As US Home Prices Hit Peak Bubble, “Smart Money” is Selling

[marmar]

As US Home Prices Hit Peak Bubble, “Smart Money” is Selling
by Harry Dent • June 24, 2016


[font color="blue"]What do they know that we don’t?[/font]
By Harry Dent, Senior Editor, Economy & Markets:


Two weeks ago, I wrote about an upcoming New York City condominium listing for $250 million. I mention this because, as I’ve explained before, it’s always the tallest buildings and priciest condos to get hit during major downturns.

Just look at the early 1930s and mid-1970s marking peak bubbles if you don’t believe me!

You’ll understand, then, why I smiled when I saw a Forbes slideshow called “The Little Black Book of Billionaire Secrets,” featuring the most expensive homes in each of the 51 states, including Washington D.C.

North Dakota held the honor of the least expensive home, at just under three million dollars, now that the fracking boom has burst. The most expensive home was not in Manhattan, but in Florida – Palm Beach – at $159 million.

That’s a wide range of values, where the top house is 57.2 times the lowest of the high! ................(more)

http://wolfstreet.com/2016/06/24/the-smart-money-is-selling-the-top-10-most-expensive-homes-now-listed-for-sale-by-state/

[SCantiGOP]

1. What does he know?

Very little. He writes what people want to hear so he can sell books. In 2009, he wrote "The Coming Depression." Do you remember the Depression that began in 2010?
He is wrong far more than he is right.

[swhisper1]

2. its going to happen again, this time do NOT bail the banks out