Lead Story…. New home sales are up 20% of last year but it isn’t doing much to boost the economy with single family construction still adding up to a puny 1%. Today’s must read from the Wall Street Journal explains why.
Uncertainty Continues: If you were looking to last week’s jobs report to provide certainty as to what the Fed will do with rates at their September meeting, you were disappointed.
Uncharted Territory: Historic relationships between labor market indicators have broken down making the Fed’s job more difficult than usual. However: Bond market signals the “all-clear” to raise interest rates.
Higher Buildings, Higher Costs: The cost of skyscraper glass is currently higher than a giraffe’s ass.
Pimp My Dorm Room: Developers specializing in tricked-out student housing, much of which caters to wealthy foreign students are killing it right now.
Pants on Fire: Liar loans are making a comeback and sneaking their way into AAA rated bonds as lenders and borrowers seek to exploit new loopholes in mortgage regulations.
What’s in a Name: Yield-hungry investors are ready to invest in riskier mortgage pools again only this time lenders are calling them “non-prime loans” rather than “sub-prime loans.” Really clever move, guys.
Long Time Coming: Struggling, lower income areas are finally getting a reprieve from underwater mortgages thanks mostly to price increases.
Yet Another Headwind: Banks and the FHA are at each other’s throats over loan underwriting standards. Not good news for mortgage availability as regulated lenders continue to push further away from the FHA.
Like Totally: Here is why Starbucks like people who buy Pumpkin Spice Lattes so much (hint: they spend a ton of money on other stuff).
So Proud: The US pretty much leads the league in shitty airports (yes, of course LAX is on the list).
East Coast / West Coast Turf War: The 90s had Biggie and Tupac. Today we have a turf war between two squirrel species in LA: one native to SoCal, the other a migrant from the east coast pushing them out of their territory.
Gridlock? The City of LA is planning on reducing car lanes to make way for more bikes, pedestrians and mass transit. Not surprisingly, a lot of people aren’t happy about it.
A Sucker Born Every Minute: Organic veggies aren’t all they are cracked up to be and are mostly a rip-off. See Also: the Paleo diet is sort of BS. Paleolithic people actually went out of their way to eat carbs.
When Fantasy Becomes a Reality: Daily fantasy leagues are stoking the flames of fantasy footballs dirty secret: addiction.
Chart of the Day
Not All Heroes Wear Capes (Video of the Day): Kansas State made me a fan for life with this incredible half time show on Saturday.
Karaoke Propaganda: North Korea is attempting to disseminate propaganda through Karaoke parlors in Seoul and other major cities. Not to be outdone, some in South Korea’s government are actually scarred that hearing songs praising Kim Jong Un could cause some idiots to defect to the lovely country that is North Korea.
Repent, the End is Near: Today’s sign of the apocalypse – you can now buy clip-on “man buns.”
Busty Drug Bust: Meet the woman who was busted attempting possibly the most innovative drug smuggling mission ever.
Florida Crime of the Week: A woman attempted to burn down her trailer park after a breakup because, Florida.
Landmark Links – A candid look at the economy, real estate, and other things sometimes related.
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