Here we go again; two decades later, the same signal lights are flashing. The two charts above reflect the percentage of companies with negative earnings a year prior to IPO (via @JackPScott) and U.S. Corporate Credit as a % of GDP (via @trevornoren). When stock market equities deflate, household financing sentiments change. ...the stock market plays a significant role in influencing the growth and/or reduction in volatility and market risk.
It's been 10 years since the 2008-09 crash which is difficult to even remember now after 10 years of watching our housing prices more than double. But as Hilliard Macbeth points out in the chart above, when residential mortgage lending momentum approaches and dips into a negative metric, housing prices tumble and recession metrics begin to appear. In the two biggest FOMO markets, Vancouver and Toronto, prices indeed have been dropping in the 7-9% per year range after peaking 18-20 months ago respectively (Plunge-O-Meter). As Hilliard further points out: "There hasn’t been a serious economic downturn in Canada since the 1990s; the last time that mortgage credit grew as slowly as now. Unfortunately bank lending is pro-cyclical, so lenders will tighten credit conditions just as real estate borrowing stops growing, which will make the downturn worse. This boom/bust cycle is inevitable as long as lenders focus on lending for real estate investment and speculation rather than more productive investments. To change that focus, a new set of rules and regulations that govern lending is needed.” Quote included in Jason Kirby and MACLEAN's Most Important Charts to Watch in 2019
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Well it could easily be one o'clock in the morning as weak hands cut their losses. Hat Tip to @Hutchyman |
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It's important to remember that our housing and credit boom is part of the global credit boom and it's fading. Hat Tip to @TaviCosta
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CLICK CHART TO ENLARGE
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As I have been pointing out on my chart of TSX INDEXES for Energy, Real Estate, Financial Services, Gold and the Bank of Canada Commodities in $CAD, that...
...the Thompson Reuters CRB chart shows that global commodities measured in USD has been dropping since 2008, although recently since September (2018), there has been a near term rally in commodities... BUT |
...since Oct 3, 2018, the Thomson Reuters/CoreCommodity CRB Index has been coiling down.
On my Twitter Feed from @hks55 came their chart suggesting that the commodity super cycle is poised for another leg down due to China's slowdown in credit creation that had spurred the commodity boom as Kyle Bass illustrates in this comparison between Chinese credit creation and their GDP (the link includes the 41 second video).
CLICK TO GO TO ORIGINAL POST
CLICK TO GO TO ORIGINAL POST
China’s Slower Credit Growth
Underscores Worries Over Economy
Bloomberg, Aug 2018
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Why The Stock Market Is Heading For Disaster
In this presentation, Clarity Financial's economic analyst Jesse Colombo explains why the U.S. stock market is experiencing a dangerous bubble that is going to burst violently and cause serious damage to the underlying economy. Published on Oct 11, 2018
Hat tip to Jesse Colombo for the following 14 minute video that includes the following 20 long term charts:
- S&P 500 since 1997
- Percent equity gains since 2009
- Interest rates since 1997
- Real Fed Funds rate since 1990
- U.S. corp debt since 1980
- U.S. corp debt as a percent of GDP since 1980
- Buybacks and dividends paid vs S&P 500 value since 2000
- S&P 500 vs NYSE margin debt as percent of GDP since 1997
- Retail investor allocation to stocks vs cash since 1997
- CBOE volatility index (VIX) since 1997
- St Louis financial stress index since 1997
- BAML U.S. high yield spread since 1997
- Cyclically adjusted P/E ratio since 1980
- U.S. stock market capitalization to GDP ratio since 1971
- Tobins Q ratio since 1902
- U.S. net corp profits as a percent of GNP since 1947
- FAANG stocks vs S&P 500 since 2009
- Fed Funds rate and recessions since 1997
- Financial banking crises and recessions since 1977
- 10-2 year treasuries spread since 1976
Trump Is Completely Misguided On Interest Rates
If the Fed or other central bank voluntarily abandons further credit expansion (most commonly by raising interest rates), the credit and asset bubble will experience a deflationary bust. Deflationary episodes entail credit busts, falling consumer prices, bear markets in stocks and housing prices, and falling wages. If the central bank decides to never put an end to the credit expansion (for example, if the Fed never raised rates), however, the result would be a runaway credit and asset bubble that leads to a severe decrease in the value of the currency and high rates of inflation. The latter scenario is what would occur if President Trump got his way – hardly a desirable outcome for the economy. To summarize, the Fed is crazy – they’re crazy for creating such a large bubble in the first place via loose monetary policy, but not for raising interest rates and normalizing their monetary policy. Jesse Colombo, Oct 17, 2018
Market Bear Hussman Says Stocks Could Lose $20 Trillion
To state the obvious, bull markets do not last forever, and inevitably are followed by bear markets. Likewise, economic expansions also must end at some point, followed by recessions, and recessions typically are accompanied by bear markets. John Hussman, Oct 15, 2018
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The table above from current stock market bears is warning about a pending major stock market correction of 20%, 30%, 40%, 50% or 60% while past major corrections came in at 83% in 1929, 34% in 1987, 49% in 2000, and 57% in 2007.
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My fantasy Plunge-O-Meter for September 2018 is showing a potential 51% average drop for Canadian housing prices for the 6 biggest markets in Canada if buyers go on strike. |
CLICK TABLE TO ENLARGE
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Buyers outside of Canada in other housing bubble cities are thinning in number.
There's trouble ahead in the global housing market
Source: Business Insider July 2018
Toronto: Prices clearly peaked in early 2017. Prices are now down 3% vs last year. (Toronto SF Detached are down 17% from the peak. See the Sept 30, 2018 Plunge-O-Meter)
Syndey: Compared to last year, prices are now down 5% and supply has ballooned 22%.
Stockholm & Vancouver: Over a recent 6-month period, prices in the luxury property market fell 9% and 7.6%, respectively.
New York City: In Q1 2018, prices were down 8% YoY and sales were down 25%. NYC's luxury properties fared even worse.
San Francisco: After hitting a record price high in January, the city has seen a rare spring decline in prices, while rents across the SF Bay Area are starting to "cool off"
Bond King Gundlach predicts yields
much higher before this move ends
"If you look at the charts and you look at the way the market's behaving and you think about the trends that are underneath the bond market, it wouldn't be surprising at all to see the 30-year [yield] go to 4 percent before this move of the breakout above 3.25 percent is over," he said on "Halftime Report" Thursday. CNBC, Oct 11, 2018
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While we wait for the September real estate sales, inventory and price data to be released next week, Chris Kimble today makes the observation that real estate proxies in the equity markets are behaving à la 2007.
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Says Chris Kimble Sept 28, 2018:
"This 4-pack (chart above) compares the price action of today with the price action of the 2007 highs in the Dow Jones Home Construction Index, Bank Index & Real Estate.
Before the S&P peaked in 2007, Home Construction, Banks and Real Estate started creating a series of lower highs, diverging with the S&P.
Joe Friday Just The Facts Ma’am– Divergences similar to 2007 are taking place of late.
The long-term trend for each of these Stock indices reams up at this time! Stock market bulls hope that it’s different this time and that these divergences are just noise."
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I have been making a similar observation on my chart of Housing Price Momentum for Vancouver, Calgary, Toronto Single Family Detached Prices and the TSX Real Estate Index.
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"In August 2018 Vancouver, Calgary and Toronto SFD price momentum hovered about the flat line while the TSX Real Estate Index cash buyer momentum ticked back up to the nearby highs." |
Notice on my chart of August 2018 below, the July 2007 TSX Real Estate Index tested its highs yet on the ground in the physical world, the price momentum of Calgary Single Family Detached Prices plummeted, while Vancouver SFD prices coiled their way towards the eventual lows and while Toronto's SFD prices made their eventual way towards their 2008 lows to be followed by Vancouver and Calgary into their 2009 lows. Is it different this time? Stay tuned.
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Hilliard MacBeth "When the Bubble Bursts"
Top 5 predictions for Canada's housing markets in 2018
BNN Interview September 28, 2018
As we wait for the April real estate data to be released next week, let's take another look at the month end U.S. S&P 500 via Lance Roberts at realinvestmentadvice.com
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"With portfolios still weighted towards equity, but overweight in cash and shorter-duration fixed income, we can afford to sit still into next week and allow the market to choose its path." |
"We can afford to sit still..." Yes in the cash markets, sitting still is an option with risk management in place. But in real estate portfolios, if a correction or major negative price trend develops, everyone is involved unless sellers can successfully get ahead of the change in trend. But that requires acting before a wide acceptance of a new paradigm is acknowledged. By that time, buyers will have gone on strike as they wait for their opportunity to lead the market.
Lance argues in the chart above that the...
Lance argues in the chart above that the...
Intermediate-Term Picture Remains Bearish
On a intermediate-term basis, both of our weekly “sell signals” remain, and as shown below, the market once again failed at its overhead trend line last week as well as the downtrend resistance from the previous peaks. These failures keep downward pressure on the market as prices continue to follow the “path of least resistance.”
The weekly chart also shows the rare “buy” and “sell” signals issued on a longer-term basis. Currently, as the market struggles with its current correction process, it is also very close to triggering a more important “sell signal” which could indicate a further correctionary process over the next several months.
Over the last 25-years, these sell signals have only been triggered 5-other times.
1. At the peak of the market prior to the “Asian Contagion”
2. Just prior to the peak of the market in 2000
3. At the peak of the market in 2007
4. At the peak of the market 2011 as QE-2 ended and the U.S.was facing the “debt ceiling debate.”
5. Near the peak of the market from the collision of the end QE-3, the “taper tantrum” and “Brexit.”
I can't find much of a record to suggest that a violent drop in stock market equities will necessarily drag real estate prices down, but a confluence of rising rates (Globe & Mail), stress testing (Global News), foreign buyer taxes (Financial Post), labour force displacement (Canadian Underwriter) and present historic real estate valuations (my 6 city chart) is a negative to price growth.
But I did find this chart here of the S&P 500 vs the Case Shiller U.S. Housing Index:
But I did find this chart here of the S&P 500 vs the Case Shiller U.S. Housing Index:
CLICK CHART TO ENLARGE
It is clear that some sort of correlation exists between stock values and real estate values. Stocks started their recent bull run in 2009. As you can see from the chart above, real estate values didn’t start moving up steadily until 2012. So there is a lag here. But what is interesting is the correction in stock values in 2008 matched up with real estate values. In fact, real estate values started trending lower before the market crash. DoctorHousingBubble.com
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In January 2018 the S&P 500, DOW and TSX peaked.
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U.S. vs Canada Private Debt to GDP
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Steve Keen "Can we avoid another financial crisis?"
The U.S. and the U.K. can but China, Australia, Canada, Belgium, Norway, and Sweden are next. (paraphrased)
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As we wait for the first week of April to unfold and the March real estate data to come in, questions about the stock market's melt-up comes via @anilvohra69
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Anil, a retired UBS rates options trader, quotes investment strategist Jeremy Grantham:
Bubbles have a blowoff phase lasting 21 months. Using a 5% threshold, the run from Feb 16 to Dec 17 was 22 months.
Hence the question "Have we seen the melt-up?" It certainly appears that way for Toronto Real Estate (as of February 2018 data) and the March data may add even more weight to the thesis.
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During Toronto's 21 month "melt-up", listing levels crashed as the fear of missing out kept sellers out of the market. Post melt-up, Toronto sales are testing the lows as buyers fear getting in. Markets are related. Real Estate valuations are not immune. |
Weak hands will offer up their assets first and in Canada we have a lot of household debt that eventually will face term renewals and the official stress test which is the greater of either the Bank of Canada’s five-year benchmark rate, now 5.14%, or the rate offered by a lender plus another 2%.
If you are thinking of 'buying the dip' make sure your income is amortized over the length of your mortgage. In a melt down, the erosion of net worth will shift a lender's risk management exercise to more closely examine the strength and security of your net income.
As we know employment income growth is facing profound challenges.
If you are thinking of 'buying the dip' make sure your income is amortized over the length of your mortgage. In a melt down, the erosion of net worth will shift a lender's risk management exercise to more closely examine the strength and security of your net income.
As we know employment income growth is facing profound challenges.
Global Risks 2018
According to the IMF, over the past three decades 53% of countries have seen an increase in income inequality, with this trend particularly pronounced in advanced economies. Furthermore, today’s economic strains are likely to sow the seeds for longer-term problems. High levels of personal debt, coupled with inadequate savings and pension provisions, are one reason to expect that frustrations may deepen in the years ahead. We highlight four concerns: (1) persistent inequality and unfairness, (2) domestic and international political tensions, (3) environmental dangers and (4) cyber vulnerabilities. We conclude by reflecting on the increased dangers of systemic breakdown. World Economic Forum
Strongest 'Bubble Burst'' Alarm Just Went Off
Jeremy Grantham 2018
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In December 2017, the 10yr less 2yr Canada Government bond spread narrowed to just 32 beeps away from inversion. |
In April 2006 it was 33bps away and narrowing until it was fully inverted in May, June and July of 2007, and then central banks panicked and goosed the spread to widening again and by November 2007 it was 31bps again.
A year and half later the wide reached 230 beeps in May 2009, 2 months after the pit of gloom crash bottom.
We should start watching for further narrowing now especially with equity markets at their historical tops.
A year and half later the wide reached 230 beeps in May 2009, 2 months after the pit of gloom crash bottom.
We should start watching for further narrowing now especially with equity markets at their historical tops.
The Macro Model" chart below is from Crescat Capital with a few of my notations about Canadian debt levels which are at historical highs. NILS JENSON from Crescat Capital on January 27, 2018 made the observation that:
Market history is littered with downturns that followed new Republican presidents: Hoover (1929), Eisenhower (1953), Nixon (1969), Reagan (1981), and Bush (2001). The Trump bubble will likely prove to be the mother of all Republican presidential ebullience bubbles. Trade wars are not positive at all for the markets. They are what exacerbated the Great Depression and they should be one of the key triggers of the bursting of the China bubble.
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Here's Who Could Lose the Most in a U.S.-China Trade War
Bloomberg, January 23, 2017
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It's a big day in the Oil Markets as the price of crude slips below the sentiment price of US$50 the list is growing of oil majors who are withdrawing from further investment in Alberta.
Also yields in the bond markets are continuing their rising trend; ie: the cost to finance is rising. |
- MAR 9/17 Lower oil prices have the potential to take down the stock market Market Watch
- MAR 9/17 Energy Credit Risk Soars As Crude Carnage Continues Zero Hedge
- MAR 9/17 U.S. Solar Market Has Record-Breaking Year, Total Market Poised to Triple in Next Five Years SEIA Org
- MAR 9/17 Canadian crude just got a lot more Canadian as another global giant bails on the oilsands Financial Post
- MAR 8/17 World Doubled Its Solar Power Capacity in 2016 Futurism
- FEB 26/17 With Shale Oil Production Like This, Who Needs Trump? Bloomberg
- FEB 22/17 Exxon will leave 3.6-billion barrels of tar sands oil in the ground Environmental Defense
- FEB 14/17 Don't Hold Your Breath For $70 Oil Prices Forbes
- JAN 15/17 Future of the oilsands: the good, the bad and the ugly CBC News
- DEC 14/16 Norwegian giant pulls out of Alberta's oilsands National Observer
- APR 21/16 Kurzweil predicts solar industry dominance in 12 years Electrek
The first bullet point above should concern the Canadian real estate markets. If a stock market correction gets sparked, the combination of rising interest rates and falling equity values should spook the real estate bull. Mortgage term renewals will go up in price and the bank of mom and dad will reconsider the risk of the rising cost of money. Parents, especially retirement aged or close to it, will not be too eager to take on more debt and purchasers of any age will have to consider timing as an investment criteria rather than buying anything with a front door for fear of missing out as is happening in Toronto. Timing is difficult, but lenders would become more insistent on basic risk assessment fundamentals such as the Income Approach to valuation instead of a rubber stamp and a drive-by appraisal.
Sentiment change is an investment killer and in Canada it would not take much to gather momentum as evidenced in my ongoing Federal Direct Investment plot which has been negative for almost 20 years, and which widened dramatically in 2015. Capital flows are net positive going out of Canada because investors want better returns which is why the oil majors are leaving Alberta for less regulatory and lower cost of production environments.
A March 2000 stock market correction event would lend credence to my February 22, 2017 post Need For Speed which posits that a housing correction could unfold in a much shorter time span than what Harry Dent has in mind especially with Trump-O-Nomics in the house.
Al Gore on the Solar Revolution - TED Talk Clip 1.50 min
2 solar home systems sold every minute in Bangladesh
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Dan Loney's February 19, 2017 blog post details an update from Harry Dent about Dent's view on a probable correction low for Vancouver housing prices. I have mashed up Dent's retracement projection with my Plunge-O-Meter fantasy.
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Apparently Dent has increased his retracement target from a 43% to a 64% drop from the highs of last year.
A few months ago I spent three days with world renown economist Harry Dent. We had a conversation regarding the state of Vancouver area real estate. He stated that he expected the real estate market to correct 43% in Vancouver from it’s high. This week his office sent me this chart which shows a projected crash of -64%. (FEB 19, 2017)
For a few years now a variety of analysts have been offering downside targets and depending on their bearish points of view, we have seen a rough correction range of anywhere from 10 to 50%. Obviously no one knows what the final number will be nor the duration of time it will take to unfold.
The classic Fibonacci retracements are 23.6%, 38.2%, 50%, 61.8% and 100%.
But there are just too many interference inputs that could either reinforce or cancel any potential arc of change. The most basic influence I point to is the ability to turn debt into equity. If one is highly leveraged against a real estate holding, it's not a problem as long as there is sufficient cash flow to service the debt. But this can be a very fragile relationship because of the risk from unaccounted inputs that began their historical arcs decades ago (Technology, Emerging Markets, Governance, Demographics etc).
The classic Fibonacci retracements are 23.6%, 38.2%, 50%, 61.8% and 100%.
But there are just too many interference inputs that could either reinforce or cancel any potential arc of change. The most basic influence I point to is the ability to turn debt into equity. If one is highly leveraged against a real estate holding, it's not a problem as long as there is sufficient cash flow to service the debt. But this can be a very fragile relationship because of the risk from unaccounted inputs that began their historical arcs decades ago (Technology, Emerging Markets, Governance, Demographics etc).
The Bank of Canada estimated that more than 20 percent of all insured mortgages were contracted by households that have loan-to-income ratios of more than 450 percent. Hilliard MacBeth for MACLEANS October 12, 2016
As I say, my Plunge-O-Meter is a fantasy model based simply on the current snapshot of how much of the correction has already occurred and if the rate of change continues at the same tempo.
Dent figures the Vancouver bubble began in 2003. I suggest it began in 2005. Dent projects another 14 years (2032) before we reach the price lows; the Plunge-O-Meter currently targets the fall of 2021, or 4.75 years from now. Could it happen? Maybe.
Dent figures the Vancouver bubble began in 2003. I suggest it began in 2005. Dent projects another 14 years (2032) before we reach the price lows; the Plunge-O-Meter currently targets the fall of 2021, or 4.75 years from now. Could it happen? Maybe.
On the price chart in the spring of 2005 there was a 4-6 month plateau period while buyers and sellers twitched like a herd. When the credit spreads narrowed and the yield curve began its journey towards inversion, the commodity stampede began. Plunge-O-Meter
We are on a cusp of change with regards to the yield curve to steepening and credit spreads to widening. (Bob Hoye JAN 27, 2017)
I suggest that there would probably need some very dramatic inputs to change the current sentiment of buyers in Vancouver who, although they have been thinning out according to sales volumes, are still willing to short cash at what appears to be the top of the market that has been in place since July 2016 and a clear divergence from the ebullience of today's Trumpian stock and bond markets.
I think the input drama that changes the Vancouver housing price regime has to come from these very liquid, fast moving stock and bond markets.
Whatever the sentiment shock is, that causes another extreme selloff (Wikipedia list of stock market crashes and bear markets), the need for speed to turn debt into equity will expose the weak hands very quickly, they need to act fast and get ahead of the competition.
Only deep pocketed knife jugglers will prevail until we approach the final lows and then new buyers will be rewarded without any technical market timing analysis. Long before that, we may see a rebirth of interest in the income approach fundamental.
I suggest that there would probably need some very dramatic inputs to change the current sentiment of buyers in Vancouver who, although they have been thinning out according to sales volumes, are still willing to short cash at what appears to be the top of the market that has been in place since July 2016 and a clear divergence from the ebullience of today's Trumpian stock and bond markets.
I think the input drama that changes the Vancouver housing price regime has to come from these very liquid, fast moving stock and bond markets.
Whatever the sentiment shock is, that causes another extreme selloff (Wikipedia list of stock market crashes and bear markets), the need for speed to turn debt into equity will expose the weak hands very quickly, they need to act fast and get ahead of the competition.
Only deep pocketed knife jugglers will prevail until we approach the final lows and then new buyers will be rewarded without any technical market timing analysis. Long before that, we may see a rebirth of interest in the income approach fundamental.
Charles Nenner Interview February 21, 2017
Nenner's historical work suggests the stock market rolls over September 2017 (get out by July) and bottoms in 2020-2021 which dovetails with the Plunge-O-Meter. This is not correlation but we do know from history that the animal spirits can change very suddenly.
Market Crash Recession
by the 5th of November, 2017
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Peter Leeds summarizes the bear argument below. Notice that Peter's comments on U.S. high end Real Estate applies to the detached market in Vancouver right now.
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Yellen Will Raise Rates in March
FEB 15, 2017 BNN Interview of Jim Rickards
March 15, 2017 is the Date to Watch
Everything Will Grind to a Halt
David Stockman FEB 27, 2017
Trumponomics
Moderated by Prof. Sebastian Edwards, a former chief economist of the World Bank; this discussion reveals the surprising insights of UCLA Anderson Forecast economists Prof. Ed Leamer and Prof. Jerry Nickelsburg, FEB 16, 2017
David Frum on Trump
"This is the most phoney baloney administration ever"
The election of Donald Trump could mean a gradual shift in the nature of the American political system. The much vaunted checks and balances might be unable to stop a slide into a new kind of authoritarianism. This is how David Frum, senior editor of The Atlantic and a former speech writer, imagines one of the possible futures that await the U.S. He joins The Agenda to talk about political implications under Donald Trump. Published on Youtube Feb 9, 2017
The Rolling Stones - Doom and Gloom
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"Progress, far from consisting in change, depends on retentiveness. When change is absolute there remains no being to improve and no direction is set for possible improvement; and when experience is not retained, as among savages, infancy is perpetual. Those who cannot remember the past are condemned to repeat it." George Santayana Vol. I, Reason in Common Sense
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