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Despite Abysmal Weather, Feb Pending Homes Sales Surge By Most In 9 Months
Putting the last nail in the coffin of "the weather is to blame" meme, pending home sales surged in the abysmal weather conditions of February by the most since May 2013. Up 12% YoY, any rational economic being would be hard pressed to explain how the weather is impacting the economy when brave home-buying souls ventured out in such masses to buy... as The Midwest region saw the biggest surge in sales... up a stunning 11.6% MoM.
NAR has rotated rapidly away from the weather meme...
Last week's existing home sales miss brought us this excuse...
NAR's Larry Yun: “Severe below-freezing winter weather likely had an impact on sales as more moderate activity was observed in the Northeast and Midwest compared to other regions of the country."
And now...
NAR's Larry Yun: “Pending sales showed solid gains last month, driven by a steadily-improving labor market, mortgage rates hovering around 4 percent and the likelihood of more renters looking to hedge against increasing rents,”
Charts: Bloomberg
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Pop the bubbly, guys. We're gonna post a 3%+ GDP growth rate in 2015 for the first time in..... well, like a long damned time. That's overall, of course. Your mileage may vary. Your job prospects will be unchanged.
Was February zero down payment, 1% interest loan month at Freddie Mac?
https://www.youtube.com/watch?v=qBCUCJNWimo
No surprise here. People fleeing the liberal sinking ships in the northeast are buying houses in places like the midwest. Let's just hope that they leave their voting habits where they came from.
>Let's just hope that they leave their voting habits where they came from.
Good luck with that - Leftists are incapable of self-awareness (which is, after all, why they're Leftists), and will vote for the exact same politicians and policies that ruined the cities they fled.
Because the progressive run republican party is any better?
The second part of this equation will carry the more pertinent data. How many of these pending sales actually close and at what prices. If the prices are down YOY and most sales close, then you've just removed a chunk of eligible buyers as more inventory will likely come on line. New inventory will have to be priced to the next pool of buyers down. This is the only way it can happen in our "no wage growth" environment. Welcome to the not-so-slow deflation of Housing Bubble 2.0...
Yes, 3%+ GDP growth... just like we always do in the 7th year of a bull run.
This chart supports your job prospects scenario. I just watched the MSM try to use this chart to tell us how strong the recovery is!
https://research.stlouisfed.org/fred2/series/LNS13025703
It's because they are putting the freeloaders in houses.
These people are living in palaces... For free.. Ahh to be a dreamer..
Paco's tree cutters live in a 400K house.
Spell check not working on the Hedge today?
The Tylers like to 'go commando' in their articles.
must be all the people overflowing with cash because mortgage apps (according to MBA) sure as hell doesnt support this bs.
To "101 years and counting..."
Crowd funding for mortgages is behind this phenomenon. There will be hell to pay...
The only way to put an end to this nonsense is to stop "adjusting" the raw numbers. Leave it to the individual to make whatever adjusting he/she thinks is appropriate.
That would be too confusing. I mean do I plot 13 months ago against today or 11, I'm so confused. I need to call NASA so their scientists can explain how to put a trend line in a chart.
Really? Reads like MOAR fabricated data.
After 6 years, is the recovery still on yellen? How many shares of AAPL did you buy today yellen?
They are quick to blame an entire industry being hampered nationwide by weather, but ignore it when the numbers work. This is investing being discussed, not spring break vacation revenues being hurt by a cold spell. But wait, "Pending sales showed solid gains last month, driven by a steadily-improving labor market", you heard it folks!
That's my bad. I had to get a house.
Who was the other guy ?
May have been me as well. Had to the dog a new dog house.
The 10-yr UST dipped during that period; the benchmark for all home mortgage lending. The pending sales number will drop like a stone in a lake for the next period, mark my words, because the 10-yr spiked 50 bps during that stretch.
Have an offer on my formally underwater money pit. Came in a little low and it's a VA loan so we are countering back to full price since I would have to eat part of the closing costs. Low inventory right now so it's a sellers market he he, sucker born every day as they say.
can't have a peak if muppets aren't buying!
Bank to bank contracts.
I blame the weather for this abberation.