Flippers are getting stuck with houses they can’t flip for a profit. Hedge funds have stopped buying and have begun selling. Anyone dumb enough to have been lured into this market in the last few years will be underwater in no time. The foreclosure train will be leaving the station shortly. We’ve been here before. It was ten years ago. Some people never learn. – The Burning Platform
Last week in the stock market featured several “cliff-dive” drops in retail stocks: Macy’s, Nordstroms, Advance Auto Parts. The middle class (yes, “middle class” includes the wannabees living beyond their means in million-dollar “mcmansions”) is tapped out of disposable income and has run up against is ability to take on more debt. The Nordstrom’s report is what has really freaked out economic analysts: LINK.
The housing market will show the affects of a rapidly…
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