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Spot The Massive Depression, And The Tiny Recovery, In This Existing Home Sales Chart
When it comes to home purchases, there are the rich, with $1MM+ existing home transactions up a recoveryish 13% in the West, and then there are the poor, where in the cheapest bucket have crashed a depression-like -45% (no, not due to the weather).
Why is this an issue? Because homes priced $500K and lower represent 90% of all existing home sales. On the recovery-ish end, homes priced $1 million and above are just 2.1%.
Or, to summarize, Rich 1 - Poor 0... Just like the Fed wanted it.
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Billary/ShrubJeb 2016
other news, the American Middle Class is broke dick poor, Taco Bell has Loaded Grillers $1 "Happy Hour" (get your edible food-like substance feast on), and Moochelle sayz "life is about splurging."
Middle Class Tango Down! If you aren't in top 5% (where median annual income is only $53,000), you're just going to have to suck it up (the top 80% to 94% already ate each other - wait for the top 95% to 98% to do the same).
http://www.nytimes.com/2014/04/23/upshot/the-american-middle-class-is-no...
Moochelle: Splurge Amerikans! Spend! Eat! Have Fun! Vacation!
http://news.yahoo.com/michelle-obama-splurging-key-life-171642985--polit...
Jeb Bush, John McAnus, and other RINOS push for MOAR ILLEGALS at Davos.
http://www.breitbart.com/Big-Government/2014/04/21/Jeb-Bush-Pushes-Amnes...
Just re-fi, taking out $50K, and BTFD, BTFATH, because you know that real assets are for suckers. Give me paper promises.
OK - That was easy
p.s. We're less than 30 minutes away from the end-of-day ramp-a-thon. Are you ready?
Maybe today GILD and AMGN overcome all obstacles and show that treating fat people for obesity related disorders despite inquiries from congress can get the S&P to 2000 as planned.
I'm sure it was just an oversight on your part, but you forgot to mention any 3D printer companies, and a few of the Chinese Internet stocks.
LOL
Taco Bell?
Only on special occassions like Easter ... maybe. Cant splurge like I used to.
Trust me, if you eat Taco Bell you will splurge.
That joint should sell toilet brushes!
pods
stopped there on a recent road trip...asked wife to grab me something, she got me a burrito thing and I barely made it 20 miles down the road before total blow out...some sort of green stuff supposed to be guacomole was sickening.
what the hell is an "existing home" anyways?
OF COURSE THE DAMN HOME EXISTS!
and you get "cash out" for refinancing? that sounds like the greatest deal ever!
do i have to repay the debt?
and what "value" do you asses my "existential home" at these days? the last guy offered me a buck...but if we're talking borrowed money...how does a million sound?
Refi with cash out on Monday, All in stawks on Tuesday, cash out Wednesday and retire on Thursday.
FTW!
I'm buying/hoarding as many Lululemon Yoga Pants, Herbalife Snake Oil Pills, Injectable Botox, iGadgets and downloading King Candy Crush Saga Software Apps, because these things will appreciate in value & be tradeable commodities of high value during the next downturn.
Get your cash converted into stawks and RadioShack/JCP/BestBuy/McDonalds/e*trade baby/Kelp Pill products as quickly as possible.
Farmville farm land, too!
KrispyKream
Lululemon yoga pants
Those should be in demand, the hawt girls have to have them. If they can't pay you cash for them, maybe you can be their sugar daddy!
Your pants say Yoga but your ass says McDonalds!
Pods -- You're on a roll today!
....speaking of which....how come HOG's sales were so high in the quarter???? Just who in the hell is buying all these $15K+ bikes????
You'd think that the weather might have deterred motorcycle sales, but no.
It has been a very profitable year for Heisenberg and his friends in the bike club.
Billary/ShrubJeb 2016
I think that's the right ticket... plus it save billions in campaign bribes and reduces jet fuel consumption and thus Global Warming.
Besides... if Hillary ran as VP Jeb's life wouldn't be worth a nickle.
I'm gonna write-in the name of the woman who threw the shoe at Hillary.
Shoe-Thrower 2016
Too bad they weren't golf shoes that hit the target.
Golf shoes have softspikes. Make it those ice climbing spikes!
No shit...another lie you say? Color me shocked.
Repeat after me.
"There is NO FREE MARKET ANYWHERE!!!!"
RIPS
I live out West and they are building home like we are in full recovery and prosperity. I texted a coworker as I passed about three condo and housing projects on the drive home. I asked if there was a projection for a million new inhabitants of our city.
If the markets were free...including real interest rates this stuff would not happen over and over and over again. Each time the sine wave gets more extreme, as well.
Frankly, I despise you statists who believe in the genius and benificence of the State with religious zeal. I prefer the Easter Bunny and Santa Claus as more realistic.
I see this too, and think it all may suddenly come to a grinding halt
It's only fair
That's okay because soon those 100K homes will be worth 1M--everyone wins! /s
The divide is now a chasm.
Strong flows the ri(C)o grande, but only the twisted may take a dip!
It's the middle class that is always getting created and then destroyed.
How DARE you take Schumpeter's name in windVANE!!
Learned this the hard way selling my Mom's nice-but-modest townhouse (in a good school district in a growing area with reasonable taxes) recently. "Regular guy" houses are a tough fucking sell. If you don't feel like accepting some cash-only rentier's "wholesale" offer, you will be holding onto that pile of sticks for a LONG time. And I'm not anywhere near California.
It must be Tuesday...look at the Market SOAR!
Those two charts contain so much information...a home run by ZH!
Great timing....I am leaving my job in telecommunications and going into real estate. Face palm*
Im sure the NAR has a reasonable explanation on these stats...maybe the weather?
What a fuckan Clown Show.
Thank god Bernanke was helping main street otherwise this would have looked pretty awful
Main Street didn't even get a reach around. Real mortgage cram down legislation could have helped even out the sweet, slobbery, liquidity fellatio Wall Street received. Not saying the retard home debtors who over leveraged deserved it, but in lieu of what the Banks got Ben could've thrown the serfs a bone.
The problem with Bernanke/Yellen and the central planning geniuses is that they cannot actually create any jobs. They can print but it will not circulate to the unemployed short of the helicopter drop.
While the Fed does monetary policy, Obama and his leftist crew do income confiscation and economy wrecking. The Fed and Statists are roughly equal and opposite forces keeping us stagnant at this point.