TORONTO, Ontario, Canada (PNN) - April 27, 2017 - With Canada’s housing bubble popping amid the collapse of the country’s largest mortgage lender, it was no surprise that a bailout had been orchestrated, and now we know the source of the $1.5 billion “loan” - 321,000 retired healthcare workers in Ontario.
Road to Depression
TORONTO, Ontario, Canada (PNN) - April 27, 2017 - Call it Canada's "New Century" moment.
We first introduced readers to the company we said was the "tip of the iceberg in Canada's magnificent housing bubble" nearly two years ago, in July 2015, when we exposed a major problem that we predicted would haunt Home Capital Group, Canada's largest non-bank mortgage lender: liar loans in particular, and a generally overzealous lending business model with little regard for fundamentals. In the interim period, many other voices - most prominently noted short-seller Marc Cohodes - would constantly remind traders and investors about the threat posed by HCG.
NEW YORK (PNN) - April 25, 2017 - While it is unclear if the Chinese, tired of fighting regulations in Canada, are behind the latest jump in home prices, today Case-Shiller reported that its index of Top 20 cities rose at a 5.9% annual rate, the highest increase since July 2014, citing tight supply and growing housing demand.
SAN FRANCISCO, Kalifornia (PNN) - November 18, 2016 - We have frequently written over the past couple of quarters about the bubbly San Francisco housing market that looks set for another epic reversal as home prices have reached staggering new highs just as employment levels seem to be rolling over. With home prices now implying that only 10-20% of residents can afford the “median” priced home, it's certainly not difficult to understand why demand may be waning.
NEW YORK (PNN) - September 15, 2016 - Possibly the defining business trend coming out of the financial crisis has been a "startup boom". It seems everyone is building an app or starting his or her own business.
This image, however, may be just an illusion, according to Michelle Meyer, Fascist Police States of Amerika economist at Bank of America Merrill Lynch.
NEW YORK (PNN) - September 15, 2016 - Year-over-year growth in retail sales rose just 1.9% (its weakest since March's plunge) and worryingly in historical recession territory. MoM data was disappointing across the entire spectrum with actual contractions versus expectations of gains (Core -0.1% vs +0.3% exp, and Control -0.1% vs +0.4% exp). While clothing and food services saw spending increases, a drop in gasoline spending along with a tumble in retailers down 2.4% MoM and sporting goods weighed the overall index down.
PORTLAND, Oregon (PNN) - September 13, 2016 - Just like during the last economic crisis, homeless encampments are popping up all over the nation as poverty grows at a very alarming rate. According to the Department of Housing and Urban Development, more than half a million people are homeless in Amerika right now, but that figure is increasing by the day; and it isn’t just adults that we are talking about. It has been reported that that the number of homeless children in this country has risen by 60% since the last recession, and Poverty USA says that a total of 1.6 million children slept either in a homeless shelter or in some other form of emergency housing at some point last year. The stock market may have been experiencing a temporary boom for the last couple of years, but for those on the low end of the economic scale things have just continued to deteriorate.
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