Latest Blog: Yellow Flag - 05/10/2022
Investment Insights are written by Angeles' CIO Michael Rosen
Michael has more than 30 years experience as an institutional portfolio manager, investment strategist, trader and academic.
HOT BIDDINGPublished: 07-27-2015
The housing recovery, from its worst downturn since at least the 1930s, has been steady, but much less robust than most had expected. There are many explanations offered, from mean banks who have tightened lending standards, to over-indebted households who have no capacity to borrow, to a societal shift away from ownership to renting. There’s probably some truth in all of these. But housing is picking up steam, and one of the phenomenon of previous bubbles, bidding wars, may be coming back.
This first graph (courtesy Redfin) shows the percentage of homes nationally selling above their asking prices: 23% last month, up 2% from a year ago, although still below the 27.4% peak reached two years ago.
The hottest markets are in the West (see below). In the Bay Area, a staggering 75% of homes are selling above asking price!
There are other data supporting a pick-up in housing activity. Building permits and existing home sales are both at their highest levels in 8 years. I don’t see these as bubble levels because we are coming off a low base. So, for now, I take these data as signs of a strengthening housing market.PRINT THIS ARTICLE
Don't Blame Nature 05-22-2015
Commodity prices rise and fall; no great insight there. Which is why most of us, mostly, take the fluctuations in ...READ MORE
Shock, Part 4 (Divided We Are) 12-21-2016
We began this series with a review of the likely economic policies and their implications of the new Trump ...READ MORE
Say "inversion" to a Californian, and the most likely word association is "layer." It's our topography ...READ MORE
We strive build portfolios of best-in-class investment managers across all asset classes. If you would like to be considered for our portfolios, please contact us using our manager inquiries form.
- MANAGER INQUIRIES
SUBSCRIBE TO ANGELES' INSIGHTS
Get the latest investment information and stay on top of market trends.
How Can We Help You?Institutional Investors
Fully resourced investment office built to manage sophisticated client investment programsPrivate Wealth
Personalized discretionary portfolio and wealth management services powered by institutional processInvestment Management
Rigorous process and a flexible platform designed to meet client needsArticles & Insights
Latest insights and perspectives from the Angeles teamContact Us
Get in touch