Here we go again.
If you know my work, I have been sounding the alarm regarding a massive bubble in the price of housing for at least a year.
Today it is being reported that new home sales missed the mark big time, plunging nearly 10% in the month of July meanwhile supply is growing.
Along with the massive bubble existing in housing, US consumer debt is at an all time record high and growing-does any of this sound familiar to you?
It should.
During the housing meltdown of 2008 which rocked the global markets, we were in a very similar situation, although the mainstream media will tell you this time is different.
Throughout history every single time there exists a financial or economic bubble the mainstream pundits and frankly those who just don't want to see what's right in front of their faces will tell you "this time is different."
Here is a nice fact for you: it is never different...
Time and time again history has shown that distortions across the financial markets go virtually dismissed by the mainstream media and every single time they end horribly.
Mark my words, housing is in a massive bubble-act accordingly.
Gregory Mannarino @marketreport
