Authored by Wolf Richter via Wolf Street,
Condo sales in Miami-Dade County have plunged. Condos on the market have surged. Supply has hit 14 months. Developers are sitting on completed units they can’t sell, and months’ supply in their projects has reached several years.
By Wolf Richter of Wolf Street
Ballooning Condo Glut ensnares preconstruction speculators.
Miami-Dade’s spectacular condo flipping mania is in turmoil, with sales plunging, inventory-for-sale soaring, and new supply flooding the market. It’s not like Miami hasn’t been through this before.
In February, existing home sales of all types fell 10% year-over-year, to 1,835 homes. These sales “do not include Miami’s multi-billion dollar new construction condo market,” the Miami Association of Realtors clarified in its report on March 23.
Harold Vilches, a 23-year-old Chilean, exported $80 million in contraband gold. As Bloomberg Businessweek details, it all started with a Google search...
The following article by David Haggith was first published on The Great Recession Blog:
As we enter 2017, housing bubbles are showing signs of bursting all over the world. I know I’ve been promising I would lay out the economic headwinds for 2017, but 2017’s headwinds are building so fast and furious that I’m having to break that promised article out into several articles, as I’m accumulating material faster than I have time to cover.
As we noted previously, Trump made it clear that he plans to make good on his campaign pledge to block federal funding to states and cities where local law enforcement refuse to report undocumented immigrants they encounter to federal authorities, White House press secretary Sean Spicer said.
"The American people are no longer going to have to be forced to subsidize this disregard for our laws,” Spicer said.