Jul

14

A few statistics and anecdotal evidence from the Aloha State. Tourism is down 15%. Japanese tourism is down significantly and mainland tourism down as well. Construction is down 46%. Appraisals on real estate are coming in lower; escrow closings are down; for sale signs are proliferating. Failed escrows are up. Prices are starting to approach mortgage balances requiring pay to close scenarios reminiscent of the last real estate cycle in the mid 90s.

At dinner last night at Jameson's, a nice restaurant by the sea serving plainly prepared, but cooked just-right fish and vegetables, the waiter must have overheard my trading musings and weekly stories and chimed in about how the market was up so big yesterday. I said to my wife, "Hmm, that's interesting." I remember early 2000 when I saw our waitress from dinner the next day at the broker buying all in on tech stocks. I don't know what the TV and all is saying about the recent highs in stocks, but it must be becoming a popular meme at recent all-time highs.


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