The median price fell 9.3% to$290,400 pushing the year ago gain down to just 1%. Month’s supply increased to 5.3. Certainly not a disaster it does howeverconfirm that last month’s blow out number was a statistical anomaly.
Despite the oft heralded recovery and 4.7% unemployment ratethe IMF or International Monetary Fund cut its 2016 estimate of economic growthfor the US to 2.2% while warning that inequality had to be addressed, notingthat 1 in 7 people lives in poverty. Wealth and income inequality in America has reached all-time recordhighs post bust as noted by Pew Research and others.
Municipal bankruptcies made a lot of headlines after the2008-2009 financial crisis when tax revenues plunged. The website Truth in Accounting released areport on Zombie states and noted that the top 3 include New Jersey,Connecticut and Illinois, California was ranked #7. Based on a state’s indebtedness includingpensions, financial reporting and off balance sheet transactions. Heavily indebted states tend to suffer themost when the going gets rough, just like everybody else.
This is Caleb Lawrence Registered Investment Adviser at Investment Management Firm CL Investments, located on Scotts Valley Drive and Willis Road in the Scotts Valley Plaza, Suite 202 or call metoll free at 888-RICH PIG / 888-742-4744.
You can catch me on the radio at noon each business day aswell on California’s central coast. KPIG107.5 FM in the Monterey Bay or KPYG 94.9 FM in San Luis Obispo.
Rebroadcasts, additional writings and other entries are alsoavailable on my Blog at www.clinvestments.com
Advisory services offered through Caleb Lawrence RegisteredInvestment Adviser Inc.