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Existing Home Sales Revised Lower (Again), Midwest Slumps For 6th Month In A Row
While existing home sales rose 0.8% (beating the 0.5% expectation) MoM in November, once again previous data was revised lower. On an unadjusted basis however, YoY home sales rose at only 1.7% - missing expectations of 2.6% growth. The Midwest region saw existing home sales drop again - for the 6th month in a row, down over 5% in that period.
As NAR's Larry Yun explains...
“The consistent economic growth and steady hiring we’ve seen in the second half of this year is giving buyers enough assurance to consider purchasing a home before year’s end,” NAR chief economist Lawrence Yun said in a statement.
“With rents now rising at a seven-year high, historically low rates and moderating price growth are likely to entice more buyers.”
Which is all very odd given yesterday's conference board consumer confidence saw "plans to purcahse a home" dropped once again...
Charts: Bloomberg
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Let me guess, more "deflation", LMFAO!!!
Apparently Tyler did not get the memo from the Department of Information that no negative headlines during the month of December 2014 will be tolerated. ZHers, report to your nearest re-education camp where you will be forced to learn the party line via the Clockwork Orange methodology. God help us if it involves naked Cramer porn.
I'd like to see the line for "Is capable of buying a home".
So naked Yellen porn is OK with you ?
You just found a replacement torture method for water boarding!
all the bad news is traditionally released in january or february...my questions is WHY NOW?
Because there is a 1000 lb gorilla that is about to take a giant shit on the credit markets in Q1 and Q2.
Time for MOAR!
Simple solution since real estate and stawks only go up. Just lower lending standards back to, just able to fog a mirror, no credit score required, make up income numbers.
Lower interest rates, increase mortgages to 100 years and if that does get a fast enough turn around start lending money to the dead and unborn like back in the good old RE days!
The problem is you still cannot force those "buyers" into a home if they do not want it.
And many are proving they do not want it at any price.
Lets face it, women want a home. Women drive this market. Got women, got house. Got guns ammo and Gold, beer cans strewn around in whatever works atm.
Gold Bitchez....I pick up trash
Most people I know do not want to buy a house and many are very tired of the one they bought one in the past 8-10 years. I know several high-salaried engineers who refuse to buy since they feel: 1) there will eventually be the inevitable RE correction; and 2) most are 90% sure they will NOT be in the same job, or even in the same city in 5-6 years.
Looks like the Fed not only toasted the Middle Class private sector but also created an immense amoutn of uncertainty in merikan lives. As we all know, uncertainty is poison to any thought of long term strategy -- job, location, investments, marriage, etc
I certainly have some regrest about buying my house given the high costs of maintenance, property taxes, utilities, etc. It also really ties you down like a lead weight which is not so good these days with supersonic mobility almost essential.
Algos do not remember yesterdays conference..
slowdown even with market manipulating lowered rates. hmmmm, doesn't bode well for future equity gain.
Good thing stocks are at highs. No one reads this kind of news. All anyone knows is stocks are up.
If everything is great when does FSB157 go back in?
Brake pads for a 1983 Opel Corsa A?
(Mark to market is NEVER coming back.)
A damn good thing this data is so "last year"....
The Recession of 2015 is well underway.
IN Oct 2011 NAR agjusted down the previous 5 years of sales.....Suddenly for the first time since the crash, in Nov 2012 a week before the election,, housing beets... Liars one and all of them
The top 0.1% have more wealth than the bottom 90% in the land of the free. The bottom 90% can barely afford to rent while the top 0.1% can buy real estate at 10 to 50 times the price of flyover country in New York.
The banksters own this country - Main street backstops any losses on Wall Street. It is a new kind of slavery but you won't hear it from the free and fair media in the West. Keep singing "land of the free" as that is the closest you'll ever get to freedom.
Happy New Year.
DON'T BORROW FROM THE BANKS...
I'm trying my damnedest to pay off a mortgage.
Of course, Fannie holds my mortgage, but they're sort of a bank, and sorta government. So, I'm doubly trying to stick it to them... and not in the Barney Frank Boyfriend Fannie Governor style.
Mark-it's responding by wishing everyone a Happy and Printerous New Year.
maybe it is tyme to copy the chinese; build it and who cares if they come cause the feds got your back side.
starting to wonder if market fundamentals matter anymore.
oh, wait oil price is tumbling. iron ore tumbling. next r.e.?, coper, natty, anything/everything zirped?
wow, just when i was going to btfath and i get "pause"best wishes for a better year ahead, sigh, ha...
"The consistent economic growth and steady hiring..."
Much like our Great Leader, Larry bases his decision making from info spewed via the television.
If you listen to this "expert" for your decision on home buying, word of advice, steer clear from drug dealers, their advice is similar.
Invitation Homes bought all the sub-$150,000 houses in my area. There is no low-priced supply, so no sales.
Everyone opening up their last quarter stock portfolios are happy. Boasting about 30% gains in a couple for 2014.
They could care less about this news.
The pimped up renting cartell want's to buy you high from them, while they bought low. This is "market" capitalism 101.
Homes are overpriced by at least 10%. If TPTB ever move off of ZIRP, prices will collapse overnight.
EDIT: I realize I am saying this in the era of the 84 month auto payment.