Landmark Links June 28th – Out Cold

Must Read Mortgage rates have plunged, yet the residential housing market continues to slow.


Desperate Search for Yield: Two years ago, Austria issued a 100-year bond with a 2.1% yield.  Today, that same bond is trading at only 1.2%.

Broken Correlation: In our increasingly bizarre labor market, unemployment is at generational lows yet wage gains are soft and measures of life satisfaction and happiness are down.

Flipped: Delinquencies on consumer loans are now well above those on real estate loans as the former slowly rises and the later continues to plunge.


Culling the Herd: Retail stores have been facing waves of closure thanks to overbuilding and the rise of ecommerce.  However, what remains after the carnage should be a solid investmentSee Also: Embracing the value of evolved retail centers.

Hiding in Plain Sight: The next tech hub may not be Austin or Denver but rather greater Phoenix, which has positioned itself as the alternative to California for tech companies and entrepreneurs.

Innuendo: Vornado Realty Trust announced that it is going to name a new development “Penn15,” much to the delight of teenage boys everywhere. (h/t Rob Rader)


Time is a Flat Circle: After having vanished since 2007, , “AAA rated” HELOC mortgage bonds are back!

Sums it Up Perfectly: This quote from State Assemblymember Phil Ting of San Francisco in a Curbed article about why California can’t pass more housing legislation perfectly explains the crisis:

“If you’re a city council, the people who vote for you oppose the housing you’re creating, and you’re creating housing for the people who have yet to move in. And when they do move in, they fight the next project.”

Squeezed: As housing prices keep rising, a new study found that Americans higher and higher up the income spectrum are feeling the pinch.


Hustle: The incredible and inspirational story of how a Frito Lay janitor with a 4th grade education invented Flamin’ Hot Cheetos and became one of the most well-respected executives in the food industry.

Til Debt Do Us Part: Couples are taking out loans to pay for their weddings.

Fighting Back: Restaurants are pushing back against high delivery company fees as more competition in the space begins to push prices down.

Charts of the Day

A tale of two housing markets.


All in the Family: A Nebraska woman who was charged with incest told a police officer that she wanted to have sex with her father because of a competition with her half sister to see who could do it first.

Exonerated: A Texas teacher was fired but won’t face charges for filming a porno in her classroom after school and posting it online.

Deodorized: You can now buy ‘scented flatulence pills’ which make farts smell like roses or chocolate.  As someone who takes pride in my ability to clear a room, I find this deeply offensive.

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