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Hoisington Q3 Update – Deflationary Wave Of Debt Will Stifle Yields

The deflationary wave of debt growing within multiple facets of the U.S. economy will stifle yields. That's the gist of Van Hoisington and Lacy Hunt's latest third quarter Review and Outlook. As the market was puking on the latest surge in Treasury yields above 3%, I couldn't help but notice that the publicly traded homebuilders were getting crushed yet again. With the Freddie Mac 30-year mortgage rate touching 4.9 percent this week (levels not seen in 7 years), things were getting even uglier for the housing sector. There was nowhere to hide this week if [...]

10 Years After The Housing Crash, Dallas-Fort Worth Experiencing Consequences Of Policy Failures

10 years after the housing crash and the Great Recession that nearly brought the world economy to its knees, the adults in the room are still pretending that everything is normal. If you read the Dallas Morning News and the spin of many professional economists, the DFW real estate market has emerged from the wreckage 10 years ago relatively unscathed. With DFW home prices at record highs, most housing pundits are eager to suggest everything is awesome. Apparently the recent rise in home inventories is just blip in an otherwise normalization of the formerly red [...]

Denton County Home Inventory Climbs 17% As Sales Stagnate

The supply of homes for sale in Denton County TX continues to climb, even as area home sales stagnate. Recent data point to a 17 percent increase in the number of homes available for sale in Denton County compared to this time last year.  Home inventory in nearby Collin County is 21 percent higher than August of last year. Other major metro U.S. markets are seeing home inventory increase by as much as 90 percent. This was an inevitable point in the latest housing market cycle, for reasons that were obvious to anyone paying attention. [...]

RECenter A&M Economists Still Wasting Texas Realtors’ Money

RECenter at A&M economists and data junkies are still wasting the dues of Texas Realtors that pay a good chunk of their salaries. It seems the Real Estate Center at Texas A&M economists are phase-locked in a myopic pursuit to somehow rationalize or justify the status quo situation with Texas housing. "Intellectual Phase-Locking is a condition that results when dogmatic 'scientific' assumptions inhibit further inquiry." Rupert Sheldrake Last year I wrote about some of the interesting details on the Real Estate Center at Texas A&M and their funding. I have also clued readers in on the [...]

Dallas Morning News Real Estate Desk Still Missing The Boat

Dallas Morning News' real estate editor, Steve Brown, seems to be waking up to the fact that the DFW real estate market is cooling. He's still off the mark when it comes to the recent peak in DFW home sales, but at least he acknowledged the sales decline last month.  DFW home sales fell for the month of June. See, that wasn't so hard. After successive years of abnormal price growth, the DFW area saw a reported 3 percent decline in home sales in June. I say "reported", because as I detailed in a previous [...]

All Roads Still Point Toward Yield Curve Inversion

With the Federal Reserve's balance sheet normalization process set to kick into a higher gear next month, all roads still point toward a yield curve inversion. While govt officials and the Fed's pie-in-the-sky economists continue to was about a robust economy with unemployment levels hovering near cycle lows, there are some widening cracks appearing in the global QE Ponzi scheme. Yesterday the Fed found some "widespread and critical deficiencies" in Deutsche Bank's capital planning controls. You don't say! The stock of Germany's largest bank, a toxic time bomb of opaque derivatives, continues to plumb news [...]

Autopsy Report For Affordable Housing In Dallas Fort Worth

An autopsy report for affordable homes in Dallas-Fort Worth reveals the steady evaporation of affordable housing inventory in the DFW area. Recent data show that housing prices in the U.S. are currently at their least affordable levels since the financial crisis. The latest numbers on existing home sales showed that the median price of a home hit a new all-time high. So how did this all happen? Was it an accident? Is it due to our smashingly great economy? Let's find out. As investors and speculators have gobbled up lower-priced homes across the country to [...]

The 9 Percent DFW Home Sales Gain That Didn’t Happen

The Dallas Morning News continues to allow real estate editor Steve Brown some serious latitude with the truth when it comes to DFW home sales. In the latest article on May home sales Mr. Brown would apparently have you believe that "11,302 preowned single-family homes" traded hands in May. Unfortunately that didn't happen! You would think that Dallas' largest newspaper would have the resources to fact-check the rubbish Mr. Brown is printing in the digital edition of the paper, but apparently that is asking too much. The Dallas Morning News real estate desk is quoting [...]

April Existing Home Sales Soften 2.5%

The National Association of Realtors reported a 2.5 percent slide in existing home sales for April. That translates to a 1.4 percent decline compared to last year. According to NAR the median price of an existing home sold in April was $257,900, a rise  of 5.3 percent compared to last year. The average price of an existing home was $297,300, an increase of 3.3 percent compared to last year. NAR chief economist, Lawrence Yun, blamed low inventory for the sluggish April sales... “The root cause of the underperforming sales activity in much of the country [...]

The Fed Has Successfully Destroyed The U.S. Housing Market

A few days ago a friend of mine sent me a link to some "insight" on the coming economic developments that we should be preparing for in terms of debts and deficits. The company providing this research piece has over a $trillion in assets under management. Since I have a healthy skepticism of anything the financial "services" industry is selling I decided to give it a read. It was very informative, partly due to a complete fundamental ignorance of basic economics, but also because of an obvious contradiction with the author's stated assumptions. As I [...]

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