The Blessing in the Homeownership Plunge

The homeownership rate is the lowest it has been in almost fifty years, but that isn’t ALL bad. Here is yet more evidence that Americans are right to be afraid of the Obama economy and the mythical Obama recovery. As CNBC reports, “Homeownership rate drops to 63.4%, lowest since 1967.” The U.S. homeownership rate fell to 63.4 percent in the second quarter of 2015, according to the U.S. Census. That is down from 63.7 percent in the first quarter and from 64.7 percent in the same quarter Read more […]

Wall Street Journal: “Bubble? What Bubble? That’s just ‘froth.’”

Can the propaganda get more outrageous? I normally consider the Wall Street Journal one step better than CNBC, but they have not gone into full bubble-cheerleader mode, as is evidenced in this headline: “There’s No Housing Bubble, but Places Like California Starting to Look Frothy.” Froth! That was exactly the kind of rhetoric used a few years ago to deny that a housing crash was on the way. As the Guardian recently recalled: It was argued that financial innovation – manifested in the alphabet Read more […]

Less Affordable Housing In 20 Cities In 2014 Is Not Good Economic News

Apparently the essence of financial wisdom in the Western World is to learn nothing from the housing boom and bust leading into the 2008 recession. All anyone can do is simply hope for the government to somehow take us back in time to 2006. Many of us who own homes are, of course, wishing we could think of these homes as an asset rather than a liability. I sympathize. I’m in that group with many other. But the entire way of life is toxic and we need to wish it dead, even if it is going to mean Read more […]

Obama Repeating Clinton’s Housing Market Mistake

I’ve said it time and again that former President Bill Clinton is responsible for the economic crisis that began during the end of President George W. Bush’s second term of office and into the start of President Barack Obama’s first term. During the Clinton years, he pushed the mortgage industry into creating a number of risky mortgage programs that would allow more Americans to qualify for mortgages and get into homes.  They pushed the adjustable interest rate mortgages, no interest rate Read more […]

The ‘Ressentiment’ Warriors of Real Estate

They’re the newest craze in fiscal irresponsibility. They’re the ultimate expression of immaturity and foolishness. They’re Sharpie Parties, and thanks to the power of social media, they’re soon coming to a neighborhood near you. What’s a Sharpie Party, you ask? Well, it is mostly what it sounds like: a gathering of people armed with Sharpie markers and spray paint. What happens at a Sharpie Party? Well, like most parties attended by irresponsible individuals with more time than sense, Read more […]