Robin Manthie and her husband have been looking
for their first home in Minneapolis since last May. They thought this spring
would bring a flood of inventory, making their search easier. But by most
measures it is getting tougher. The inventory of homes for sale in
Minneapolis dropped by about 25% in February compared with a year earlier,
while the median sale price rose by 7.6% to $223,000, according to the
Minneapolis Area Association of Realtors. That's on par with the national
median home price of $228,400. The average number of days homes in the area are
spending on the market is at a 10-year low of 81 days so far this year. Ms.
Manthie, a 33-year-old consultant, is 41 weeks pregnant, but she and her
husband are still trudging to open houses most weekends in search of a
four-bedroom home in the $700,000 range -- up from $400,000 when they
started.
Housing
Bubble in Sydney Soars to New High, Politicians Promote Scheme to Bitter End - (www.wolfstreet.com) How
far can a desperate government go to keep the whole overleveraged edifice of a
housing bubble from tumbling down and doing God-knows-what to the economy and
the banks? Australia is trying to find out. The housing bubble in Sydney and
Melbourne, by now among the top in the world, is taking on grotesque
proportions, not only in price increases, but also in political pronouncements.
So much of the economy depends on this bubble that no politician can imagine
bringing it down to earth. Prices for all types of homes in Sydney jumped 19%
in March year-over-year, according to CoreLogic, with houses up nearly 20% and
“units” (we’d call them condos) up 15%. Sydney’s home prices have nearly
doubled since 2008.
Hong
Kong Warns on Home Loan Risks, Daily Says, as Prices Soar - (www.bloomberg.com) The
Hong Kong Monetary Authority has warned banks in the city over the rising risks
of property lending, according to the Oriental Daily, just as home prices notch
up another record in the world’s most expensive housing market and Citigroup
Inc. sees an imminent round of new cooling measures. The authority sent letters
this week raising concern over the increasing number of highly leveraged
mortgages provided by developers, which boosts risks for bank’s lending to
these companies, according to the Daily and other media reports on Saturday,
citing unidentified people. It may tighten risk management and said banks should
be prudent when lending to clients who buy multiple units with a single
contract, the reports said.
Imagination
Tech Plummets Over 60% After Apple Delivers "Black Swan Moment" - (www.zerohedge.com) What
a difference a year makes: not that long after Apple was considering the
acquisition of Imagination Technologies, overnight the shares of the UK-based
chip designer imploded, crashing as much as 69% after the company announced
Apple - its largest customer which accounts for half of its revenue - will stop
using its intellectual property in new products, setting the stage for a clash
with its biggest customer. In a statement released on Monday, Apple informed
Imagination Technologies that it will cease using its graphics technology for
new products, including phones, tablets, and watches, in 15 months to 2 years. Shares
of Imagination Technologies fell as low as 76 pence for its biggest-ever
intraday slump, and were down a shade over 60% in London trading.
Venezuela
seeks to cool protests as court reverses Congress annulment - (www.reuters.com) Venezuela's
pro-government Supreme Court revoked its takeover of the opposition-led
Congress on Saturday after it drew international condemnation and protests
against socialist President Nicolas Maduro. "This controversy is
over," Maduro said just after midnight at a specially convened state
security committee. The committee ordered the top court to reconsider
Wednesday's court ruling, which effectively nullified the legislature and
brought accusations the ruling Socialist Party was creating a dictatorship. The
tribunal duly erased two controversial judgments and its president, Maikel
Moreno, met with both foreign envoys and journalists to explain the decision,
insisting there had never been any intention to strip the National Assembly of
its powers.
South
Africa's new finance minister swings left, wants radically changed economy - (www.reuters.com) South
Africa's new finance minister signaled on Saturday he would oversee a
redistribution of wealth to the country's black majority, as a row over the
sacking of his predecessor laid bare bitter divisions within the ruling ANC
party. Saying the country was poised at a "polarized and contentious"
moment, Malusi Gigaba promised to transform the economy while keeping the
public accounts balanced. "The ownership of wealth and assets remains
concentrated in the hands of a small part of the population. This must change,"
he told a televised news conference.
Zuma Discontent Builds in South Africa's ANC Amid Calls to Quit - (www.bloomberg.com)
The EU Engages: What We Learned About Brexit From Donald Tusk - (www.bloomberg.com)
Hackers next target could be the US electric grid - (www.cnbc.com)
Trump Talks Tough on U.S.-China Trade but Delays Real Action - (www.nytimes.com)
Federal Reserve Readies Plan for Balance Sheet - (www.wsj.com)
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