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New Home Sales & Prices Slip But Weather-Impacted Midwest Sales Surge
When existing home sales missed expectations, the fault was laid squarely at the foot of the meteorological conditions (despite a rise in NorthEast sales). New Home Sales beat expectations in January, printing 481k vs 470k expectations (though very modestly lower than December's revised 482k) and - destroying the meme that weather is to blame - sales soared in The Midwest. Median prices dropped MoM to the lowest since September but remain up an impressive 9% YoY. Lack of inventory continues to be blamed for weak sales - but, we ask rhetorically, doesn't price rise when supply drops?
New Home Sales "recovery" in context...
And prices drops to September lows...
Charts: Bloomberg
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Obviously the fault of the Siberian Express/Polar vortex. Blame bad weather, not bad people.
Canadian Express.
All those graphs tell me is they don't build "regular guy" or "starter" homes any more. Lot fewer, but a lot more expensive.
Want a "regular guy" home? You're buying used. And its best to bring cash.
This is exactly what I'm seeing. Also, people trying to sell existing "regular guy" homes are SOL unless they're willing to drop down to "fire sale" prices in order to attract the cash investor class.
I've gotten two unsolicited offers in the mail from these types for my "regular guy" house.
I blame Russia for everything. Therefore, it is Siberian Polar Express.
sometimes cash helps...we are seeing people pay over list price now in las vegas
http://www.ViewLasVegasRealEstate.com
higher prices on lower volume, just like the stock "market". when volume goes to zero the price naturally tends toward infinity.
Any update on when Apple is going to start selling homes?
You don't live in the iHome, the iHome lives in you and you pay a recurring $2000 monthly fee for the privilege of housing the genius of Jony Ive.
That's fantastic. I hope other people get that.
The iCell will be out soon. Telescreen in every room. Live completely in the social medium/police monitoring state. Starting at only $8 mil. Financed with a 1,000 year duration and 0.1% rate.
It makes sense why they launched iPay recently I guess.
Maybe when Foxconn starts making homes.
Go long on suicide nets when that occurs.
When all else fails, revise!
I'd love to buy a house since I had one before I moved for a new job. Problem is that I refuse to pay $200k for a 867sq ft one level shack in a decent town that needs to be condemned.
People are out of their fucking minds in New England. Who valued property here?
Well yeah it is on a swamp, the basement leaks, the schools suck, it looks like an 85 year old grandmother did the decorating, and there isn't any ammentities in the town. The house is five miles from the commuter rail to Boston so the asking price for the three bedroom 1200sq ft home is $365k.
Paying more then $85/sf is a sure guarantee for a loss esp if the house is over $600k when the RE market finally reverts to the norm. Even MSM and Shiller are now claiming houses are overpriced relative to earnings. These higher end ones will feel the pinch first. And when more seniors want to downsize, they're going to want out of that 4,000sf lead weight around their ankle.
Plus, the costs of owning a house are skyrocketing--taxes, insurance, maintenance and repairs, and on and on. It never ends.
"People are out of their fucking minds in New England."
Reminds one of NJ. Outrageous taxes.
As long as people put up with it then expect it to continue.
weekly crude inventory out
+8.4 million barrels week over week
+19.8% year over year
http://ir.eia.gov/wpsr/overview.pdf
When everything in this world is either a lie, propaganda, or a combination of the two, what government release can you really believe?
Snowden's