The Poor are Sharks, Part XXIV

From a new Credit Suisse report on deleveraging:

… between 2002 and 2005 the correlation between [U.S.] zip code level house prices and local incomes actually went negative. That means if in a neighborhood was getting relatively poorer, then house prices were rising. And if it was getting richer, house prices were falling.

Related posts:

  1. Michael Lewis on Subprime: The Poor are Sharks
  2. Please Google, No New Products — Part XXIV
  3. First We Kill All the Economists, Part XXIV
  4. Gold is Under-owned, Part XXIV
  5. The New Venture Rules, Part XXIV: Get Big Cheap