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Bottom line:  HOUSE PRICES and end-user, shelter-buyer fundamentals have never been further apart in key, economically significant cities. The two charts presented in this note highlight just how diverged HOUSE PRICES have become from end-user, shelter-buyer, employment and income fundamentals in the most populated, economically significant US cities. I maintain that HOUSE PRICES are always
As house prices and over-levered homeowners mark time ahead a “correction” of unknowable depth and breadth, which will bring the Fed and .gov back into the game at levels that make 2009-2015 look like an “under-reach”, the mortgage sector has undergone continual and dramatic GSE, FHA, and private label credit guideline easing, and technological innovation
A couple of fun charts that might give some perspective on the next phase, or cycle. ITEM 1)  Never, have vacancies bottomed out after decline cycle and not risen sharply afterward for years. Why would the past two-year bottoming cycle produce different results?     ITEM 2)  CHART PRESENTED WITH NO COMMENTARY   I suspect
Everybody is banking on millennials to take the housing market to new highs over the next several years. Problem is, in the regions that matter the most to the macro economy and “housing market” statistics, most don’t earn or save enough money to buy houses at historically high prices. The savings problem is easy to

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