Landmark Links August 20th – Preparing for Battle

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Must Read: Next Year’s election season in California is setting up to be an epic  battle thanks to a proposition that would strip commercial buildings of their Prop 13 protection (while maintaining it for residential properties).  As you can imagine, commercial landlords are not about to take this lying down.  I’m working on a much longer blog post to analyze the proposition that I’ll be posting soon.

Economy

Reading the Tea Leaves: Excellent commentary on inverted yield curves and recessions from Dr. Ed Yardeni of Yardeni Research:

(I)nverted yield curves do not cause recessions. In the past, they’ve predicted credit crunches caused by Fed tightening. So investors on the lookout for a recession should instead pay attention to credit availability. Recession-watchers should keep an eye on bank credit metrics—specifically, net interest margin, charge-offs and dividends, and business loans. Right now, those metrics aren’t signaling a credit crunch.

See Also: The yield curve inverting is a bigger deal when it occurs during a rate-hiking cycle.

The Real Story: Forget about the yield curve inversion.  The fact that investors are willing to take a ton of duration risk to push the 30-year Treasury below 2% is a bigger negative indicator for economic growth.

Headwinds: Issues with the global economy go a lot deeper than tariffs and trade wars – shrinking populations in developed economies mean that global growth rates are highly likely to fall and economists need to redefine the benchmarks success.

Commercial

No End In Sight: Rents in the San Gabriel Valley industrial market are up 17% year-over-year after a run of epic growth that goes back to 2012.

Stuck in the Mud: Four legislative bills that pushed for the elimination of capital gains tax and full conformity for opportunity zones have stalled because California elected officials don’t fully understand the program.  Truly stunning (I really wish that there was a sarcasm font).

Residential

Healthy Recovery: US mortgage debt has hit a record, eclipsing the 2008 peak. However, the homeowner equity situation is A LOT healthier than it was a decade ago and home withdraws remain muted.

One Stop Shop: Flyhomes, which seeks to disrupt the housing industry by allowing buyers to make offers through its website while offering mortgage, title, escrow and home improvement services just raised a whopping $141MM  led by some of the biggest names in Silicon Valley and on Wall Street.

A Move in the Right Direction: In a move to roll back crisis-era rules, the FHA is going to start backing more low-down-payment loans to first-time condo buyers by approving individual units in buildings that aren’t certified

Profiles

Second Hand: The market for high-end vintage clothing is booming as garage sales and thrift shops shed their ‘bigger-idiot-theory’ past.

Garbage In, Garbage Out: Discounted Cash Flow models or DCF’s are only as good as the information used to build them – and that information is often not very good.

The Claw is the Law: How hard seltzer went from a novelty item to taking over the US as a summer alcoholic beverage of choice.  I still can’t figure out how its any different from Zima, TBH.

Chart of the Day – WeWork S-1 Edition

WeWork’s org chart appears to be written in hieroglyphics…either that or they borred it from Enron.

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This one is from Byrne Hobart’s long-form Medium post about the S-1.  If you want an even-handed analysis, its the best out there.

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And finally, this gem from Rani Mola and Shirin Ghaffary at ReCode showing We Work versus its closest competitor, IWG which is profitable and has nearly 2x the gross revenue of WeWork, yet has a fraction of the valuation.  Thank SoftBank!

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WTF

Fall is in the Air: There is now (for a limited time only – and only available in Walmart) such a thing as Pumpkin Spice Spam.  No, seriously.  Still better than pineapple pizza though.

How I Want to Go: A California man has died after participating in a taco-eating contest at a minor league baseball game.  No word as to whether or not he won.  RIP.

Combustible Relationship: A New Jersey woman torched a man’s home after she came over for a 4am booty call that fizzled when he fell asleep before she arrived.  Great to see my home state representing in the WTF section this week!

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

Visit us at Landmarkcapitaladvisors.com

Landmark Links August 20th – Preparing for Battle

Landmark Links August 16th – Delayed

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Must Read: A new survey from Apartment Guide found that more than half of college graduates are moving in with their parents instead of renting or buying a house.

Economy

New Normal? Negative interest rates don’t seem as unusual when you think about them in the context of paying for storage of something where there is a ton of supply of that thing and relatively few places to store it. See Also: Are interest rates naturally negative? And: Low (and falling) interest rates are not at all unusual as societies become wealthier.

Running Low? Is China’s US dollar shortage risk forcing companies to sell overseas assets?  See Also: Beijing isn’t likely to allow the yuan to depreciate much further, as a weaker currency could trigger massive outflows But See: US delays China tariffs for some items including cellphones, removing other products from list.

We Never Learn: Credit-grading firms are giving out increasingly optimistic appraisals as they fight for market share in booming debt-securities markets, just as they did in the run-up to the Great Recession.

Commercial

Seed Money: Commercial real estate is an effective backdoor to direct cannabis investing.

Just in Time: How modern supply chain innovation helps to explain the worldwide trend towards deflation.

It’s Happening! The long-awaited WeWork IPO will apparently happen next month.  The co-working giant filed earlier this week to raise $1 billion, although the ultimate offering will likely be much larger.  A couple of interesting tidbits from the S-1 filing:

  1. The company reported a shocking net loss of more than $900 million for the first six months of 2019 on revenues of $1.54 billion.
  2. CEO Adam Newmann (along with wife Rebekah) pledged to donate at least $1 billion to charitable causes by the IPO’s 10-year anniversary. If it doesn’t happen, his voting rights get slashed substantially.
  3. The filing described WeWor’s business plan as “space-as-a-service” which is a textbook description of a landlord (which WeWork claims not to be) and not at all a description of a technology company (which WeWork claims to be).

Either way, this ought to be fun.

Residential

Failure to Launch: Given the broader economic climate, homebuilding should be booming right now but isn’t largely because of the wealth gap between boomers and millennials.  But See: Housing is booming in some places, just not where you might think.  Many Midwestern markets have heated up so quickly they are now experiencing shortages of inventory and rising prices.

Bumping Along the Bottom: The overall US mortgage delinquency rate remained at the lowest level in more than 20 years.

No Surprises Here: California’s Department of Housing and Community Development released a long-awaited study detailing how much cities and counties charge developers to building housing in California.  The results should be of no surprise to anyone who is a regular Links reader:

“At first glance, this study confirms what we have long suspected: that in some areas, local fees on development are so burdensome that they are reducing the ability to construct needed housing and increasing the cost of living for residents,” (Assemblyman Tim) Grayson said in a written statement. “If we have any hope of lifting our communities out of this crisis, then our local fees must be aligned with our statewide production needs.”

The culprit for these high impact fees (they are not an issue in most other states) should also be obvious to regular readers:

While the study recommends that lawmakers examine ways to reduce fees, it warns that cities and counties often need the revenue to pay for services because of property tax restrictions put in place by Proposition 13 in 1978. The initiative limits taxes for homes and businesses to 1 percent of a property’s taxable value. The initiative also restricts a property’s taxable value from increasing more than 2 percent each year, no matter how much its value rises on the market.

“If the state wishes to lower impact fees but also ensure sufficient infrastructure funding, it should consider pathways to adjust Proposition 13 in order to expand the capacity of localities to generate their own revenue,” the report says.

Profiles

Biting the Hand that Feeds: California fostered America’s tech industry but is becoming its greatest adversary as lawmakers seek to reign in Silicon Valley’s dominance.

Bait and Switch: Yelp is screwing over restaurants by quietly replacing their phone numbers with ones for affiliate Grubhub which then charges a marketing fee for orders.

I Give Up: Meet the 23-year-old who has made $120k by flipping Instagram pages.

Chart of the Day

It’s often lost on people that high nominal bond yields do not always equate to high real yields (and vice versa).

Source: The Irrelevant Investor 

WTF

Half Life of the Party: Scientists have made a vodka from Chernobyl’s exclusion zone and they say its safe to drink because Russia.

Can’t Take it Anymore: A drunk flight attendant who passed out for an entire flight was arrested when the plane landed because United Airlines.

Fast Lane: A man in a golf cart hit several customers while speeding through a Walmart because Florida.

Packing Heat: A woman pulled a small alligator from her yoga pants during a traffic stop because Florida.

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

Visit us at Landmarkcapitaladvisors.com

Landmark Links August 16th – Delayed

Landmark Links August 2nd – Flying Blind

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Quick programming note – No links next week as I’m going to be taking a much-needed week off.

Must Read: The Family Office Real Estate Magazine recently published a survey that found that family offices are deficient when it comes to commercial real estate due diligence, leading to a lack of investment knowledge and a lack of control if/when things go sideways.  This is one of those issues that no one notices in an upward trending market.  However, as Warren Buffett famously said, “only when the tide goes out do you discover who has been swimming naked.”

Economy

Getting Out in Front: The Fed anticipated inflationary pressures when it began hiking rates in 2015.  Instead, the rest of the world has gone in the opposite direction and the breakdown of the Phillips Curve has resulted in fear of deflation and thus the need to cut.

Delusional: American state and local pensions have less than 73% of the assets they need to fund future obligations to public workers. To make matters worse, that depressing number is based on rosy assumptions about future returns that are highly unlikely to come to fruition and are largely based upon much higher historical fixed income yields.  If reasonable return expectations are used, the situation looks substantially worse.

Cut: The federal reserve cut short term interest rates by 25 basis points this week, their first such action since 2008.  See Also: How the ECB’s policy decisions have forced the Fed’s hand.

Commercial

Starting Point: Whole Foods is the beginning, not the end of Amazon’s grocery ambitions and the next step for the ecommerce giant could be far more substantial than their purchase of the organic grocer a couple of years ago.

Need Somewhere to Put It: The abundance of capital in the market is driving strong office investment activity, not because office buildings are a particularly desirable commercial real estate asset class but rather because they are an efficient place to invest a large amount of capital.

Hopping On Board: A growing number of real estate owners are turning to esports arcades, lounges and even stadiums, hoping to breathe fresh life into their malls, hotels and other properties.

Residential

Demonized: Developer has become a four letter word in many cities thanks to efforts by NIMBYs to ensure that nothing gets built and misconceptions about land and development economics.  However, there is no viable way out of the current housing shortage where developers are not part of the solution.

Stuck: Many young adults are priced out of the housing market, which could reshape their finances – and the economy – for years to come.

Storm Chasers: Risk-taking investors are increasingly buying properties damaged in hurricanes, fires and floods and flip them for profit.

On The Rise: As interest rates have dropped, refinancing is booming again, giving mortgage lenders a much-needed boost after a slow year.

Profiles

Perverse Incentives: Expensive regulation and high demand across the country have made the illicit cannabis trade more profitable for many growers and sellers than going legit.

Hoarders: Google’s parent, Alphabet now has $117 billion in cash on its balance sheet – even more than Apple.

Chart of the Day

Deflation is beginning to show up in the building products space.

Source: JBREC

WTF

Symmetrical Response: A snake bit a man in India so the man bit the snake and killed it. (h/t Steve Sims)

Clowning Around: A man in a clown costume caused a massive food fight that resulted in significant injuries because cruises.

Rally: A surfer was bitten on the arm by a shark and went to the bar rather than the hospital to get stitches because Florida.

Urine Trouble: A woman was arrested for urinating on potatoes at Walmart because when you gotta go, you gotta go. (h/t Ty Reed)

I Thought This Was America?  A Texas man was caught with a missile launcher in his checked baggage at BWI airport.  I had been under the impression that this sort of thing wasn’t illegal, but merely frowned upon.  Turns out that I was wrong.

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

Visit us at Landmarkcapitaladvisors.com

Landmark Links August 2nd – Flying Blind

Landmark Links July 30th – Here We Go Again

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Must Read Much of the boom in the bridge lending market has been fueled by demand for CLOs or collateralized loan obligations.  These securities are backed by real estate loans with higher risk profiles (think re-positioning and bridge on unstabilized properties) than what would be allowed in a CMBS pool, while offering higher returns to investors.  The CLO market – which largely disappeared in the years following the crash – is booming and yield -starved investors can’t get enough. As investor demand has increased, the quality of the loans that are getting packaged into the deals has decreased, raising red flags.

Economy

Glut: Auto sales are slowing, leaving dealers with bloated inventory more selective about purchasing new vehicles to put on their lots.

Upside Down: Investors are willing to pay a premium – and ultimately take a loss – on negative-yielding debt because they need the reliability and liquidity that government and high-quality corporate bonds provide.

Positive Trend: The economic expansion may seem long in the tooth but key demographic indicators still point to prolonged growth over the next 15 years.

Commercial

Prime Beneficiary: The tech sector and its ongoing boom continues to make Silicon Valley a top commercial real estate growth market.

Dual Purpose: Retailers are experimenting with in-store mini distribution centers in an effort to better-utilize their existing space.

Residential

Keep it Simple: When it comes to new apartments, the best amenity may just be lower rent as opposed to all of the bells and whistles that developers have been adding this cycle.

Priced Out: Demand for homes from millennials is rising.  However the high cost of housing – not student debt – is the biggest impediment to would-be buyers.

Foot in the Door: Struggling real estate brokerage Realogy Holdings has launched a new referral partnership with Amazon:

Under the new program, known as TurnKey, home buyers searching for an agent on Amazon.com will be directed to a Realogy agent in their market. These buyers get up to $5,000 of smart home devices and free home services from Amazon, from unpacking and cleaning to furniture assembly and smart home setup.

Profiles

Big Data: Uber is launching a restaurant “accelerator” in London to fill the selection gaps it sees on Uber Eats.

Doubling Down: Softbank is actively raising a second technology megafund, the sequel to its $100 billion Vision Fund, with investors as diverse as Apple, Goldman Sachs and the Kazakhstan government jumping aboard early on.

Endorphins: Researchers at Yale and Oxford may have proven that exercise is more important to your mental health than your economic status is.

Chart of the Day

Cause and Effect:

  1. New entry level homes are not being built.

                 Source: Calculated Risk via The Daily Shot

2. As a result, would-be entry level home buyers end up renting, creating massive                   demand and sending vacancy to record-low levels.

                 Source: The Daily Shot

3. Rental cost growth substantially exceeds inflation for an extended period of time.

                 Source: @theterminal via The Daily Shot

WTF

Frankenstein Sausage Party: A raid on a Phoenix body-donation company by the FBI led led to this work-of-art opening sentence in an AZ Central article:

A head sewn onto a mismatched body, a bucket of limbs and a cooler filled with penises are among items found by FBI agents during a raid on a Phoenix body-donation business.

Conspiracy Theory of the Day: A man accused of killing his wife claimed that a powerful group infected him with mayonnaise which made him do it because meth. (h/t Steve Sims)

I See No Issue: Pro-meat London were fined for eating raw squirrels outside of a vegan food market in London.  So much for freedom of expression (h/t Beth Barnard)

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

Visit us at Landmarkcapitaladvisors.com

Landmark Links July 30th – Here We Go Again

Landmark Links July 26th – Competitive Advantage

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Must Read: Life Insurers’ market share in the commercial real estate lending space is soaring among intense competition thanks to their greater willingness to offer full-term interest only loans and take more risks than their stodgy reputation would indicate.

Economy

Stalled Out: Inflation expectations continue on their downward trajectory.

Less Than Zero: Yield curves are inverted across the developed world and negative yields are everywhere, from AAA-rated government bonds to corporate junk.

Commercial

Who Could Have Known?  In the 1st half of 2019, New York City apartment building sales fell 48% from the same period a year earlier after the state legislature rewrote the rules on stabilized rents, capping the potential for increases.  The fact that landlords now want nothing to do with the market should come as no surprise to anyone who isn’t a financial illiterate or has any experience with rent control.

Silicon Beach: How Playa Vista became ground zero for LA’s growing tech sceneSee Also: Los Angeles now has the third largest pool of tech workers on the west coast after Seattle and San Francisco.

Residential 

Middle of Somewhere: Bakersfield (and other central California towns like it) have long been mocked as boring pass-though cities.  However, Bakersfield is undergoing a boom driven by young people moving there to take advantage of the low cost of living and new employment opportunities – and it comes complete with hipster breweries, boutique hotels and a burgeoning food scene.

Its a Start: Data on new housing construction published by the Commerce Department last week shows the downturn in home building appears to have ended as mortgage rates have dropped.

Not just San Francisco: Urban housing markets all over the world are far too expensive thanks to the same persistent problem – low supply.

Profiles

Weekend Warriors: Bored with mutual funds, small private investors like doctors, accountants and attorneys are  pooling their capital to invest in high-risk private equity deals and seeking outsized returns.  I feel like we’ve seen this movie before and it pretty much never ends well.

The Downside: Supporters of shared scooters like Bird and Lime often tout their green features.  However, they don’t have a long lifespan and what happens to toxic expired batteries is raising sustainability concerns.

All For One: Spurred by the success of Peloton and imitators, its becoming more likely the future of fitness is together but alone.

Podcast Links

Joe Wiesenthal and Tracey Alloway of Bloomberg searched far and wide to find an institutional investor who had a bullish outlook for WeWork, which is now slated to go public in September.  That fact that the bull case turned out to be “they have gotten so large that they will be able to screw over their biggest counter-parties in a downturn” really says it all.

Chart of the Day

The number of mortgage-financed home purchases has rebounded by cash buyers are plunging.

Source: Pantheon Macroeconomics

WTF

Pound It Two Ways: Four Loko and Fleshlight have released a lewd ‘Sex in a Can’ toy and are selling it for a suggestive $69.

Natural Selection: Several Instagram users fell ill after bathing in a toxic quarry in Spain — which they mistook for an Insta-friendly turquoise lake.  I can’t be the only person out there who has no issues whatsoever with this trend.

Well Hung: A (clearly very sane and stable) woman is planning to marry a 91-year-old chandelier that she calls Lumiere.  When asked about what created the attraction, she stated that he really lights up a room and she knows how to turn him on.

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

Visit us at Landmarkcapitaladvisors.com

 

Landmark Links July 26th – Competitive Advantage

Landmark Links July 23rd – Bro Down

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Must Read: The Wall Street Journal ran a story last week about how WeWork co-founder and largest shareholder Adam Neumann has cashed out more than $700MM from the company ahead of its IPO.  This is incredibly unusual behavior by a CEO/founder, even in the high-flying unicorn era.  The history of CEOs cashing out big before IPOs is not a good one.  Chief executives of Zynga and Groupon took $109MM and $300MM of the table respectively before either of those train wrecks went public.  Otherwise, its very uncommon for CEOs and co-founders to take more than a few million dollars off the table – not to mention frowned upon by VCs.

When WeWork does go public, it is likely to fare poorly as markets don’t generally like landlords (sorry they are not a tech company) who lose massive amounts of money in the best of times with a business plan based upon matching short term revenue with longer term lease liabilities.  Neumann clearly recognizes this and is getting out while the getting is good.  He has now pulled out enough cash that his great grand kids will never need to work a day in their lives, while running a company that never came close to being profitable.  The only step left on the Eric Cartman start up business plan is “Bro Down” and it appears as if he is poised to do just that.  What a time to be alive.

Economy

Lagging: America’s bottom 50% is slowly rebounding from the Great Recession and the recovery is just now getting to the bottom of the economy.

It Could Happen Here: The idea that the US 10-year Treasury could hit a yield of zero (or lower) in the next recession is not as far fetched as you may think.

Help Wanted: The quit rate among food workers is higher than ever, forcing executives to sweeten pay and perks.

Commercial

Roll Up: In a bid to institutionalize the cold storage sector, two companies – Americold and Lineage Logistics – now have control of a whopping 60% of the market, buying up mom and pop operators along the way as Wall Street cash comes flooding in to a previously under-the-radar sector. (h/t Steve Sims)

Trial and Error: Despite spending hundreds of millions of dollars and years on research and development, there are still only 14 Amazon Go stores that are little more than 7-Elevens, but with far more complexity and cost.

Squeezed: Although commercial retail rents are down from their recent peaks, they haven’t fallen as much as sales at struggling chains, leaving both landlords and tenants in a difficult spot.

Residential

Concentration Risk: Big Manhattan developers are starting to run out of money as their high end condo units linger on the market for much longer than expected and rack up carrying costs.  This is forcing a rash of condo inventory loan refinances to kick the can down the road.

Unencumbered: About 37% of US homeowners do not have a mortgage, up 5.5% over the past 10 years.

Poster Child: Newhall Ranch’s saga of delays and lawsuits despite being one of the greenest master planned communities in the US is one of the best examples of why CEQA needs to be dramatically reformed if not scrapped altogether.

Profiles

Sign of the Times: American kids would now rather be You Tubers than astronauts according to a new poll commissioned by Lego on the eve of the Apollo 11  anniversary.  Chinese kids were the opposite.

GOAT: Mariano Rivera grew up in Panama without indoor plumbing, dropped out of school in 9th grade to work on his dad’s fishing boat while playing baseball as a hobby.  He ended up pitching one game for his team because they were missing a pitcher and did well enough that he got on the radar of a local Yankee scout who eventually signed him for $2,000 in 1989.  When he made the big leagues, his goal was to last long enough and make enough money to open a garage and work on cars back in Panama.  30 years (and one spectacular, uninhabitable pitch) later he is the first player in the history of baseball to be unanimously voted into the Hall of Fame in addition to being one of the most decent people to ever play professional sports.

Sitting on their Hands: Distressed debt traders have raised a ton of cash but have almost nothing out there worth buying thanks to a long economic expansion, low interest rates, and covenant-lite bonds.

Chart of the Day

Bias colors everything:

Source: Bloomberg

WTF

Tweaked: Enterprising druggies in West Virginia are now using wasp spray in place of meth (and sometimes dying because of it).

Woke Olympics: Berkeley’s city council has voted to remove all “gendered” language from it’s city code.  Imagine being so “woke” that you get triggered by a manhole.

The Irony: Five guys were arrested after a fist fight at Five Guys because Florida. (h/t Steve Sims)

I Knew It: People who think its acceptable to put pineapple on pizza are colluding with the Russians and cannot be trusted.

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

Visit us at Landmarkcapitaladvisors.com

Landmark Links July 23rd – Bro Down

Landmark Links July 19th – Trouble Ahead?

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Must Read: The Architectural Billings index has historically been a leading indicator for commercial real estate development and its not looking pretty at the moment.  Billings have been declining for flat for the last five months, the new design contracts score has hit a 10-month low, and the project inquiries score has hit a 10-year low.

 Economy

Anxiety: Recession fears are on the rise among middle class families.

Inflection Point?  Last week’s dovish Federal reserve testimony, coupled with the hint of inflation in economic data sent yields higher, opening up the possibility that bond yields could be reversing course yet againSee Also: The latest economic reports don’t show a need for monetary stimulus from the Federal Reserve.

Hitting the Wall: Tuesday’s retail sales report looked good on the surface but a deep dive into the data shows that sales growth is slowing, even online.

Commercial

Efficient: How a better supply chain and the ability to control inventory and stop over-investment has helped tame the boom and bust cycle.

End of an Era?  The past 10+ years have been the golden years of dining in the United States.  However, an unfortunate confluence of factors — oversaturated restaurant markets, rising labor and food costs, weak sales, changing consumer tastes and loyalties, a shrinking middle class, declines in mall traffic, bank and investor skittishness about returns on investments — means the near future looks bleak.

Failure to Launch: The opportunity zone tax break was supposed to incentivize investment in operating businesses as well as real estate.  However, substantial interest from venture capitalists to either move portfolio companies into opportunity zones or purchase existing companies located in the zones has yet to really materialize.

Residential

All or Nothing: Last year, developers in the U.S. completed 211,000 new housing units in buildings of 50 units or more, the biggest number on record. The total number of new apartments constructed didn’t come close to setting any records, though.

Off a Cliff: Slower economic growth abroad, a stronger US dollar and tighter capital controls in China have resulted in the dollar volume of home purchased by foreigners dropping by 36% year over year.

A Tale of Two Demographics: The homeownership rate for Hispanics has increased more in recent years than any ethnic group.  However the black homeownership rate has dropped to an all-time low since peaking in 2004.

Profiles

Breaking Point: Rising stock valuations are pushing the debt market to its limit and forcing private-equity firms to contribute more cash to their leveraged buyouts. That is likely to drag down performance in the long term even as pensions and other investors increasingly turn to private equity to boost returns.

Bonanza: Porch pirates are big fans of Amazon’s Prime Day.

Plug and Play: Retrofitting existing planes with electric propulsion systems rather than combustion engines has drawn interest from startups and big manufacturers, including Airbus.

One Stop Shop: Uber is adding a shopping experience in its cars for riders to buy AirPods, Amazon Echos and more thanks to their new partnership with shopping app Cargo.

Chart of the Day

This is not all that surprising given that we are the home of both Chipotle and Taco Bell.

Infographic: The U.S. Leads the World in Toilet Paper Consumption | Statista

Source: Statista

WTF

Bad Hair Day: A Colombian man was arrested in Barcelona’s international airport for trying to hide $34k worth of cocaine under his toupee.

Stealth: Someone has been secretly pooping in a community pool in Michigan, leading to the HOA adding extra security.

Watch Out Below: Police have warned that flushing drugs down the toilet could create Alabama ‘meth-gators.’

Snip Snip: A man held his wife’s lover at gunpoint and cut off the man’s penis before fleeing with it because Florida.

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

Visit us at Landmarkcapitaladvisors.com

 

Landmark Links July 19th – Trouble Ahead?