real estate bubble
Real estate market still sinking
Oct. 17,2008. New records are being set almost every day now – too bad they’re all bad. The Commerce Department just reported that construction of new McMansions and luxury condos dropped an unhealthy 6.3 percent – a decrease of 1.6 percent was anticipated.
This brings the home construction to the lowest level since 1991. And the [...]
Prophetic Cartoon – Housing Crushes Economy
I created this cartoon in 2006. The following year marked the top of the real estate market, and as it turns out, the end of excessive financial leverage. In early 2005 I began studying the effects that the explosion of exotic loan products and the deterioration of lending standards were having on home prices. I [...]
Banks Bounce Back from the Dead
Bank shares are back in style. Even after staggering losses were announced by the likes of Wachovia, which registered a $8.9 billion loss in the second quarter, and Washington Mutual, which posted a $3.3 billion stain of red ink in the same period, their shares traded up by 27 percent and 6 percent, respectively.
The share [...]
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