.2 million), we explained the simple money-laundering dynamic involving Chinese “investors” as follows. Chinese investors smuggle out millions in embezzled cash, hot money or […]

These Vancouver Homes Sold For Millions In 2011 And Have Been Vacant And Rotting Since: Here’s Why

Five years ago, in July of 2011, the house at 4182 West 8th Avenue in Vancouver in sold for $4.6 million. It now rests vacant, abandoned and rotting.   Six years ago this $6.2-million Point Grey home boasted unobstructed vistas of the North Shore mountains, English Bay and Vancouver’s skyline. A park sits across a […]

Here’s What’s Killing the American Dream

Wolf Richter First-time homebuyers, the bedrock of a healthy sustainable housing market, are still largely missing in action. In February, they accounted for 29% of all homebuyers. But in the long-term data going back to 1981, according to the NAR, first-time buyers accounted for 40% of all purchases. And that’s a problem for […]

Housing Industry Frets About the Next Brick to Drop

Wolf Richter Stephen Schwarzman, CEO and co-founder of Blackstone Group, the world’s largest private-equity firm with $290 billion in assets under management, made $690 million for 2014 via a mix of dividends, compensation, and fund payouts, according to a regulatory filing. A 50% raise from last year. The PE firm’s subsidiary Invitation Homes, […]

California Housing Market Cracks in Two, Top End Goes Crazy

Wolf Richter That the housing market is seriously twisted is apparent by the mortgage conundrum: despite historically low mortgage rates of around 4% for a 30-year fixed rate mortgage, mortgage originations averaged only $357 billion per quarter so far this year, according to the New York Fed. Unless a miracle intervenes in the […]

New Home Sales Explode Higher Thanks To… Record High Average New Home Prices?

New Home Sales rose a magnificent (seasonally-adjusted annualized rate) 18% in August – the biggest monthly rise since January 1992 albeit with a 16.3 90% confidence interval, meaning the final number may well be +1.7%. At 504k, new home sales are back at May 2008 levels (though obviously massively below the 1.4 million homes sold […]

How A Few Wall-Street Backed Firms Manipulate The Entire US Housing Market

Wolf Richter Private equity firms are the ultimate smart money on Wall Street; they know how to wring out the last dime from their own clients, such as pension funds and rich individuals, through hidden fees, obscure expenses, elaborate expense shifting, lackadaisical disclosure, and “zombie advisers,” to the point where SEC Inspection Chief […]

Fourth Turning Accelerating

Submitted by Jim Quinn of The Burning Platform blog, “In retrospect, the spark might seem as ominous as a financial crash, as ordinary as a national election, or as trivial as a Tea Party. The catalyst will unfold according to a basic Crisis dynamic that underlies all of these scenarios: An initial spark will trigger […]

Mindblowing Fact Of The Day: China Has Over 52 Million Vacant Homes

Over 1 in 5 homes (with $674 billion of mortgages) in China stand empty… and if you think that urbanization will fix that, as WSJ reports, a 10 percentage point rise in the urbanization rate (already at 54%) would result in only a 2.6% drop in vacancy rates. China has a major over-supply issue thanks […]

Real Economy Bites Housing Bubble 2

Wolf Richter When the home-sales curve kinked south last fall, soothsayers had some handy reasons: The fiscal cliff, the threat of a government shutdown, and the potential government default that no one took seriously made home buyers uncertain. The jump in mortgage rates in reaction to the Fed’s taper cacophony? Homebuyers would get […]