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Something Is Wrong With This Chart
Israel's leader Benjamin Netanyahu said this morning "we will rectify this absurdity." We suspect he was talking about this chart!!
November saw the largest MoM rise in US New Home prices ever... ever! to an all-time record high $305,000.
Presenting: the Average New Home Price, try not to laugh:
Zoomed in:
and zoomed out:
And even Median is absurd...
Chart: Bloomberg
Does US Macro data have any credibility left at all after this?
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Some context for this insanity, thanks to Logan
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Inflation begins buy the FATH
Has Fed begun to buy directly ....
Deflation continues.
Housing bubble gets further blown.
This is not rigged and clearly sustainable.
Fucking hilarious!
NOW GO OUT AND SPEND, SPEND, SPEND SHEEPLE CAUSE YOUR HOUSE IS WORTH EVEN MOARRRRRRRRRRR!!
Still waiting for George Bush to send me another $320 check.
With all the hot Chinese money flowing into the high-end market I can see why the Average price is $401,000, but the Median is at $305,000???!!!
I call shenanigans
Chart porn before Turkey porn.
Yaaaa...
Does US Macro data have any credibility left?
As much as Obongo's birth's certificate.
Housing the new momo?
It's not just for breakfast anymore
Please fund my exit to Costa Rica!
Fed aint buying - not realestate directly, anyway - this is another case of rubbery figures
"I screwed you all...but thank you for blaming it on the black guy " ~George Bush
Bill Clinton? The first black president, the one who signed the repeal of Glass Stegal, and signed NAFTA, that black guy? The one who's wife the democrats want for the nation's first gay president?
And that's saying nada for scull and bones frat boy George.
Wilson? The first progressive president, the one who signed the Federal Reserve Act and the 16th Amendment that began the confiscatory Federal Income Tax in 1913; that progressive president?
Not disagreeing with you, but my understanding is that Teddy Roosevelt, after making the unfortunate promise not to run for a second elected term, and after making good that promise by supporting William Howard Taft as the Republican Party candidate in 1908, became unhappy with Taft, especially on environmental matters. Roosevelt ran against Taft in the Republican Party primary in 1912, but the Republican National Convention chose Taft. Another unhappy Republican was forming the Progressive Party, and Roosevelt got its nomination, So Roosevelt (Progressive Party) ran against Taft (Republican Party) and Woodrow Wilson (Democratic Party) in 1912. Wilson got 42% of the vote, Roosevelt 25%, and Taft 23%. Wilson became President.
Wilson was the Democrat, and Teddy Roosevelt was the Progressive.
I don't think the 1912 platform of the Progressive Party included the creation of a Federal Reserve Board.
The reason I blather on about this is that I see a similarity today between the MSM's use of the word "progressive" and the MSM"s use of the word "Tea Party". It seems to me that the MSM uses both words to mean pretty much what suits the MSM, and what suits the MSM is to attack anyone who is not Democratic Party or Republican Party. That's important to me because, to me, "Tea Party" means Dr. Ron Paul, and I think Dr. Ron Paul is important.
You must be the slow one in the family everyone mumbles about.
SEE! Your house is worth a fotune! your RICH! Again!....now go Spend Spend Spend....PLEASE...for the children....and my bonus
Execs all over the country
that is not inflation...that is levered up asset bubble.
Average household income = $50K
Average home price = $400K
Is there a disconnect somewhere?
nope, you should take another credit
Sorry, you need to use the avg income
Of those that can buy a house
~$120k
Makes perfect sense now. Undervalued
So is someone buying houses for $400k and renting them to the families that only make $50k a year? Those families, of course, can't possibly pay $4k a month rent. So what are County Property Appraisers putting on their worksheets for "rentable value", which I heard was one of the three ways they are "supposed to" check the value of houses?
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40 yr mortgages
FED is an indirect purchaser using our money.
FED gives free money to Banks > Banks make bad loans raking in fees and +4% more than you can get on your savings > Treasury sells unpayable treasury debt to Chinese > we buy plastic crap from China where all our jobs went > Chinese oligarchs buy U.S. Real Estate.
Unpayable debt rentier society debt serfdom plantation police state ponzi house of cards masquerading as a free society.
That last chart looks like a MetLife Sperm Whale. Plug?
China's collateral getting a revaluation.
those Chinese sure know how to buy a home....
Housing bubble 2.0, Tech Bubble 2.0.
American exceptionalism at work!
cough ... chinese ... cough
Chinese are only buying in SF and NYC areas. No way they can push home prices up that much. Absolutely fraudulent numbers. The average household income would have to be $150K for the average home price to be $400K.
looks like zimbabween dollar price or 1919 reichmarks ...
Reichsmark inflation didn'T get out of control until 1923.
Just FYI
Figures lie and liars figure...
same as it ever was...
so higher prices explains why new home sales are down, because they are less affordable. So that's how economics works!
Over priced shit.
only with the assumption that every illegal that Obama lets into the country buys a house immediatley could these numbers be true....
Along with the assumption that the illegals are making $150K per year
This is an Arabic Chart thingy.
You turn it upside down, and read from right to left.
Win, win.
Wtf
Maybe the foreclosure/short-sale transactions have been kept from skewing the avg price lower with 1031 exchanges where banks simply swap gently-used ipads for homes?
There's a lot of Chinese and mega bank money behind these prices! I wonder how much of this is P+S for tax reasons... worth looking into, maybe. That's quite a spike, even in this Through the Looking Glass era of metrics.
Bibi was probably talking about there still being a few indigenous types living in East Jerusalem.
http://www.al-bushra.org/jerusalem1/jerhist.htm
Because the only people buying homes are the top 10%, and so, higher than average...botton 90% are more and more renters.
Bingo. If the data is real, most of the market went bye-bye in November.
Foreign billionaires.
Sales volume figures, please.
So that is what happens when you print $10 Trillion more!
This chart and the GDP bullshit coupled with the spending that went into the economy may deliver the narrative for the Feds to start raising rates.
Permabears - always butt hurt.
I repeat.
Permabears - always butt hurt!
Suckers - always born.
I repeat.
Suckers - always born!
Barry sold the White House in China, and that spiked the average.
Local resale homes languishing, one pulled from market, another recently took a 3% price reduction. The one that reduced price was only 92% of the 2006 high before, now 89%. But seasonal adjustmnents will make it OK.
Foreign money literally pouring into US real estate.
People are so lame. When I hear "London house sells for $150 million", I think "that means the money's not worth shit, asshole, it's confetti". I mean how obvious can you get. Various assets filling the role of proto-currencies, land, stocks, houses, all because "the money is no damn good" (and the rent is too damn high)
Something is wrong, alright, and it's always Netanyoohoo and the feral Knesset. Oh, I left out Likud! How stupid of me. And now Egypt is going to "protect" Israel from those ever pesky Palestinians? Al-Sisi: Get the Fuck Off of My Planet! And take Netanyoohoo and all the crazy orthodox Israelis with you, please!
flash blast, smash crash, data bris
clean up and flesh mash, mish mosh.
the chinese will buy these $400,000.00 dollar houses in these nice neighborhoods, all up, and down the coast, section 8 them, those newly amnestied are famous for 6-8 families in one house.
the chinese asked, i can buy a house, and american tax-payers will pay for it, get me more listings.
i'm sure the good people of san fransico would love to see their neighborhoods look like more of a microcosm of america.