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Pending Home Sales See Biggest Collapse Since May 2010: Weather, Affordability Blamed

Tyler Durden's picture





 

Pending Home Sales collapsed 8.7% month-over-month - the worst since May 2010 - missing by the most in over 3 years. This is a 6.1% drop YoY. Sellside consensus (-0.3%) was unaware of the horrible weather in December until 13 minutes ago. Of course, analysts could never have guessed that weather could have an impact (and ths reduce their expectations) but NAR's Larry Yun notes "unusually disruptive weather" prevented buyers from looking. However, he goes on to add that "Home prices rising faster than income is also giving pause to some potential buyers." This unusually honest line from the realtor mouthpiece is notable.

 

Oops...

 

But blaming this "miss" on weather means that analyst forecasting this number have no idea.

Isn't it odd that everyone blames the weather, but apparently when they were forecasting consensus they DIDN'T KNOW what the weather would be? (while it had already been!!)

 

Joe Lavorgna forecast +0.5% was not the worst but a 7-sigma miss of consensus is extreme!!!

 

Larry Yun explains what they missed

Lawrence Yun , NAR chief economist, said several factors are working against buyers. “Unusually disruptive weather across large stretches of the country in December forced people indoors and prevented some buyers from looking at homes or making offers,” he said. “Home prices rising faster than income is also giving pause to some potential buyers, while at the same time a lack of inventory means insufficient choice. Although it could take several months for us to get a clearer read on market momentum, job growth and pent-up demand are positive factors.”

 


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Thu, 01/30/2014 - 11:12 | Link to Comment Max Damage
Max Damage's picture

They need to change pending home sales after that crap number. Change it to pending room sales? They change how to measure everything else. Should increace the stats by a factor of 10 using rooms, and then they can ramp away on such awesome growth figures

Thu, 01/30/2014 - 11:32 | Link to Comment WarriorClass
WarriorClass's picture

But shouldn't the existing inventory of empty houses result in a lower price?

http://americandictators.blogspot.com/2014/01/economic-studies-even-you-...

Thu, 01/30/2014 - 11:36 | Link to Comment derek_vineyard
derek_vineyard's picture

pretty much everyone is now 'all in' with O's economic recovery.   no more fish to reel in so time to legislate more recovery.

Thu, 01/30/2014 - 11:42 | Link to Comment ndotken
ndotken's picture

When weather is bad, it keeps buyers from shopping ... when weather is good, buyers have better things to do than shop for a home ... realtors just can't seem to catch a fucking break   /sarc

Thu, 01/30/2014 - 11:49 | Link to Comment 101 years and c...
101 years and counting's picture

the weather was normal winter weather in Dec.  they try to use weather since it is fresh in our minds of how bad the CURRENT weather is.  complete joke.

Thu, 01/30/2014 - 14:09 | Link to Comment dontgoforit
dontgoforit's picture

In the realm of the funny cynic, this ain't half bad......ain't half good either.

Thu, 01/30/2014 - 11:52 | Link to Comment zaphod42
zaphod42's picture

"But shouldn't the existing inventory of empty houses result in a lower price?"

Only now, at the end, do you understand the true power of the dark side of Free Market Capitalism.

Craig

edit:  and realize the anatomical position of the 'unseen hand' and what it it is up to.

Thu, 01/30/2014 - 13:50 | Link to Comment Blankenstein
Blankenstein's picture

 

"dark side of Free Market Capitalism."

You mean like QE1 - QE3, bank bailouts, the twist, etc. ?

Thu, 01/30/2014 - 11:33 | Link to Comment The Vineyard
The Vineyard's picture

This real estate market isn't too bad--all things considered.  When they lift interest rates, that's when you'll see everything shit the bed.  But who knows when that will happen.

Thu, 01/30/2014 - 12:31 | Link to Comment NotApplicable
NotApplicable's picture

I was looking at the local small town county seat newspaper RE ads last night and noted most of them had a big "REDUCED" label on them.

Thu, 01/30/2014 - 11:12 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

What should we do today honey?  Buy a house?

Nah, too cold.

OK then, let's watch a movie.  In fact I think the Godfather is on.

Thu, 01/30/2014 - 11:26 | Link to Comment G.O.O.D
G.O.O.D's picture

No darlin, lets watch gold get fvkin moneyhammered again today

Thu, 01/30/2014 - 12:16 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

We did that last week.  Wait a second, Groundhog Day is on.  Let's watch that again.  I love the part when he wakes up and it's the same day repeating.  I can watch it again and again.

Thu, 01/30/2014 - 12:51 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

We did that last week.  Wait a second, Groundhog Day is on.  Let's watch that again.  I love the part when he wakes up and it's the same day repeating.  I can watch it again and again.

Thu, 01/30/2014 - 11:28 | Link to Comment Millivanilli
Millivanilli's picture

Honey, our wages our stagnant or falling and you are at risk of layoff.  We'll never be able to pay our student loans let alone "buy" a house with rising prices.   Sighs...

Thu, 01/30/2014 - 12:01 | Link to Comment 101 years and c...
101 years and counting's picture

maybe we should look at obama's plan to further rape us by opening a myRA. 

Thu, 01/30/2014 - 11:38 | Link to Comment zaphod42
zaphod42's picture

W:  "What should we do today honey? Buy a house?"

H:  Yeah.  Let's sell our house and buy a much large McMansion. 

[[6 months later]]

W:  No one is buying our house.  Why not?

H:  I hear the only homes being purchased are ones in "pre-foreclosure."  And those are being purchased for cash, at about 60 cents on the dollar.  And we can't afford to take a loss and still buy a new home.  Plus, no one who doesn't 'own' a home has enough cash saved for a down payment to qualify.  They cannot save - hell, they can't even stay current with their rent.

W:  ::sighs::  I guess we're screwed, huh?

[[scene fades as lights go out]]

Craig

Thu, 01/30/2014 - 11:50 | Link to Comment ChanceIs
ChanceIs's picture

I know that I am way out there past six sigma in my thinking - suppose that Doug Casey and Karl Denninger are my siblings amongst identical triplets, separated at birth and otherwise unknown to me.  (Of course they are both way more successful so that analogy only goes so far.)  When I am in house buying mode - a rare occurrence - then I love rotten weather.  I am in Washington, DC where through federal government corruption wages are very high.  People fight over homes.  I saw one bid up 10% back in August.  Sooooooooo if you want a house in Washington and one comes on the market, you better pray that it is raining and get off your fat a*&.  I can be somewhat sure that in the rest of the (normal) world weather might have some negative impact.  But still - supply and demand.  That empty house sitting on the market is an opportunity cost to the seller.  If demand is low - whether it is weather related or not - the buyer has some incremental negotiating power.  Best to get on the raincoat or snowshoes and hit those open houses.

I wouldn't go so far as to say that rotten weather should enhance sales, but........

Thu, 01/30/2014 - 11:13 | Link to Comment buzzsaw99
buzzsaw99's picture

fun yun - job growth - yuk yuk

Thu, 01/30/2014 - 11:41 | Link to Comment BandGap
BandGap's picture

The word "collapse" is being used in a lot of headlines this week.

Thu, 01/30/2014 - 11:12 | Link to Comment syntaxterror
syntaxterror's picture

Bigger Fools are getting tougher to find.

Thu, 01/30/2014 - 11:16 | Link to Comment JPM Hater001
JPM Hater001's picture

Oh, I don't know about that...we have plenty where I live.

Thu, 01/30/2014 - 11:33 | Link to Comment syntaxterror
syntaxterror's picture

Unless your local airport has direct flights from China, good luck with finding the next bigger fools.

Thu, 01/30/2014 - 11:12 | Link to Comment Jason T
Jason T's picture

weather is playing a role .. hard to work or do much anything is this cold.  

farmers almanac nailed it bigtime!

Thu, 01/30/2014 - 11:13 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

"Pending Home Sales collapsed 8.7% month-over-month - the worst since May 2010 - missing by the most in over 3 years. This is a 6.1% drop YoY."

who cares...buy Facebook - right?????

 

not

Thu, 01/30/2014 - 11:13 | Link to Comment One And Only
One And Only's picture

"Home prices rising faster than income is also giving pause to some potential buyers."

When 50% are all-cash deals, remind me again why income matters?

Thu, 01/30/2014 - 14:01 | Link to Comment Blankenstein
Blankenstein's picture

These cash buyers are a bunch of specuvestors who need an end user (renter or buyer) to make money.  So if these end users don't have any income, the specuvestors will be stuck with a bunch of "great investments" they will need to unload - it will be a race to the exits.  

Thu, 01/30/2014 - 11:16 | Link to Comment dizzyfingers
dizzyfingers's picture

How about 91 million people have no jobs, and most of the others don't earn enough to qualify for any mortgage? And don't forget that real estate taxes are going up while "value" (what one can get when selling) is plummeting...

Thu, 01/30/2014 - 11:28 | Link to Comment G.O.O.D
G.O.O.D's picture

Or if you do have a job it is fracking in the man camps so who the fvk needs a house? Not like you are ever going to go there anyway.

Thu, 01/30/2014 - 11:16 | Link to Comment youngman
youngman's picture

I have had many showings at my condo...no offers...so I raised the price...screw em....

Thu, 01/30/2014 - 11:23 | Link to Comment DblAjent
DblAjent's picture

It took 100 days to sell our home in the Raleigh / Durham Triangle and we got what we paid for it 7 years ago. Friends say we lived for free...not. I put $25k into it. No shortage of showings. Buyers were just not that motivated (or, rather, concerned).

Thu, 01/30/2014 - 11:34 | Link to Comment greatbeard
greatbeard's picture

>> I have had many showings at my condo...no offers..

I'm looking for a new ghetto dwelling with not much success.  I have my eye on one that wasn't priced yet, a Homepath repo.  So I ask a realtor to let me know when it's priced.  He tells me Homepath isn't going to price it (lie) but they are taking highest and best offer (lie) and that I'd better step up to the plate as they are getting lots of showings (lie again.  Houses in that area migt be getting lots of showings but this one isn't even on the market). And as a matter of fact, it was just shown yesterday (more than likely another lie, but certainly a scare tactic).  Fuck him and fuck all realtors that I've ever met.  I a firm believer in honesty and fairness but I'll be damned if realtors don't all deserve any fucking they get.  Every stinking one of them I've ever had the displeasure of getting to know business wise was a lying shit bag.

Thu, 01/30/2014 - 11:41 | Link to Comment G.O.O.D
G.O.O.D's picture

I will sell you my shack beard, cheap.. 20% down and you can take care of this dump for awhile.

Thu, 01/30/2014 - 11:56 | Link to Comment greatbeard
greatbeard's picture

>> 20% down and you can take care of this dump for awhile.

Tell me more, bro.  But I'm one of those flush baby boomer types, I pay all cash.  No fucking around, no surveys, on inspections, no insurance, no financing, no whiny wife.  Right house (property actually, I buy property and deal with what-ever house is sitting on it), right price, done deal, close anytime.  I don't pussy foot around.  All that pillow biting stuff home buyers go through is just a cash cow for the real estate industry and their hangers on.  Fuck them all.

Thu, 01/30/2014 - 14:12 | Link to Comment Blankenstein
Blankenstein's picture

This nauseating commercial about sums it up:

 

http://www.youtube.com/watch?v=20n-cD8ERgs

 

"All that pillow biting stuff home buyers go through is just a cash cow for the real estate industry"

 

 

Thu, 01/30/2014 - 17:18 | Link to Comment eddymunster
eddymunster's picture

@ greatbeard the fucking lot of 'em.

 

 

10 signs for spotting a sociopath

#1) Sociopaths are charming. Sociopaths have high charisma and tend to attract a following just because people want to be around them. They have a "glow" about them that attracts people who typically seek guidance or direction. They often appear to be sexy or have a strong sexual attraction. Not all sexy people are sociopaths, obviously, but watch out for over-the-top sexual appetites and weird fetishes.

#2) Sociopaths are more spontaneous and intense than other people. They tend to do bizarre, sometimes erratic things that most regular people wouldn't do. They are unbound by normal social contracts. Their behavior often seems irrational or extremely risky.

#3) Sociopaths are incapable of feeling shame, guilt or remorse. Their brains simply lack the circuitry to process such emotions. This allows them to betray people, threaten people or harm people without giving it a second thought. They pursue any action that serves their own self interest even if it seriously harms others. This is why you will find many very "successful" sociopaths in high levels of government, in any nation.

#4) Sociopaths invent outrageous lies about their experiences. They wildly exaggerate things to the point of absurdity, but when they describe it to you in a storytelling format, for some reason it sounds believable at the time.

#5) Sociopaths seek to dominate others and "win" at all costs. They hate to lose any argument or fight and will viciously defend their web of lies, even to the point of logical absurdity.

#6) Sociopaths tend to be highly intelligent, but they use their brainpower to deceive others rather than empower them. Their high IQs often makes them dangerous. This is why many of the best-known serial killers who successfully evaded law enforcement were sociopaths.

#7) Sociopaths are incapable of love and are entirely self-serving. They may feign love or compassion in order to get what they want, but they don't actually FEEL love in the way that you or I do.

#8) Sociopaths speak poetically. They are master wordsmiths, able to deliver a running "stream of consciousness" monologue that is both intriguing and hypnotic. They are expert storytellers and even poets.

#9) Sociopaths never apologize. They are never wrong. They never feel guilt. They can never apologize. Even if shown proof that they were wrong, they will refuse to apologize and instead go on the attack.

#10) Sociopaths are delusional and literally believe that what they say becomes truth

Thu, 01/30/2014 - 14:28 | Link to Comment Zadig
Zadig's picture

No offers means your price is too high.  I've had quite a few offers on my house, which is within $5k of the fluctuating zillow price, but they never close.  Lenders have pulled the financing from 'pre-approved' buyers days before closing multiple times.  It's currently under contract again and I'm not really expecting it to close this time either.  Apparently I'll have to write another check to a contractor before they let me know.  

Thu, 01/30/2014 - 11:14 | Link to Comment T-NUTZ
T-NUTZ's picture

Yeah the weather has been BRUTAL in phoenix, San Diego, LA, Vegas...

Thu, 01/30/2014 - 12:21 | Link to Comment foodstampbarry
foodstampbarry's picture

I agree, it was sunny yesterday and I had to turn the air conditioner on. Today, it's cloudy. The weather fluctuations in Tampa are a real horror.

Thu, 01/30/2014 - 12:27 | Link to Comment Tall Tom
Tall Tom's picture

It is too hot in San Diego. It is forecast to be 80 Degrees today in the inland valley, in Lakeside, where I live.

 

Nobody wants to live here in the heat near a beach. There is no rain or snow. There is a drought.  Who would buy a property here?

The weather is so bad.

Thu, 01/30/2014 - 11:16 | Link to Comment Its All Good
Its All Good's picture

Thank God that we have the weather cooperating to play scapegoat for all of our economy's maladies...

 

 

Thu, 01/30/2014 - 12:09 | Link to Comment Tall Tom
Tall Tom's picture

The Super Toilet Bowl LOSER will blame the weather. The Sportscasters will blame the weather. The NFL will blame the weather for poor ticket sales and not their INEPTNESS for choosing such a Cold Weather site in an UNDOMED Stadium.

 

It reminds me when I was a kid and the parents told me to go weed the yard...

 

It's too hot was the excuse.

 

The population has turned into a bunch of whiny adult-children dependent on Mommy Government and Daddy Federal Reserve to take care of all of their needs.

Thu, 01/30/2014 - 11:17 | Link to Comment FieldingMellish
FieldingMellish's picture

Honesty would be "lack of drug dealers to launder money for is the cause"

Thu, 01/30/2014 - 11:30 | Link to Comment G.O.O.D
G.O.O.D's picture

Damn states legalizing pot is the problem. now we have no cartels to wash the money through RE

Thu, 01/30/2014 - 11:18 | Link to Comment BudFox2012
BudFox2012's picture

Don't worry, these numbers will skyrocket next month as I just bought 1/2 the city of Detriot for $27.97

Thu, 01/30/2014 - 11:27 | Link to Comment BandGap
BandGap's picture

And they threw na case of Bud Light, to, didn't they?

When the SHTF Detroit is goingto be OK. They have nothing left.

Thu, 01/30/2014 - 12:13 | Link to Comment BudFox2012
BudFox2012's picture

Exactly.  Everything that can be burned or stolen is long since gone, and everyone has moved.  Some people will be bugging out to the wilderness to get away from people when TSHTF, I will be bugging in to the city for the same reason.

Thu, 01/30/2014 - 11:43 | Link to Comment G.O.O.D
G.O.O.D's picture

Man did you ever get ripped off. A sucker born every minute.

Thu, 01/30/2014 - 12:10 | Link to Comment BudFox2012
BudFox2012's picture

Actually, you the tax payer got ripped off.  I paid with my EBT card.

Thu, 01/30/2014 - 12:14 | Link to Comment Tall Tom
Tall Tom's picture

You purchased a Property Tax Bill to pay for the LOSER Government remaining there?

Brilliant.

Thu, 01/30/2014 - 12:30 | Link to Comment BudFox2012
BudFox2012's picture

yeah, that $1.16 in property tax each year is going to be a killer, but I'll find a way to manage.

Thu, 01/30/2014 - 11:18 | Link to Comment Dr. Engali
Dr. Engali's picture

Rising income... LOl. Real income has been on the decline since the seventies.

Thu, 01/30/2014 - 11:19 | Link to Comment gafgroocK
gafgroocK's picture

 

 

Can I buy one of the casinos from you for $15?

Thu, 01/30/2014 - 11:34 | Link to Comment dizzyfingers
dizzyfingers's picture

"But ... analysts forecasting this number have no idea."

The problem with nearly all "news" found in newspapers, on tv, and online.

Also US birth rate is down; young folks w/o children may prefer smaller and rentier.

Thu, 01/30/2014 - 11:25 | Link to Comment j0nx
j0nx's picture

Weather has sucked in Northeast for the whole month and that has taken a toll but prices have gone nowhere from what I can tell when usually they drop hard after August. I think everyone is also got the deflation idea in they know that RE will drop hard at some point soon and they'd rather wait it out for another 30% drop. This is where I stand myself. Waiting on the sidelines with cash but not about to buy at the top either.

Thu, 01/30/2014 - 11:55 | Link to Comment ChanceIs
ChanceIs's picture

Your thinking is correct.....in normal times.  But these are the decades of the FED PUT - on everything.  God forbid that the price of tootsie rolls drop.  We need inflation everywhere.

OBTW.  Would you buy a house with cash w/o having first bought a congressman with a pittance from what must be a sizeable personal hoard?

Thu, 01/30/2014 - 11:25 | Link to Comment Rising Sun
Rising Sun's picture

Larry Yun at NAR is a fuckhead.

 

Affordability??  Really???  Or a market top and this shit fucking market is ready to go down like a hooker on a room full of sailors.

 

FUCK YOU LARRY YOU SHITBAG!!!!

Thu, 01/30/2014 - 11:27 | Link to Comment glossolalia
glossolalia's picture

Does ZH get paid everytime it uses the word "collapse" or something?

Thu, 01/30/2014 - 11:31 | Link to Comment syntaxterror
syntaxterror's picture

Does CNBC get paid every time they use the word "surge" or "all time high" or "best market since 1997" or "buy the fucking dip!"?

Thu, 01/30/2014 - 11:44 | Link to Comment Blano
Blano's picture

Don't forget "off the lows."

Thu, 01/30/2014 - 11:58 | Link to Comment Tall Tom
Tall Tom's picture

So what if they did?

If that is the case then let me help them out.

 

The US ECONOMY is in a state of COLLAPSE.

 MORAL INTEGRITY is in a state of COLLAPSE.

Obama's Presidency is in a state of COLLAPSE.

The US Government is in a state of COLLAPSE.

The value of the US Currency is in a state of COLLAPSE.

Most other Nations are in ADVANCED states of COLLAPSE.

The COMEX price for Paper Gold is in a state of COLLAPSE.

Physical Gold Inventories are in a state of COLLAPSE.

I am awaiting the day when the price of Gold on the Comex COLLAPSES to ZERO as it will signal that COMEX HAS COLLAPSED as there is no DEMAND for Paper Gold. (Of course prices of Physical will have SKYROCKETED as the DISCONNECT has become APPARENT.)

 

Oh...Back to the topic...The Real Estate Market is in a state of COLLAPSE.

House Prices will also be in a state of COLLAPSE after Interest Rates RISE from the COLLAPSING QE.

Of course MyRA will become MANDATORY in a vain attempt to keep Interest Rates down at COLLAPSED LEVELS.

Then your IRA, 401K, and personal wealth will be in a state of COLLAPSE.

 

So why don't you collapse into your fucking insane hole where you can fantasize about how terrific everything is NOT?

 

If ZH got some money for the word, COLLAPSE, then I am pleased I can help them out.

Thu, 01/30/2014 - 12:12 | Link to Comment glossolalia
glossolalia's picture

OK, that's "collapse" 17 times at $.05 per instance for $.85. Where should I mail the check?

Thu, 01/30/2014 - 12:29 | Link to Comment Tall Tom
Thu, 01/30/2014 - 11:28 | Link to Comment corporatewhore
corporatewhore's picture

why would i buy after i lost my home in 2008?

no one can give me a warranty deed.

no title insurance carrier will warranty the title is valid.

why feed the MERS monster.

Thu, 01/30/2014 - 15:38 | Link to Comment CheapBastard
CheapBastard's picture

Many title closings are defective between 2004 and 2008...those folks are in for a big surprise when they sell 10-15 years down the road an dmust fork out $$$$$ to fix the problem [on top of the fat RE commisions, fees, etc].

Thu, 01/30/2014 - 11:28 | Link to Comment glossolalia
glossolalia's picture

Does ZH get paid everytime it uses the word "collapse" or something?

Thu, 01/30/2014 - 11:32 | Link to Comment syntaxterror
syntaxterror's picture

Does CNBC get paid every time they use the word "surge" or "all time high" or "best market since 1997" or "buy the fucking dip!"?

Thu, 01/30/2014 - 11:45 | Link to Comment Blano
Blano's picture

Don't forget "off the lows."

Thu, 01/30/2014 - 12:44 | Link to Comment atomp
atomp's picture

Deja vu!

Thu, 01/30/2014 - 11:31 | Link to Comment syntaxterror
syntaxterror's picture

The 100,000,000 people on welfare should be allowed to "buy" homes. In fact, "buying" a home is a human right.

Thu, 01/30/2014 - 11:33 | Link to Comment glossolalia
glossolalia's picture

I heard it's 300,000,000.

Thu, 01/30/2014 - 11:42 | Link to Comment dizzyfingers
dizzyfingers's picture

Glossolalia: yes, probably; it's hard to find the real numbers.

Thu, 01/30/2014 - 15:39 | Link to Comment CheapBastard
CheapBastard's picture

<< The 100,000,000 people on welfare should be allowed to "buy" homes. In fact, "buying" a home is a human right. >>

It's only Fair, verdad?

Thu, 01/30/2014 - 11:39 | Link to Comment krispkritter
krispkritter's picture

From the makers of the 'Obamaphone', the 'Obamahome'! No payments, no utiliites, no nuttin'!

Thu, 01/30/2014 - 11:40 | Link to Comment corporatewhore
corporatewhore's picture

i really like this idea.  preferably i can use my EBT card for a downpayment and monthly too!

Thu, 01/30/2014 - 11:35 | Link to Comment SandiaMan
SandiaMan's picture

This just in. Weather caused Natural gas to rise.

Thu, 01/30/2014 - 12:03 | Link to Comment zaphod42
zaphod42's picture

How is that possible?  Get to frackin' guys.

Craig

Thu, 01/30/2014 - 14:11 | Link to Comment cbxer55
cbxer55's picture

This just in: weather caused my turds to appear more polished than normal. Hmmmm!!!!

Thu, 01/30/2014 - 11:35 | Link to Comment fuu
fuu's picture

But at least the NY Fed is permitted to continue reverse repo operations through January 2015. Additionally daily size was increased to $5,000,000,000 per counterparty per day

http://www.newyorkfed.org/markets/opolicy/operating_policy_140129.html

Thu, 01/30/2014 - 11:42 | Link to Comment Quinvarius
Quinvarius's picture

That is the only way they are going to obsfucate their balance sheet and still pump free money to connected bankers.  Trade their balance sheet garbage debt overnight for cash.  Then buy it back the next day for the agreed upon higher price, no matter what it did overnight, plus interest the next day.  That is how a reverse repo works for the Fed.  If they do that every day, and big enough, they will have Schroedingers toxic balance sheet and invisible QE to infinity.

Thu, 01/30/2014 - 11:48 | Link to Comment fuu
fuu's picture

Some back of the napkin math:

 

Since 12/2/2013 $2,061,547,000,000 has been accepted in RRP transactions. 

December 2013 Total: $729,048,000,000.

January 2014 Total: $1,332,499,000,000.

$215,749,000,000 at 0.05 prior to 12/21/13.

$1,845,798,000,000 at 0.03 after 12/21/13.

Thu, 01/30/2014 - 11:37 | Link to Comment adr
adr's picture

Are the homebuilders rallying on this news? Terrible news is great news right?

I can't stomach looking at charts anymore.

Thu, 01/30/2014 - 11:38 | Link to Comment Handful of Dust
Handful of Dust's picture

Did the Chinese cash buyers find a better location?

Canada?

New Zealand?

Thu, 01/30/2014 - 11:40 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

For the housing market, the MSM refers to people with no money as "buyers."

Nothing but sincerity as far as the eye can see.  -Linus van Pelt

Thu, 01/30/2014 - 11:40 | Link to Comment Dapper Dan
Dapper Dan's picture

I just bought Baltic Ave with 2 hotels from some guy named Thimble.

I looked at Mediterranean, but it was just crap and only got 1/2 the rent of Baltic.

Thu, 01/30/2014 - 12:40 | Link to Comment Tall Tom
Tall Tom's picture

All I got was Boardwalk and Park Place with some lousy Hotels.

 

They need to make some Casinos for that Game.

Thu, 01/30/2014 - 11:43 | Link to Comment MFLTucson
MFLTucson's picture

This too is part of the wonderful economy the Kenyan clown snake oil salesman told the sheep about in the State of a collapsing Union.

Thu, 01/30/2014 - 11:46 | Link to Comment G.O.O.D
G.O.O.D's picture

Fvk it, I am going to sell this shithole. buy a Monaco Diesel Pusher and watch this dive disappear in the rear view mirror.

Thu, 01/30/2014 - 11:47 | Link to Comment Freewheelin Franklin
Freewheelin Franklin's picture

When in doubt, blame the weather. 

Thu, 01/30/2014 - 12:13 | Link to Comment the not so migh...
the not so mighty maximiza's picture

the obvious answer is to increase the size of the stealth inventory

Thu, 01/30/2014 - 12:05 | Link to Comment Caracalla
Caracalla's picture

Investors moving out of housing and into stocks...Yet another reason to BTFD!

Thu, 01/30/2014 - 12:18 | Link to Comment notadouche
notadouche's picture

That's ok as we can always recalculate the GDP and have it come out to whatever number we want.

Thu, 01/30/2014 - 12:49 | Link to Comment TheRideNeverEnds
TheRideNeverEnds's picture

Cool this explains why the market is up 1.5% today; since the real economy is collapsing this should be a good bottom for the push past 1900 towards our year end target of 2500 what with Yellen about to double QE on her way to quadrupling it. 

Thu, 01/30/2014 - 13:25 | Link to Comment Music101
Music101's picture

Eventually it all has to blow up -- it's a WORLD OF DEBT!!! See Funny Video Below "WORLD OF DEBT":

http://www.youtube.com/watch?v=99xsqxzJnXs

 

Thu, 01/30/2014 - 14:27 | Link to Comment W74
W74's picture

Part of me wants to set vacant homes on fire, but the other part of me realizes that that would probably benefit the bankers anyway.  Fvck me comin' & goin' they do.

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