The housing market is once again rapidly cooling off, as the fourth dead cat bounce of the artificial, centrally-planned "recovery" of the last 5 years takes hold (nowhere more visibly than in Phoenix whose "Housing market has been hit an unprecedented plunge in demand") but it wouldn't be the New Normal in which the middle class is evaporating at an unprecedented pace in order to make the uber rich uber-richer, if it wasn't for stories such as this about one particular real estate market: that favorite haunt of the 0.001%, the Hamptons:
A separate report from the Corcoran Group showed that luxury sales by dollar volume rose 11 percent in the second quarter. Susan Breitenbach, a Corcoran broker who worked with Folise, said she has $200 million in sales and contracts so far this year, on pace to eclipse her typical yearly volume of $250 million.
Tim Davis, another Corcoran broker, recently sold Wooldon Manor, a 14.5-acre (6-hectare) estate in Southampton, in two parcels for a combined $80 million. The seller was Scott Bommer, president of hedge fund SAB Capital Management LP, who paid $75 million for the oceanfront property in December.
A mere $5 million in 6 months? What bubble...
But wait, there's more, and this one is even more to the point:
- CHUBB HAS SEEN UPTICK IN YACHT PURCHASING, MEGA-YACHT BUSINESS
Maybe Obama can explain to Steve Liesman once again just how the recovery is trickling down to the ordinary American simply because the market is hitting new all time highs on a daily basis.
Actually, in retrospect, there nothing "new" about this "new" normal at all, or rather, abnormal.