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California Has Most Overleveraged Homeowners In U.S.

California Has Most Overleveraged Homeowners In U.S.

Mike LaFirenza Housing prices in the U.S. have reached record levels during the COVID-19 pandemic and show little sign of slowing down. A combination of strong demand, low inventory of existing homes, and constraints on new construction due to labor and supply shortages have sent prices sharply upward, with the median home sales price in […]

“Unprecedented Liquidity Pressure” – Chinese Property Stocks Crater As Kaisa Misses Payment

“Unprecedented Liquidity Pressure” – Chinese Property Stocks Crater As Kaisa Misses Payment

BY Tyler Durden | ZeroHedge Two days after we reported that “China Junk Bond Yields Hit All Time High As Property Default Contagion Spreads”, the index of Chinese junk bond yields has hit a fresh all time high, rising above 21% on Thursday… … as the contagion vortex in the Chinese property sector claimed yet […]

China’s Evergrande Makes Last Minute Interest Payment On Dollar Bond, Avoiding Default

China’s Evergrande Makes Last Minute Interest Payment On Dollar Bond, Avoiding Default

BY Tyler Durden | ZeroHedge In a surprise 11th hour development, China Evergrande made an overdue interest payment to offshore bondholders, the state-owned Securities Times reported Friday, an unexpected move that allows the property company to postpone – if not avoid – a default. The Chinese property developer sent $83.5 million to the trustee for […]

Evergrande Shares Tumble On Sale Failure, 97% Plunge In Sales As Markets Brace For Chinese Default Avalanche

Evergrande Shares Tumble On Sale Failure, 97% Plunge In Sales As Markets Brace For Chinese Default Avalanche

BY Tyler Durden | ZeroHedge After weeks of being halted for trading since the last day of September, on Thursday trading in shares of China’s most insolvent property developer, Evergrande, resumed. In retrospect, it was not a great idea. Evergrande shares slumped as much as 14.2% after the debt-strapped developer sought unsuccessfully to sell a controlling […]

China Home Prices Drop For The First Time Since 2015 As Existing Home Sales Crash 63%

China Home Prices Drop For The First Time Since 2015 As Existing Home Sales Crash 63%

BY Tyler Durden | ZeroHedge Two weeks after we reported that China’s property market just suffered “catastrophic” property sales in September which invoked Goldman’s “hard landing” scenario and which saw total sales of 759.6b yuan plunge 36.2% from September 2020 (and 17.7% lower from the same period in 2019), deepening a downward spiral that started in July […]

Brother, Can You Spare $29 Trillion?

Brother, Can You Spare $29 Trillion?

  by Thomas L. Knapp Well,  it’s time for one of those periodic “debt ceiling” fights in Congress. Every so often, American politicians argue over whether to allow themselves to borrow more money, with their promise to beat it out of your hide, plus interest, later, as their collateral. These fights get dramatic, in the […]

China Syndrome? Is Evergrande A Symptom Of Deeper Malaise

China Syndrome? Is Evergrande A Symptom Of Deeper Malaise

BY Tyler Durden | ZeroHedge Authored by Bill Blain via MorningPorridge.com, Evergrande’s imminent default is rocking markets – but few believe the collapse of a Chinese property developer could trigger a global financial crisis. What if Evergrande is just a symptom of a deeper malaise within the Chinese economy and its political/business structures? Maybe there […]

The Ultimate Contagion: China Sovereign Risk Is Starting To Blow Out

The Ultimate Contagion: China Sovereign Risk Is Starting To Blow Out

BY Tyler Durden | ZeroHedge “Something historic will happen this week” was how we started to explain the process by which the collapse of Evergrande could spread contagiously across the world this week. One glance at global markets this morning suggests, at a minimum, that risk is being de-grossed across everything from European utilities to cryptos to US materials stocks. […]

Stock Market Nosedives As Massive Sell-Off Continues

Stock Market Nosedives As Massive Sell-Off Continues

Thomas Catenacci  Major stock market indices plummeted Monday in a continuing sell-off tied to China’s declining property value, increasing COVID-19 cases and lack of progress in Congress on increasing the debt limit. The Dow Jones Industrial Average (DJIA), an index measuring 30 major U.S. corporations, dropped 1.78% on Monday. The S&P index, which measures 500 of the […]

‘I’m Happy To Show My Cards’: Progressives Double Down, Vow To Tank Infrastructure Bill If Budget Gets Delayed

‘I’m Happy To Show My Cards’: Progressives Double Down, Vow To Tank Infrastructure Bill If Budget Gets Delayed

Andrew Trunsky  Progressives are doubling down against the bipartisan infrastructure bill unless it accompanies Democrats’ $3.5 trillion budget as its path to becoming law becomes more complex given moderates’ objections to its size and scope. House leadership guaranteed an infrastructure vote on Sept. 27 in August when they advanced the budget, and promised that the vote would not […]

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