One of the frequent reasons cited for the failure of the US housing sector to rebound to its pre-recession levels, is the lack of household formation among young American adults and specifically the unwillingness, or inability, of Millennials, which last year overtook Baby Boomers as America's largest generation...
At the end of April, we showed that the California housing market is getting just a "little frothy" again, when in the span of a few days a simple 2-bedroom house sold for 40% above asking. Now, according to a recent analysis by CoreLogic it appears that this was not a one-off event, because as many Californians struggled to gain a foothold in homeownership early this year, they were hindered as a surging stock market and other forces lifted sales of $1 million-plus homes to the highest level ever for a first quarter.
Authored by Mac Slavo via SHTFplan.com,
Millions of Californians are outraged by a recent bill that would increase the state’s gas tax by 12 cents per gallon, and increase vehicle license fees by $50 per year. All told, the plan amounts to a $52 billion tax hike. The proposal has since been passed in the state’s legislature, despite the fact that a majority of Californians opposed the bill. The tax is so controversial that state senator Josh Newman, who helped it pass, may face a recall election in the near future.
In his latest budget proposal, California Governor Jerry Brown, who continues to vehemently pursue various multi-billion dollar pet projects like the high-speed rail and the so-called "Delta Water Fix" despite his state teetering on the brink of insolvency, has finally admitted that CalPERS, California's public pension system, is a total disaster.
Authored by Martin Armstrong via ArmstrongEconomics.com,
It appears that California's politicians & regulators spend all their time trying to figure out how to tax something new. They will never reform, it’s always give me more.