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Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye U.S. Macro analyst Christian Drake. Click here to learn more.

"... A couple weeks ago, I highlighted a Treasury Department initiative aimed at tracking high end real estate transactions in Miami and Manhattan in an attempt to crackdown on money laundering in the ultra high-end real estate markets.  

 

With foreign demand having an outsized impact on prices in select markets and nearly 50% of foreign buyers purchasing properties over $5mn doing so through shell company LLCs, someone thought illegal activity was getting a little too frothy."

CHART OF THE DAY | Housing: Behind The Treasury's Shell Company Crackdown - 7 28 16 CoD2