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Hombuilder Sentiment Slips As Buyer Traffic Tumbles
NAHB's confidence indicator dropped modestly, missing expectations (for the 4th time in the last 5 months) by the most since October as prospective buyer traffic tumbled. While the "hope" of realtors remains notably disconnected from the reality of sales (for the 3rd time in 20 years, the 4-month slide in prospective buyer traffic is the largest since Spetember 2010 and has dropped to its weakest since May 2013.
4th miss in last 5 months...
Hope remains but is stalling...
Buyer Traffic is tumbling
Charts: Bloomberg
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Free Tesla with every home bought. But don't blame the builder when car & home burn down at same time due car battery defect. Make sure you have good insurance. Bullish insurance stocks!
Housing collapse 2.0 has already begun.
It has never stopped for the top 20%
Kind of hard to afford a house when mortgage payments require over 100 % of your weekly salary.
Never been a better time to buy.
"Never been a better time to buy."
Never been a better time to buy gold!
FIFY
People are beginning to see a house is a Black Hole where your money is unendingly sucked in and inevitably never comes out.....
Typo: "Hombuilder"
Slumbuilder
the paid talking heads (and other geniuses) on the radio can't stop going on about how there's never been a better time to buy. The minute they come on, I switch off.
Shit's crazy in NoVa even in the winter months and it's been at least 6 years since winter has seen no drop in prices. Prices here have not moved one bit since last May and in many areas continue to go up quick. Guess we stay renters for the time being or move out of the area....if we can get jobs....
Let them live in cake
Now has never been a better time to get bent over in buying an overpriced house.
-NAHB
Oh no, the consumer has gone flacid, what the hell are we gonna do now.
Ask the Fed. They have all the answers.
Miffed;-)
Wait until the full effect of the increased ObamaCare insurance costs hit.
-30-
add that to the 5-6% postal rate increase.....yips!
I don't know about new construction, but existing home sales are doing fine in my area of Socal. We're up 100% from 2009 lows and still a 50% discount from 2006 peak madness. I'm selling and GTFO. I'm also a fine contrarian indicator, so now may really be the time to buy.
I love how posts like this never specify where "my area" is... And as usual the stats are ambiguous. Up 100% from a trough means little if it's down from a year ago or even a few months ago when tracking against interest rates.
I know Housing Crash 2.0 is already in motion by the amount of Housing Trolls/Shills here, on Dr Housing Bubble and elsewhere. The desperation is palatable.
So am I a troll or a shill? Whatever. My area is the IE. If you want my physical address, ask the NSA. Fact is, I bought near the trough in 2010, got my 8000 Obamabucks, and am selling now. at what feels like a peak. First time for everything. My market timing is usually terrible, thus my warning of contrarian indicators.
Most of the housing bulls on DHB were once bears that got tired of waiting for prices to come down. I'm not one of them as I don't post there, but have been reading the blog off and on for a while.
Where I live in southern California we peaked a while back in bubble 2.0 and we are in that period of a rollercoaster where you are about to make that big drop but its going slow because the ass end of the cars have yet to hit the peak.
My area - also home to our "beloved Crazy Joe" (northern DE) - is doing fine. Not skyrocketing, going up a few % here and there. Of course, we are where the execs from the DE banks live...
My outlook is, if a house is reasonably priced AND you plan to stay for a LONG time, then buy. In many cases, it is cheaper than renting on a monthly basis in some areas. Just don't expect it to be "an investment".
I have a farm with a bunch of land for my horses, and I don't plan on selling...ever. They're going to carry me out feet first. If I thought I was going to need to sell in 5 years, however, I'd get out now.