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Recovery Hopes Surge On Record New Home Sales
...Just the wrong kind of record. At just 250,000, this was the lowest annualized new home sales number ever. So on one hand you have a TV clown tell you the housing market bottomed in August 2008, on the other you have a pathological tax cheat Welcoming all to the Recovery, and on the mutated third hand (thank you Fukushima), reality continues to indicate that the biggest depression in history persists without abating.
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Glenn Beck just plugged ZH :)
Interesting, do tell. Is there a link to the plug?
It was on his radio program. Actually called Tyler out to have a conversation with him.
Will there be weeping involved?
LOL, thats funny. I just like the fact ZH getting notice.
I heard his sidekicks bashing ZH a couple days ago on the radio... They seemed to think the "On a long enough timeline the survival rate for everyone drops to zero" was the funniest quote they had ever heard... Retards.
they can f'k themselves, worthless p.o.s's. Only thing worse than someone that listens to glenn beck is a hard-core liberal...I hate all politicians and media pundits at this point. ZH is the only place I feel at home...
Does that mean Tyler believes in the anti-Christ?
Go Tyler & ZH! :)
no thanks, we don't need his kind 'round here...
I think that is the signal for ZH to post a bold disclaimer. Something along the lines of: "While we may be endorsed by a madman, we are in no way affiliated with him or entirely mad ourselves"
Just in case.
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But according to the BLS construction jobs just keep increasing! That can only mean that productivity is falling.
DRV up 4.9% today
One of the CNBC hosts felt compelled to "wonder if" this low number was "due to" or "explained by" some one-time factor. I love how they do that when they don't like the number, but never "contextualize" or "dig deep" when there is any positive number.
Yes, we hate you, CNBC, and when Kudlow expressed his enthusiasm with the earthquake damaging people, the "useless eaters", more than the economy, we knew why. Forever. I watched that clip on the internet--his co-hosts didn't even blink, like "what did you say on the air just now?"--which confirms either their complicity or their blondness.
Kudlow knows we can fix any problem in the world by "lowering taxes on the rich". His entire program segments are a setup for his trademark punchline, "lowering taxes on the rich." He's the Henny Youngman of Economists and talking heads.
"take my taxes, please.....take my taxes"
Thanks Tyler. I fell for the headline.
10/10
Boy does Bloomberg look ridiculous this morning, they had a news line scrolling last night around midnight that "New Home Sales Probably Rose in February". Even when I saw it, I was laughing. Now I'm laughing at them even more.
MSM is a joke, the FED is a joke, this ponzi market is a JOKE ~!
Anyone long stocks praying for the FED to bail them out of the bagholding, deserves to lose every penny.
I just don't understand how the MSM can be so freakin stupid. Most of what is going on, I understand fairly well. The housing problem seems really obvious to me. Recovery is a long way away, if it ever happens. In reality, where the market is now, may well be where it should be anyway. The housing bubble was artificial, so maybe what we are seeing now is reality. I wish the Bernank would pull his head out of his ass long enough to breathe some clean air. Maybe that would make him not so dumb.
http://common-cents-economics.blogspot.com/2011/03/record-low-new-home-sales.html
then why the need for the money printing and ZIRP?
The American people are already broke!
How many more generations of wealth does the FED need to destroy before they admit they have failed?
As long as you continue to refer to the MSM and Bernanke as "dumb", you're contributing to the problem. There's no dumb involved.
Just a thought
What are the chances that the .gov would step in and buy up all of the toxic MBS. then convert the properties into public housing?
the ultimate in redistribution.
I'm on foodstamps, living in a subsidized Mcmansion right down the street from Eric Schmidt. Guess who I'm voting for next election!!
The Donald ?
Buy the dip.
Looking at the chart, it's possible that new home sales will remain in the doldrums for the next 2 to 3 years, then begin a slow recovery as the inventory decreases. However, there is the reality of boomers downsizing for the next 15 years so the new home construction industry will be in the toilet for years to come. Now home renovation is a different story.
Not only will boomers downsize, but a lot of them will move back in with their kids or team up with friends because they can't afford to live on their own. In other words, I expect the average number of people living in a house to increase due to financial stress, which would further depress home sales.
The MSM - ha, what a joke - when I started at CNN some 28 years ago, and walked into the newsroom, I expected some Walter Cronkite types, etc. - there were kids just out of college taking UPI, AP, and Reuter feeds and re-writing them to video clips. It's main stream because it's mainly garbage...
Franklin County Florida has a 51% vacancy rate, while some prefectures in Japan should have a 100% vacancy rate. I'm just sayin'...
When will these homebuilders start filing for bankruptcy or consolidate. We do not need all these turds.
I have been in the mortgage profession now for 12 years, it is almost impossible to get financing and Fannie and FHA are gauging borrowers. Did you know that Fannie Maefor example is charging an additional 1.75% fee for a buyer with a 699 credit score even with 20% down payment compared to a buyer with a 740 credit score..that is $7,000 extra..are you fucking kidding me? Everyday we are left in complete shock with the requests that are coming from these underwriters and banks..we are very very far from the bottom because quite frankly there is not enough people out there to buy these homes. The housing market is completey fucked!
No offence, but I'm just curious if it's hard for you to use "Mortgage" and "Profession" together in the same sentence?
the banks are taking their time with loan origination papers. No mistakes are allowed. This also slows down loan origination. Standards are super strict now. If these tight standards remain we have a lot further down to go in housing.
You don't say - I monitor my credit score monthly (why I care, I don't know) and I was surprised to see my score suddenly dropped from 740 to 699 for no obvious reason with no know change to my report as far as I can tell.
The above loan example was just on a conventional loan amount of $400k!
Bullish. No new homes on market means existing home sales will dramatically increase and begin to eat into excess inventory. Things couldn't be better. Market took off like a rocket ship on this outstanding news. Un-fuckushima-believable.
As I often like to say, You cannot make this shit up!
Market took off like a rocket because this makes QE3 a virtual certainty.
all this faked 'data' is nothing but fog for the 'investors'. The real facts are obvious: There is no functioning capital markets nowhere. All u have to guess is, when the printing machines from the bernank or the manipulating behaviour (flash crash) of the 'master of the universe' happen. Good luck :)
Now Tyler, some soemone's could afford to buy a new home which means that everyone can and the economy is recovering!
Nevermind that the 250,000 buying new homes all work for banks, big pharma, insurance companies, or the FED; happy days are here again!
I would place a large bet that 10% of all home sales were made to government employees or private sector employees in the 'defense sector.'
Max Cynical, it is much better than performing blow jobs on goats for a living! I hear you were caught in Barney Franks barn last night!
These numbers are a lot worse because they're not indexed to population growth. The absolute number has cratered, but this is with a nearly doubling of the population over the same period.
If new home sales stay depressed for about two years like this we may be able to get rid of excess inventory fairly quickly as demographics continue to catch up with housing supply.
Does this include the usual "error" or "miscalculation"????? So tomorrow it'll be revised to...say 10 new home sales....when excluding the straw buyers, "free" cars thrown in, etc....
Tyler: Amerika loves the Clown. From Bozo to Cramer... Amerika loves the clown suit, wild meth-ed out hair and crankster motor mouth...
The Clown is as All-Amerikan as ZH...
Record lows are of no importance when falling in a bottomless pit
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