News

Landmark Links April 2nd – Nudge

Must Read: The 30 year mortgage is back below 4%, after topping out near 5% late in 2018.  Look for this nearly-20% decrease to provide a tailwind to the languishing housing market.  See Also: Homebuilder stocks are near 7-month highs. And: Falling rates coupled with more inventory could lead to a buyer’s market.

Economy

Dismal Science: Economists are really, really awful at spotting recessions before they happen for reasons ranging from complexity to group-think, to a lack of skin-in-the-game.

Lowering the Bar: Today’s yield curve inversion seems to be occurring more in expectation of a dovish Federal Reserve than in projection of an economic downturn.

Commercial

Rebound: Self storage rents are showing signs of improvement after a relatively weak 2018 as new supply gets absorbed.

Reason for Concern: European bankers are becoming reluctant to lend against real estate assets where WeWork makes up a substantial portion of the cash flow.

Residential

Coming Wave?  Interest rates (and mortgage rates) are dropping right as some very large and high-profile IPOs are approaching.  This could be the perfect storm for some high-end real estate markets.

Clearinghouse: Tech companies are increasingly getting into the business of buying and selling houses and the role that they play looks an awful lot like that of a traditional market maker.

Profiles

Bottoms Up: Consumers spend approximately $45 billion a year shopping drunk.  (h/t Doug Jorritsma)

Is Someone Cutting Onions?  A family rescued a dog from certain death when he was wandering on the side of a Texas highway as a stray.  Years later, he repaid them by saved their lives in a shooting.  We simply do not deserve dogs.

Insane: Parents in New York are enduring insane admissions processes and spending up to $50,000 on preschool because they think that it will give their kids a leg up.  See Also: The reason that some people making $500k in expensive regions feel like they are just scraping by has everything to do with keeping up with the Jones’.

Lost Decade: The last time a decade went by without the New York Yankees making at least one World Series appearance was 1910.  That streak could be broken this year.

Chart of the Day

REVERSE COURSE!

WTF

The Hero We Need: An anti-vegan protester was arrested for eating a dead squirrel in front of a group of vegans.  Looks like Time has a front-runner for its annual Man of the Year award.

Dirty Minds: Here’s a list of the funniest vanity plates that the California DMV reviewed (and mostly rejected) last year. (h/t Steve Sims)

Exotic Pets: An illegally kept pet zebra was shot and killed after it escaped from its enclosure because Florida.  I’m just surprised that it wasn’t eaten by a Burmese Python first.

Innocent! An Australian appeals court ruled that flatulence in the workplace is not a form of bullying. Which is great news for those of you stuck in a hellish open office and attempting to establish and maintain air superiority.

Landmark Links – A candid look at the economy, real estate, and other things sometimes related.

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