Nationwide, the percentage of doubled-up households rose from 25.4 percent in 2000 to 32 percent in 2012, led by metropolitan areas where housing costs have risen faster than income, primarily in California and Florida.
New York's Two Sandys (jdargis)
Housing provides perhaps the most telling example of Sandy’s effect on existing inequalities, as well as the ways in which the city’s response has ended up prolonging chronic crisis. The storm destroyed or damaged 305,000 housing units in New York City. Poor and working class New Yorkers, especially tenants, immigrants, and people of color, have struggled disproportionately to repair their homes, echoing trends documented in the aftermath of Hurricane Katrina in New Orleans. A report from Alliance for a Just Rebuilding found that lower-income homeowners are getting virtually no government funding, despite over $3 billion in federal aid to the city for disaster recovery. Municipal documents reveal that only 110 of 19,920 registrants for the Build it Back program, or 0.55%, have been awarded a grant so far, and in January 2014—more than two years after the storm—construction had not begun on a single house. Since then, however, mayor Bill de Blasio’s administration has slowly managed to accelerate the rebuilding process.
Critical Mass for San Fran Housing Market (Tyler K.)
The reason that San Francisco is unique is that it’s very bubbly from a very limited supply… it reflects both Silicon Valley and the tech bubble… and it also reflects the “mega” bubble that is China.
The Chinese dump a lot of money into the San Francisco area and when they stop it’s a sign that something is wrong…
Inside San Francisco's Housing Crisis (jdargis)
"I slept in my car a lot," he says. "I was living in my car. I went around to every gym in town and got those one-week trial memberships, so in the morning, I'd go get my daughter from wherever she was, take her to school, go to the gym, work out, take a shower, and that was the only way I could shave and keep clean. Then I'd go to the county and job search."
In this excerpt from Greenspan's appearance at the New Orleans Investment Conference with Navellier & Associates Senior Writer Gary Alexander, Gloom, Boom & Doom Report Publisher Marc Faber and Stansberry & Associates Investment Research Founder Porter Stansberry, The Gold Report delves into the role of gold versus fiat currency, why central banks own so much gold if it is truly "a barbarous relic," and the reason China is buying so much gold today.
Marc Faber on Japan Bonds, Economy, Gold and Oil (Herman J.)
I really have to laugh when I look at the economic statistics because they are published by the Obama administration, and there I would be very careful to take every figure for granted. The fact is simply that first-time home buyers in the US are now at the 30-year low. What does it tell you? That people don’t want to live in homes anymore? No. They can’t afford to live in homes anymore. That is the problem. And the whole exercise with quantitative easing has been to boost asset prices, but the bigger problem is the affordability. A lot of people are being squeezed very badly because the costs of living are rising more than their salaries and wages.
The EIA is predicting Offshore production to reach 2 million barrels per day by 2016, I really don’t think it is going to make it. They are counting on a lot of new offshore fields that are coming on line to bring it up to that level. While that is happening, what they have underestimated is the very high decline rate of these deep water fields. While the Petroleum Supply Monthly only has data through August, the EIA’s Monthly Energy Review has data through September and has USA lower 48 crude production up 155 kbd and Alaska up another 65 kbd for a total of 220 kbd. Of course that is just an estimate as the states have not yet reported their September production numbers.
Genetically modified escalation (Eric G.)
In her book Thinking in Systems, Donella Meadows articulates several traps that individuals and groups can fall into. Escalation is one of them, and it’s characterized by two or more opposing sides investing ever greater resources towards the goal of triumphing over their opponents. An arms race, even if a metaphorical one. Eventually all but one side buckles beneath the strain of resource exhaustion. Even the winner loses though; the resources it invested to prevail could have been put towards more productive opportunities. The price of victory in an arms race is always steep.
Gold & Silver
Provided daily by the Peak Prosperity Gold & Silver Group
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