“Silly season” is late summer, and April Fool’s is still three weeks away, but Bloomberg and Vanity Fair have published tales of distress among vendors to the ultra-high-net-worth crowd. A Manhattan apartment found no takers at $45 million, so the developers have split it into three units at better price points.
- Internationally, "devaluation" is everywhere, and it's a good reason to get your money out of there and over here.
- The state of the top of the housing market is an important local indicator.
- The ongoing housing recovery, at last mostly free of distressed sales, is appreciating bottom-up, little or no froth at the top.
- Jumbo mortgages are in an anti-bubble. Jumbo underwriting is far tougher on credit, income, income stability and appraisal.