October 25, 2021

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Markets

With BofA predicting that the US is facing a period of "transitory hyperinflation" as a result of soaring commodity prices in everything from metals to food...

.... and beyond, in what increasingly more warn is a stagflationary burst right out of the 1970s playbook...

... it makes sense that home prices are also surging thanks to trillions in stimmy checks, near-record low mortgage rates and an exodus away from cities, and as we noted two weeks ago that's precisely what they are doing, with Redfin reporting an 18% jump in median home sale prices to an all time high...

... as a record 58% of all houses sell within two weeks of listing, of which 45% sell for more than their listing price, also a record.

Amid this...

blur candles

Authored by Charles Hugh Smith via OfTwoMinds blog,

Inequality is America's Monster Id, and we're continuing to fuel its future rampage daily.

What's changed and what hasn't in the past...

COVID has created a situation where millions of people are quarantined at home.  Some are under lockdown rules, others have been laid off; and some have decided it’s just better to stay at...

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