According to Hong Kong-based real estate analyst Gillem Tulloch, who is interviewed in the piece, the housing units are priced well above what an average Chinese person can afford. The result, he says, is a housing bubble that is terrifying in size, “a property bubble like which I don’t think we’ve ever seen,” he says.… Continue reading Empty Chinese Houses
Tag: housingbubble
18 Percent of Homes in Florida are Vacant
On Thursday, the Census Bureau revealed that 18% – or 1.6 million – of the Sunshine State’s homes are sitting vacant. That’s a rise of more than 63% over the past 10 years. … The vacancy problem is more dire in Florida than in any other bubble market: In California, only 8% of units were… Continue reading 18 Percent of Homes in Florida are Vacant
Sub-prime Lender Files for Bankruptcy
Once a highflier in the booming market for making risky mortgage loans, the New Century Financial Corporation filed for bankruptcy court protection today. From NYT Not sure how I feel about this news from the mortgage industry. Normally, I think home ownership is a net-good for society. But that shouldn’t be an excuse for lenders… Continue reading Sub-prime Lender Files for Bankruptcy