[webheart]

Housing has been selling like hotcakes. There’s a puzzling disconnect with the economic growth number.

There is no mystery. Housing is being bought up by foreign investors and then rented back to Americans who pay the rent with welfare, unemployment insurance and disability insurance benefits.

[Deo volente]

Rents are soaring too. Here in L.A. a tiny studio apartment in a decent area will start at $1,000/month.
In Orange County it's even worse. A two-bedroom can easily run $2,500.