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."
