1. Underlying fears revolving around the fiscal cliff and tax cut expiration.
2. Overall market sentiment is sour in the US, which also posted heavy bond sales this week.
3. Also renewed fears about Greece and Spain's commitment to austerity measures.
4. Underlying fears revolving around the fiscal cliff and tax cut expiration.
5. Badly needed technical correction...
Cobalt, there's a housing bubble in Br. Everyone knows that and very few articles even bother to digress (post it if you find it). Bubble heads top tier builders need to read aco's list, wake up, and merge! work under heavily compressed margins and capitulate second tier builders and flippers, as we did here in the US.
GFA is the only one ahead of the curve cutting launches and building a fortress balance sheet for the difficult times to come. And as Barclays points out, GFA through TENDA is the one benefiting from Dilma's popular housing stimulus programs.
Why Brazilian middle class pay/rent those ridiculous amounts $ for a place to live, it's beyond me. It must be a Hamster Wheeler culture thing...I think.