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As a resident of the fair city of Palo Alto, California, I have watched with a combination of bemusement and dismay as real estate prices have, over the past three years, reversed course. Mostly, however, I feel a sense of relief that we still have proof that trees do not, as the saying goes, grow to the sky. Although in the case of stocks, such as AAPL below, this has yet to be demonstrated.
One day does not a trend make, but I wanted to share that the home construction fund, symbol ITB, has a bearish engulfing pattern today.
Just since last year, I have lost over $2 million in the value of my house, and in a twisted way, I’m delighted. It’s nice to see some of the bug-eyed insanity start to break. Below we see the valuation drop from $8.3 million to as low as $6 million a few months ago. It’s about $6.5 million now. A moment of silence, please, for all the families that bought last year.
One sector has been unabashedly (and surprisingly) strong for the entirety of 2019: home-builders. Check these two funds out:
Allow me a brief personal lamentation. A few blocks from my home is one of the prettiest places in Palo Alto;
