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Next Mortgage Default Tsunami Isn’t Going to Drown Big Banks but “Shadow Banks”
Next Mortgage Default Tsunami Isn’t Going to Drown Big Banks but “Shadow Banks” As banks pull back from mortgage lending amid inflated prices and rising rates, “shadow banks” become very aggressive. In the first quarter 2018, banks and non-bank mortgage lenders – the “shadow banks” – originated 1.81 million loans for residential properties (1 to […]
The Dollar’s Purchasing Power Drops 2.9% in May from Year Ago, Fastest Drop since Nov 2011
The Dollar’s Purchasing Power Drops 2.9% in May from Year Ago, Fastest Drop since Nov 2011 Even as “hedonic quality adjustments” perform miracles to repress surging new and used vehicle inflation. Consumer price inflation, as measured by the Consumer Price Index, released this morning by the Bureau of Labor Statistics, jumped by 2.8% in May […]
How Chinese Investors Inflate Housing Markets in the US, Canada, and Australia, as Governments Try to Stem the Tide
How Chinese Investors Inflate Housing Markets in the US, Canada, and Australia, as Governments Try to Stem the Tide The “waterbed effect” of money flows. Top residential real estate brokerages in the US have been promoting US homes to investors in China for years. Brokerage firms in Canada, Australia, New Zealand, and other countries have […]
Huge New Prop under the Stock Market is a One-Time Affair
Huge New Prop under the Stock Market is a One-Time Affair Crash insurance with an expiration date. But its working while it lasts. In May, with great and perfectly orchestrated fanfare, US corporations announced plans to buy back $173.6 billion of their own shares sometime in the future. It was the largest monthly buyback announcement […]
Toronto’s House Price Bubble Not Fun Anymore
Toronto’s House Price Bubble Not Fun Anymore Average price of single-family house plunges 13%, or by C$160,000 from peak. Sales of homes priced over C$1.5 million collapse by 63%. Condos still hanging on. Housing in the Greater Toronto Area is, let’s say, retrenching. Canada’s largest housing market has seen an enormous two-decade surge in prices […]
Oops, It’s Starting, Says This Chart from the FDIC
Oops, It’s Starting, Says This Chart from the FDIC And its eerie exhortations to the banks to prepare for a downturn to avoid “undue disruption to the financial system.” The FDIC’s quarterly report on commercial banks and savings institutions was cited in the media mostly for the $56 billion in profits that FDIC-insured commercial banks […]
Where the Debt Slaves Are the Most Vulnerable
Where the Debt Slaves Are the Most Vulnerable I’m shedding a different light on consumer debt. This type of chart is trotted out constantly these days to show that American households are in fabulous shape when it comes to their ability to service their blistering record debts. The red line in the chart shows household […]
Hilarity in NIRP Zone: Italian 2-Year Yield Still Near 0%, as New Government Proposes Haircut for Creditors and Alternate Currency, Markets on “Knife Edge”
Hilarity in NIRP Zone: Italian 2-Year Yield Still Near 0%, as New Government Proposes Haircut for Creditors and Alternate Currency, Markets on “Knife Edge” The ECB’s Negative Interest Rate Policy has been the funniest monetary joke ever. The distortions in the European bond markets are actually quite hilarious, when you think about them, and it’s […]
Why I Think the Stock Market Cannot Crash in 2018
Why I Think the Stock Market Cannot Crash in 2018 But the crash-insurance policy is a one-time deal. And then what? The 85% of S&P 500 companies that have reported earnings so far disclosed they’d bought back $158 billion of their own shares in Q1, according to the Wall Street Journal. The quarterly record of […]
How People Turn into “Debt Slaves?”
How People Turn into “Debt Slaves?” Wolf Richter with Jim Goddard on This Week in Money: The Price of Easy Money, Low Interest Rates, and Debt Bubbles: After the party, the hangover. Read… The State of the American Debt Slaves, Q1 2018.
The State of the American Debt Slaves, Q1 2018
The State of the American Debt Slaves, Q1 2018 After the party, the hangover. Total consumer credit rose 5.1% in the first quarter, compared to a year earlier, or by $184 billion, to $3.824 trillion (not seasonally adjusted), according to the Federal Reserve. This includes credit-card debt, auto loans, and student loans, but not mortgage-related […]
Toronto’s Splendid Housing Bubble Turns to Bust
Toronto’s Splendid Housing Bubble Turns to Bust Market freezes up at the top. Average price of detached house plunges C$175,000 in 12 months. Home sales in the Greater Toronto Area (GTA), Canada’s largest housing market, and among the most inflated in the world, plunged 32% in April, compared to a year ago, to 7,792 homes, […]
Update on the Most Splendid Housing Bubbles in the US
Update on the Most Splendid Housing Bubbles in the US Everything spikes. Prices of houses and condos across the US surged 6.3% from a year earlier (not seasonally-adjusted), according to the S&P CoreLogic Case-Shiller National Home Price Index for February, released this morning. The index is now 6.7% above the crazy peak of “Housing Bubble […]
Is the “Petro-Yuan” a Credible Challenge to Dollar Supremacy?
Is the “Petro-Yuan” a Credible Challenge to Dollar Supremacy? Wolf Richter with Jim Goddard on This Week in Money: China latest effort to get its currency to be used globally is the “petro-yuan.” Is it a credible challenge to the supremacy of the US dollar? If China dumped US Treasuries, what would that accomplish? And […]
