2011 New Home Sales Fall To Record Low, Median New Home Price At Lowest Since October 2010
Looks like the earlier analysis that the US is slowly morphing into a second Japan just got even more confirmation. According to the Census Bureau (not NAR data, which we will hence ignore completely due to its consistent bias, error and overall worthlessness) December New Home Sales declined from 321K to a seasonally adjusted annualized rate of 307K in December, on expectations of a rise to 321K from last month's revised 315K. On a non-seasonally adjusted basis the US sold a whopping 21K homes, the lowest since January 2011, and on par with the lowest on record. What is more troubling is that according to Bloomberg, the 2011 number of 302K sales is the lowest on record. Of these 21K, 5K were not even started. So much for that housing recovery. And also confirming that there is not even a glimmer of hope for the US housing market is that the Median Price for new homes just dropped from $215,700 to $210,300, which is the lowest median price since October 2010. The chart below of pricing trends indicates all that is needed to know which way the housing market is going.
And the same since 1963:
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Japan had what... 10y+ of home sales/prices going down? America is what, barely 6 years in? Lots of room left.
In other news, will ZH cover this?
Obama Is on the Brink of a Settlement With the Big Banks—and Progressives Are Furious
http://www.thenation.com/blog/165806/obama-brink-settlement-big-banks-an...
For months, a massive federal settlement with big Wall Street banks over their role in the mortgage crisis has been in the offing. The rumored details have always given progressives heartburn: civil immunity, no investigations, inadequate help for homeowners and a small penalty for the banks.
20 years an counting.
come to papa, bitchez
house prices' rise can only be supported by ponzi debt growth leading to rising incomes. We don't have that in the USA
CNBS would disagree with you, as would the idiot sheeple that watched Obuma's SOTU and actually believed anything that came out of the Comrade's mouth.
even black people didn't watch. Not that they really tune into news anyway.
I mean, who even watches network TV anymore? Cable shows like Pawn and Gold are beating big 4 network offerings both in timeslot and for the evening. Network is so cliche and formula that it's getting killed.
If Gold Rush or Pawn Stars were on network, you know there would be one black person in each group. And at least one chick. One thing I marvel at besides the lack of diversity in banking or media is the lack of diversity in people actually working doing something.
do you get withdrawals if you go three comments without insulting blacks?
Only if he can't insult silver investors first.
He must be on heavy meds. He left out the Joos this time.
My son just graduated university....and he has few job opportunites....... of he were black and had same GPA and resume and ATTITUDE he could name his employer. Most blacks don't try too hard and anything but sports (and even there they are bluffers if they lack the skills).
Here's hoping your son's language skills are better than yours.
I didn't proofread......so your only complaint is my grammar ....I guess you agree with the message then. Internet pussies attack grammar and typos when they can't attack the the actual post. (I thought ZH weeded out internet pussies).
I don't agree with afffirmative action, but considering blacks have a higher unemployment rate than whites, I really don't think they are getting all of the jobs like you sumise.
I agree Lennon....but everytime I meet a qualified black i do a double take. Blacks have the ability .... its their culture and upbringing holding them back.
I do agree with your right to speak your mind here.
And I agree, but I can say there are segments of white culture that is the same. Poor whites are also not qualified many times due to their culture.
And I think it is fair to point out how the government went after blacks when they began to build a solid framework for their culture. The Black Panthers were highly militant, and many of them were likely racist against whites, but they were bringing strength to their culture by educating themselves, and working together. It was the most dangerous anti-establishment movement ever, perhaps, because it was not front run by the CIA like the Women's movement. The government had no control over the Panthers and this scared the system. So they went in and murdered the leaders. And black culture fell apart.
Once again, I do not know enough about the Panthers to say if I think the individuals in the movement were good people, but I do know that the movement was anti-establishment like none other except the American Revolution, and I respect a movement like that tremendously.
I totally agree. The Black Panthers had my total respect. But then the media and government came in and tried to make it all better for the blacks....and that set their mindset back. Digging in and having a goal (like the Black Panthers) is what life is all about..........hoping aimlessly that government is going to 'bail you out' is what makes people soft. So by targeting blacks with extra backstops, we are actually doing them a huge disservice.
Gee, I just described wall street. Backstopping them just makes them weaker. In the long run...wall street will fail, because only the fittest survive.
In repsonse to myself......because wall street is tied directly to politicos (if not same set of peoples) the backstopping will not stop until they commit financial suicide or create war. Racially some groups get soft by extra backstopping, but with wall streeters i fear its an all or nothing game. If the wall streeters aren't kept hole, they will have the politicos destroy the game. Thats taking this game to a whole new level.
idea for making money
wb7 might want to take a shot at this...... the game of LIFE-Wall street /political correctness edition. has parker brothers patent expired on that game?
wb7 --- what do you think?
once again, just because you want to use Aaron Russo & Rush Limbaugh as reference points doesn't make their narratives truth,
if you want to make arguments, argue specifics - the CIA & Rockefeller money may have been behind Gloria Steinem and Ms. magazine - but the "women's movement" predates both the CIA AND Steinem, globally, and is NOT US-centric.
you guys who continually repeat this meme make your understanding of history & politics look very scripted and shallow, just saying.
http://en.wikipedia.org/wiki/Women%27s_Movement EZ Wiki-lite version
angry menz site with your "news" article:
http://www.newmenstime.com/index170.html
and don't forget, when fighting women
http://www.newmenstime.com/index1048.html
Lol...dude, you do a doubletake precisely because of how rare it is.
Culture comes from within people. Stupid is as stupid does.
Keep dreaming about how everyone is equal...it's total bullshit but it makes for a nice fairy tale. Competencies are not evenly distributed within races or between them.
Genetics make it a foregone conclusion that some random lottery hit beautiful child CAN come from ugly ass parents. A genius CAN come from two morons. It's just not very *likely*.
It is much MORE likely that a smart set of parents will have smart kids. Dumb cretinous parents will tend to have children like them. Notice: TEND. It is not an absolute, just statistically high odds.
It is far more LIKELY to encounter an asian with an IQ over 100 than a black. Blacks at 100 are 1 sigma to the right of mean, making them 84th percentile within their group (but only average in the larger population). It's estimated that to do well in college, an IQ around say 115 is needed, maybe 120. For a black that places them at the 97th percentile, but for a white, only 84th. It's just going to be a LOT more frequent to encounter the latter than the former as a function of basic statistics.
You should not expect people with an average IQ of 85 to have a culture of learning, art, technology, civilization, classical music and all of that shit that is the province of the intelligent. People with those types of attributes have lowbrow cultures, featuring lots of base urges and impulse gratification. Given the high hereditability of IQ, you should not expect to see a lot of kids come out of that group who are materially different. SURE, a few will be, but they will be exception cases, a few percent here and there. Even the 97th percentile black is just an average college student when compared to far more common east asians and whites at that score.
Thanks trav......i was drinking the juice a bit and trying to sympathize with the masses. Good post.
trav,
horse racing proves your post
genetics is a HUGE factor......but if government got involved in horse racing they would require 50% of the horses that race come from glue factory ......and after they interbred for generations, the whole bloodline would be inferior
there are powerful groups who believe in maintaining their own clan identity and who daily practice ethnic nepotism (aka discriminatory racism) but who found and fund organizations to effectively do this, encourage the dilution of others' bloodlines, promoting reproduction with low quality DNA.
You can tick down through significant positions in media, "civil rights," Congress, banking...they all push for this.
If you think I'm BSing, review what Treasury Secretary Bob Rubin said regarding his initial meeting with the new Defense Secretary Cohen. They had never met before. You might also review the curious intersections between marxism and global communism movements and organizations like the NAACP.
That's a given...a constant.
What we need to figure out is which of his little friends (multiple personalities) came out to play today: trav the attorney, trav the nuclear scientist/engineer, trav the IT expert?
Three and counting...unless I've missed one or more.
Blacks are FINALLY making real strides. There are actually a few good NFL black quarterbacks.
A quarterback is a true test of racial superiority.
WTF....
Cunningham was playing in the '80s, and you say finally? It's 2012, there are many good black QBs.
Lennon , there are 30 teams with 50% blacks on their rosters. And still 80-90% white quarterbacks. Randall Cunningham was a pioneer. Lennon. you aren't too smart, are you? Or maybe you don't follow football.
Uh...you want to talk football? Been a die hard niners fan since '87, and I follow the game, college and pro. Sport is my vice. I would have played the game more than one year in HS but I was built for baseball and basketball, and the football team sucked anyway.
The whole blak QB thing is a little silly. Who are the best QBs of the past decade? Farve, Brady, Peyton, Rodgers...Vick, McNabb....who cares if a team has an average QB (which is most of them). Right now the cream of the crop is split between black and white. If Jamarcus could sleep he would have likely been making a push to the top like Big Ben.
I mean, you want a law of averages but these guys are Palmer, Romo, etc. They are talented but won as much as Garrard. Sure, the majority is white, but focus on the cream and it is close to being split.
And while we are at it, what about Defensive Captains? Being the leader of the defense takes as much knowledge about the game as the QB, and I am sure that is a nice split black and white when it comes to talent on the field.
My little league field was the forty niners headquarters in Redwood City, CA on Nevada Steet. My brother was their ballboy (although he was too young to go to games). He got $1/day for shagging footballs and handing out towels. My dad played in the NBA(rochester royals) for 7-8 years (Calhoun) and out of us 5 brothers ...4 of us played some college sports....my oldest and shortest brother playing one year on scholarship at UCLA with Wooden, before getting cut. Luckily for my dad there were limited black players in NBA in 1948 so he benefited from discrimination by being a good enough white guy to be a starter....otherwise he would have battled for a bench spot.
I was born in the Bay. Went to hundreds of A's games growing up, and a few Niners games. I pitched until HS when I switched to LF. I had to learn to hit then because I never developed any pitch besides a changeup.
My Uncle was on the AZ basketball National Championship team in the '70s. And another Uncle played minor league for the Royals for a few years. Both had injuries before they could make it into the big leagues.
I love the games, but I do pay less attention now that I have become disgusted with how much everyone still cares about it, considering the bigger issues. I watch for sport, but I am no longer emotionally involved.
Guess you guys don't remember Warren Moon, I saw him play in the Rose Bowl in the 70's.
Thank goodness your dad benefitted from discrimination, sounds familiar, but I'm sure he didn't complain
yes.....racially equality is fast closing in.............keep the government/media focused on backstopping wall street and let nature take its course and achieve the equality.
we have a lot of pretty sad whites these days..............newt gingrich? alan greenspan? ------ maybe whites are becoming inferior
the cream of the crop is split between B&W at QB??!
No. The cream is white.
Who is crying for the hispanic and asian QBs?
There is no split...stop dreaming. Blacks TEND to be faster. The top 100 times in the 100m are all black. Period. Higher proportion of fast twitch muscles. Plyometric leap force curves can spot a black person and a white person by the shape of the impulse.
YES, there are exceptional whites like Welker and Jordy and others who can achieve at this level. They are just RARE, like blacks who can compete with asians in math. Whites tend to swim and throw better. There are real physiological differences between the races that lead to these discrepancies in average abilities and the distribution of exceptional ones.
jeff garcia (49ers) hispanic ?
asian qb ---- lmfao
Add Jason Sehorn to the exceptional list, while you're at it.
A starting black quarterback didn't appear until the 70's, you don't think the lingering effects of discrimination has something to do with the number of quarterbacks today?
Putting Vick and Mcnabb in that company shows you don't know shit about football.
Warren Moon, Doug Williams, Culpepper, etc.
i likes that a lot. that's lots of fun. what a shame, but that's what we've got. and - if you make millions and spend it on letting your friends kill dogs brutally - and do time - you can be a quarterback too.
and this is what our children get to look up to.
Vick is a better quaterback since he went to prison. Probably because he realized life is mental as well as physical. And I'll bet he studies his playbook now and watches more film.
he sucked this year, wtf are you talkin about?
black fkin QBs lol...the great black hope
i was trying to drink the kool-aid
the black qb's tend to use their running/scrambling skills to offset the superiority of white qb's making the better passing decisions
there are measurable differences in the average speed of thought between these two races. Also, whites tend to throw better due to skeletal geometry and upper body muscle proportion.
I am just CELEBRATING the diversity by pointing these things out. If we're all the same, and race is just a "social construct," then there is no diversity.
Warran Moon says "Hi".
Although he did smack his old lady around a bit. Maybe he had already told her once?
Its not the blacks he hates......its that the government and media has chosen that race to get special treatment. I wish I were born black....i'd have an easier career path and get a lot more pussy.
if you really look at demographics and the race representation in the media, it's skewed in favor of some groups. was that politically correct enough for you? it amazes me how 'in your face' the tv is and who is 'in your face'. that said - it's probably better because the group as a whole thinks they have some chance at '15 minutes' and therefore less like to burn their own homes down ala the 70's - 80's. but i wouldn't hold out that chance for much longer.
who runs the media and who founded, funded, and ran the race advocacy groups like SPLC and NAACP? They hold the same opinions on things.
Who invented the WORD "racism"? Like I said, there are some connections here that you have to willfully ignore not to see.
Where is it proven that minorities have an easier career path?
Yeah networks and MSM in general is a dying industry...Which is precisely why TPTB are so hell bent on destroying alternative media via bills like SOPA, PIPA, and ACTA.
They need to have as much control as possible. Difficult to control the masses without propaganda.
but old people still watch network news. That's where they get told what drug (laden with side effects and no proven benefits) to get Medicare to buy for them.
They love that free motorized wheelchair.
Old people are what is wrong with this nation because they think they deserve their fiat pensions. Well them and Boomers because Boomers feel they deserve retirement. And gen Xers because they deserve jobs. And the new gen because they deserve to play video games all day....shit, everyone is at fault, huh?
As a Boomer, I feel compelled to point out that.....shit, spilled my pills on the floor.
4 million yet to be forclosed on and another 2 million in the wings.
5 year TIPS is > -1% and NOW 10 year TIPS has negative yield.
I rest my case.
So you mean 5 year TIPS is < -1%? Or is it > -1% and < 0%?
Just trying to clarify
5 year yield had gone from minus 1/2 % + the government reported rate of inflation to minus 1% + reported core inflation.
So buying a 5 year TIPS you LOSE 1% + any amount the core rate of inflation is understated. Treasuries all have REAL negative yields because FDIC limits are 250K and where else can microsoft (for example) park its cash with backing of the USA government, because there is NO WAY they would invest that cash BEFORE the pending collapse of the ponzi.
UNFORTUNATELY....THIS IS JUST THE BEGINNING OF MORE BAD NEWS TO COME IN THE HOUSING MARKET
I hate to be so darn pessimistic, but things don't look good for suburbia. For those who think that the NEW WORLD ORDER has a grand conspiracy to destroy the markets and buy everything for pennies on the dollar... need not worry.
The Peaking of global oil supply, the Falling EROI and the Loss from the Land Export Model will destory globalization which is the fuel that allows the NEW WORLD ORDER to survive. Without cheap and available energy, globalization dries up and blows away-- with it the notion of the NEW WORLD ORDER.
I listen to interviews of high ranking folks in the financial industry who are bragging that their company is buying huge lots of real estate from say Florida or etc at much reduced rates. All I can say is...STUPID IS.. STUPID DOES. All that real estate that they are buying becomes increasingly worthless as the energy situation worsens. This is the biggest frustration I have when I watch these clowns on TV.
Again, I don't mean to be so damn negative, but I have to call it like I see it. I just wish more people would see it as it is so we can make some sort of transition to more local economies when we have the time before it is too late.
Of course the 'New World Order' will fail, it's a poorly thought out James Bond villain plan at best....however that does not mean they wont kill billions of people attempting it.
No change in the status quo will occur voluntarily - I think that's pretty clear at this point. I think you're right, but I think this situation might have generations to play out. The "Blessed American Way of Life" will continue for a smaller slice of the population; right now I think the "middle class" is about the top 20% to 25% (most in America like to think they are middle class). The bottom dwellers will continually lose ground, but the facade of normallcy will be maintained. Those in the bottom will always be led to believe that if they just become competitive, their God given right to consumption and material wealth will be realized.
The shadow inventory is upwards of 10-15 million. The housing market is worse than ever before. Yet people still think their equity is on average $210k. People haven't got a clue what is coming....like Indians on the shore....
Agreed. We're in an early inning.
Michael Olenick: 9.8 Million Shadow Inventory Says Housing Market is a Long Way From the Bottom“Shadow inventory,” the number of homes that are either in foreclosure or are likely to end up in foreclosure, creates substantial but hidden pressure on housing prices and potential losses to banks and investors. This is a critical figure for policymakers and financial services industry executives, since if the number is manageable, that means waiting for the market to digest the overhang might not be such a terrible option. But if shadow inventory is large, housing prices have a good bit further to go before they hit bottom, which has dire consequences for communities, homeowners, and the broader economy."
http://bit.ly/yGMKaL
9.8 milliom shadow inventory is what I read too.
You weren't listneing -
AMERICA IS BACK!
Braack the Magic Kenyan @ SOTU rally.
did that clown actually say that?
Of course he did. It was on the Telepromptor.
"There's never been a better time to build..."
I believe the phrase is also the slogan-for-life of the National Association of Home Builders.
"That's a perty house."
-Ben Bernanke
a lot of these properties have decent value as meth house farms.
Of course, and you need new houses somewhere where dogs barking with their asses, where you have to spend few hundreds for gas to get to 8$ job and pay hundreds in mortgage and utilities and the rest you charge on your CC because better times are coming.
Affirmative action thinking at work for America.
Barack Hussein Obama is president of ' UNITED STATES OF AMERICA" he is not the president of the "United States of America " upper case is the corperation lower case is the real America . Big difference, please .
and the nekkei peaked at 39K ........so much for the parallel (for now)
So now ObaMao is also the Chief Judge and Top Cop of the country too?
Now i can see why the Bernank is keeping interest rates at zero thru 2014 and probably even longer.
without criminal intent - nice!
so the beat gets quiet, muffled in bravado,... hooray!
All that government stimulus sure did wonders.
Cardboard boxes, bullish for paper mills
All that matters is CNBS mentioning the record Dow number every 3 minutes. Self fulfilling BS at this point.
Hell yea! We've almost got the stocks back to all-time bubble top record highs again from the housing rush euphoria days....nevermind the housing situation sucks I guess now we're onto the 'free money' bubble craze! As long as stocks are green, thats all that matters.
Housing rush euphoria still alive and well...at NAR, and on shares of Home Depot. Just check that stupid chart! The criminal syndicate known as Wall Street is surely going to tee off on that one.
NAR is such a joke, realtors pay dues to be a 'NAR realtor' and every NAR ad for many years is just the same 'NOW is the best time EVER to buy a home! Contact a local NAR realtor today!'
'Pending sales' are counted even if a broker gets a wrong number call...all BS.
But but but.....all the pundits are pumping homebuilder stocks; and they are never wrong; right?
Suckers rally, watch for entry to fade it.
Looks like the condo my buddy thinks is a really good investment opportunity still has much further to go before "on sale" is really meaningful.
Of course he won't read or watch an ounce of data I gave him.
Hope that new liability makes you feel good ...moron.
My brother is looking to buy a town house because "Prices can't keep falling forever."
People gotta get burned to learn.
I say use the money you'd spend on a mortgage, homeowners insurance, etc. and buy guns, ammo, and bullion.
If you are not paying a mortgage, you are paying someone rent.
if you are paying a mortgage, you are also paying rent.
just try not to pay the taxes and see how long you can hold onto that house.