If you didn’t know better, you might be tempted to think that “Space Available” was the hottest new retail chain in the entire country. As you will see below, it is being projected that about a third of all shopping malls in the United States will soon close, and we just recently learned that the number of “distressed retailers” is the highest that it has been since the last recession. Honestly, I don’t know how anyone can possibly believe that the U.S. economy is in “good shape” after looking at the retail industry. In my recent article about the ongoing “retail apocalypse“, I discussed the fact that Sears, J.C. Penney and Macy’s have all announced that they are closing dozens of stores in 2017, and you can find a pretty comprehensive list of 19 U.S. retailers that are “on the brink of bankruptcy” right here. Needless to say, quite a bloodbath is going on out there right now. Continue reading »
- Britain will need to accommodate 243,000 new households each year
- Net migration accounts for an estimated 45 per cent of this growth
- 109,000 extra homes will be needed every year by migrants and their families
Almost half of new homes built in the next five years will go to migrants, government figures have revealed.
Soaring immigration means that Britain will need to accommodate as many as 243,000 new households each year for the next 22 years, the Department for Communities and Local Government has said.
It is been estimated that an extra 5.3 million new properties could be needed to meet the growth in population, and an extra 2.4 million of the new homes will be needed for migrants alone.
This means that one new home needs to be built every five minutes to house Britain’s burgeoning migrant population.…
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H/t reader squodgy:
“Latest snippet from Clif High, very interesting, and it will be good to watch it develop.”
Continue to prepare for collapse (the greatest financial/economic collapse in world history).
Financial collapse > hyperinflation > civil war > directly followed by WW3 …
Apologies for the blurry video. FStop stuck. Used camera.
Pie is blended apples, Braeburn, Rosa, Yellow Delicious, Pippin, with a coconut oil crust.
Bonds turned in July
Then USA bonds took the largest 1 day move ever the day after Trump elected.
American Federal Reserve Note empire meltdown continues: Continue reading »
Foreclosures suddenly spike most since the last Housing Bust
The total number of homes with foreclosure filings jumped 27% in October from September, when they’d been at the lowest level since 2006. It was the biggest jump in monthly foreclosure filings since August 2007.
Compared to October last year, homes with foreclosure filings still decreased, but this nationwide decrease is covering up what is now happening in 28 states and Washington D.C., according to the Foreclosure Report by ATTOM Data Solutions. There, the inventory of homes with foreclosure filings is beginning to rise even on a year-over year basis. And in some states it soared year-over-year:
- Colorado +64%
- Georgia +22%
- Pennsylvania +20%
- Arizona +17%
- Virginia +15%
- Massachusetts +11%
- New York +10% Continue reading »
… And the easiest way to confirm it, is to look at recent (and not so recent) home listings in Kensington and Chelsea, where we find something stunning: out of 130 pages of adverts, with 15 ads per page, nearly half of all properties, or 53 of the pages show price reductions.
Angry locals are protesting about a Bosnian town built by Middle Eastern investors which has Arabic as its ‘official’ language – and where locals can only enter if they work as servants.
The 160 homes have been constructed in a luxury enclave near Tarcin, five miles west of the Bosnian capital Sarajevo.
But furious locals say that their only way of accessing the area is through being hired as servants or cleaners – and claim most of the homes contain the wives of wealthy businessmen.
The houses – marketed only in Kuwait – are being sold for 150,000 euros (£133,000).
Adverts for the estate call Bosnia a Muslim country ‘gifted with beautiful nature by Allah.’
H/t reader kevin a.
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Tags: Catherine Austin Fitts, Collapse, Debt, Depopulation, Economy, Genocide, Global News, Government, Housing, Housing Bubble, Housing market, Migrant Crisis, Mind-Control, New World Order, Politics, Real Estate, Society, U.S., WW III
In a move which many Canadians, especially those who have been persistently priced out of the housing market, welcomed with open arms, overnight Finance Minister Bill Morneau unveiled new measures aimed at slowing the flood of foreign money pouring into overheated housing markets like Vancouver and Toronto, a move which some dubbed an unprecedented federal intervention in the sector.
As first reported by the Globe and Mail, Ottawa announced it would close a tax loophole that allows non-residents to buy homes and later claim a tax exemption on the sales.
According to the revision, the government will make sure the principal-residence exemption is only available to individuals who reside in Canada in the year the home is purchased, which immediately excludes thousands of “hot money” Chinese tourists who come to Canada simply to park billions in Chinese cash. Continue reading »
“Hillary Clinton Proposes 65% Top Rate for Estate Tax” blared a headline in The Wall Street Journal. Since the current top statutory tax rate on estates is 40 percent, Clinton’s proposal is nothing if not audacious. I can’t recall Barack Obama, our most left-leaning president, ever calling for a 65 percent increase in tax rates for the rich.
Going after inheritances and estates is textbook Marxism. That is not an exaggeration. The third plank in Karl Marx’s 10-point platform for achieving socialism through democratic means — see his 1848 textbook to communism, The Communist Manifesto — was the abolition of inheritances. To repeat: it was point three in Marx’s 10-point plan.
Why They Love Estate Taxes Continue reading »
Chinese billionaire Wang Jianlin, whose vast property and entertainment empire reportedly brought in $44 billion in revenue last year, appeared on CNN Wednesday to warn about what lies ahead for the country’s overheated real-estate market.
It’s the biggest bubble in history… I don’t see a good solution to this problem. The government has come up with all sorts of measures — limiting purchase or credit — but none have worked.
Jianlin pointed to the troubling fact that real estate prices just keep rising in the major cities, like Shanghai and Beijing, while falling across the rest of the country, where smaller cities are littered by properties that lie vacant. Continue reading »
Utter insanity is turning south.
In Palo Alto, a small town of about 67,000 souls, including Facebook CEO Mark Zuckerberg, about an hour south of San Francisco, in the middle of Silicon Valley, and part of the 9 million people in the vast Bay Area, the median home value in July, according to Zillow, fell to $2.486 million.
That’s still up 103% from July 2011. These are not palaces. Median price means 50% cost more, 50% cost less. These are modest homes, in theory where the median household can settle down. Drop to $1 million, and you get the “million dollar shack.” Continue reading »
One month ago, we said that “it is not looking good for the US housing market”, when in the latest red flag for the US luxury real estate market, we reported that sales in the Hamptons plunged by half and home prices fell sharply in the second quarter in the ultra-wealthy enclave, New York’s favorite weekend haunt for the 1%-ers.
Reuters blamed this on “stock market jitters earlier in the year” which damped the appetite to buy, however one can also blame the halt of offshore money laundering, a slowing global economy, the collapse of the petrodollar, and the drastic drop in Wall Street bonuses. In short: a sudden loss of confidence that a greater fool may emerge just around the corner, which in turn has frozen buyer interest.
A beachfront residence is seen in East Hampton, New York, March 16, 2016.
We concluded this is just the beginning, and sure enough, several weeks later a similar collapse in the luxury housing segment was reported in a different part of the country. As the Denver Post reported recently, high-end sales that fuel Aspen’s $2 billion-a-year real estate market are evaporating, pushing Pitkin County’s sales volume down more than 42 percent to $546.45 million for the first half of the year from $939.91 million in the same period of 2015. Continue reading »
The failures of government intervention in the economy have made headlines yet again. Recent stress tests by the Federal Housing Finance Agency found something sinister brewing under the surface at notorious mortgage giants Fannie Mae and Freddie Mac. The results show that these puppet companies could need up to a $126 billion bailout if the economy continues to deteriorate.
That’s right — the two companies that were taken over by the government and that sucked $187 billion from the treasury could be entitled to more taxpayer money. The toxic home loans bought during the last crisis coupled with a lack of liquidity have suddenly become serious risk factors. The so-called “recovery” that has been trumpeted for years by countless politicians and economists is falling apart in plain view. The media will do just about anything to assure the public that this is all isolated and overblown, but the canary in the coal mine has just dropped dead. Continue reading »
When a week ago we reported that in a long-overdue decision, the British Columbia government finally cracked down on Vancouver’s unprecedented “Chinese hot money” driven housing bubble by implementing a 15% property tax (which we had advocated for one month earlier), we said that “with today’s tax, Vancouver’s real estate nightmare in which local housing had become the “new normal” anonymous Swiss bank account, and also made real estate virtually unaffordable to local, hard working Canadians, is finally set to end.”
However, not even we were confident that a 15% tax would be “prove to be a sufficient deterrent to future Chinese buyers.” Now thanks to the Financial Post we now know that not only was the tax sufficient, but it has led to the prompt, much anticipated, and generally welcome bursting of the Vancouver housing bubble. Continue reading »
The percentage of Americans that own a home has fallen to the lowest level ever recorded. During the second quarter of 2016, the non-seasonally adjusted homeownership rate fell to just 62.9 percent, which was exactly where it was at when the U.S. Census began publishing this measurement back in 1965. This is not what a “recovery” looks like. All throughout the Obama years, the percentage of Americans that own a home has gotten smaller and smaller and smaller. The reason for this, of course, is that the middle class in America is dying. Last year, we learned that middle class Americans now make up a minority of the population for the first time ever. In order to have a high rate of homeownership, you need a thriving middle class, and you can’t have a thriving middle class without good paying middle class jobs. This is why I write about the evisceration of the middle class so extensively, because the U.S. economy is systematically being hollowed out and most Americans don’t understand what is happening. Continue reading »
The pending Brexit has, not surprisingly, caused a shake-up in the investment world, particularly in the UK. Of particular note is that, recently, asset management firms in Britain began refusing their clients the right to cash out of their mutual funds. Of the £35 billion invested in such funds, just under £20 billion has been affected. Continue reading »
The mind-numbing Case-Shiller regional charts below are presented without too much comment. As MHanson.com’s Mark Hanson adds,the visual says it all.
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; and growing wages, then what do you call “now” with house prices at or above 2006 levels; worse affordability; tighter credit; higher unemployment; a weakening total workforce; and shrinking wages?
A: Whatever you call it, it’s a greater thing than the Bubble 1.0 peak.
1) Funny (and Demented) Seattle area Realtor anecdote regarding the potential for another housing Bubble: “House prices can’t be in a bubble because they are only 10% greater than the 2006 peak, meaning growth of only 1% per year since 2006. And 1% per year is not the Bubble type gains we saw back in the mid-2000’s”. Continue reading »
Things just went from worst to worst-er in Britain’s property market. Having detailed the numerous ‘dominoes’ that have begun to fall, and most recently the start of forced real asset liquidations, the hard data from Britain’s Royal Institute of Chartered Surveyors suggests Brexit just killed the British housing market.
Having previously shown the following chart as an example of the ‘liquidity gap’ between fund-level liquidations and the exuberant UK real estate market, things could get ugly very quickly…
But things are about to get a lot worse… Here are three charts that no UK Property fund manager wants their investors to see… Continue reading »
Here come dominoes #8 and #9.
As we reported yesterday in the latest twist of the post-Brexit “falling dominoes” where UK property funds have frozen assets and suspended redemptions, which has so far seen over half of the the £25bn in UK property sector suspend trading including such names as M&G Investments, Standard Life and Threadneedle, UK’s asset management giant Aberdeen not only halted redemption requests, but triggered a 17% cut to its asset values for anyone who wants to withdraw their money. Continue reading »
Real Vision TV’s Grant Williams offers a true look into what is known as an absurd debt level and unimaginable central bank manipulation. Less than a week ago we highlighted Grant’s comments on commodities. Although the information contained in the video below is nothing new to Zero Hedge, we do enjoy the way the information is presented. Set aside some time to listen as Grant tells a story about debt and the current investment landscape.
Grant sees people “with more power than you can possibly imagine” as the ones responsible for experimental economics that led the world down a path of self destruction.
“I don’t think there is any argument about whether or not the central bankers of the world should have done something in 2008. The question is ‘should they still be doing it 8 years later‘?”
We recommend viewing the entire clip
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“When a country embarks on deficit financing (Obamanomics) and inflationism (Quantitative easing) you wipe out the middle class and wealth is transferred from the middle class and the poor to the rich.”
– Ron Paul
“Deficits mean future tax increases, pure and simple. Deficit spending should be viewed as a tax on future generations, and politicians who create deficits should be exposed as tax hikers.”
– Ron Paul
“By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”
– John Maynard Keynes
“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. … This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.”
– Alan Greenspan
“Capital must protect itself in every way… Debts must be collected and loans and mortgages foreclosed as soon as possible. When through a process of law the common people have lost their homes, they will be more tractable and more easily governed by the strong arm of the law applied by the central power of leading financiers. People without homes will not quarrel with their leaders. This is well known among our principle men now engaged in forming an imperialism of capitalism to govern the world. By dividing the people we can get them to expend their energies in fighting over questions of no importance to us except as teachers of the common herd.”
– J. P. Morgan
“We have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks, hereinafter called the FED. They are not government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers.”
– Louis McFadden
“It was not accidental [the 1929 stock-market “crash”]. It was a carefully contrived occurrence. … The international bankers sought to bring about a condition of despair here so that they might emerge as rulers of us all.”
– Louis McFadden
“What good fortune for governments that the people do not think.”
– Adolf Hitler
Tags: Bank of England, Banking, Bonds, Collapse, Debt, Economy, EU, Europe, Fed, Federal Reserve, Global News, Government, Housing, Housing Bubble, Housing market, IMF, Politics, Quantitative Easing, Real Estate, U.K., U.S.
Instead of suspending trading and implicitly disallowing redemptions, giant fund manager Aberdeen, also known as Domino #7 if the UK ok commercial real estate collapse, has forced investors in its UK Property fund to take a 17% haircut wiping hundreds of millions of dollars off its value. The fund stated that shareholders wishing to redeem will do so at a reduced price in order to reflect the current market environment and the fact that short term trading in the property market has “relatively penal consequences.” Continue reading »
Does ‘4’ make a trend? First Standard Life, then Aviva, followed by M&G and now this morning, due to “exceptional liquidity pressures” Henderson has suspended trading in its $5bn UK property fund and all of its feeders. Is it time to panic yet?
Things are getting bad fast in Britain… Continue reading »
Things are getting bad fast in Britain…
Domino #1: *STANDARD LIFE INV PROPERTY DROPS 15%; TRADING IN FUND SUSPENDED
In a stark flashback to the catalytic event that ultimately brought down Bear Stearns in 2008, and subsequently unleashed the greatest financial crisis in history, last night we reported that Standard Life, has been forced to stop retail investors selling out of one of the UK’s largest property funds for at least 28 days after rapid cash outflows were sparked by fears over falling real estate values. Continue reading »