Calling a bottom in the housing market has been an obsession of pundits over the past few years – However, when a renowned bear does so it may make sense to pay attention.
According to the latest version of Grant’s Interest Rate Observer, the US housing market is entering a period of expansion. April housing starts leapt by 20.2%, although existing-home sales declined by 3.3% for the same period. Nonetheless, demand, according to Grant’s, appears to remain robust.
[munger]
Housing demand exceeds supply
Grant’s cities Marvin Shapiro, chief executive of Avanti Properties Group, an investment company that buys development land. Avanti has compounded investors’ funds at an unlevered 12.2% per annum over the past 23 years. According...
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