Yeah that was neat! Somehow I thot there was a thread on that piece but now I don’t see one so maybe I’ll post it. Thing is that one out of eight Americans is at one time in the 1%.
Here’s How Much Money Someone Has To Make To Be In The 1%
http://www.freerepublic.com/focus/f-news/3152143/posts
Is what got me is that when every one talks about “the rich” they talk like it is static. People float in and out all the time. Some stay there.
JEFF GUNDLACH: Short The Homebuilders
Jeffrey Gundlach
Bond god Jeffrey Gundlach, the CEO of DoubleLine Capital, is bearish on single-family homes.
Gundlach said single-family housing is “over-believed and over-rated.”
His trade is to short XHB Homebuilders ETF.
It’s trading down about 1.3% today.
During his presentation, Gundlach highlighted a bunch of housing data points.
“We seem to be on the cusp of something of a change with existing home sales now negative,” he said.
He pointed out that new home sales also falling.
He said that the bulls use affordability for their argument. However, Gundlach believes that affordability is “bleak.”
Gundlach said that young people were scared by the housing crisis, so they’re not buying homes. Instead, they’re renting because that’s much more appealing.
He doesn’t see homeownership rates rebounding any time soon.