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My fresh July housing data are in and mostly processed. But, before I release data on the sudden, mid-summer weakness, which supports my “pulled forward season and back-half air-pocket” thesis, I am releasing this note on supply, which is surging in key, leading indicating markets. Bottom line:  In some of California’s most popular and economically
Note, my piece below on one of the stiffest headwinds to hit hot, momo, mid-to-high end housing markets since the loss of exotic loans in 2007/08 — published for clients last week — is timely, as the month of July formally ends today and I am getting reports from sources in mid-to-high end regions all
The mind-numbing Case-Shiller regional charts below are presented without too much comment. The visual says it all. Bottom line: Q:  If 2006/07 was the peak of the largest housing bubble in history with affordability never better vis a’ vis exotic loans; easy availability of credit; unemployment in the 4%’s; the total workforce at record highs;
For years, I have described US housing market conditions with some of the following color: “this is not what a durable recovery with escape velocity is supposed to look like”. “a housing market recovery and house price recovery are two completely different things”. “something other than fundamental, end-user, shelter-buyer demand for houses is driving this
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