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Chart of the day: US house prices are up 12% in ten years
According to S&P’s Case-Shiler House Price Index, house prices are up on average 12% since 2003. The chart of the path of house prices during that time is below via the New York Times.
The emerging markets crisis has three causes
On Friday, I wrote about the slowdown in China, the bear market in commodities, and the volatility in emerging markets as being all interrelated. Of course, there is more to the selloff in emerging markets than just the slowdown in China…
The slowing of Chinese growth and the rout in commodity currencies
I am less and less concerned about the eurozone periphery over the medium term because recovery in Europe looks poised to last. On the other hand, the slowdown in China could have wide-ranging consequences, particularly for countries…
Bitcoin as a deflationary force for bank fees
In the wake of the financial crisis, bailouts and cheap money have done much to restore American bank balance sheets. Earnings for banks have returned to pre-crisis levels. But over the medium-term I believe banks’ earnings power will be…
On the Canadian housing market
Fitch, the ratings agency, has reversed itself on Canada. It now believes that the housing market there is poised for only modest declines at worst. Previously, Fitch had said that Canada’s housing market was well overpriced and that a…