The Mess That Greenspan Made - Part 2

U.S. Housing Market Heating Up

After yesterday’s five-year high in existing home sales and fresh record high in median sales price, here’s a quick look at where home values are rising the quickest and where bidding wars are common via this WSJ story from a couple days ago.

California is sure running hot (Silicon Valley) and cold (Central Valley, a notable exception being Merced). Interestingly, Zillow puts the value of our California home about $20K higher than what we sold it for about 10 years ago (and we sold a couple years prior to the peak).

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Thursday Morning Links

MUST READS
Existing home sales surge, prices hit record – USA Today
Don’t laugh, US housing market is the best story in the global economy – Quartz
Greek parliament approves new reforms, clearing way for bailout talks – Telegraph
Stock Downturn Hits Chinese Investors in the Heart, Not Just the Wallet – NY Times
Investors rethink stock valuations as China, growth weigh on prospects – Reuters
Pension Funds Hunting Yield Return to Bonds Tied to Risky Loans – Bloomberg
The Case for a Tax on Financial Transactions – NY Times
Earthquakes Linked to Fracking Are Getting Stronger in Alberta – Vice News
Why Low Oil Prices May “Morph” Into Something Much Worse – Our Finite World
Trumping Political Success through an Irate Silent Majority – Tanosborn Online
Trump Voters Are Hillary’s New Best Friends – Politico
Obamacare penalty hits more Americans – CNN/Money

MARKETS/INVESTING
Stocks: 5 things to know before the open – CNN/Money
Goldman Sachs: ‘Dr. Copper’ Could Plunge 20% – Barron’s
Distressed-Debt Market Upended Amid Commodities Rout – Bloomberg
Capital exodus from China reaches $800bn as crisis deepens – Telegraph
Gold bounces back above $1,100/oz from 5-year low – Reuters
Time to Sell Risk Assets, Buy a Little Gold? – Barron’s
Gold Smash Leads to Surge in Demand For Coins, Bars – GoldCore
Gold price in worst losing streak since 1996 – Mining.com
Morgan Stanley: Gold Could Sink to $800 – Bloomberg
Gold majors skating close to the precipice – Mineweb

ECONOMY/WORLD/HOUSING/BANKING
New York Panel Approves $15 Fast-Food Wage – WSJ
Falling gas prices not doing much for the economy – CNBC
The Best Ways to Fight Extreme Poverty – Project Syndicate
Apple’s stock plunge and our skewed view of the economy – The Week
Xi Hones China’s Next Economic Blueprint After Stock Turmoil – Bloomberg
Levy Faces Reality After Brazil’s Recession Erodes Savings – Bloomberg
Puerto Rico Default Recovery Rates as Low as 35% – Bloomberg
How Our Homes Have Changed Since the ’50s – ZillowBlog
Central Banks Have Shot Their Wad, Part I – Contra Corner
Why The Fed Is Stalling On Rate Hike – Forbes

 

Monster El Niño

Bloomberg covers the most recent news about climate change in general and what’s shaping up in the Pacific in particular in this story about what will almost assuredly be a record breaking year of temperatures, a development that should be clear in the graphic below.

The graphic is interactive at the link provided above should you desire to become even more thoroughly depressed about how rapidly the climate is changing. As for the developing El Nino, about the only good news is that California’s drought might soon end.

Wednesday Morning Links

MUST READS
Hedge Funds Gear Up for Another Big Short – WSJ
Apple stock tumbles as iPhone sales disappoint – CNN/Money
Stocks Drop as Apple Drags Techs Lower, Commodities Resume Slide – Bloomberg
Alexis Tsipras Transforms Himself as He Sells Greek Bailout Terms – NY Times
ECB Readies for Greece Return as Banks Still in Emergency – Bloomberg
The Great Greek Bank Drama, Act II: The Heist – Coppola Comment
A $4 Trillion Force From China That Helped the Euro Now Hurts It – Bloomberg
China’s Record Dumping Of US Treasuries Leaves Goldman Speechless – Zero Hedge
Can You Hear the Fat Lady Singing? – The China Connection – Capitalist Exploits
It’s Happening: Debt Is Tearing up the Fracking Revolution – Wolf Street
Will the Oil Patch Bust Trigger Recession? – of two minds
Understanding past and future financial crises – voxeu

MARKETS/INVESTING
Stocks: 5 things to know before the open – CNN/Money
China’s Market Plunge: Where Only 3% of Firms Could Trade – WSJ
Low Correlations: Stock-Pickers’ Market or a Sign of Complacency? – Barron’s
An investor’s guide to navigating a commodities roller coaster – MarketWatch
Stock market booms, busts and free flow of information – Asia Times
Gold slides 1 pct to 5-year low as investors pull back – Reuters
Goldman’s Currie expects gold to fall under $1,000 – MarketWatch
Can’t Stop, Won’t Stop; Why Gold Miners Just Keep Digging – Bloomberg
Is Gold a Stupid “Pet Rock” or a Bedrock Asset? – Mining.com
A History of Gold Returns – A Wealth of Common Sense

ECONOMY/WORLD/HOUSING/BANKING
U.S. Economic Confidence Index Level, but Masks Volatility – Gallup
New York fast food workers’ $15 wage vote on Wednesday – CNN/Money
Russia Braces for Longest Recession in Decades With $50 Oil – Bloomberg
Japan Escalates Its Standoff With China in the South China Sea – Vice News
Backyard sells for $2 million in London real estate boom – CNN/Money
Why investors shouldn’t abandon the Canadian housing market – Financial Post
Hot real estate market on pace to break annual record – Capital New York
Grand Central: BOE’s Debate on Liftoff Heats Up – WSJ
Here’s the real reason the Fed wants to raise rates – MarketWatch
We Desperately Need New Banking – Alhambra Partners

 
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